By now most people you ask will have heard of Bitcoin. It’s mentioned on the 6 o’clock news, debated about near every office coffee machine and is talked about all over the internet. However, with so much information and exposure to Bitcoin many Kiwis still ask the question, how do I buy Bitcoin in New Zealand?
Before we get started on how to buy Bitcoin it is a good idea to learn about what Bitcoin is if you are still very new to it. Quite simply Bitcoin is a decentralised digital currency that is powered by the blockchain. The Bitcoin.org website has a great rundown of the technology and applications and the Coinmarketcap.com website will give you what the current price of Bitcoin is as well as a bunch of other Cryptocurrencies.
So now we know what Bitcoin is, how do we buy Bitcoin in New Zealand?
1. Setting up a Bitcoin wallet
The first step to buying Bitcoin is to set up a Bitcoin wallet. This is what you will use to store your Bitcoin upon purchase. We recommend using www.blockchain.info and we have a helpful video on our setting up page that takes you through the process.
It is important to understand that once that Bitcoin is in your wallet you have complete control over it. This means that the security of your Bitcoin is your responsibility too. You need to develop good Bitcoin security practices.
- Keep your private key or seed phrase written down and somewhere safe
- Never expose your private keys online
- Protect your wallet access with a password
- Never tell someone how much Bitcoin you own
2. Finding the right place to buy Bitcoin in New Zealand
There are now a few services that offer a place to buy Bitcoin in New Zealand. A few key things to look out for are if they are a registered financial provider and what fees they charge.
MyBitcoinSaver is a registered financial provider and we only charge a 3.5% fee on each transaction. The reason we can provide such a low fee is that we buy Bitcoin in bulk which basically means we get it at wholesale prices, we don’t buy single purchases of Bitcoin for each order like other Bitcoin services.
At MyBitcoinSaver we also make the process of buying Bitcoin effortless for you. More than half our user base are Bitcoin ‘first timers,’ this is because we do all the hard work for you.
3. Setting up with Vimba
Signing up with MyBitcoinSaver takes no time at all. You just need to register on our homepage and verify yourself with a Government issued i.d.
Once verified you will be given a unique Vimba reference number that you put in the reference field of your bank payments.
After setting up an automatic payment of between $20 - $2000 that can go out weekly, fortnightly or monthly into a bank account we provide, you just need to you then just need to sit back, relax and watch your Bitcoin savings grow. We buy Bitcoin at wholesale prices and send it to your Bitcoin wallet on Fridays.
So if you are searching for where to buy Bitcoin in New Zealand you have found the right place with Vimba.
If you have any further questions about our service or you need some help in setting up please don’t hesitate to contact us at firstname.lastname@example.org.
Happy Bitcoin Saving!