thebitcoinguy (OP)
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December 22, 2014, 04:35:49 PM |
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I need the receiver in Pakistan to be able to receive the money in their own currency.
To do this, a bank-wire from Wells Fargo bank costs me $45.
Western Union and MoneyGram charge fees as well, and require tons of paperwork to be provided.
Are there any good, reliable and honest Bitcoin exchanges in Pakistan that will convert to their currency?
I have an actual need for remittances using bitcoin if this is possible. This is supposed to be one of bitcoin's great uses. Can I do it?
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sumantso
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December 22, 2014, 04:42:01 PM |
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Remittances doesn't benefit Bitcoin. Bitcoin wants to be the mode of payment and be used as a currency. Remittances mean getting in and out of Bitcoin which is not too attractive.
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100bitcoin
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December 22, 2014, 04:47:34 PM |
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I need the receiver in Pakistan to be able to receive the money in their own currency.
To do this, a bank-wire from Wells Fargo bank costs me $45.
Western Union and MoneyGram charge fees as well, and require tons of paperwork to be provided.
Are there any good, reliable and honest Bitcoin exchanges in Pakistan that will convert to their currency?
I have an actual need for remittances using bitcoin if this is possible. This is supposed to be one of bitcoin's great uses. Can I do it?
I'm not sure if there is any good exchange for Pakistan so far. We are going to launch www.100bit.co.in very soon, where Pakistani rupee will be supported. So, you might like to check us back. |
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DGulari
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KawBet.com - Anonymous Bitcoin Casino & Sportsbook
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December 22, 2014, 04:48:10 PM |
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Remittances doesn't benefit Bitcoin. Bitcoin wants to be the mode of payment and be used as a currency. Remittances mean getting in and out of Bitcoin which is not too attractive.
WTF?! I am shocked how dumb the bitcoin community is. Why do you care to 'benefit Bitcoin'? The guy wants money in Pakistan - he doesn't want to 'benefit Bitcoin'. So many people here think 'buying and holding' to pump up the price is the real function of bitcoin. This is not a big pump and dump. bitcoin should benefit this guy and his family - not the other way around. As to the OP - you are have to find someone in Pakistan who wants to buy bitcoin. That is pretty much the bottom line. But look on the Brightside - this probably won't be a problem in any major city in about 1 or 2 years. Today, it might be tricky to find a trustworthy exchange partner. But, there is no way around this if you need local currency. |
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pawel7777
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December 22, 2014, 04:50:56 PM |
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I need the receiver in Pakistan to be able to receive the money in their own currency.
To do this, a bank-wire from Wells Fargo bank costs me $45.
Western Union and MoneyGram charge fees as well, and require tons of paperwork to be provided.
Are there any good, reliable and honest Bitcoin exchanges in Pakistan that will convert to their currency?
I have an actual need for remittances using bitcoin if this is possible. This is supposed to be one of bitcoin's great uses. Can I do it?
I don't know whether there are any reliable exchanges in Pakistan, but you can always try localbitcoins, there are a few listed for Pakistan: https://localbitcoins.com/country/PKRemittances doesn't benefit Bitcoin. Bitcoin wants to be the mode of payment and be used as a currency. Remittances mean getting in and out of Bitcoin which is not too attractive.
That's still better than not using bitcoin at all, isn't it? |
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sumantso
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December 22, 2014, 04:59:42 PM |
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That's still better than not using bitcoin at all, isn't it?
I was pointing out in response to the OP's statement that 'This is supposed to be one of bitcoin's great uses.' It was not meant to say its not possible or shouldn't be supported or that its not a priority. |
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thebitcoinguy (OP)
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December 22, 2014, 05:03:31 PM |
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Remittances doesn't benefit Bitcoin. Bitcoin wants to be the mode of payment and be used as a currency. Remittances mean getting in and out of Bitcoin which is not too attractive.
This is a narrow-minded view and not what my OP even asked for. If you just want the value of bitcoin to go up. But even then, without real-world uses, nobody will be *holding* bitcoin for any period of time. Yes money remittances mean buying and selling bitcoin. But that's what I need it for in this case. Remittances doesn't benefit Bitcoin. Bitcoin wants to be the mode of payment and be used as a currency. Remittances mean getting in and out of Bitcoin which is not too attractive.
WTF?! I am shocked how dumb the bitcoin community is. Why do you care to 'benefit Bitcoin'? The guy wants money in Pakistan - he doesn't want to 'benefit Bitcoin'. So many people here think 'buying and holding' to pump up the price is the real function of bitcoin. This is not a big pump and dump. bitcoin should benefit this guy and his family - not the other way around. As to the OP - you are have to find someone in Pakistan who wants to buy bitcoin. That is pretty much the bottom line. But look on the Brightside - this probably won't be a problem in any major city in about 1 or 2 years. Today, it might be tricky to find a trustworthy exchange partner. But, there is no way around this if you need local currency. ^ THANK YOU |
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bitbaby
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December 22, 2014, 05:06:01 PM |
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-snip- Remittances doesn't benefit Bitcoin. Bitcoin wants to be the mode of payment and be used as a currency. Remittances mean getting in and out of Bitcoin which is not too attractive.
That's still better than not using bitcoin at all, isn't it? I think it helps. If we are going to use it as a worldwide currency, we should expect that people will buy and sell as per their need. Maybe one day they won't feel the need to sell it as they would be able to buy stuff directly from it, until then this will have to do. |
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ChuckBuck
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December 22, 2014, 05:10:42 PM |
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Not sure if this an good option, as I'm not sure of the fees involved: https://urdubit.com/Like the others posted, if you can find a good seller in LocalBitcoins, maybe that's the best way. |
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sumantso
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December 22, 2014, 05:11:27 PM |
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Remittances doesn't benefit Bitcoin. Bitcoin wants to be the mode of payment and be used as a currency. Remittances mean getting in and out of Bitcoin which is not too attractive.
This is a narrow-minded view and not what my OP even asked for. If you just want the value of bitcoin to go up. But even then, without real-world uses, nobody will be *holding* bitcoin for any period of time. Yes money remittances mean buying and selling bitcoin. But that's what I need it for in this case. I don't really care about Bitcoin value. I believe we are on a cusp of a revolution and Bitcoin is showing the way. Besides there are other alternatives (still in nascent stages) built on the Bitcoin tech which are more suited to remittances and use it as part of its business model. Regarding your original query, you should be careful you're not breaking any laws - look them up. |
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thebitcoinguy (OP)
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December 22, 2014, 05:14:13 PM |
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As to the OP - you are have to find someone in Pakistan who wants to buy bitcoin. That is pretty much the bottom line. But look on the Brightside - this probably won't be a problem in any major city in about 1 or 2 years. Today, it might be tricky to find a trustworthy exchange partner. But, there is no way around this if you need local currency.
Hmm, so basically I am currently out of luck for all practical intents. I don't know of anyone who would buy bitcoin in Pakistan and it would be too much hassle to ask my business contact to sell it that way. I need it to be seamless. So it seems we have a way to go. It sounds like I will unfortunately have to continue to use Western Union and Bankwire's with huge fees for years to come. Basically we just need trustworthy exchanges in every city as you say. |
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ChuckBuck
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December 22, 2014, 05:16:23 PM |
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As to the OP - you are have to find someone in Pakistan who wants to buy bitcoin. That is pretty much the bottom line. But look on the Brightside - this probably won't be a problem in any major city in about 1 or 2 years. Today, it might be tricky to find a trustworthy exchange partner. But, there is no way around this if you need local currency.
Hmm, so basically I am currently out of luck for all practical intents. I don't know of anyone who would buy bitcoin in Pakistan and it would be too much hassle to ask my business contact to sell it that way. I need it to be seamless. So it seems we have a way to go. It sounds like I will unfortunately have to continue to use Western Union and Bankwire's with huge fees for years to come. Basically we just need trustworthy exchanges in every city as you say. Look above at the link I posted: http://www.coindesk.com/pakistans-first-bitcoin-exchange-launches-community-building-ambitions/Again, I don't know the fee structure for trades made, but there is at least 1 trustworthy exchange in Pakistan now. |
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pawel7777
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December 22, 2014, 05:18:44 PM |
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As to the OP - you are have to find someone in Pakistan who wants to buy bitcoin. That is pretty much the bottom line. But look on the Brightside - this probably won't be a problem in any major city in about 1 or 2 years. Today, it might be tricky to find a trustworthy exchange partner. But, there is no way around this if you need local currency.
Hmm, so basically I am currently out of luck for all practical intents. I don't know of anyone who would buy bitcoin in Pakistan and it would be too much hassle to ask my business contact to sell it that way. I need it to be seamless. So it seems we have a way to go. It sounds like I will unfortunately have to continue to use Western Union and Bankwire's with huge fees for years to come. Basically we just need trustworthy exchanges in every city as you say. So what's wrong with localbitcoins or https://urdubit.com/? Isn't that what you were looking for? |
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thebitcoinguy (OP)
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December 22, 2014, 05:26:43 PM
Last edit: December 22, 2014, 05:36:57 PM by thebitcoinguy |
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Yes, that is what I was looking for. I didn't see Chuck's reply when I posted last. Thanks for that link.
I checked out urdubit.com and I spoke with them just now.
They said it is a 1% fee to withdraw and 0.75% to trade. So that is 1.75% fees. If I send $3000 to Pakistan then that's about $52 in fees. No better still :\
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pawel7777
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December 22, 2014, 05:39:38 PM |
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Yes, that is what I was looking for. I didn't see your reply when I posted last.
I checked out urdubit.com and it looks decent.
I spoke with them just now. They said it is a 1% fee to withdraw and 0.75% to trade. So that is 1.75% fees. If I send $3000 to Pakistan then that's about $52 in fees. No better still :\
1% withdrawal is a lot. If you're planning on doing that often, maybe they'll be able to offer you a better deal. Otherwise try localbitcoins, you can get in touch with the buyer (use the trusted ones) and negotiate the best price. Recently there have been some news about a few remittance companies (using bitcoin for transfers) starting up in Asia, so hopefully there will be more options soon. ps. just recalled that Urdubit have a thread on this forum, if that's any help: https://bitcointalk.org/index.php?topic=820628.0 |
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Gianluca95
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December 22, 2014, 05:43:45 PM |
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Of course. Send private key of the interested address at your friend and then give it to your pakistan friend (I guess), your pakistan friend then will convert bitcoin in its local value  |
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wadili89
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December 22, 2014, 05:45:04 PM |
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If you're planning on doing that often, maybe they'll be able to offer you a better deal. Otherwise try localbitcoins, you can get in touch with the buyer (use the trusted ones) and negotiate the best price.
Even if its for one time, it may be possible to do a transaction in person and avoid the fees. The fees are mainly the escrow ones and necsessary to secure the transaction which is not needed for a face to face transaction. The other party also gains more in that case and may be willing to do it. |
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wadili89
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December 22, 2014, 05:46:42 PM |
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Of course. Send private key of the interested address at your friend and then give it to your pakistan friend (I guess), your pakistan friend then will convert bitcoin in its local value Why the necessity of sending private key? Private key shouldnt be transferred and should be kept to self as much a spossible. The problem here is converting Bitcoin to the local value. |
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ChuckBuck
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December 22, 2014, 05:48:57 PM |
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You should double check with this exchange to see if it's possible to use for Pakistan: https://www.igot.com/They convert to the Indian Rupee, so maybe call or email them to see if it's possible for PKR. |
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Gianluca95
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Reputation first.
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December 22, 2014, 05:51:48 PM |
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Of course. Send private key of the interested address at your friend and then give it to your pakistan friend (I guess), your pakistan friend then will convert bitcoin in its local value Why the necessity of sending private key? Private key shouldnt be transferred and should be kept to self as much a spossible. The problem here is converting Bitcoin to the local value. Make another thing. Convert bitcoin in US dollar and then change it in some local exchange in Pakistan. Is this possible? I guess yes, every country of the world has a local exchange :O |
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