One bitcoin is worth tens of thousands of dollars these days. Does that mean you have to be loaded to get started on crypto?
What we’re about to tell you will debunk the myth that crypto trading is reserved for the super-rich. In fact, one of the fundamental pillars of cryptocurrencies is financial inclusion!
Coinhako offers users a wallet-friendly amount, which allows you to try out different cryptocurrencies without incurring a high risk. Don’t have thousands of dollars to pour into crypto? Good news! You don’t have to buy a whole bitcoin!
As our CEO and co-founder, Yusho Liu once said:
“The beauty of digital assets is that you can cut it up into fractions and buy it up in decimals."
In other words, you can buy a “bit” of Bitcoin because the digital asset can be broken down into decimal points.
Just like how the dollar can be broken down into a quarter, penny, fifty-cents, twenty cents and so on (depending on where you live), Bitcoin can be divided up to 8 decimal places. This means that you can buy bitcoin in smaller denominations. For example, if the price of bitcoin today is $16K, a buy order of $100 SGD buy would get you 0.0046 BTC.
What is the smallest unit of Bitcoin?
Named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto, Satoshis are the smallest units on the bitcoin blockchain, representing one hundred millionths of a bitcoin (0.00000001).
There are other units of bitcoin, such as millibitcoins (0.001 BTC) and microbitcoins ( 0.000001BTC.)
Millibitcoins, represented by the symbol mBTC, were introduced in 2011, when the price of Bitcoin breached $10 USD.
Microbitcoins can also be referred to as bits, and are represented by the symbol μBTC.