Bitcoin News: Pakistan Launches First Bitcoin Exchange

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Pakistani bitcoin exchange Urdubit launched today in an effort to facilitate greater adoption of the digital currency in the region. The launch aims to usher Pakistan into the wider bitcoin community, as its operators are bullish on the digital currency’s potential as a solution to greater geopolitical issues in the area.

For now, Urdubit is focused on bringing liquidity to local bitcoin trading markets and educating newcomers on its promise as a decentralized commodity. Its founding partners, Zain Tariq and Danyal Manzar, are the founder and chief operating officer, respectively, of bitcoin community and advocacy group BitcoinPk.

Manzar said: “When we started out educating people about the block chain and how it can be used as a payment gateway we found many people mining bitcoins who did not have any medium to trade them directly into Pakistani rupees.”

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Urdubit uses the BlinkTrade open-source software and technology, which offers operators a cost-effective way to open bitcoin exchanges without having to hire a developer. This is BlinkTrade’s third client. It also powers digital currency exchanges in Paraguay and Venezuela.

The cloud-based, decentralized nature of the BlinkTrade software enables exchange operators to bring bitcoin liquidity to regions with less active bitcoin trading markets. Unlike other exchanges, Urdubit offers Instant Deposits technology, which allows users to access their traded bitcoin immediately without having to wait for confirmations.

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Users are unable to withdraw any bitcoins or fiat while a deposit is unconfirmed, in a measure to prevent double spending. In the case of a double spending attack, Souza explained, the trader would lose access to his funds, and the exchange operators will get access to all his account data.

Urdubit charges a 0.75% fee on all trades, and 1% on deposits and withdrawals in Pakistani rupees. BTC deposits are free; there is a 0.0001 BTC miner’s fee on withdrawals.

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