Remember the universal rule: there are no bad questions if you are new. The more you ask the better off you will be. Cryptocurrency is not an exception.
The question that A LOT of new people entering Bitcoin are having is something like this:
Do you have to buy the whole Bitcoin or can you buy a fraction?
Be it a 0.10 or 0.0001 – the smallest unit you can own is 0.00000001 BTC, which is “one satoshi”, named after Satoshi Nakamoto, the creator of Bitcoin. You won’t be able to buy that little right now, since you’d have to have some extra for miner fees if you want to transfer your Bitcoin somewhere, but normally buying a “$XXX-worth of Bitcoin” is absolutely fine.
“Bitcoin is too expensive, I can’t afford the whole Bitcoin!”
Like we said above, this is absolutely fine. Right now Bitcoin is worth about $15K which is a lot. However, it is by no means too late to buy Bitcoin. If you want you can purchase $100 of Bitcoin, or $500 or $1000 worth of Bitcoin – any way of purchasing Bitcoin you select will allow you to do that.
Unfortunately, too many newcomers have concluded that you MUST purchase a whole Bitcoin in order to won any. There have been a lot of reports on Twitter and other social media of that:
[Serious] I want to get bitcoin, but I cant afford it. Is it still worth mining? I have 4 powerful computers. from Bitcoin
Camels are like bitcoin. Can’t afford a whole one. Maybe a hump.
— thecentennial (@thecentennial) December 22, 2017
Bitcoin Cash sounds awesome but what about Bitcoin coins… I can't afford the whole Bitcoin. 🤔
— ✭ Russell N. Jimmies™🇺🇸 (@rossyboback) December 20, 2017
Interestingly, some say the recent rise of Litecoin demand and price was caused by the fact that people went for the “second cheapest” coin, being unable to afford a whole Bitcoin, but willing to invest into cryptocurrencies nonetheless:
Are worried at all about Ripple being a centralized blockchainless fake currency that has it value due to crypto-newbies for whom “Whole Bitcoin is too expensive”?
— Stepan Gershuni (@sgershuni) January 1, 2018
but bitcoin is expensive …am trying to buy ripple with 100 dollar only
— .. (@saraaaa19) January 1, 2018
Got email "I bought litecoin because I can't afford the price tag of even a single bitcoin. And I am confused by bitcoin vs bitcoin cash."
— Richard Heart (@RichardHeartWin) September 20, 2017
I know this has been said over and over but.. people who buy XRP because it's unit price is 'cheap' and say they can't afford to buy a 'whole' Bitcoin..🤦♂️
— Ben Morley (@BenMorley94) December 30, 2017
Just met someone who saw my BITCOIN license plate and told me they were thinking of buying bcash because they can't afford a whole bitcoin. 🤦♂️https://t.co/DZkxbvewHO
— Jameson Lopp (@lopp) December 21, 2017
As you can see, a lot of Ripple and Litecoin growth can be attributed to price per unit being so low. Newcomers into cryptocurrency want to “buy a lot of coins”, get discouraged by high Bitcoin price (which, ideally, will only grow), and buy altcoins, pumping their price as a result.
“So when to buy Bitcoin in 2018? Is it too late to buy Bitcoin?”
[this is NO investment advice. do your research and invest at your own risk]
Any day is a good day to buy Bitcoin. The price fluctuates often, and if you believe in the technology that allows you to keep your savings away from banks, states and centralized fiat currencies, then the dollar price of a Bitcoin does not really matter.
Use the Indacoin widget above to buy your Bitcoin or research other ways to buy Bitcoin (you can even set up a monthly recurring purchase at Blockchain.info, investing part of your earnings into BTC if you wish), – act at your own convenience. But remember – you can (and should, while you’re learning) buy a fraction of Bitcoin.
Oh and make sure you learn how to keep your Bitcoin safe by studying this Bitcoin wallet comparison.
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