Can You Buy A Part Of Bitcoin

Bitcoin is the most expensive cryptocurrency, and its value is about 64,660 USD now. This figure changes regularly, so many investors are stopped by the fact that the currency is both expensive and highly volatile. Nevertheless, not everyone knows that Bitcoin can be bought in parts, which are called Satoshi, and in this case, it is possible to invest as much money as is convenient for you.

To make everything clear, in this article we’ll tell you more about what Satoshi is and explain how to buy it efficiently.

What Is Satoshi?

Satoshi is the lowest denomination of Bitcoin: 1 BTC consists of 100 million SATS. In this way, any investor can purchase the coin, even if they do not have much money or prefer to diversify their crypto financial portfolio.

Before exploring the nature of the Satoshi in detail, let's first learn a brief history of its “patron”, Bitcoin. It will help to understand more about the nature of its fractions.

Where Did Bitcoin Come From?

The idea of creating a cryptocurrency, including Bitcoin, appeared due to the desire to develop a decentralized and secure network to transfer funds. As a result, the Bitcoin blockchain was launched in 2009, which is cryptographically secure and more favorable compared to traditional money.

Since then, BTC has come to be considered digital money, operating on a blockchain network where all transactions are recorded. Mining a new block implies a new coin issue, the number of which is limited to 21 million. In such terms, when Bitcoins are small in amount, not everyone is able to possess them. To solve this problem, developers decided to provide the ability to split Bitcoin into parts called "Satoshi". By the way, the average Bitcoin per person is around 0.001551 BTC, that is 155,100 SATS.

What Is A Satoshi Today?

Satoshi was named after Satoshi Nikamoto, the person (or, according to some sources, the group of people) who created Bitcoin and gave the start to the cryptocurrency’s popularization. The word is firmly entrenched in the cryptosphere and is associated with Bitcoin now. As we’ve already mentioned, 1 Satoshi is one hundred millionth part of Bitcoin and equals 0.00000001 BTC. That is the smallest amount of Bitcoin you can buy, but also consider the limit rules of the platform you do it on. In fact, SATS is the only unit that can be recognized by software that supports Bitcoin nodes.

Satoshi makes it easier to use BTC as a payment method, especially as the currency's price and demand increase. It can also be represented in USD for convenience. For example, 1 Satoshi is worth 0.00065129 USD, and 1 USD is 0.00001543 BTC, so it is obviously a quite favorable investment to buy Bitcoin in parts. Remember that these costs can change daily, so check them when preparing to buy BTC.

How To Buy A Part Of Bitcoin?

Buying Satoshi is the same as buying Bitcoin. For the reliability of your purchase, it is better to buy SATS on licensed crypto exchanges where your data and funds will be safe.

You can buy Bitcoin parts with a debit card or other methods directly on the crypto exchange in special "Buy" sections. There is also an opportunity to purchase on P2P platforms, where you can choose a Satoshi offer that suits your preferences best. Moreover, you can make your purchase more favorable as these platforms have lower commissions.

Let's look at the step-by-step algorithm on how to buy Bitcoin fractions on a P2P exchange.

Step 1: Choose A P2P exchange

First, you need to decide which platform you will be buying from. Since Satoshi is part of Bitcoin, you can choose any exchange where BTC is traded. For example, among them are Paxful, Binance, LocalBitcoins, Cryptomus.

What is more, evaluate the exchange for usability by studying the website. Then, make sure that it is reliable: to do it, study the platform's working base, gather feedback from other users, and check expert recommendations. Don't forget about the size of commissions, which will affect the final value of your transactions. Cryptomus P2P, for example, charges a commission of only 0.1%, which is very favorable.

Step 2: Register On The Chosen Platform

When the platform is selected, you have to create an account there. To do it, click on "Sign up" or "Register" on the home screen, and you will be redirected to a page for filling in your details. There, you will need to provide your full name, email address or phone number, and your region of residence. To complete your registration, you will only need to confirm your account by providing the platform with a code or clicking on a link that the exchange will send to your email or phone number.

Some exchanges require passing the verification or KYC procedures. You will need a passport or driver's license for this, so prepare your documents in advance. These are the essential processes that will provide additional security for your data.

Step 3: Set Up Your Account

At this stage, you have to prepare your account for use and make purchases. First of all, make it secure from scammers by enabling two-factor authentication (2FA) and coming up with a strong password. These measures will allow you to trade with peace of mind.

Then link your card, bank, or other account as a payment method on the exchange. To do it, go to the "Finance" or "Payment Methods" section and select your provider from the list. Enter your account number and other details, and confirm the action. Of course, do not forget to top up your balance before making purchases.

Step 4: Start Searching For An Offer

Now you can look for a suitable Bitcoin parts offer. Use the filters for convenience: designate Bitcoin as the desired cryptocurrency, specify that you want to buy Satoshi and enter the amount of fraction you need (e.g., 0.0001 BTC). Also specify your payment method (card or payment service), because the seller should also accept payments in the same way. If there are any other details you would like to indicate in your search, do it and proceed to the selection.

Step 5: Select A Seller

After setting up your filters, click on "Search", and you will see a list of offers that match your request. All of them belong to private sellers who sell crypto under different terms. For example, they may have different exchange rates, so try to choose the most favorable option.

Of course, remember that the seller must be trustworthy. Pay attention to his rating, study the history of his successful transactions and read reviews of other users about him. On some exchanges you can also check the verification of the seller: it will be indicated by a special symbol (e.g., a checkmark) next to his profile.

Step 6: Contact The Vendor

When you have chosen a seller, let him know that you are going to buy Bitcoin parts from him. To do it, write to your trading partner directly: you can do it in the special chat room of the exchange. Agree on the date and time of the transaction, if you plan to make it not soon, ask for the seller's account details, where you will send payment for Satoshi in fiat currency, and give him your crypto wallet address to receive the crypto. Discuss other transaction details, if there are any.

Step 7: Make The Deal

It is important to follow the algorithm and be very careful when making a purchase. Firstly, you have to send the payment to the seller's account that he gave you. Keep in mind that in this case, you will be charged a fee by the platform and the blockchain network.

Secondly, the seller will confirm receipt of payment and transfer the Bitcoin parts to your crypto wallet. It may take some time to receive the crypto due to possible network congestion. After the Satoshi has been credited to your wallet, you also have to confirm their receipt. If everything was successful, the transaction can be considered closed.

If you want, you can leave feedback for your trading partner; it will help other users make decisions about cooperation with him. Remember that he also evaluates you, so try to act according to the rules when working on a P2P platform.

As you can see, buying Bitcoin parts is quite simple if you follow the algorithm. You can optimize your purchase more if you choose a reliable and profitable P2P platform, therefore, pay special attention to this stage. Hopefully, our guide will help you do it as efficiently as possible.