![]() ![]() The biggest difference? There is no bank involved. For now, let's focus purely on Bitcoin and how one can think of it in less complicated terms.īitcoin functions similarly to your usual internet banking transaction or online credit card or debit card purchase. After all, I would safely wager my weeks wages on the bet that most people have no idea how electricity works yet that doesn't stop them from using it in everyday life in the form of television, lightbulbs, mobile phones etc. Should you wish to delve into more detail, we have a guide specifically illustrating how blockchain technology works.ĭon't get all caught up in worrying that you don't understand how the technology works therefore you won't be able to use Bitcoin. The purpose of this article isn't to explain the seemingly futuristic workings of this mind-boggling cryptographic invention. While this sentence makes absolutely zero sense to your average Joe, cypher-punks and cryptography experts marvelled at the idea and began downloading this so-called "blockchain" bitcoin network and experimenting with the best technological innovation since the internet. ![]() ![]() Nakamoto proposed a unique method of using a chain of hash-based proof-of-work to form an immutable ledger of transactions operating on a P2P network. The beauty of Bitcoin is that it eliminates the need for a third party such as a financial institution (bank) to be involved in the process of sending value from one person to another. If you already feel confident with this aspect, feel free to skip down to the next section which details exactly how to buy bitcoin with NZD.īitcoin is a peer-to-peer (P2P) electronic cash system, as described by Satoshi Nakamoto, the anonymous figure(s) who published the original Bitcoin whitepaper in 2008. Oh, and if you're looking to sell bitcoin in New Zealand, we can help you with that too!įirst, let's cover the basics of Bitcoin, how it works and how to use it. We also provide FREE advice on secure ways to store Bitcoin and are happy to help with any technical questions that you have. So, you're new to the crypto market and you want to find out what the easiest way to buy Bitcoin in New Zealand is? Well, you've come to the right place! BitPrime is New Zealand's premier cryptocurrency retailer that can supply you with Bitcoin, as well as over 100 different cryptocurrencies. ![]()
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January 2023
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