Buy bitcoin NZ

Where to buy bitcoin in New Zealand?

Want to buy bitcoin with New Zealand dollars? Easy Crypto has you sorted, with over 45 different cryptocurrencies on our website such as Etherium, Ripple, Bitcoin and more.

 

Easy crypto is New Zealand's fastest, safest and easiest way to buy bitcoin and other crypto's, and we ship straight from our site to your wallet in minutes. Sign up in two minutes and start buying cryptocurrency the easy way!

Click here to start buying today!


You can now sell your crypto through us!

You wanted it, and we added it:

Easy Crypto is proud to announce that our Sell feature is Officially Live!

Through this new feature, you will now be able to directly convert your crypto back into NZD, and expect payment from us within 24/hrs.

Our rates are the lowest in the country, at  0.5-2.5% per transaction, and this is without any hidden fees.

The mission of our company is to make the process of buying and selling digital assets as simplistic, safe and fast as possible, and we would appreciate any suggestions on upgrades for our evolving service.
Feel free to flick us a message if you have any ideas.

Click here to start buying and selling crypto-

Happy trading,

EC Team


bitcoin explosion

November 2018 Giveaway

The bad-ass giveaway baby yeah!

bitcoin explosion

In celebration of our much-anticipated sell back feature going live, we are giving away 100$ New Zealand dollars worth of any of the 43 cryptocurrencies on our site.

Terms of entry:

All you have to do is comment the most bad-ass thing you would spend your cryptocurrency fortune on. This can be anything from experiences to material items, Rocketships to Earthships, Yeezys to Ferraris, or a combination of any or all.

The winner will be chosen on the 23rd of November, two weeks after the initial giveaway post was announced. The winner will be hand-picked by the Easy Crypto team based on how epic and badass the idea is in your comment.

As the giveaway ends, the winner will receive a direct message from us via Facebook, and we will request your choice of coins and relevant wallet addresses.

Happy trading,
EC marketing team.

Click here to get back to the giveaway-

Click here to learn more about our Sell feature-

 

 

 

 

 


Spending 101| What can I buy with my crypto?

So what can I actually buy with my cryptos?

"There's a direct correlation between the number of people using cryptocurrency and the number of organizations who accept it as payment, and with more people joining the market every day, the incentive is only growing larger for these companies "

Since the beginning of bitcoin and her fellow currencies, the world has watched as innovators from all around scheme up new ways to receive this anomalous cybercash as payment for their goods & services, and now we watch as the bigger players begin to follow suit. According to Coinmap, on November 11th, 2018 there were 13,534 businesses accepting crypto as payment, which is over twice the size of what it was the same time and total market-cap volume just one year ago. Other reports say this figure is in the hundreds of thousands, and will only continue to grow as more adopters enter the market.

Using crypto as a payment method is becoming easier by the day too, with tech firms such as Bitpay working on payment processors that can exchange your crypto straight into local fiat in real-time upon transaction. Another bigger player now in the race is Visa, with their pre-paid bitcoin card aiming to streamline the digital currency conversion process. These innovations have the ability to pull the volatility problem right out of the transaction equation, but also allow both parties to feel confident that they are sending and receiving the same amount of value.

So what Can I currently buy with my Cryptos?

Airline tickets, Hotels & Cars can now be easily purchased and rented with organizations such as www.cheapair.com and bitcoin.travel.

Real estate can be purchased with cryptocurrency with bitcoin-realestate.com

Virtual real estate can be purchased through places like decentraland.org

Cars can be purchased through websites like buysellcarwithbitcoin.

Tickets to space are able to be purchased from Virgin Galactic.

Online shopping in all shapes and sizes is now available on sites like Overstock.com and Openbazaar.org.

Sweet tech can be purchased on Microsofts Marketplace, spendabit.co and applewithbtc.com.

Donate to charities and organizations such as Wikileaks, The Water Project and Save the children.

Bet on sporting events with sportsbet.io.

Gift cards can be purchased on eGifter providing indirect access to major players including names like Uber eats and Amazon.

Gold & silver can be purchased through websites like Jmbullion and MyGold.

Pizza can be purchased through Pizzaforcoins.com.

Your university tuition fee can be paid off if you decide to go to this university in Switzerland.

Clothing can be purchased through Bitgear.co.

Cryptocurrency can be exchanged into other cryptos using Changelly.com.

Theoretically, anything and everything that can be purchased using fiat currency can be purchased alternatively with crypto, and who knows, soon we may see organisations only accepting crypto.

Where can I find other outlets that accept crypto-currency?

Coinmap.org is a growing universal map of merchants receiving cryptocurrency as payment. Coinmap has a growing list of records of organizations accepting crypto, but also ATMs, food outlets, transport companies and more, and you can create your own interface to suit your own crypto needs.

To purchase bitcoin or any of our other 42 crypto-currencies, click here.


Blockchain 101| A brief EasyCrypto overview of the Blockchain

What is Blockchain?

A blockchain, in simple terms, is a protocol for a list of growing records that are linked together using cryptography. These records are bound together to form 'blocks', which link up into a string of encrypted data. The guts of these blockchains can be millions of blocks long are scattered between every computer on these networks in a decentralized fashion. This results in an ultra-safe grid of information, providing the user with a level of trust and permanence that has never been seen before. The blockchain is a foundational technology that promises to bring significant efficiencies to global supply chains, financial transactions, asset ledgers, decentralized social networking and much more. But how is this different from what we already have?

 

The first blockchain created was for the digital currency bitcoin, and from this digital currency, we effectively solved the double spending problem without the need for a trusted authority or central server. These transactions are not authenticated by a bank or government, but by mass collaboration powered by collective self-interests. Essentially, blockchain is an open, decentralized ledger that records its transactions in a permanent way without needing third-party authentication. This process removes the need for intermediaries such as banks or central servers, placing an unprecedented amount of efficiency in the hands of the user. For this reason, the blockchain can dramatically reduce the cost of peer-to-peer transactions, as well as massively speed them up. But apart from payments, how else will the blockchain change the way we do money?

 

How will the blockchain impact the worlds financial theater?

The way we send money has not changed in decades, and these outdated methods are starting to bite us hard in the butt. When you send your money, it is likely it will go through about five different intermediaries to process and authenticate your transaction. This turtle race can take between four days to two weeks if you're trying to transfer money across international borders. With blockchain technology now in our hands, we can send large payments within seconds, anywhere in the world, with extremely low fees and zero intermediaries putting their hands in our pockets. Blockchain has the utility to completely reform the infrastructure for cross-border payments, but this revolution is still in its infancy.

crypto coins
Click here to start buying crypto currency now

Our current most popular payment system when it comes to volume is the SWIFT system, a Belgium based organization who processes around 5 trillion dollars per day, or over 1.25 quadrillion dollars per year. These are mighty numbers in comparison to bitcoin, who has only moved 3.5 billion dollars in metric volume within the last 24hrs on the day this article was written. To add to this, central governments can print and destroy money as they like, but in turn, most 'true coins' have a pre-set supply, such as bitcoins 21 million. Some people like to pass this technology off as a fad, or a scheme of getting rich quick, but the reality of it is that these coins are the closest thing we have to a universal currency, and they are not going away any time soon.

 

Currently, in the world, there are a whopping 1.7 billion adults who still don't have access to a bank account. This means they are either already dealing in total mobile payments, or they only have government-issued fiat cash to store their hard worked value in. This strikes up multiple issues such as security, convenience, government-induced volatility and control over who owns your money. Now with the number of cellphones accessible to the masses shooting through the roof, electricity accessibility and costs better then it ever has been, and internet access expanding every day, providing accounts and control of finance to this gigantic invisible population is actually on the cards. Think of the benefits to these people and the world economy!

In India, the number of people without access to banking stands at 191 million while in Pakistan, it's 99 million. By comparison, the total number of people with no account in the U.S. stands at a still pretty sizeable 18 million.

Cryptocurrency like bitcoin has also done something that we have never been able to do before; add real, intrinsic value to the bits and bytes in a computer. Before bitcoin, 'digital' was not synonymous with scarcity. Anything digital could be copied with the click of a button. A quick look at the music industry and album sales tells this story convincingly. Now that we can genuinely distribute information between computers, we have created a whole new genre of assets; digital assets, who is nowhere at all paramount in metric value to any of the other major asset classes, yet. Clearly, from the infographics from the last hyperlink, you can see that the blockchains metric value has plenty of space to grow. Good thing there is only a finite supply of cryptos! ;)

Another under-rated application of the blockchain to the worlds financial theatre is how accurate the records of transactions can be, and what this can do for book-keeping and accounting.  Because the blockchain is a fully contained record keeping system in itself, the ability to automate this data is expected to make a profound impact on the quality and ease of the modern accounting system. This is just the tip of the iceberg for blockchains application, but what else can we do with the blockchain?

What can we do better with the 'blockchain'?

Over 100 years ago, supply chains were relatively simple. This is because commerce was local, but jumping to 2018, supply chains have grown to be incredibly complex. Supply chains can have over hundreds of stages, multiple hundred geographical locations, and a multitude of payment systems and several entities and individuals involved. This has made it incredibly difficult for customers or buyers to truly know the value of products due to a significant lack of transparency. It is also extremely difficult to investigate these complex systems for suspicion of illegal or unethical practices, but this will not be the same for long. Blockchain infrastructure has the ability to bring all transactions and operations into one transparent system, where products like bacon can be tracked from the shelf at your supermarket all the way back to the location that the pig was born. This technology is expected to make a significant impact on all logistics systems all over the world to improve efficiency, speed, transparency, and control.

 

Digital identity is a critical component of service delivery, but relying on physical identity in this digital age has become not only inefficient but more importantly unsafe. Physical identity has become a breeding ground for identity theft, fraud, and hacking, and the blockchain can provide a better way to let a system know that you are really you. You probably have about a billion different usernames and passwords for about a billion different accounts on websites or services, and this can be extremely inefficient, unsafe and downright annoying. You also don't own your identity on these services, and revoking permission to hold your information from these organizations can be a massive pain. Blockchain backed digital identity can not only provide you with full control over who has your information, but also manage ownership rights to various forms of assets that are currently scattered around various organizations in your name.

Digital Identity is like a digital watermark that can solve this data ownership problem, but identity ownership is just the beginning. As we progress further into the digital ID realm, we will have the ability to link up ownership of other assets to our digital identity, such as the ownership of our cars and the rights to our houses. Consequently, this will also mean we can track the history of the vehicles or real estate down the day they were built, the year they were serviced and the inherent value of these assets. Blockchain backed digital ID can also be linked to other forms ownership such as intellectual property, debt, equity, voting, communications, and of course, money.

If you are looking to get involved and invest in this revolutionary technology, head straight to our Bitcoin page!

 


Mainnet madness... turning your VEN to VET

A number of currencies have recently undergone "mainnet swaps" - where they move from one underlying infrastructure to another.

VeChain has recently moved from running on the Ethereum blockchain (a.k.a. a ERC-20 token) to its own blockchain called VeChainThor.

This means that any VEN tokens bought from us prior to 25 July will need to be converted to VET or they will become completely worthless.

Here's how to do that:

OPTION 1 (available now)

  1. Get your VEN in to a hot wallet. If your VEN is in an Easy Crypto Portfolio file, you will need to import it in to a hot wallet like MyEtherWallet
  2. Create an account with LBank
  3. Send your VEN (a.k.a. VET-ERC20) to your LBank account - remember you will need some ETH in your MyEtherWallet to be able to send the transaction
  4. Request LBank to convert your VET-ERC20 to VET (for a step-by-step see the instructions here under "Performing token swap")
  5. Sorted! You can now move your VET to a paper wallet, a hardware wallet, or to the official VeChainThor Wallet, where you will be able to earn VTHO

If you wish to do this route, we recommend doing the swap promptly, as there is no guarantee how long LBank will continue offering conversion of VEN tokens.

OPTION 2 (available from 10 August)

  1. Download the official VeChainThor Wallet
  2. Follow the instructions provided here, under "Method B"
  3. Under step 4, you will need to first move your VEN from your Easy Crypto Portfolio to a hot wallet like MyEtherWallet (MEW). Once you have imported your VEN to MEW, you can send from MEW to your VeChainThor Wallet.  Remember you will need some ETH in MEW to be able to send the transaction

 


Ripple 101 - understanding XRP and the Ripple network

Ripple (XRP) is a centralised cryptocurrency, that aims to make it faster and cheaper to send money around the world. While most cryptocurrencies try to get far far away from governments, banks, any form of central control, Ripple is the opposite. Ripple is trying to work with the old school banking system to change the way international payments work.

What's good about Ripple?

  • Fast - 4sec (compared to 2min for etherum, 10min+ for Bitcoin, and 1-5 days for traditional cross-border payments)
  • Scalable - can (theoretically) scale to handle same volumes as the Visa network 
  • Cheap - currently it costs 0.00001 XRP (just fractions of a cent) to send a payment on the network

What is Ripple?

The structure around Ripple is more complicated than most cryptocurrencies, and "Ripple" can actually mean a few different things: 

  1. First there's Ripple the currency, or XRP as its known for trading
  2. Then there’s the privately held company behind the currency, known as Ripple Labs
  3. Finally there are the Ripple networks, or the infrastructure and systems created by Ripple Labs. These are known as XCurrent, XVia and XRapid and they all do different things.

So when we talk about buying “Ripple” what do we actually mean? We’re talking about buying XRP. It’s interesting to note that Ripple Labs holds 60% of all XRP, and the founders of Ripple own 20%. So only 20% of XRP is actually out there on the market.

What does it mean to be "centralised"?

Ripple is built on blockchain technology, just like Bitcoin. Unlike Bitcoin, however, Ripple is centralised. This means that only a limited number of users/computers (known as "nodes") can validate the transactions on the network. The Ripple network has 55 nodes, and these nodes are appointed by Ripple Labs. For comparison, there are no limits on the number of nodes on the Bitcoin network, and anyone can opt-in to be a Bitcoin node.

What's the outlook for Ripple?

Ripple has had a wild ride, going from an all-time high of USD$3.29 in January 2018 to just USD$0.45 in April 2018 and the future outlook for Ripple is anyone's guess. The size of the international payments pie is enormous, and due to network effects, the blockchain solution that gets there first would be capturing a large and valuable market. So the potential for Ripple is significant.

However, for XRP to sky-rocket again, Ripple Labs will need to gain traction with the banks, ward off competitors such as  Stellar Lumens and SWIFT, and clarify exactly how XRP forms part of its payment solution.

It's definitely an interesting cryptocurrency, and one that sparks significant debate between Ripple's fans and detractors. And of course, if you do want to buy Ripple, Stellar or other cryptocurrencies, you can do that right here.

 

This article is not financial advice. It is purely for information only and is based on the author’s understanding and research, but we cannot guarantee the accuracy of any statements made. We strongly recommend that you do your own due diligence before purchasing any cryptocurrencies, and make sure that you are fully aware of the risks involved. 


Tax and cryptocurrencies

There's been a lot of uncertainty around how cryptocurrencies should be treated for tax purposes - cryptocurrencies and blockchain technology were not even conceived when our current tax legislation was written, and they don't neatly fit any of the categories. This uncertainty has improved recently when IRD published guidance to explain how New Zealand's existing tax laws should be applied to bitcoin and other cyrptocurrencies.

The key message is that cryptocurrency should be treated like property for tax purposes. The impacts of this are that:

  1. GST applies on cryptocurrency transactions
  2. Income tax will normally apply to any sale of cryptocurrency - whether sold for NZD/USD or traded for another cryptocurrency

GST on cryptocurrency

Under the GST Act, there are only three categories of things that can be bought or sold - goods, services, and money. While there is no GST applicable on the sale of money (kinda obvious!) cryptocurrency is not the legal tender of any country and therefore cannot be classed as money. Cryptocurrencies also don't meet any of the current classifications of GST exempt goods or services, so by default GST is payable on bitcoin and other cryptocurrency.

Q: Do I need to pay GST on cryptocurrency I purchase?

A: It depends. Usually, the onus is on the seller to collect and pay GST on the transaction. But if you are buying from someone overseas then you are responsible for declaring GST on the value of imported goods. Given the non-physical nature of cryptocurrencies though, it is potentially unclear as to whether this provision would apply.

For someone who is trading cryptocurrency it's a little more complicated. We understand that the IRD is reviewing the GST status of cryptocurrencies at the moment, and we hope they will advise on this shortly.

When you buy through Easy Crypto we act as your agent. We buy from suppliers on your behalf, and for tax purposes it is as if you were buying from them directly.

Income tax on cryptocurrency

Just like any other activity that you do to make profit (running a business, trading stocks, setting up a lemonade stand) you need to pay income tax on the profits you make. Or, if you make a loss, this can be offset against tax you have paid in other areas (say the PAYE you pay on your salary).

Q. What if I haven't sold my bitcoin?

A. If you haven't sold your cryptocurrency, then no tax applies. However if you've moved your cryptocurrency from one coin to another, eg BTC to ETH, then that move is taxable. You will need to work out what the NZD value of the BTC was when you bought it, and then work out what the NZD value of the ETH was when you made the trade. The difference between those two NZD amounts is taxable.

Q. What if I made a loss on my trades?

A. That's unfortunate! But on the bright side, it means you can offset that loss against income you made from other sources. You do this at the end of the tax year, when you file your tax return.

Q. How do I actually do my taxes on cryptocurrency?

A. After the end of the tax year (31 March) you need to file an IR 3. In this you include all of the income you have made in the year from all sources (including wages, dividends, cryptocurrencies etc) and all of the tax you paid. The form then helps you calculate if you have paid too much tax, or not enough.

Need more help?

You may wish to talk to an accountant to help you sort out the tax you owe, or are owed on your cryptocurrency activities. We can recommend Tim Boyle, he knows a thing or two about cryptos and tax.


AML. Because some people are dicks.

We get a lot of people asking why it is that they have to jump through so many verification hoops, giving us photos of ID and posing with ID etc just to be able to buy some cryptocurrency.

Like all other (reputable) cryptocurrency exchanges and brokers in New Zealand, we are required to comply with anti-money laundering (AML) regulations.

As well as complying with the law, we also think it's important for our customers to understand why we do this. While "AML" is the typical explanation used for these checks and processes, there's more to it than just that. Some of it is about being compliant with the law, some is about protecting our customers, and some is about just being decent people.

There's some pretty good reasons behind it, so we thought we'd give you a quick run down on why we have to do what we do, and why it's making things better for you.

Reason 1: Stopping people from stealing your money

There's unfortunately far too many people out there using scams and fraud to get access to your money. We have to make sure that someone who has gotten fraudulent access to another person's bank account can't then use those funds to buy cryptocurrencies through us.

And even if a bank account hasn't been hacked and someone is genuinely paying us, we need to make sure they know who they are paying to, and what they're paying for. People can be tricked in to sending us money through what is known  a "man in the middle" scam. Imagine some guy called Joe offers to sell you a brand new iPhone for a too-good-to-be-true price - a sweet $500. In the meantime, Joe comes to us and asks to buy $500 of Bitcoin. We give Joe our bank account for payment, he passes those details to you, you pay us for the "iPhone", we send the Bitcoin to Joe.

Joe walks away with some free Bitcoin, and you're out of pocket $500. It's a classic "man in the middle" scam and one of the reasons that we need to identify people who are buying through us.

Reason 2: Stopping people from stealing your kids

Human trafficking, child sexual exploitation and just plain ol' money laundering. There's lots of bad shit that people can use cryptocurrency for, and we don't want to be part of enabling those activities. While the nature of cryptocurrencies can make it hard to trace transactions, international best practice is to control the places where money flows from fiat (i.e. normal money) in to cryptocurrency. We are one of those places, so we have obligations to be able to tell the authorities, if asked, who has been buying through us.

And we will give up that information if requested (see our T&Cs) so if you're a terrible human being and doing any of those things above, don't come through us!

Reason 3: Stopping people from stealing your bitcoin

Lastly, we need to know who you are, so that we can give you great customer service. If you call us up because you can't access your Portfolio, we need to be able to confirm that it's definitely you calling, and not someone pretending to be you to try to gain fraudulent access to your crypto.

So, while we know that the identity verification process is a pain in the arse, there's good reasons why we do it. It's about protecting you and others, and doing our bit to make the world a better place.


IOTA logo

IOTA 101 - a brief overview of everything IOTA

IOTA is pretty unique in how it works, and is often referred to as the "third generation" of cryptocurrencies. Where most cryptocurrencies are based on a blockchain, IOTA works on an tangle. This might sound like a relatively boring distinction, but it results in some impressive differences and features that other cryptocurrencies struggle to provide.

The best things about IOTA are:

  • No fees. None. Nadda. Zip.
  • Super fast
  • Super scaleable
  • Can be run offline

Sounds pretty good, right? To understand how IOTA manages to do all these things, let's start with looking at the infrastructure that IOTA is built on - the tangle.

What's a tangle?

So if you've read up a bit on Bitcoin and other cryptocurrencies, you'll know that they work on a blockchain. A blockchain is, quite simply, a chain made up of digital blocks. Each block records transactions that people make to each other. And as it's a chain, it has to be built in a linear fashion, one block after the next. This means that there is a limit to how fast the network can process transactions.

IOTA however, is entirely different. It runs on a tangle, not a chain. And as you might imagine, this means things don't have to be ordered and structured. Each block can link in to any other block, it doesn't have to wait in a queue to be the next block in the chain.

IOTA Tangle

The tangle is created by IOTA's protocol, which requires that each block verifies any two other blocks. This means that blocks can be added to the tangle in any order and as long another block verifies them, then they're good to stay. It also means that parts of the tangle can go offline for a period and link back in to the main tangle later.

How can IOTA have no fees?

Typical cryptocurrencies have blockchain network fees, which are the fees you must pay to get your transaction included in the blockchain. Fees can change from day to day, but can get quite expensy, for example Bitcoin fees can get up to $80 per transaction when there's lots of traffic on the network.

For IOTA , the tangle innovation removes the need for fees. Instead of having to pay someone (eg a miner) to verify your transaction and include it in the chain, each block in the IOTA tangle verifies two other blocks, removing the need for mining.

What is IOTA good for?

We've learnt that IOTA is super fast, can handle any number of transactions at once, has no fees and can even go offline. Those are some pretty powerful features!

With these, IOTA might help us unlock whole new micro-economies, which would never have been feasible without IOTA's tech. For example, NIWA might be interested in buying data from your home weather station at one millionth of a cent per data point - currently that's too ridiculous an amount for anyone to bother about, but with free-of-charge super fast transactions, it might make sense. And then your weather station could use that IOTA to buy power off your solar panel, which is also making IOTA from drones that are re-charging at it... the possibilities are endless!

And if this is starting to sound like IOTA could be a currency for the Internet of Things (IOT), that's exactly what IOTA (aka Internet of Things Application) is intended for.

drone charging

What's the difference between IOTA and MIOTA?

Because IOTA are intended for tiny micro payments, each coin is a very very very very small unit. They're so small, that when people trade in IOTA they group them up in to bundles of a million IOTA, which are called megaiota or MIOTA. When you buy and sell IOTA you will typically be trading MIOTA, not IOTA itself.

Sounds great! Where can I get some?

Here at Easy Crypto we can sort you out if you want to purchase MIOTA. We'll deliver your IOTA in a secure portfolio file, but if you want set up your own IOTA wallet, check out our how-to guide.

 

Click here to read more of our 101 series on cryptocurrencies.