Crypto Trading in New Zealand is Below Average

New Zealand Shows Increased Awareness about Cryptocurrency but shows a below-average result in Crypto Trading. Cryptocurrency, to be more specific bitcoin has long caught the attention of investors. But in New Zealand, the market for this digital currency is still growing and hasn’t reached its boom yet. Compared to its overseas counterparts, the investing public in New Zealand still hasn’t totally shifted to the usage of this media-claimed futuristic payment mode.

Cryptocurrency is an avant-garde digital payment mode. It does not rely on your bank to verify your transactions. This currency uses cryptography to safeguard any transactions made. Instead of carrying any physical money with you, you can clearly pay someone with crypto coins. 

They exist purely in the virtual space. Your online database records all your transactions.  Read the following guide to know more about the Kiwi Crypto trading scenario. 

The Crypto News on Kiwi Investors

The recent Cryptocurrency Adoption Index survey by Finder suggests that about 9% of Kiwi netizens, which sums up a total of 324,000 people, state that they possessed cryptocurrency. 

The Crypto news further reported that this percentage may be up from 7% calculated in October 2021. But, the overall ownership of this digital currency is still as low as 15%. 

Keegan Francis, the editor of Finder’s cryptocurrency, says that a large number of people are actually aware of the existence of the crypto market and crypto-assets. They actively research it but are hesitant to partake in this market. 

Francis states that “While adoption is low, crypto awareness is high among Kiwis compared to their global counterparts.”

“64% of Kiwi adults know what cryptocurrency is, placing them ahead of countries like Russia (60%) and the United States (59%).

A Vote of Confidence In Bitcoins

Very recently, Bitcoin was announced to be New Zealand’s most popular cryptocurrency. It received a major vote of confidence from the Kiwi investing public. 50.8% of the crypto investors own Bitcoin, which means they can securely and anonymously play online casinos listed in CasinoDeps article and other gambling portals. 

Adding to that, New Zealand was ranked the highest in global adoption for Solana (22.6%). Out of 27 countries, New Zealand ranked the 4th. Kiwi men and women both invest in cryptocurrency; Kiwi men are 2.3 times likely as women to possess cryptocurrency and crypto-assets. 30% of women and 70% of men invested in cryptocurrency.

Prediction by the Global Scale 

According to the Global scale, countries like Vietnam owned 28.6% of cryptocurrency. India owned 23.4% and Australia owned 22.9%. These counties had the highest rates of internet users owning cryptocurrency. On the other hand, Japan was discovered to possess the lowest uptake in the crypto trade. Only 5.8% of the investing public voted affirmative for owning cryptocurrency in December.

The Controversy involving Cryptocurrency

Cryptocurrency has often been rendered as a mine of controversies. Crypto to date remains a sensitive topic when brought up in the discussion of making money transfers easier and quicker while preventing economic harm. The research always suggests that this futuristic payment medium is destined to bring some drastic changes in the economy and in the simple definition of money.

Cryptocurrencies are a miracle in the world of blockchain technology but it has their fair share of negative counter effects. Cryptocurrency trading is vulnerable to hackers and malware that are waiting to exploit inexperienced or non-technical investors. From slipping in a crypto-mining virus that compromises user privacy and personal information but also carries with it the potential risk of robbing the customer of all his crypto-assets. 

Cryptocurrency often functions as an invitation to hackers, scammers, and frauds. So, one needs to be well-knowledgeable to handle their investment portfolio by themselves. 

Other Counterparts and their role in Crypto Trading

Nigeria, India, The Philippines, Vietnam, Mexico, and Colombia possess greater than 1% of their Gross Domestic Product constituting their remittances. Surprisingly, these 10 countries also ranked in the top ten in the level of public corruption. Crypto news says that Nigeria, the Philippines, India, Vietnam, and Colombia ranked the highest among cryptocurrency ownership rates and have high levels of corruption.

If we connect the dots, between the high crypto trading rate and the corruption rate, then we can work out the controversies around cryptocurrency and its relation to corruption. The new research shows that a survey about individuals found across 27 countries to examine rates of crypto adoption, diversification in investment, and the variety in demographics of investors had a whopping 93,528 responses. 

Concluding Thoughts

Kiwi internet users also need to be aware that the New-Zealand based crypto trading platforms that they are using must be registered on the Financial Services Provider Register (FPSR). Even though the crypto trading rate is below average, New Zealand’s Inland Revenue Department published binding regulations which have accepted salaries paid in crypto coins. So, now Kiwis can get paid in the digital currency format. 

New Zealand IR department also stated that these cryptocurrency payments are to be charged with tax as per the country’s tax laws. In 2019, New Zealand declares a number of cryptocurrencies which can be used without any hassle. They are bitcoin, ether, bitcoin cash, ether and bitcoin gold.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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