The initial process of buying bitcoin in New Zealand may seem intimidating and confusing, but once you are set up it is easy. There are numerous different ways you can buy bitcoin in New Zealand and use it at Bitcoin casinos. All these services are inconvenient initially, but we are hopeful for better services in the near future.
Kiwi Coin – Bitcoin in New Zealand
A local bitcoin only exchange is Kiwi Coin. The fee when buying and selling coins is very minimal at around 0.4%-0.8%. This means that spending $100 on bitcoin leaves you paying only 40 cents in fees to the exchange for their service.
The first step is to register on the website. Next, you are required to verify your identification. Methods used to verify your identification vary between receiving a code via text/email to logging in with your REALME ID. The different levels of verification will determine how much you are able to buy/sell and withdraw per day.Verification level 1.5 is the minimum required to deposit any New Zealand Dollars. If you don’t have a realme verification yet, this may take a couple of days to sort out and set up.
Once you have completed this process you can then deposit and withdraw using your NZ bank account. Unless you use the same bank account this process takes 1 day. POLI can be used to instantly transact, but there is a $4.5 flat fee per transaction.
Using the simple setting you can buy bitcoin at the current lowest selling price. You can also choose to set a ‘buy order’ slightly higher than the current highest bid, and then wait to see if someone sells to you. This may possibly get you a slightly lower price. This can be done in the advanced tab.
- Advanced tab lets you select your price.
- Simple tab only lets you buy and sell at current bid and asking prices.
- Current highest bid or buy price – If you set your price at $1 higher you will be next in line if anyone wants to instantly sell.
- Current lowest sell price – Setting your buy price to the lowest price will purchase the bitcoin instantly.
A worldwide exchange that is based in New Zealand – Cryptopia. This is typically for more advanced users, but could easily be figured out if you are at all familiar with exchanges. It works similarly to Kiwi Coin with the exception that you can buy thousands of different altcoins on this exchange and use advanced features.
Once you have deposited NZD it then becomes NZDT (tether). This coin is linked 1 to 1 to NZD and stored in a bank.
Bitcoin or BTC is sometimes also referred to as XBT. You can then use your bitcoin to buy altcoins. The process also requires extensive verification.
This Peer to Peer Bitcoin marketplace connects various buyers with sellers. It’s as simple as selecting your preferred payment method and how much Bitcoin you need. The platform aims to provide a simple, fair and secure means for trading the value of their work.
Bitcoin is both a method of payment and a digital asset that has become highly valuable in today’s digital world. It is known as the internet’s version of gold. Similarly to gold, the bitcoin price is constantly fluctuating. It is predicted that there will be a steady growth in bitcoin price, especially when economic times are fragile.
What you choose to do with your bitcoin is completely up to you. Your options are to hold onto them in your Paxful wallet, Sell them for US dollars or any other currencies, you can even send them to any other bitcoin wallets.