Bitcoin NZ | What You Need to Know About BTC Before Getting Involved

Is Bitcoin legal in New Zealand?

Is there a difference between Bitcoin, Bitcoin Cash, and Bitcoin SV? To find out, don’t buy Bitcoin before reading our definitive Bitcoin NZ guide to all the things you need to know about everything Bitcoin.

Stack of gold bitcoins in front of the New Zealand flag NZ

The Definitive Bitcoin NZ Guide in Brief

If you are completely new to the world of cryptocurrency, you have likely heard rumours that Bitcoin is illegal. You might even believe that all coins sharing the Bitcoin namesake are of equal value. In reality, though, nothing could be further from the truth.

Queenstown new zealand at night time

Bitcoin NZ – Is Bitcoin Legal in New Zealand?

Contrary to what you might have heard, Bitcoin is legal in New Zealand. More importantly, Bitcoin is legal in every financial jurisdiction of importance in 2019.
Recently, regulators in the United States made it clear that even if they thought it might be a good idea to ban Bitcoin, doing so would be counterproductive.

  • Bitcoin is legal because it is taxable.
  • It is a myth that Bitcoin is predominantly used for illegal purchases on the Dark Web.
  • Bitcoin is increasingly favoured as a top digital asset to invest in among mainstream institutional financial investors.

When buying Bitcoin in New Zealand, it is also important to note that local exchanges like Easy Crypto, are regulated by the same financial watchdogs who oversee major banks like Westpac and TSB Bank.

bitcoin crypto

Is Bitcoin Comparable in Value to Other Cryptocurrencies Using the Bitcoin Namesake?

At present, there are three major coins currently on the cryptocurrency market which all share the Bitcoin namesake. However, when people refer to Bitcoin, they refer to the original Bitcoin, which is represented by the exchange price ticker BTC.

When Bitcoin came to market in 2008, its pseudonym creator Satoshi Nakamoto, made the code which Bitcoin uses to operate opensource. This means that anyone can clone and copy Bitcoin as many times as they like.

Bitcoin blockchain forking history including Bitcoin cash and Bitcoin SV

 

Bitcoin Cash and Bitcoin SV Explained

In recent years, two private companies have attempted to create their own version of Bitcoin. These clones are known today as Bitcoin Cash and Bitcoin SV. Both projects do have some merit due to slight technological improvements.

Sadly, some people buy Bitcoin Cash and Bitcoin SV, in the belief that coins are of equal value to Bitcoin. They are not. Neither do Bitcoin clones like Bitcoin Cash, benefit from the same 10-year history of total security as Bitcoin.

There is an argument to be made that Bitcoin Cash and Bitcoin SV may one day usurp the dominance of Bitcoin. However, most cryptocurrency market watchers believe this is unlikely. This being the case, if looking to buy Bitcoin to invest, always buy coins with the price ticker BTC.

New Zealand with 2 Kiwis and ferns and three Bitcoin coins

Can You Buy Bitcoin in NZ?

If you are looking to buy Bitcoin in NZ, you might think that your only option is to buy Bitcoin from Coinbase. However, Coinbase is an international exchange. Fees and international bank charges can, therefore, see Kiwis pay more for less when buying cryptocurrency.

Thankfully, local NZ exchanges do exist where it is possible to buy Bitcoin using New Zealand Dollars. Easy Crypto is one such exchange.

one hand holding a cash and another hand holding a bitcoin

Where Can I Sell My Bitcoins in NZ?

As well as being the easiest place to buy Bitcoin, Easy Crypto also makes it easy to exchange Bitcoin for local New Zealand Dollars.

Unlike on international exchanges like Coinbase, Easy Crypto does not charge high fees or apply USD to NZD exchange rates when cashing out BTC.

Buy bitcoin NZ easy crypto preview image

How Do You Go About Buying Bitcoins in NZ?

If you are looking to buy Bitcoin in New Zealand, the easiest way to do so is at Easy Crypto. After creating a new exchange account, users can verify their identity in under 2-minutes. It is also possible to pay instantly using POLi instant pay or direct bank transfer.

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After creating a new exchange account, users can verify their identity in under 2-minutes. It is also possible to pay instantly using POLi instant pay or direct bank transfer.

See our guide on starting with Bitcoin in NZ with Easy Crypto here.