Can you buy less than 1 Bitcoin? Half a Bitcoin? How to buy partial Bitcoin or fractions of Bitcoin!
HOW TO BUY BITCOIN (explained in 3.5 minutes)
*If you just want to buy Bitcoin from a trusted exchange, click here, or you can read till the end to find out the Top 3 Cryptocurrencies to buy for 2018*
CryptoCurrency and its underlying revolutionary blockchain technology is undoubtedly the biggest thing to happen to our generation. As the prices of Bitcoin and other cryptocurrencies explode with 10,000% gains (or more!), this is what you have to know to join the party:
Yes, you can buy less than a whole bitcoin.
Everywhere I go, people say to me: “But Diego, Bitcoin is getting too expensive. It is almost $20,000 and will soon be $100,000. Who on earth can afford it?”
Fret not, I’m here to set things straight.
The smallest unit of Bitcoin is 0.00000001 BTC. This means that a Bitcoin is divisible by 100 Million – so a hundredth of a millionth Bitcoin is the smallest fraction of a Bitcoin, also known as a Satoshi. This means that Bitcoin is definitely still affordable and you CAN buy it.
I was at my dentist the other day and she asked me: “If the price rises so high, who can pay for it? Nobody is going to buy from me when I want to sell them off!”
Well, 2 points to remember:
1) The maximum supply of Bitcoin that will ever be in existence is 21 million.
How does it work? Imagine if I give you half a cookie today. Tomorrow, I will give you one-quarter of a cookie. On the third day, I will give you one-eighth of a cookie. And so on… Every day the amount of cookie you receive is reduced by half. Mathematically, it means that you will NEVER have a combined total of 1 cookie. Try it for yourself.
In essence, the production (or mining) of Bitcoin works in a similar way. Thanks to its genius creator Satoshi Nakamoto. So the world will only ever have a maximum of 21 Million BTC (technically the figure will reach close to 21M, but never reach it, just like you will get very close to 1 cookie but just short of it).
Do you know how many millionaires are there in the world? According to Credit Suisse, the world’s millionaire population is expected to reach 53 million by 2019. This means that we won’t even have enough Bitcoins for every millionaire on this planet to own 1 each.
Can you imagine how valuable Bitcoin will be in future?
2) You can always buy and sell Bitcoin in fractions of it.
This means that you can just buy $100 worth of BTC today and probably sell it off for $1,000 a year later (or $10,000 3 years later).
Nobody is too poor to buy Bitcoin! I have heard so many friends and acquaintances telling me that “Bitcoin is already out of reach” or “I have already missed the train” that I had to write this blog post to bust this myth.
In my previous post, I mentioned it is estimated that only 0.15% of the world’s population is into Cryptocurrency at this point. Even if you’re reading this in 2018 or 2019, I’m sure the figure is still less than 5%. We are definitely still early!
Should I buy Bitcoin or Alt Coins?
I have to admit that it is slightly true that you may have missed the Bitcoin train.
What do I mean by this? You see, BTC has grown exponentially in the past few years (especially in 2017). While it definitely still has room to grow maybe another 10 or 20 times, there are actually much better options out there.
Due to the crazy amount of attention the mainstream media has given Bitcoin, most people do not even realize that there is a whole universe of Alternative Coins (alt coins) out there!
Which is precisely why you should include some alt coins in your investment portfolio (since very few investors are aware of alt coins now). But sooner or later, the masses and their billions of dollars will flow into alt coins when they realize that Alt Coins have MUCH FASTER and MUCH BIGGER growth. You want to be there BEFORE them to take advantage of this once-in-a-lifetime golden opportunity!
If you don’t believe me, just visit CoinMarketCap.
Just as a quick illustration – in 2017, Bitcoin has hogged the media headlines by increasing in value by more than 15 times (that is 1400%).
Did you know that in the same time-frame, Ethereum (the second biggest Cryptocurrency) has increased in value by 87 times? (that is 8600%!)
Did you know that in the same time-frame, Litecoin (the fifth biggest Cryptocurrency) has increased in value by 100 times? (that is 9900%!) In other words if you had bought $10,000 of LTC at the start of 2017, you would be a millionaire even before 2017 ends.
Just imagine the huge upside potential of the smaller coins down the list! I’m NOT saying all of them will give you this kind of crazy returns in the years ahead, but definitely SOME of them will (and I will give you my favorites below).
BTW – Besides Bitcoin and Alt Coins, there is also ICOs which produce even crazier returns (you can read my ICO guide here).
HOW to buy Bitcoin (or Alt Coins)
STEP 1: Sign up at any reputable international or local bitcoin exchange. The most popular and trusted exchange that is available in most countries is Coinbase.
STEP 2: Buy Bitcoin (payment methods depend on your country, but mostly you can do so via bank transfer and/or credit card).
If you just want Bitcoin, you’re done! If you want alt coins, continue reading.
STEP 3: Send your Bitcoin to an alt coin exchange that has the alt coin you want.
When you visit CoinMarketCap, simply click on the coin you want and click on the “markets” tab. It will show you which exchanges have that particular coin.
Most of the Alt Coins that you would want to buy will be found in Binance, Coin Exchange, or Bittrex.
STEP 4: Use your Bitcoin to buy alt coins.
You’re done! If you want my recommendations for the best cryptocurrencies to buy in 2018, read on…
TOP 3 CRYPTOCURRENCIES TO LOOK OUT FOR IN 2018
I’m going to look into my crystal ball and give you the 3 best cryptocurrencies to buy and hold.
Mandatory disclaimer: This is my personal opinion and not financial advice. You should do your own research and due diligence. Never put in more than what you are willing to lose.
In layman’s term, ARK’s potential is like “the Google of blockchain”. Just like how Google connects the entire internet together, ARK aims to connect all the blockchains together.
They are the very important gateways.
In other words, buying ARK today is like investing in Google shares in 1998!
In fact – it is at the top of Forbes’ list of blockchain companies to watch.
You can buy ARK on Binance.
LINK is all about bringing external data from the outside world into the blockchain world. Its potential is to connect smart contracts with the real world.
This is huge because it will help blockchain technology reach mass adoption and solve some really lucrative problems.
Already, ChainLink has a partnership with SWIFT (which is used by over 11,000 banks worldwide).
You can buy LINK on Binance.
Last but not least, you should never underestimate BTC. While alt coins like ARK and LINK can be extremely profitable if they do well, they can also be very volatile. For that reason, having the king of cryptocurrency in your portfolio acts as a hedge.
You can buy BTC on Coinbase.
UPDATE (18 JAN 2018)
Due to many requests, I now offer Crypto Consulting services. Read this post for the top 3 cryptocurrency trading strategies, plus details about my consulting at the end of the post.
I hope this post was useful.
Let me know if you have any questions, or I’ll see you in the next post.