How to Buy Bitcoin in New Zealand (NZ)
Buying Bitcoin or crypto is easier than you think! Learn how Kiwis can buy their first Bitcoin in New Zealand.
Cryptocurrencies are becoming a popular asset class among New Zealanders who want to diversify their portfolios of investment — for good reason. Cryptocurrencies have distinct advantages over traditional asset classes that make them appealing, and arguably more lucrative for investors.
In this article, we’ll be going over how you can get started buying Bitcoin (BTC) and 100+ other cryptocurrencies in New Zealand with Easy Crypto.
So, what is Bitcoin (BTC) anyway?
Bitcoin (BTC) has been known as the world’s first cryptocurrency. And just like the NZD in your New Zealand bank account, it can be stored, sent and received through the internet – and you can use Bitcoin to buy and sell goods and services all around the world.
Since Bitcoin and cryptocurrencies are stored, sent, and received digitally via blockchain technology, it is not geo-politically locked to any international borders.
Bitcoin in particular, was engineered to enable seamless peer-to-peer transfer of value to anyone and anywhere on the globe.
A key component and underlying technology that makes this a possibility is blockchain technology – which in short, is a decentralised global ledger that provides a secure and immutable record keeping of all transactions on the network.
Check out our YouTube channel below to learn more about Bitcoin (BTC)!
Bitcoin is different from government-issued currency like the NZD in three key ways:
- Bitcoin is not stored in a bank account, but rather a ‘Bitcoin or cryptocurrency wallet‘ – cutting out the entire need for a bank account or government ID.
- Bitcoin transfers can be made from one side of the world to the other in a matter of seconds, making it an ideal currency for international transactions.
- Unlike regular fiat currency, the total number of Bitcoins can not be artificially changed by any central authority.
Further reading : Read our complete guide on Bitcoin and how it works.
Bitcoin is more than money
Since its inception in 2008, Bitcoin has emerged as Earth’s first decentralised universal currency.
- 1.7 billion people on Earth don’t have access to a bank account, and they can now use Bitcoin to store value and engage in online exchange.
- It can take anywhere between 4 days to 2 weeks to send money internationally, but with Bitcoin, it can be transacted within minutes, even seconds .
- Bitcoin transactions can’t be reversed, meaning that no government or bank can stop you from using your hard-earned Bitcoin.
By 2021, there are expected to be roughly 106 million people who own Bitcoin, meaning that the currency will probably continue to grow and has a long future ahead of it.
Why should you buy Bitcoin?
Did you know that in 2019, New Zealand became the first country in the world to make it legal to pay salaries in cryptocurrency?
That’s right. If you are a resident of NZ, your employer can pay your wages in Bitcoin. Sadly, not every NZ employer has a pot of Bitcoin that they can immediately start paying wages out of. However, the message to BTC investors is clear – Bitcoin is here, and it’s only going to get bigger.
This limit is set by the maths and technical architecture of the Bitcoin network, and it’s well known to the public—making it easy to confirm that there are a finite number of bitcoins in existence. .
You may be confused by how Bitcoin can have a set limit in existence, but this is one of Bitcoins greatest truths. We know exactly how Bitcoin much exists, and therefore we can accurately value it – unlike gold, silver, government currency or other assets.
As demand for Bitcoin increases with more people using it as a store of value, investment vehicle or currency, the price will follow and continue to rise as there is a fixed supply of Bitcoin in existence.
Here are some other reasons that make Bitcoin so exciting:
- Sending Bitcoin takes only a few minutes, and it typically takes less than 30 minutes to send Bitcoin anywhere in the world.
- Bitcoin transactions are cost-effective, as they only pass between users and do not require the involvement of banks or other 3rd party intermediaries.
- Since there is no organisation in the middle of the Bitcoin network authenticating transactions as a bank would, there is no way that the system can be shut down, nor can anyone meddle or restrict your ability to make payments.
- Bitcoin transactions can be anonymous, as its user’s bitcoin wallets by default are not tethered to their real-world identities.
Bitcoin clearly holds multiple revolutionary qualities, such as its ability to be used to send anonymous irreversible transactions to anywhere in the world with just a cell phone and internet connection – or its ability to be used as a self-sovereign banking system without central oversight or restriction.
Bitcoin is just one in a growing list of over 19,000+ cryptocurrencies. All of which have the potential to transform the way we transact around the world and the way we see digital goods moving forward.
How many other New Zealanders buy Bitcoin?
According to the 2022 Global Digital Yearbook report, at the start of January 2022, a reported 8.8% of Kiwis own cryptocurrency like Bitcoin. This is just one report, however, and it is impossible to truly know how many New Zealand Bitcoin holders there are.
The future of Bitcoin
Due to the highly unique characteristics of Bitcoin, BTC has seen a rapid increase in usage and adoption over the past 11 years.
With people around the world scrambling to buy BTC as a speculative investment or to use as money, governments and businesses have been rushing to establish their stances on this revolutionary new asset class.
In the time since Bitcoin was created during the Financial Crisis of 2007–08, millions of people around the world have magnetised towards it, resulting in immense fluctuations in Bitcoin demand, and therefore Bitcoin price.
Although Bitcoin price is immensely turbulent, this hasn’t stopped countless speculators and investors from buying Bitcoin and setting up their own BTC stash. Preparing for if the world really does end up using this interesting new currency as the digital gold standard of money.
How to buy Bitcoin in New Zealand with Easy Crypto
Our mission at Easy Crypto is to simplify the crypto experience, making it accessible for Kiwis to buy Bitcoin (BTC) or any of the 100+ different crypto assets that we offer.
Create a free account with Easy Crypto to buy Bitcoin instantly
Easy Crypto boasts the only automatic sign up and verification system out of any of the Bitcoin brokers in New Zealand, making it so signing up and verifying your account to Buy Bitcoin in New Zealand can be completed in less than 3 minutes. ⚡
You can sign up with us via email, or alternatively, you can create an account in a single click by logging in via Google, Facebook, or Twitter.
Complete your verification
To satisfy New Zealand financial regulatory requirements, Easy Crypto needs to verify the identity of all users. However, unlike on international exchanges like Coinbase, almost all users can verify their identity with us in under 2-minutes. All we will need is a scanned copy or photograph of a New Zealand issued driving license.
- Average ID verification times on Coinbase – 24-hours – 7-days
- Typical ID verification times on BitPrime – 24-hours
- Average ID verification times on Easy Crypto – 2-minutes
Learn more: Read more about our verification process.
Buy Bitcoin in New Zealand through Easy Crypto
After verifying your Easy Crypto account, you can dive straight in and buy Bitcoin in NZ instantly. All you need to do is enter the New Zealand dollar amount of Bitcoin you would like to purchase and click ‘Buy Now’.
This video guide below will walk you through the process, but you should be able to easily create your order and have Bitcoin delivered to your wallet in just a few minutes. ⚡
Unlike other exchanges, we include all transaction fees in the Bitcoin price you will see on your screen.
- Remember to wait for confirmation that your ID has been verified, before attempting your first purchase
- If you are having Bitcoin sent to a wallet you already own, make sure to enter your Bitcoin wallet address in the order details area
Once you have decided how much Bitcoin you would like to buy, you can complete your purchase instantly via POLi instant pay or A2A pay. Payment can also be made by direct bank transfer. As soon as payments are confirmed, Bitcoin will be sent to your wallet in under 2-minutes.
What can you do with Bitcoin in NZ?
Now that you have your very own Bitcoin (BTC), what can you actually do with it?
Similar to government-issued fiat currency, Bitcoin and cryptocurrencies can be easily used to conduct transactions are supported locations. In fact, some businesses in New Zealand have even offered cryptocurrencies as a payment gateway.
Other things you can do with Bitcoin:
- Browse NFT marketplaces and shop for the latest collectible NFTs!
- Track and manage the growth of your crypto assets with our portfolio tracker.
- Safely backup your Bitcoin wallet so you can never lose access to your digital assets.
For more ideas on what you can do with your Bitcoin now that you have learnt how to buy Bitcoin in NZ, see a guide here.
Disclaimer: The discussions in this article are not meant to be taken as financial advice. As with any investment endeavor it’s recommended to do your due diligence and conduct your own empirical research.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 29, 2022