Tue. Aug 20th, 2019

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Technology Excelent

Want to buy Bitcoin? Apparently No Need to Prepare Thousands of Dollars

2 min read

The misconception about Bitcoin that is common to ordinary people is that many think that Bitcoin must be purchased one (1) unit at a time. And unfortunately, after seeing the price of 1 Bitcoin which is quite high (currently the price of one Bitcoin = $. 10,578.00), many immediately abandoned their intention to buy Bitcoin. But in fact, if they are looking for more complete information about Bitcoin, they will find that Bitcoin can actually be broken down into smaller units. Bitcoin can be bought, sold, sent and received in the form of ‘fractions’; which means we don’t have to trade using “one” Bitcoin at a time.

If you are confused with the Bitcoin fractions as explained above, the Bitcoin company can be used as a platform to determine the amount of Dollars you need to pay to buy the Bitcoin you want. For example, you have $ 500 to buy Bitcoin, if the price of 1 BTC is $. 10,578.00 at the moment, then the amount of Bitcoin you will receive is 0.05 BTC. Conversely, if you want to buy, for example 0.045 BTC, then a calculator in a Bitcoin company will usually calculate the nominal amount that you need to pay for that amount.

In Poland alone, there are several companies that provide calculators of Bitcoin prices on their sites, for example, tokens at https://www.tokens.net. tokens provides (bitcoin giełda) or bitcoin stock exchange.

Just like all fiat currencies (currency issued by a country) which can be broken down into cents, 1 BTC (Bitcoin unit) can be broken down into units that are smaller to eight decimal places: 0.00000001 BTC. The smallest fraction of Bitcoin is known as ‘satoshi’, where the name is taken from the name of a person or group of people who created Bitcoin. So how many satoshi are there in 1 Bitcoin? In 1 BTC there are 100,000,000 (one hundred million) satoshi.

Useful for everyday transactions

The price of Bitcoin has increased significantly in recent times. In order to be used for daily transactions, people start doing smaller unit (decimal) calculations.

By breaking it down into smaller units making Bitcoin usable and affordable for all its users. So, if the price of Bitcoin continues to increase to hundreds of millions of Rupiah, this allows people to buy small pieces of Bitcoin.

Bitcoin measurement unit

The Bitcoin measurement unit follows the International System of Units, a global measurement standard that has been used for centuries. The most commonly used unit is “bitcoin”, which is sometimes written in bits,

The Bitcoin measurement unit follows the International System of Units, a global measurement standard that has been used for centuries. The most commonly used unit is “bitcoin”, which is sometimes written in bits,

BTC (Bitcoin) 1
cBTC or bitcen 0.01
mBTC or millibit 0.001
BTC or bit 0.000001
finney 0.0000001
satoshi 0.00000001

Currently most Bitcoin platforms only use Bitcoin as a unit of measurement: e.g. 1 BTC, 0.001 BTC and so on, but the fraction of the units mentioned above may be used in the near future.

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