How to Withdraw Bitcoin in Nepal
With the increasing popularity of cryptocurrencies, many individuals in Nepal including Unelma Pay, an electronic wallet service like Esewa, are exploring options to exchange and withdraw their Bitcoin (BTC). However, due to legalities and limited services, the process requires creativity and trust.
Understanding Cryptocurrencies in Nepal
Bitcoin is a decentralized digital currency, much like the small notes you keep in your purse. Instead of physical notes, Bitcoin is held in digital wallets. In Nepal, there are no official services like AwVCash that allow direct BTC to local currency conversions. This restricts the ability of Nepalese citizens to easily exchange and withdraw Bitcoin.
Historical Context: Bitsewa
There used to be a platform named Bitsewa, which functioned as an exchange site for Bitcoin. Unfortunately, due to legal or operational issues, Bitsewa is no longer available. However, if you need to sell Bitcoin, you can try joining the Bitsewa Facebook community to find potential buyers. They may pay you in Nepalese Rupees (NPR) if they are willing to purchase your Bitcoin.
Alternative Methods of Bitcoin Withdrawal
There are limited legal options, but one creative solution is to connect with someone living in a country where Bitcoin is acceptable. You can request such a person to set up a Bitcoin wallet and buy your Bitcoin at a fair price. Once the transaction is completed, they can sell the Bitcoin for you and transfer the equivalent amount in your local currency via wire transfer or an international remittance service.
To initiate this process:
Find a trustworthy individual. Ensure that they have a Bitcoin wallet before proceeding. Request them to provide their Bitcoin wallet address. Transfer your Bitcoin to their address via a trusted cryptocurrency exchange or P2P platform. After they sell your Bitcoin, ask them to transfer the sale proceeds to your bank account.It's important to keep in mind that this method incurs a potential commission payment, as the intermediary will take a cut. Nonetheless, it's better than losing your Bitcoin completely.
Advise and Additional Resources
While exchanging and withdrawing Bitcoin can be challenging in Nepal, it's important to prioritize trust and security in any transaction. Regularly reviewing the latest news and resources on cryptocurrencies can help you stay updated with any changes in the legal landscape or new services that might become available.
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