Cryptocurrency - October 3rd
Author: Marissa Hayden Let’s face it, being young today is hard. Rent is expensive, food is expensive, uni is expensive and the less said about housing the better. But even if it takes hundreds of years…
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Cryptocurrency - August 3rd
Despite a rough couple of years for crypto, 2023 has seen its fortunes turn around. In fact, Bitcoin alone has gained 75% this year, with other cryptocurrencies also performing well. So, could now be the perfect…
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| Provider | Fiat Currencies | Bitcoin | Other Currencies | Est. |
| Easy Crypto | NZD, AUD | Yes | 100+ | 2018 |
| Independent Reserve | NZD, AUD, USA | Yes | 24 | 2013 |
| Kiwi Coin | NZD | Yes | No | 2014 |
| Swyftx | NZD, AUD | Yes | 228 | 2017 |
This information is not an endorsement by Canstar of cryptocurrency or any specific provider. Canstar is providing factual information supplied by providers. Cryptocurrencies are speculative, complex and involve significant risks. Canstar is not providing a recommendation for your individual circumstances or in relation to any particular product or provider.
A cryptocurrency is a digital currency that is nearly impossible to replicate, spend twice or counterfeit. Each digital token has value, just like a $2 coin is a physical token that has an attributed value worth $2. The difference is that the digital token exists online on a network that is distributed across a large number of computers. This is made possible by blockchain technology.
Blockchain technology is an essential part of most cryptocurrencies. This allows for cryptocurrencies to be decentralised, meaning they are not issued by a central authority, allowing them to exist outside of governmental or regulatory control. The word cryptocurrency comes from the way the digital tokens are encrypted to secure the network.
Bitcoin was the first blockchain-based cryptocurrency and, to this day, it remains the most valuable and popular. At time of writing, there are thousands of alternative cryptocurrencies on the market, each with its own function and purpose. Other types of cryptocurrencies include Ethereum, Litecoin, Ripple and Stablecoin. At time of writing (10/06/22), the total crypto market value was approx $2.2 trillion, with Bitcoin representing $574bn (26%) of that.
To get started, an investor chooses a cryptocurrency. Most Investors start with Bitcoin or Ethereum before exchanging other types of cryptocurrency. The next step is to choose an exchange where you can buy and trade cryptocurrencies. Most commonly, beginners exchange fiat currency (eg, NZ$) for a chosen cryptocurrency. From that point they can use their crypto to trade for different cryptocurrencies. Once purchased, crypto must be stored. Some choose to store it on an exchange, but it is generally more secure to store it in a crypto wallet, which can be an app or a physical storage device.
A crypto exchange allows an investor to exchange one cryptocurrency for another, the buying and selling of coins, and the exchange of fiat money into crypto. Crypto exchanges set their own rates of exchange, for both coins and tokens, much like how the stock exchange works. Investors can keep their crypto on an exchange, but it is generally more secure to keep currency in a crypto wallet.
A crypto wallet is a place to store, send and receive cryptocurrencies that is generally more secure than an exchange, as it often uses two-factor authentication.
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