To get started, it’s important to understand the basics of Litecoin’s vision and technology. Once familiarized with LTC, selecting a secure cryptocurrency wallet is a curial step.
Best Place to Buy Litecoin in NZ
Best place to buy Litecoin for Beginners
Type of Exchange: Broker / Retailer
Tokens Available : 50+
Easy Crypto NZ
Cryptocurrency NZ opts for Easy Crypto NZ due to its impeccable safety record, unwavering reliability, and swift transactions. With a proven history of aiding New Zealanders, it's the preferred choice for seamless crypto dealings.
Pros Of Easy Crypto NZ
✔️ Accepts NZD: Easy Crypto is a New Zealand-based retailer, which means that users can buy and sell cryptocurrencies using New Zealand Dollars (NZD).
✔️ User-friendly: Easy Crypto has a simple and user-friendly interface that makes it easy for individuals to buy and sell cryptocurrencies, even if they are new to the world of digital assets.
✔️ Strong customer Support: Easy Crypto offers competitive fees and is known for its strong customer support. The team is available to assist users with any questions or concerns they may have.
✔️ Secure platform: The platform is secure and uses industry-standard security measures to protect user data and funds.
Cons Of Easy Crypto NZ
❌ Limited Features: Easy Crypto may not offer as many advanced trading features as some other exchanges, which may be a drawback for experienced traders.
❌ Trading Fees: The trading fees for less popular cryptocurrencies on Easy Crypto can be higher than on other exchanges.
Easy Crypto NZ has a transparent fee structure, which is included in the price of the cryptocurrency being bought or sold. The fee structure is based on a percentage of the transaction value, and the percentage varies depending on the cryptocurrency being traded.
Easy Crypto NZ fee range is from 0.70% to 0.90%.
Best place to buy Litecoin For Trading
Type of Exchange: Centralized Exchange
Tokens Available : 500+
Cryptocurrency NZ uses Binance NZ due to its extensive cryptocurrency options, strong security measures, and diverse services like staking, lending, and mining optimization. A comprehensive platform for Kiwi cryptocurrency enthusiasts.
Pros Of Binance New Zealand
✔️Wide range of tokes: Binance supports a huge range of tokens, which gives New Zealanders access to a diverse range.
✔️ Low trading fees: Binance has some of the lowest trading fees in the industry, which can be a significant advantage for frequent traders.
✔️ High liquidity: Binance has a high trading volume, which means there is high liquidity on the platform. This makes it easier to buy and sell cryptocurrencies quickly.
✔️ User-friendly interface: Binance has a user-friendly interface, which makes it easy for beginners to navigate and trade cryptocurrencies.
Cons Of Binance New Zealand
❌ Regulatory uncertainty: Cryptocurrency regulation in NZ is still uncertain, which can create a level of risk for users of the platform.
❌ Limited payment options: Binance has limited payment options for New Zealanders, with bank transfers being the primary payment method.
❌ Security risks: As with any cryptocurrency exchange, there is a risk of hacking and theft. Binance has implemented security measures to mitigate these risks, but there is still a risk involved.
❌ Customer support: Some users have reported issues with Binance's customer support, which can be frustrating if you encounter any issues with the platform.
|Spot: 0.1000%||Spot: 0.1000%|
|Futures USD: 0.0400%||Futures USD: 0.0200%|
More information on Binance exchange fees can be found here.
Best Place to Buy Litecoin for New Zealand users
Type of Exchange: Broker / Payment Solution
Tokens Available : 15+
Pay it Now (PIN)
With its New Zealand origins, PIN perfectly aligns with the local values that Cryptocurrency NZ holds dear. Unlike simple on/off ramps, PIN offers a holistic ecosystem that extends well beyond basic transaction facilitation. By bridging merchants with its extensive user base, PIN empowers businesses throughout New Zealand to effortlessly access the realm of crypto.
Pros Of Pay it Now (PIN)
✔️ PIN Scan Block Explorer: The dedicated block explorer, PIN Scan, enhances transparency by allowing users to easily track and monitor transactions on the PIN Network, fostering trust.
✔️ Wallet-Less Crypto Transactions with PIN Swap: The wallet-less connection process through PIN Swap offers a user-friendly and secure method for transferring crypto assets directly into users' wallets, simplifying the interaction with smart contracts.
✔️ Point of Sale (PoS) Integration: The integration of PIN Payments with prominent Point of Sale providers like Sipo PoS, Todays Software, Lightspeed X, and Salespoint streamlines crypto payments for merchants, potentially increasing the adoption of cryptocurrencies.
✔️ In-App Functionality for Users: The PIN Network App's user-centric features, such as in-app buying, bridging tokens, gas-less swaps, and instant peer-to-peer transactions, create a convenient and seamless experience for users engaging with digital assets.
✔️ Cross-Border Payments: The ability to send and receive digital currency instantly among PIN Network App users facilitates cross-border transactions, potentially reducing traditional financial barriers.
✔️ Staking and Rewards: The in-app staking functionality offers users the opportunity to earn staking rewards and bonuses, providing an additional incentive within the PIN ecosystem.
Cons of Pay it Now (PIN)
❌ Integration Challenges: While the PoS integration is designed to be user-friendly, potential integration challenges with different PoS providers might arise.
❌ Limited Cryptocurrency Compatibility: The availability of supported tokens for bridging and swapping might be limited, potentially limiting user choices.
❌ Security Considerations: Introducing wallet-less transactions and sensitive data handling within the app necessitates robust security measures to protect user assets and information.
❌ Regulatory Challenges: The integration of cryptocurrencies and payment solutions could subject the project to regulatory scrutiny and compliance requirements in different jurisdictions.
PIN implements a fee structure that comprises two distinct types of fees. The first involves un-bridging transactions, in which a fee of 4% is applicable. However, it's noteworthy that PIN doesn't impose gas fees on its users. Instead, for bridge transactions, there's a fixed fee of $0.40 USD, offering users a straightforward and predictable cost for their transactions.
What is Litecoin (LTC) in NZ?
Litecoin is a digital currency or cryptocurrency that is available and used in New Zealand.
It operates on a decentralized network, allowing for peer-to-peer (P2P) transactions without the involvement of banks or government authorities. In New Zealand, Litecoin can be bought and traded through various crypto exchanges or brokers that support it.
History of Litecoin
Litecoin, the brainchild of Charlie Lee, a former Google engineer, launched Oct 7th, 2011.
Although Litecoin encountered obstacles like limited acceptance and security vulnerabilities, it persevered and made significant strides over the years. Its price even reached a remarkable all-time high of $420 USD. ($692.26 NZD)
In 2013, Litecoin introduced the Scrypt hashing algorithm, which made mining easier for everyday hardware, distinguishing it from Bitcoin’s SHA-256 algorithm.
In May 2017, LTC became the first major cryptocurrency to incorporate Segregated Witness (SegWit). This upgrade expanded its block size limit and enhanced transactions.
Litecoin has also delved into privacy-focused advancements, including the integration of Mimblewimble. These efforts ensure that Litecoin remains one of the most recognizable and utilized cryptocurrencies globally. It boasts an active community of developers and enthusiasts in NZ and around the world who continue to drive its progress and adoption.
How does Litecoin (LTC) work in NZ?
Litecoin operates on a decentralized network that enables kiwis to engage in peer-to-peer transactions directly, eliminating the need for intermediaries like banks or governments.
While the Litecoin blockchain shares similarities with its counterpart, Bitcoin, there are notable distinctions. One key distinction is the swiftness in block generation. Unlike Bitcoin’s 10-minute block time, Litecoin boasts a faster pace, with new blocks added to its blockchain every 2.5 minutes. As a result, transaction confirmations occur more rapidly.
Additionally, Litecoin sets itself apart by utilizing the Scrypt hashing algorithm. This algorithm was specifically developed to resist specialized hardware, such as ASICs, used for Bitcoin mining. This feature promotes inclusivity by making mining more accessible to the average New Zealander, leveling the playing field. Read more about crypto mining.
Best Litecoin Wallets NZ
Best Bitcoin Wallet for security
Trezor Model T
Purchase Cost: $219
Cloud Storage: No
Cold Storage: Yes
At Cryptocurrency NZ, we endorse the Model T as our preferred hardware wallet for several reasons, with security being at the forefront. The Model T offers robust security features, including offline storage of private keys and the availability of a physical security key, which provides an extra layer of protection against threats.
Pros of Trezor Model T:
✔️ Versatile Crypto Support: Trezor stands out for its compatibility with a array of currencies, enabling users to store multiple assets in one wallet.
✔️ Available Touch Screen: The presence of a touch screen on certain models of Trezor enhances user interaction and navigation. This feature contributes to a more intuitive and user-friendly experience.
✔️ Highly Secure: Trezor is renowned for its robust security measures. By storing private keys offline in the hardware wallet, it provides optimal protection against online threats such as phishing attacks and malware.
Cons of Trezor Model T:
❌ Security key exclusive to Model T: While the Trezor Model T offers the added security of a physical security key, other Trezor models lack this feature.
❌ Relatively High Cost: Compared to some software wallets, Trezor hardware wallets are relatively more expensive. The investment in hardware security might deter budget-conscious users or those with smaller crypto holdings.
❌ Not Beginner-Friendly: Trezor’s advanced security features and configuration options may overwhelm beginners new to crypto. The setup process to operate the hardware wallet effectively may require some technical knowledge.
The Trezor Model T Wallet is a cutting-edge hardware wallet designed to provide top-notch security for managing cryptocurrency assets. With its sleek design and user-friendly touch screen, the Model T stands out as a versatile solution.
One of its distinguishing features is the availability of a security key, which further enhances the protection of your private keys and sensitive information. This hardware-based security approach significantly reduces the risk of unauthorized access. For New Zealanders seeking a secure and efficient way to safeguard their digital assets, such as their Bitcoin the Trezor Model T Wallet is an excellent choice.
To learn more about the features and benefits of Trezor Wallet, we recommend checking out our comprehensive guide, “What is Trezor Hardware Wallet NZ.“
Best Bitcoin wallet for beginners
Purchase Cost: Free
Cloud Storage: Yes
Cold Storage: Yes
Cryptocurrency NZ Chooses Exodus as the best Bitcoin wallet for beginners due to its exceptional features. Being a free wallet, it offers an accessible entry point for newcomers. Additionally, Exodus provides great customer support.
Pros Of Exodus Wallet:
✔️ Built-in Exchange: Exodus offers the convenience of a built-in exchange, allowing users to easily trade between supported cryptocurrencies without leaving the wallet interface.
✔️ Good Customer Support: With responsive and helpful customer support, Exodus ensures that users receive assistance promptly, enhancing their overall wallet experience.
✔️ Easy Setup Process: Exodus boasts a user-friendly and straightforward setup process, making it an ideal choice for beginners entering the world of cryptocurrency.
Cons Of Exodus Wallet :
- ❌ Closed Source Software: The closed-source nature of Exodus’s software may raise concerns for security-conscious users, as they have limited visibility into the codebase and potential vulnerabilities.
- ❌ Lacks 2FA Security Protection: Unfortunately, Exodus currently lacks Two-Factor Authentication (2FA), which is an additional layer of security desired by some users to protect their accounts from unauthorized access.
Exodus is a user-friendly desktop and mobile wallet known for its straightforward interface and built-in exchange. With the ability to swap between over 250 cryptocurrencies, it offers great versatility for users. Beginners appreciate its simplicity and excellent customer support, making it an ideal entry point into the world of crypto.
However, more advanced users might find it lacking due to its closed-source nature, raising potential security concerns. Despite this, Exodus allows custom fee settings and ensures prompt transaction completion, adding to its appeal for users seeking cost-effective and efficient transactions.
The Best Way to Buy Litecoin in NZ
After trialing all services mentioned above, we’ve found that Easy Crypto NZ is the clear winner for the best place to buy Litecoin in NZ. ⭐⭐⭐⭐⭐
This is thanks to EC’s streamlined signup and verification system, decent prices, range of payment options, delivery speeds, and large coin selection.
Easy Crypto NZ makes it possible for Kiwis to create an account, have it automatically verified, and complete an order to buy Litecoin in NZ in 20 minutes or less after signup.
It’s the no-brainer option for anyone who appreciates speed, security, and ease when buying Litecoin. Follow our guide below to learn how to effortlessly buy Litecoin.
How to Buy Bitcoin with Easy Crypto in NZ
Before getting started with Easy Crypto, you first need to set up a cryptocurrency wallet so you have a safe place to store your Litecoin in.
Once you’ve got that, follow the steps below:
Create your account
A) Head to the Easy Crypto NZ website – https://easycrypto.ai/nz
C) Select your sign up method
D) Provide Easy Crypto NZ with your email address and create a password
E) Click ‘Verify account’
Congrats, you’ve just completed the first step 👏
Verify your account
In New Zealand, all regulated Bitcoin exchanges are required to collect and document their user’s data and information, to comply with NZ anti-money laundering laws.
This means whenever you use a regulated NZ Bitcoin exchange to buy and sell Bitcoin, your account and identity need to be verified in order for you to trade on your chosen exchange.
Easy Crypto makes this easy, making it possible to have your account automatically verified in 5 minutes or less.
A) Provide Easy Crypto with your basic details
B) Provide Easy Crypto with your home address
C) Inform Easy Crypto about your source of funds
D) Click ‘Automated Verification’
You are now at the cross roads between verifying manually or with ECNZ’s automatic verification system.
We’d highly recommend going with automatic verification, as this is the system that will allow you to verify your account in less than three minutes.
ECNZ’s automatic verification is famously easy, and it includes a walk-through guide on the inside, which we’ll let you discover yourself. 🙂
Once you’ve completed it, continue below to learn how to buy Bitcoin in NZ with your verified Easy Crypto account.
Create your Litecoin order
It’s now time to create your order for your first Litecoin purchase ever. Nice one!
For many people, making an order to buy Litecoin can feel very unfamiliar and a little scary at first. From my personal experience, this is universal, and it’s expected you’ll feel some sort of fear or stress buying Litecoin for the first time.
But don’t worry, I’m right here to walk you through.
Through ECNZ, you can purchase as little as $50 NZD worth of Litecoin, so we’d recommend starting with a small amount to help make you more comfortable for your future orders.
A) Head back to the Easy Crypto NZ homepage and navigate to the exchange widget
B) Insert the NZD amount of how much Litecoin you wish to buy, and click ‘Buy Now’
C) Provide Easy Crypto with your Litecoin wallet address, and click ‘Next Step’
Note – It is extremely important you provide EC with your correct wallet address.
If you’re reading this and you haven’t a clue what a Litecoin wallet address is, read up on our Cryptocurrency wallet guide to learn the basics. 👍
D) Select your payment method, and follow through with it!
You have three options for payment methods:
A payment tool that allows you to sign in with your bank account and pay instantly from any account of your choosing. Learn more about Account2Account.
Another payment tool that allows you to pay instantly, directly from your bank account. Learn more about POLI Pay.
Manual Bank Deposit
The old classic manual bank transfer. Easy Crypto provides you with an account, an amount and a reference number, and you deposit NZD into it.
Recommendation – Account2Account; it’s easy, trusted, and allows you to pay for your order instantly. This means your order completes instantly, so you receive your crypto near-instantly too. Manual bank transfer on the other hand can take up to 2 hours, a whole night, or even the weekend.
Wait for your Litecoin to arrive
Now that you’ve paid and your order is complete, the final step is to hold tight while Easy Crypto NZ delivers your Litecoin to your wallet. This usually takes between 5-30 minutes, so check back with your Litecoin wallet shortly, it is on its way!
If you don’t receive your Litecoin within an hour, you can reach out to the Easy Crypto helpdesk to discover the status of your order, which you can also find on your ‘My Orders’ page under ‘My Account’.
FAQs about Litecoin in New Zealand
What is unique about Litecoin compared to Bitcoin?
Faster Block Generation: One notable difference is the block generation time. Litecoin generates new blocks every 2.5 minutes, whereas Bitcoin takes approximately 10 minutes. This faster block generation allows for quicker transaction confirmations on the Litecoin network.
Different Hashing Algorithm: Litecoin uses the Scrypt hashing algorithm, whereas Bitcoin uses the SHA-256 algorithm. Scrypt was specifically designed to be resistant to specialized mining hardware called ASICs, making Litecoin mining more accessible to average users.
Increased Coin Supply: Litecoin has a maximum coin supply of 84 million, four times higher than Bitcoin's 21 million. The higher supply allows for a larger number of Litecoins to be in circulation, potentially leading to lower transaction fees due to increased availability.
Segregated Witness (SegWit) Implementation: Litecoin was the first major cryptocurrency to adopt Segregated Witness, a protocol upgrade that improves the efficiency and capacity of the blockchain. This upgrade increases the number of transactions that can be included in each block and enables the implementation of other technologies like the Lightning Network, which facilitates faster and cheaper off-chain transactions.
What is Proof of Work (POW) Mechanisms?
Proof-of-Work (PoW) is a mechanism used in some cryptocurrencies, including Litecoin, to secure the network and validate transactions. In simple terms, PoW is like a puzzle that miners need to solve to add new blocks of transactions to the blockchain.
Can I mine Litecoin in NZ?
Yes, it is possible to mine Litecoin in New Zealand. Litecoin uses a mining process similar to Bitcoin, where powerful computers solve complex mathematical problems to validate transactions and add them to the blockchain. Read more about cryptocurrency mining here.