What is Bitcoin and how to buy it in New Zealand

This article will cover the following:

  • What is Bitcoin and why do people buy it?
  • Is it too late to buy Bitcoin?
  • How to buy Bitcoin safely and easily in NZ?

Bitcoin physical gold coin next to gold bars

What is Bitcoin?

Bitcoin is a digital currency. In many ways, it operates just like any other currency. You can send it, receive it, and use it to store value – just like you would with money in your bank account.

Unlike government-issued cash like the New Zealand Dollar, however, Bitcoin is not stored in a bank, but rather an account called a Bitcoin wallet.

The Bitcoin network is not owned and maintained by one central organisation or government, but rather by hundreds of thousands of anonymous computers around the world owned by Bitcoin users – making it practically immune to censorship. The 2-minute video below will explain the basics. 👇

Why do people buy Bitcoin?

Like gold, Bitcoin is scarce; its supply is limited. There are currently just over 16.2m Bitcoin in circulation, and the maximum that will ever exist is capped at 21 million. This set cap is well known, making its scarcity transparent.

As demand for Bitcoin increases with more people using it as a store of value or investment vessel, the price will follow and continue to rise as there’s is a fixed supply of Bitcoin in existence.

Bitcoin price since 2013 to 2019 July graph

A great example of how Bitcoin’s price is determined by supply and demand was when mainstream media began to greatly cover Bitcoin at the end of 2017 – drawing the term ‘Bitcoin‘ and ‘cryptocurrency‘ into the public spotlight, setting them in stone as household names.

Due to immense media coverage and a surge in adoption, Bitcoin’s price blasted up 1200% between 2017 and 2018. What would follow would be a year of market recovery, ending with a heavy drop in price at the start of 2019.

To some, this drop was a deal breaker, but to others, this was the best summer sale they had ever seen. As you can see from the graph below, anyone who bought early this year is now reaping the benefits, seeing their Bitcoin triple in price… 😎

The price of Bitcoin in 2019 in USD with a trend line

Bitcoin price over 2019 with a tred line
Regardless of Bitcoins infamous price fluctuations, the number of people buying Bitcoin and setting up their own wallets has continued to consistently increase every day. With less than 1% of the world owning Bitcoin in 2019, it is safe to say that this digital asset has a long future ahead of it.

It is impossible to know how many people are using Bitcoin, but what we can see is how much Bitcoin is being moved per day. Below is a graph of daily Bitcoin trading volumes over the past 2 years.

Bitcoin trading volumes from jan 2017 to july 2019

As you can see, Bitcoin is seeing a continuous increase in its daily volumes, indicating that adoption and trading rates are higher than ever.

Bitcoin’s value is not purely based on its ability to immensely fluctuate though, but rather by how unique it is as a currency and store of value.

So what makes Bitcoin so damn special?

Stack of bitcoins on top of American bank notes

  • Bitcoin is fast, and it typically takes less than 30 minutes to send Bitcoin anywhere on earth.
  • Sending Bitcoin is cheap, as it only has to pass through its own system rather than the banks.
  • 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 transactions.
  • Bitcoin is anonymous, as its user’s wallet by default is not tethered to their real-world identities.
  • Anyone can easily create a Bitcoin wallet without having to ask anyone for permission – which is a big deal for the 1.7 billion adults in the world who currently don’t have bank accounts
  • Bitcoin was the worlds first genuinely decentralised digital universal currency.

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 cellphone and internet connection – or its ability to used as a self-sovereign banking system without central oversight or restriction.

Bitcoin and the other growing list of 2,000 plus cryptocurrencies are going to change the world for the better, but the real question right now is: Is it too late to get in early?

one hand holding a bitcoin and another hand holding a bitcoin

Is it too late to buy Bitcoin?

Absolutely not. Bitcoin and cryptocurrencies are currently about as widely adopted as the internet was in 1994, and less than 1% of the world owns any cryptocurrency for themselves.

Unless government money and the banking industry can offer stronger niche advantages of their own over Bitcoin, it appears to be inevitable that a decentralised universal digital payment system will have a strong role in the way we transfer value between each other in the future.

evolution of money info graphic with cryptocurrency and bitcoin

Like how the internet has profoundly shaped the world since the first website was published in 1991, cryptocurrencies like Bitcoin in 2019 are on their own way to making their own incomprehensible impacts on the world of finance and banking, and beyond.

The image below is an excellent example of how early we are are in the days of cryptocurrency:

Bitcoin in 2017 vs the internet in 1994

Bitcoin in its current state could be compared to where we were in 1961 with space travel, with artificial intelligence in 1955, with cellphones in 1999 or where we were with television in the ’60s.

In comparison to the various other asset classes and global debt, cryptocurrencies like Bitcoin clearly have a lot of a room for growth – especially if Bitcoin can garner mainstream adoption from its use as an almost instant international payment instrument.

Here is the total amount of money in Bitcoin compared to the other major asset classes to demonstrate just how much space Bitcoin has to grow:

Bitcoin market cap in comparison to other global asset classess

Bitcoin’s global adoption may not be primarily led by its ability to make instant cross border payments through, but rather by something much more powerful.

Bitcoin wallets can be created for free, by anyone on earth who has an internet connection and a computer or basic smartphone – and there are currently 1.7 billion people on Earth who don’t even have their own bank account.

Isaac Mkalia, 20 years old, a teacher by profession is checking his bitcoin on his mobile phone.

Bitcoin can bank the unbanked

Bitcoin wallets can be created and used on the most basic smartphones, and the number of global smartphone owners is rapidly growing. This in combination with efforts from the likes of Elon Musk and Mark Zuckerburg to provide the entire planet with cheap reliable highspeed internet, the groundworks for providing this huge number of people with their own digital banks are already in the works.

Out of these 1.7 billion people, 1.1 billion of them don’t even have any legal ID. So they couldn’t create a bank account, even if they wanted to. No longer does this invisible population have to sit on the sidelines and play the roles as spectators, but rather directly contribute to global trade and engage with international online commerce.

Venezuelan cash stacks next to a USD bank note

There are also over 123 million people living in countries that have extremely volatile currencies, such as Venezuela, Zimbabwe and Argentina. This incomprehensible number of people living under such unpredictable conditions will also benefit from using Bitcoin – or any currency that is not being heavily manipulated by their own government.

Now that we have covered what Bitcoin is, why people buy it, if it’s too late to buy Bitcoin and how it will improve the world, you may be wondering how to join the action and buy some for yourself.

Firstly, you’re going to need a Bitcoin wallet, and you can see our 3 steps guide on how to get one for yourself by clicking here.

Easy Crypto homepage GIF of how to buy bitcoin in nz

Where’s the best place to buy and sell Bitcoin in New Zealand?

Easy Crypto is NZ’s best crypto retailer, with the simple mission of making crypto as safe, fast as possible to buy and sell crypto.

Easy Crypto trust pilot reviews screenshot
You can see our Trust Pilot reviews by clicking here: https://www.trustpilot.com/review/www.easycrypto.nz

We achieve almost instant NZD to crypto transactions by being the only crypto broker in NZ with a fully automatic verification system, meaning you can sign up and be verified to trade within 2 minutes.  We list over 57+ cryptos, ranging from Bitcoin to Ethereum, and everything in between.

We are also the first and only cryptocurrency brokerage that has a 100% funds safety guarantee, and we frequently hold the throne for being having the cheapest Bitcoin prices in New Zealand.

How to Buy Bitcoin in NZ

You can easily buy Bitcoin in NZ through us in 3 simple steps.

  1. Create a Free Account with Easy Crypto.
  2. Verify your ID in less than 2 minutes using our automatic verification system.
  3. Buy crypto through us at the best prices in NZ in seconds.

In order to start buying Bitcoin with us, you must first create an account and get verified. We have a fully electronic verification system, so don’t expect this process to take longer than 3 minutes. Your first step would be to head over to the main Easy Crypto website, which can be found by clicking here.

Now that you’re signed up and ready to buy, follow this walkthrough and you will be a proud Bitcoin owner in less than 2 minutes. 🙂

Walk through for main page of buying bitcoin with easycrypto
Now that you have chosen whether that you want to buy bitcoin or any of our other 60 listed cryptocurrencies and how much, you can progress to the next page by clicking ‘BUY NOW‘.

Your bitcoin order with instruction guide easy crypto screenshot

In the second page of the order (as shown above), you can insert your public address and memo tag if your transaction requires one. To learn more about our Easy Crypto Wallet feature, you can find more information here. If you do not already have a wallet and do not wish to use ours for whatever reason, we recommend using Exodus wallet.

If you would like to learn more about crypto wallets and how to safely store your crypto, click here.

Easy Crypto select payment method for bitcoin order screenshot

After you have inserted your public address and your memo tag if it is required (only required for some coins but not Bitcoin), You will now move onto our payment page. You have two options with your payment method, manual bank transfer or Poli Pay

Poli is an instant payment processor in which you input what bank you’re with, your online banking account number and your account password, and then the Poli system will take care of the rest. Poli is trusted by thousands of Kiwis and Australian businesses, and you can learn more about it here.

We do not store any of your banking details, but you can choose to let your browser remember your account and password if you wish to streamline your next transaction with us.

Screenshot of complete Bitcoin order and pay with poli

Now that you have clarified that you have inputted the correct wallet address, you are ready to finalise the order and either pay through Poli or manual bank transfer. Once the money is received on our end, our system will automatically send the crypto from our wallet to yours, and this should take no longer than 3 minutes.

If you have any hiccups along the way or would simply like someone to assist you with your transaction, don’t be shy and flick us an email here. We look forward to being your go-to crypto retailer, and we wish you the best of luck with your investments in digital assets!

Click here start buying and selling Bitcoin at the best prices in New Zealand.