Bitcoin mania is sweeping the planet and there are many people wanting to get their hands on the number one cryptocurrency. The problem is, that with the price of a single Bitcoin currently closing in on $20,000, this is simply out of reach for most would-be Bitcoiners. This, in turn, can lead them to walk away, thinking that they have missed out and that it is too late for them.
Many new investors coming into the Bitcoin space are attracted to it because of the phenomenal price increases seen this year. Often, however, they are yet to receive important knowledge and information about Bitcoin, and in some cases have received misinformation.
One of the most common pieces of misinformation is that you have to buy a whole Bitcoin. This is sometimes correlated to thinking of a Bitcoin like a share in a company which you purchase in single whole units. Bitcoin, though, is not a company divided into shares, but a currency and store of value.
The supply of Bitcoin (BTC), unlike regular currencies such as the US dollar, is capped at 21 million. There will never be more than this. On the other hand, like a currency can be divided into dollars and cents or pounds and pence etc, a single Bitcoin can be divided to eight decimal places. In other words, the smallest amount of a Bitcoin is 0.00000001 BTC, or one hundred millionth of a Bitcoin. This smallest unit is known as a Satoshi, named after the creator of Bitcoin, Satoshi Nakamoto.
So, if you want to invest in Bitcoin, but can't afford or don't want to risk buying a whole one, then choose an amount that you can afford or are comfortable with. That could be $1,000, $500, $100 or even $50 worth of Bitcoin. You get my drift. Think of it as a savings account that you can add to over time as your financial situation allows. If you only invest what you can afford to lose, then over time you can increase your Bitcoin holdings. You never know, eventually you may even join the 1 BTC club.
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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