Haven’t bought or sold any goods. I just purchased $30.00 worth of bitcoins to see how it worked and if its a viable option as an alternative income stream. I paid for the bitcoins transaction through internet banking through Kiwibank.
The guy who I brought them off does have a NZ company he trades under and has a Kiwibank also so I just transferred the $30.00 to his account. He would have been an intermediary probably.
The bitcoins were in my wallet the same day.
What I liked about it is that I can just buy a few dollars worth. It seems to be like buying shares or foreign currency but without the hefty fees, except for the exchange rate of course. The last time I brought shares via ASB it cost me $30 each way just for the fees to buy and sell.
I’m not looking to use it for payment of goods and services.
Bitcoin is still new for NZers and I think the people doing it will know its reputation. Yes it does require some learning. But so does learning how to keep out of debt and run a profitable business and generate cashflow.
I spent about two hours learning enough about it to set up two wallets and make a transaction. And I still haven’t yet learned how to cash them out or how much it will ultimately cost.
There was a bitcoin machine that was actually setup on K Road, but it was shut down because the banks wouldn’t support it.
Just like the debt collection industry, bitcoin is unregulated and very risky.
Bitcoin is probably a threat to the NZ banking system. The banks have a lot of weight here and can easily influence the way we transact without too much government interference.
Certainly the Police will auction off bitcoins they have collected in a raid.
It is not illegal transacting in bitcoins. I am hoping that it could be a way for small investors to enter the market while everything else is unreachable. I think bitcoin will be a success in the furture. But then what do I know? At least I hope it will be.
Its still early days.
Regarding the blackmarket - If you want to buy anything on the black market you only have to download the Tor browser and its full of blackmarket shops.