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You don’t have to buy a whole bitcoin.
The common misconception around bitcoins for beginners is that you need to buy up to 1 bitcoin.
Well that is not entirely true, Bitcoin is a digital decentralized currency which is practically and infinitely divisible and can be sold and bought in the smallest of fractions. In other words, you don’t need to transact with a whole coin, you don’t have to buy a whole bitcoin
Most fiat currencies can be broken down into smaller fractions and part, for example, Naira can be broken down into coins, Dollar can be broken down into cents, Bitcoins in the same way can also be broken down into smaller units all the way to eight decimal places 0.00000001. This is the smallest amount of bitcoins and its what we call satoshis named after the founder(s) of bitcoins. There a 100,000,000(a hundred million) satoshis in Bitcoins.
So you might want to buy a little fraction of bitcoin, say $10, as of today 11 september, 2017,2.46 pm, the value of bitcoins is at
So for $10, you will get 0.002361 bitcoins. This value is constant all over the world as at the timestamp above and would have fluctuated at the time you are reading this.
Basic Bitcoin Units of Measurements
Bitcoin units of measurement follow the International System of Units, a global measurement standard used for centuries. The most commonly used units are simply “bitcoin”, but sometimes it is expressed in bits, satoshis and other ways:
Bitcoin Measurement Table
|Btc or Bitcoin||1|
|cBTC or bitcent||0.01|
|mBTC or millibit||0.001|
|μBTC or bit||0.000001|
Currently most people don’t use this units and would prefer to stick to just Bitcoins as a unit of measurement.
Its not too late to join the train, stop with the excuses of not cashing in when bitcoins were very cheap, cash in now and join the trend.
But before you venture into bitcoins, it is pertinent you follow this 3 steps below
3 IMPORTANT STEPS IN THE CRYPTOSPHERE