How do I Invest in Bitcoin in New Zealand?
Investing in Bitcoin is easier than you think. Here's a 3-step guide to get you to own some Bitcoin yourself.
So, you’ve done your research and have decided to invest in Bitcoin as part of a diversified investment portfolio — what to do next?
Well, you can follow the steps below on how to buy Bitcoin in New Zealand, in a safe and easy way. This guide can be broken down into three stages:
- Setting up a Bitcoin wallet.
- Creating and verify your Easy Crypto account.
- Creating a buy order and exchange your Kiwi dollars for Bitcoin.
1. Create a Bitcoin wallet
Buying Bitcoin and other cryptocurrencies isn’t like buying stocks.
If you buy stocks from a stock broker’s website, for example, you get to see the number of shares of the company that you own.
If the broker goes out of businesses, you still have access to your shares because your country’s central stock market has been keeping track of who owns what.
Bitcoin is different, though.
Instead of having a bank or organisation store the Bitcoin for you (where you only keep a receipt to redeem your asset), Bitcoin is stored inside a personal Bitcoin wallet, which only you can have access to.
A Bitcoin wallet is a software that talks to the Bitcoin network, which collectively maintains a public ledger that dictates how much Bitcoin each and every wallet has in custody.
If you own the key to your wallet, you have the power to talk to this public ledger, for example, to move your Bitcoin to another person’s wallet (i.e. to use your Bitcoin and make a transaction).
Once you have a wallet, you should be able to identify your Bitcoin wallet address as well as your backup key phrases, which you must store securely on hard copy.
Note: Easy Crypto doesn’t own any of these wallets. Please do your research and use at your own risk.
2. Create an Easy Crypto account
Creating an account with Easy Crypto takes a few seconds if you use your Google, Facebook, or Twitter account to do a one-click sign up. Alternatively, you can use your own email address. Go to our main website and click on Sign Up.
Then what you should do next is go to My Account, click Verify > Verify basic details. You will be greeted with this page. As you’ll see, there are two ways you can verify your ID — using automated verification with SumSub or manual verification, which takes a little bit longer as a staff member will need to check your documents.
3. Create a Buy Bitcoin Order
Once you are verified, your remaining few steps are to create a buy order. On the homepage, simply enter the amount of Kiwi Dollars you want to exchange into Bitcoin, click Buy Now and you’ll encounter this page:
This step is crucial as it asks you to write down your delivery address. Bitcoin wallet addresses are typically long, you need to be careful and make sure to copy-paste the address to avoid mistyping it. If your wallet offers a QR code of the address, you can click on the four square logo to allow your browsing device to scan your wallet’s QR code if possible.
Note: By sending Bitcoin directly to your own address, you are 100% in control of your asset, and that Easy Crypto nor any authority cannot reverse a completed transaction. Therefore, please confirm that the (wallet) delivery address is 100% correct.
Check your Bitcoin wallet
Once you’ve followed through with the payment process, your Bitcoin should be on its way. Note that it takes on average 10 minutes for the Bitcoin network to deliver Bitcoin to a new address. If there are questions you’d like to ask, feel free to hop over to our Frequently Asked Questions, and message us from there 🙂
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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 24, 2022