Don’t pay more or wait longer for Bitcoin (BTC) because you are in New Zealand.
Bitcoins are part of a payment system that’s decentralised so you can send money to each other without an intermediary. The workings are complicated, and I highly recommend listening to the Tim Ferris podcast with Nick Szabo if you’re taking this seriously. In a nutshell, imagine your letterbox as your wallet. It also needs a padlock to open, and you have a key (private key). Others can send money to your postal address (public key). Whenever a transaction takes place its logged on a ledger, traditionally an institution like a bank would keep a record of this ledger but with Bitcoin and cryptocurrency, everyone has a copy of the ledger, and it’s continually validated and replicated against other copies throughout the world (the blockchain). The technology behind the blockchain is these days utilised for hundreds of applications, but for this guide, we will concentrate on purchasing Bitcoin.
So How Do I Buy BTC in NZ?
Buying Bitcoin (BTC) from anywhere is a relatively simple process. Sadly other countries including our neighbours have it more accessible but don’t worry, it’s getting better every day and with this guide, you’ll have BTC in your wallet in no time.
The process I suggest to buy and invest in Bitcoin from NZ:
- Get a secure wallet to store your Bitcoin. See my suggestions for storing cryptocurrencies here.
- Buy some Bitcoin – keep reading.
- Send your Bitcoin to your wallet (step 1) for safekeeping or trade some of it for other cryptocurrencies on an exchange.
Buying Bitcoin Quickly
Due to the regulation of Cryptocurrency exchanges in New Zealand, there are hoops that you need to jump through like authenticating your identification and addresses etc. It can slow the process down and often only save you a small percentage.
I have found the quickest and easiest way to get Bitcoin fast and securely is to use LocalBitcoin.com. I have seen smaller amounts of BTC for sale on the Facebook marketplace, but that would involve an extra level of trust in the seller that’s probably not necessary.
Choose a seller with a good history, e.g. 100% rating and plenty of transactions. If the seller is new and the price is low, it could be too good to be true. Tread carefully.
You can see more information about the seller by clicking on their name. Its good to see how many buyers have “trusted” them and their feedback about the previous transactions.
You don’t need to supply your wallet address (step 1). Your purchased Bitcoin will be stored on LocalBitcoin.com when the seller releases the funds. You then transfer it to your wallet from within the LocalBitcoin dashboard.
Enable 2FA security from your account page after creating an account. You will be required to open a “Google Authenticator” mobile app every time you log in, this it’s HIGHLY recommended for all the sites you set up and register with.
Unless you plan to resell your Bitcoin on LocalBitcoin soon, then you should transfer (withdrawal) it to your wallet when the transaction is complete.
Buying Bitcoin Cheaply
If you have an Australian bank account and they have issued a debit credit card, then you can get setup with Coinbase. They have a low initial limit, but they increase it as your BTC purchases complete without issue. You can also buy Etherum (ETH) directly through Coinbase, and if you use this link to signup, they will give you $10.
Another exchange with a reasonable rate that is accessible from Aussie is Coinjar. They do require more extensive ID and address verification so if you don’t have a utility bill or a bank statement with an Australian address on it then it may not be worth your while.
When sending and exchanging money overseas then don’t use the bank. The rates are terrible, get a TransferWise account, and it’ll be quicker and cheaper.
New Zealand Bitcoin exchanges
If your not in a rush you can use a Kiwi exchange. You will need to verify your ID and address to buy BTC. Once complete you can deposit New Zealand dollars and purchase Bitcoin easily. Rates vary, and the volume isn’t high, but I recommend either NZBCX or Kiwi Coin. Stay away from some of the others as they are just companies that add a commission on the cost price.
Long term these are great option to get involved with a Kiwi exchange as it helps with the development of the local cryptocurrency scene and keeps a backup of options for quickly buying or selling Bitcoin in New Zealand.
Can I Sell You Bitcoin?
I can help with the purchase of Bitcoin if you’re interested in purchasing a minimum of one whole BTC. I get them from the Australian exchanges and use an FX agent to transfer currencies to make the process relatively quick (1-2 days) and cheap. I do this at cost price plus 5% commission. Purchase my three top portfolio recommendations and reply to the email.