Jumping on the crypto waka? I got you!
Important: Setting yourself up for success in the crypto space is key BEFORE you start purchasing crypto. Recoveries or refunds don’t work like centralised banks, so lets be smart about navigating in this space.
What is Crypto?
Cryptocurrency is a type of digital money that works on a system spread across many computers. Because it’s spread out like this, it isn’t controlled by any one government or authority like the banks.
You can use crypto to buy things, just like regular money. Some people also invest in crypto, hoping its value will go up over time, similar to shares and stocks.
1. Choose an Exchange Platform
This is where you can buy/sell and trade your crypto. An Exchange Platform lets you convert “real money” like NZD or AUD dollars to cryptocurrencies like Bitcoin.
Depending on the platform you choose, you will need:
– ID Verification
– An email address
– Set up 2FA (number, email or authentication)
Recommended exchange in NZ – Easy Crypto
2. Choose a Wallet
Deciding which crypto wallet to use is entirely up to you in finding what suits your needs – will cover these below. If you plan to buy A LOT of crypto and “HODL” as a long term investment, you are better off putting your crypto into cold storage – (this is just a physical hardware wallet, but extra extra secure)
if you are planning on making regular investments or making short term investments, you are best to hold your crypto in a hot wallet.
3. Do your research, don’t be lazy!
Doing your own research helps you better understand what you’re investing in and knowing the difference between opportunities and scams. This is very important, especially when mapping out your investment strategy.