Do I need to buy a whole bitcoin?

Many people are excited at the prospects of buying bitcoin and the possibility of earning a quick profit. However when they see that 1 bitcoin costs more than £20,000 they are immediately put off of the prospect of buying bitcoin. They are maybe hoping to buy £100 of bitcoin and don’t have £20,000 to spare. In such a situation you do not have to worry. You do not need to buy a whole bitcoin. In this respect it’s bit different to buying shares. When buying stocks and shares you normally expect to buy round numbers of shares. This may be only 1 share if you are buying Netflix which at the time of writing is standing at £400 per share, or multiple shares if say buying National Grid at £8 per share. With shares, when the price reaches an unrealistic level then often there will be ashare split, to make share buying affordable. With bitcoin this is not necessary as you don’t need to buy a whole bitcoin.

You can buy part of a bitcoin

The way the crypto exchanges work you can buy any fraction of a crypto currency (in our case Bitcoin) although most have a minimum trade. The minimum level is well below £100 on most exchanges, so you will have no problem in buying £100 of bitcoin.

So if you only have £100 to buy bitcoin then, with the current bitcoin price of around £26,000 you will be able to buy around 0.0042 of a bitcoin.

Bitcoins are actually divided into a smaller unit called the satoshi (a bit like how pounds are divided into pennies). However satoshi is not used as a denomination on  crypto exchanges and your purhase is expressed as a decimal fraction of a whole bitcoin not as a number of satoshis.

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