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Summary
- Digital assets like Bitcoin have grown in popularity among investors in 2020 and 2021.
- The market capitalisation of cryptocurrency now exceeds $1.5 trillion and was up 300% in 2020.
- Digital assets can be acquired from NZ-based dealerships with an ease.
- NZ-based dealers happily guide customers through the process of purchasing and safely storing digital assets.
The adoption of Cryptocurrencies and other digital assets by investors in New Zealand has accelerated in the past year as acceptance for digital assets as a legitimate investment vehicle has risen.
Bitcoin is of course the most well-known and widely adopted cryptocurrency, but there are numerous other assets that are available. At the time of writing, on 19 February 2021, the worldwide cryptocurrency market capitalisation was worth $1.59 trillion and grew by 300% in 2020.
Source: Copyright © 2021 Kalkine Media Pty Ltd
Acquiring and then storing digital assets can appear daunting at first. We will attempt to dispel the myth of their complexity. In the end, we shall see that they are no more difficult than acquiring shares or opening an online bank account.
Where to buy cryptocurrency
There are several NZ-based cryptocurrency dealers that are trusted by tens of thousands of New Zealanders.
Signing up to purchase cryptocurrency from these dealerships is very simple and only takes a few minutes. By law, dealers must verify the identity of their customers, so a copy of a driver’s license, or passport is required by them before their customers can purchase or sell any digital assets.
The top two platforms in New Zealand are:
- Easy Crypto
- Bit Prime
Each platform is extremely user friendly, with education and guidance offered throughout the whole purchasing process if needed. Both platforms have well over 100 different digital assets to purchase, which includes Bitcoin as well.
How to safely store cryptocurrency
The safest place to store cryptocurrency and other digital assets is in a software or hardware wallet.
Source: Copyright © 2021 Kalkine Media Pty Ltd
Software wallets are desktop or mobile applications that protect digital assets with passwords, 2 factor authentication, and recovery passphrases. Crypto wallets can simply be downloaded from the internet. The aforementioned NZ-based dealerships recommend reputable and secure wallets on their websites.
Software wallets are considered to be slightly less secure than hardware wallets, as they are running directly on a mobile or computer which are readily accessible by an internet connection.
Hardware wallets are physical devices that securely control access to digital assets. They are typically the size of a keyring and plugged into an internet connected device when access to the assets is needed. For the rest of the time, the devices are kept offline in a safe place. Again, Easy Crypto and Bit Prime recommend the best hardware wallets available on the market.
Without the physical hardware wallet, and the associated pin code, it is impossible for the digital assets to be accessed by anyone. Physical hardware wallets also come with a recovery passphrase in the event that the hardware wallet is lost or damaged. This ensures that access to the digital assets is not lost forever.
READ MORE: Bitcoin Rockets Past $50000-Mark, Sets Course For US$1-Trillion MCap
