A new topic - Bitcoin


#1

Cybermoney

I wonder how the banks view bitcoin

That could be an alternative to accessing money when no one else will lend it to you.

I brought $30.00 worth and I have it sitting in a bitcoin wallet.

Its not cheap though a whole bitcoin costs about $650.00 NZ Dollars.

Just a month or so ago it was just under $600.00

Its going up in value

I think the financial markets authority has its eye on it.


#2

Bitcoin is a joke used for trading in SIM cards, Prepaid debit cards and black market cigarettes.

I trailed it in my business and got nothing, zilch, nada. Customers pay by direct credit or credit card as they always have when dealing with online businesses.

The only reason Bitcoin gets any attention is due to much propaganda from it’s adherents claiming it will be the next big thing “next year” (which never comes). It’s useless and complex to use. It also fails the test of backing by a government and/or trust of the common people.

It’s adherents claim it’s lack of government backing is an advantage. I can’t see how this is can be considering the government is the biggest spender in a country.

Individual currencies come and go but cash (as an idea) is a lot more sound then Bitcoin.


#3

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.


#4

“Haven’t bought or sold any goods.”

“I’m not looking to use it for payment of goods and services.”

You and everyone else who pushes Bitcoin. One of the 2 most important factors underpinning the value of a currency and neither applies in Bitcoin’s case. Why can’t the Bitcoin fanatics see how foolish it is?

  1. The trust of the common person it’s a store of value and readily tradable for goods and services.

  2. Acceptance by the State as the sole means for payment of taxes and their exclusive use of it as a major economic player.

“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.”

Bitcoin is a ponzi scheme.


#5

If you search on Google for Chartered Accountants Bitcoin you will find a 40 page  PDF the society wrote on bitcoin that you can download
On page 30 of the document is a graph of the status of bitcoin as to how its to be treated as by tax compared with other countries
Certainly it looks like the IRD will apply to tax to bitcoin earnings

https://www.charteredaccountantsanz.com/en/Site-Content/News-and-Updates/ATO-enters-Bitcoin-fray.aspx#.VtucKxsVi00


#6

How do I see what date this was posted?


#7

Hi, if you are referring to my original post it was last Friday.


#8

@ford  I thought you were trying to save money - why did you spend it on bitcoin?


#9

@thomas   thanks for your question.

I’m actually trying to find ways to make an extra $100.00 per week.
I did put up an earlier post to see if anyone had any suggestions.
I have started putting money into Kiwisaver aka savings.
But that’s not going to bring me any cashflow.
Bitcoin might, and I only spent $30.00.
I like that I can just spend a few dollars on a real investment - you  could say.
As I wrote earlier I like that I can just start with a small investment without risking a ton of money, which I don’t have anyway.

There is another bitcoin exchange agent who I’ve been in contact with.
And my account is verified so I can buy and sell bitcoins.
I think now is the best time to try bitcoin before the government decides to regulate and tax it.
If the article that the Chartered Accountants Society wrote is anything to go by, then it will come under the IRD’s powers anyway.
The Financial Markets Authority do have their eyes on Bitcoin as well.

I spent a good part of my life being in debt. Its not easy learning new ways of thinking and acting when it comes to money.
What I do know is that my bitcoin post had a lot of views in a short time which certainly indicates that people are interested in it.


#10

Bitcoin just hit $4005.70 tonight


#11

Which is the best place to buy BITCOIN from ??


#12

I’ve used this site a couple of times. https://localbitcoins.com/country/NZ


#13

Michael looks a bit silly now… Should have done his research - but Bitcoin certainly has the potential to influence a shift in the entire financial system! :slight_smile:


#14

nzbcx.com is a good Kiwi trading platform for bitcoin - you do have to go through AML requirements, so it can take a bit longer to get set up, but once you’re set up it’s great.


#15

Im sure in the long run Michael will still be the one laughing, bitcoin is a scam, if your keen to get on board with something that no one knows of, no one trusts and the government doesnt back then I would happily sell you some “DigiGold” its completly made up but if enough people buy into this pyramid scam then I’ll be rich too


#16

Hi, BNZ Community Manager here. Keep it kind, @BNZBoy! No unfriendly personal comments, please.


#17

A post was split to a new topic: Depositing bitcoin into a NZ bank account


#18