Steemit Crypto Academy Contest / S7W1 - Practical Guide on the best way to buy STEEM in Pakistan

Hello everybody.

Welcome to this post. I hope that all of you will be good and happy and enjoying your precious health with the grace and blessings of Almighty Allah. Today, I am here to be a part of the week 1 contest in the SteemitCryptoAcademy community and the topic of discussion is Practical Guide on the best way to buy STEEM in Pakistan. So, let's start the discussion without any wastage of time.

What is the level of crypto adoption in your country and how popular is the Steem token?

We all know that cryptocurrency is the digital currency that has been adopted widely in different areas of the world. Its adoption is mainly due to the important benefits that we get from its existence in the financial and business industry of the world. The major benefits are the high transparency, high security, immutability of the transactions and decentralization.

If we talk about the adoption of cryptocurrency in our Pakistan then I would like to say that its adoption in Pakistan is on a great surface. Although, the cryptocurrency is not been accepted officially by the government of Pakistan due to its anonymous nature. But still, its adoption in Pakistan is highly appreciated.

In 2018, the cryptocurrencies are claimed as very risky investment and are legally banned in Pakistan. This is because of the high risks of fraud and loss of money in the form of high volatility of the market. But later on, in 2020, the government of Pakistan announced that they are planning to launch their own digital currency so its a positive sign regarding adoption of cryptocurrency in Pakistan.

A large number of crypto investors are still present in our country and many of them are also crypto miners. In the initial days, the mining of crypto was considered very strictly but in recent days, we have seen a little flexibility in this regard. So, we can say that soon cryptocurrency will be legally approved by the government of Pakistan and we will see more potential investors from Pakistan.

If we talk about the popularity of Steem token in our country than it is relatively lower than its adoption in the other countries. Although, there are many investors of Steem token that are present in Pakistan but still they are lower than those who are interested in the others tokens like BNB, BTC, ETH and many more.

I am sure about the statement because I have noticed that the crypto and blockchain is not so much popular in Pakistan. So, there are a few communities or population of people that are aware of the Steemit blockchain and its native token STEEM token. If I would asked to talk about its adoption in my area, then I would be easy to say that its level of adoption is great in our hometown.

We have also seen a great decline in the number of Steemit users from Pakistan and this may be due to the decline of the price of Steem token and all other crypto tokens as well. But, due to the great innitiative that are taken by the Steemit token, the price is maintained to a certain extent so we have seen an improvement in the popularity of Steem token in Pakistan.

Highlight various ways users in your country utilize to buy crypto assets.

There are several ways to buy cryptocurrency in Pakistan. As I have already said the crypto adoption in Pakistan is relatively low than the other developed countries so the methods could be limited. However, have a look at the best methods to buy crypto in Pakistan.

• Online Exchange Platforms:

The first way to buy Crypto in Pakistan is through the online exchanges. Exchabge Platforms like Binance, LocalBitcoins, Paxful, and Remitano allow users to buy and sell cryptocurrencies with other users.

• Bitcoin ATMs:

There are a few Bitcoin ATMs in major cities in Pakistan, such as Karachi and Lahore, where users can buy Bitcoin with cash in the form of PKR (Pakistani Rupees).

• Over-the-counter (OTC) trading:

Some individuals and companies offer OTC trading services, where users can buy and sell cryptocurrencies directly with them. This is a risky way to buy crypto because there are many chances of frauds and scams.

• Peer-to-peer (P2P) platforms:

P2P platforms like HodlHodl and Bisq offer decentralized trading options, allowing users to buy and sell cryptocurrencies directly with other users. So, it is also another good way to buy crypto in Pakistan.

It's important to note that the regulations and laws of crypto currency buying and selling are not very clear in Pakistan. So, it's always advisable to do your own research and comply with local laws and regulations when buying or selling cryptocurrency in Pakistan.

Prepare a guide on at least one of the ways to buy Steem in your country (Practical steps with screenshots required).

The best way that I would like to recommend in Pakistan while buying any cryptocurrency including Steem token is through the Binance exchange. Although, it is also at the risk but still it is very much safer than the other methods of buting Steem in Pakistan. So, I am preparing the complete guide to buy Steem in Pakistan through Binance.

First of all, be sure that you have a verified Binance account. So, first thing that you have to do is to open the binance website or the Binance mobile application. I am proceeding through the mobile app. Have a look.

After opening the app and logging in, go to the Funding wallet and then open the P2P option. There, you can see various ads to buy USDT from the various merchants. Also, you can buy USDT from the P2P Express in best rates available for PKR. Look at the below screenshots in this regard.

After purchasing the USDT stablecoins, we have to search the STEEM/USDT pair in Markets and then set a Buy order in the market. Have a look at below screenshots in this regard.

You will successfully buy the Steem tokens and have them in your wallet. Currently, I m holding some Steem tokens in my wallet. So, look at them.

How would you rate the ease of purchasing Steem tokens in your country? Highlight the difficulties in buying Steem in your country, if any.

As I have already discussed that the level of adoption of cryptocurrency in Pakistan is at fair surface but the government laws and regulations do not allow the users to buy the Steem tokens freely. We can buy the tokens without the involvement of any central party or government so many people feel very unsafe while doing so.

Also, there are a very few crypto exchanges that allow the frequent purchasing of the cryptocurrencies directly from the Pakistani Rupees (PKR). Many of the major crypto exchanges still not have any feature regarding purchasing the Steem token directly from the Pakistani Rupees.

Another major problem that we can face during the purchase of Steem tokens through the brokers or the OTC trading is that the fees and charges of these brokers are much higher than the decentralized exchange platforms to buy Steem in other countries.

The government laws and regulations are always a big problem while purchasing any cryptocurrency including Steem token as well. Also, many users avoid the crypto investment because of the high risks that are associated with it in the form of high volatility of the market of crypto.

What's your opinion on the future of the Steem token? And what method of buying Steem would you like to be made available in your country?

The future of the Steem token is very much bright. I am saying this thing with quite surety that the future is very great because of a few reasons. The major reason is that the adoption of the Steem token is increasing day by day and this increase can bring the high potential investors to the Steem token market.

The burning scheme that has been adopted by the Steemit Team is another major reason behind the saying that the future of the Steem token is going to be very great. Burning of a token actually reduces its circulating supply and hence the demand is increased that affect the price positively.

The methods of buying Steem that I would like to see in my country is through the decentralized exchanges and the decentralized P2P platforms. If the government of Pakistan adopt the cryptocurrency as the valid source of business and investment that it is possible that there is a great ease in purchasing the Steem token.

Another methods that I would like to see in my country is the Steem ATMs. Yes, it is the most secure and most effective way to purchase Steem. The users would be able to buy Steem tokens directly from PKR through the use of the Steem ATMs.

Conclusions

Cryptocurrencies are the new innitiative in the financial realm. There are many benefits that can help the government to legalize the transactions of the cryptocurrency in their country. In Pakistan, the level of cryptocurrency adoption is satisfactory but if the government will legalize the use of cryptocurrencies than the level of adoption will be surely improved to a great extent.

I would like to invite my friends @malikusman1, @suboohi, @sualeha, @ashkhan and @faran-nabeel to take part in this amazing contest.