It’s safe to say the whole frenzy about Bitcoins has taken over the world completely. At a period when a Bitcoin is priced at $16,000 and the value valiantly rising, it is still a good time to own some of it.
Ever heard this? “I want to buy BTC, but I don’t have $16,000 right now.”
While advising someone who is interested in cryptocurrencies, do emphasize on one key point: you do not need to buy a whole Bitcoin to get a decent profit. Even with any amount of money you like, you can get Bitcoins.
The price of a Bitcoin has been rising in the wake of the big slump that began around Christmas day of 2017. Plummeting from around $20K to just under $13K, naysayers and critics were quick to say the start of the proverbial burst had arrived. Little did they know the trend would point upward again.
Today, expect BTC to trend even more in social media and a lot more of your friends to inquire how they can get into Bitcoin too. Almost inevitably, they’ll say “A Bitcoin is tens of thousands of bucks right now, where can I get such an amount of money?”
Before You Offer to Help Them, First Here’s What You’ve Got to Bear in Mind
Only 21 million BTC will ever exist, though it is bizarre that four million of them can’t and won’t be used since they are reportedly locked forever. 21 million of them obviously means we’ll never have a piece for everyone. And it is the scarcity that will keep driving the value of Bitcoin to lunar heights, according to celebrity investors Ronnie Moas and Michael Novogratz. So, if you already have one right now, count yourself lucky, mate!
Here’s How Your Friends Can Own Bitcoins Even When They Can’t Raise $16K
Everyone deserves to know that a Bitcoin can be divided into 100 miniature units or “satoshis,” as they are informally called. The 21 million of them, therefore, means we can have 2.1 quadrillions “pieces of bitcoin” or 2,100,000,000,000,000. Technically speaking, everyone in the world can own some and even use them as currency.
Contrastingly, it is nearly impossible to tell how many of the US dollar, probably the most widely-used currency, exist. In 2013, it was estimated 10.5 trillion of them were there, though 1.2 trillion were physical. In short, satoshis can comfortably be used as the world’s currency.
Due to Bitcoin’s high fees and exchange limitations, you can’t buy a Satoshi. But with as little as $50, you can get a relatively small amount of BTC.
But There’s a Problem – Hopefully, the Solution is Nigh
For a newcomer, investing $2,000 in Bitcoin only to see 0.12BTC is downright discouraging, mainly because with such an amount, you would get more ETH, LTC or Dash. Several plans have been proposed to combat this, key among them being creating wallets that can hold “bits” or satoshis, and write something like 4.65 bits. In fact, Jimmy Song who proposed BIP176 to formalize “bits” has seemingly earned enough support to have his request go through.
How to Sell Any Amount of Bitcoin With Little Hassle
If you have your little “bits” and you feel it’s time you get them off your wallet, there’s a way you can evade the tedious identification procedures, geographic rules, and bank transfers.
With a healthy stash of your sweat, sell a small amount of them for cash and save yourself the agony of having to explain to IRS and the others. It makes it easier and sensible while sparing your ass a whole lot of cash!