What's the minimum amount I can convert into cryptocurrency?28 Nov 2017 | 1 min reading time
Quick tip for those of you that don’t know.
If you are interested in buying cryptocurrency but think “there is no way I can afford bitcoin at $10,000 USD” don’t worry you can still see what all of the fuss is about.
Many of the cryptocurrencies have very small denominations. Bitcoin, for instance can be split up into 100,000,000 smaller units called “Satoshi” —named after the anonymous character Satoshi Nakamoto who wrote the original Bitcoin white paper.
So yes 0.00000001 Bitcoin is a thing. But you can’t send transactions that small. The computers that make up the Bitcoin network, require fees to add your a transaction to the Blockchain. These fees fluctuate but are high enough to mean that sending 1 Satoshi isn’t really feasible. Also the computers require a minimum transaction output size of 5460 Satoshi (0.00005460 Bitcoin).
Luckily to make this easy for mainstream adoption most exchange support a minimum purchase of 0.01 BTC.
This means that for around $100 (as of this writing) you can get started in crypto.
What are you waiting for?
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Tags: cryptocurrency and bitcoin