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CRYPTOCURRENCY EXCHANGE

BUY & SELL THE MOST POPULAR CRYPTOS

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HOW TO PURCHASE BITCOIN AND ALTCOINS?

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HOW TO CALCULATE BITCOIN IN UNITS?

One of the most frequently asked questions from newbies coming into the cryptocurrency world is whether they can buy less than one Bitcoin? If so, how many units are there in a Bitcoin?

 

The value of Bitcoin is dependent on the market like any other currency. It is based on speculation, its use case, scarcity, and supply and demand.  At the time of writing this post, the price of 1 Bitcoin is around USD 60,000. Bitcoin supply is capped at 21 million Bitcoins, which means that’s the only amount that will ever exist. And not everyone can own 1 Bitcoin, and due to such high value, it needs to be broken down to conduct smaller transactions. 

 

Just like how USD is divided into 100 cents, Bitcoin can also be subdivided into smaller units. A Bitcoin can be subdivided into 100,000,000 bits, and all these units are measured in Satoshis.

 

So now what is a satoshi (unit), and how to calculate satoshi prices in USD and other Fiat currencies?


WHAT IS SATOSHI?

A satoshi is the smallest unit of Bitcoin.  There are 100,000,000 Satoshis in every Bitcoin. A Bitcoin is divisible to the eighth decimal (1.00000000 bits) which means each BTC can be split into 100,000,000 pieces. A Satoshi is one hundred millionth of a Bitcoin (0.00000001). For example, 1 Satoshi is equal to 0.00000001 BTC, hence, 1 Bitcoin (BTC) = 100,000,000 Satoshis = 10^8 Satoshis ( “ten to the eight” billion).

 

The smallest unit of Bitcoin is called Satoshi to honor the original creator of Bitcoin, Satoshi Nakamoto. The second smallest denomination was named in honor of a computer scientist who received the first bitcoin from Satoshi Nakamoto, Hal Finney. One ‘Finney’ would be equal to 10 Satoshis.  This means that one ‘Finney’ would be 0.0000001 BTC. 

 

Other common units to Bitcoin are “millisatoshi” which is one-thousandth of a satoshi or one hundred billionths of one Bitcoin. The below table shows the common units of Bitcoin, their values in satoshis, and their names. 

Bitcoin is mainly traded in USD and EUR. But not all altcoins are paired directly with USD and EUR. Most altcoins use Bitcoin as the base currency to trade, and the price of these altcoins are usually specified in satoshis. So when you are trading Bitcoin or Altcoin, you must understand how to trade in satoshi prices. 

 

For example: To Buy 1 Ethereum (ETH) from the exchange, you have to pay 0.02983 BTC  =   2983000 Sat at that particular time was priced at $1,799.68 USD.

 

The value of Bitcoin and other Altcoin prices are not stable, so at times it can get very complex to calculate. To calculate the exact amount and to value satoshi precisely, we have a converter below that you can use to convert Bitcoin and Altcoins in your country currency. This will give you accurate conversion rates. 

TOP BEST AND EASY TO USE CRYPTO EXCHANGE PLATFORMS

Coinmama started its operations in 2013 in Israel. Its customer base has grown to over 2 million, and more than half a million visits the site monthly, mostly from the United States. They serve more than 188 countries around the world. 

 

Coinmama is an exchange broker that claims on its platform that it is one of the fastest and safest cryptocurrency brokers available on the internet. The website accepts debit cards and credit cards issued by Mastercard and Visa. It also accepts payments done through bank transfer using the major fiat currencies like Euro, US dollars, Great British pounds, Australian dollars, and Canadian dollars.

 

The platform is registered as a Money services business with the Financial Crime Enforcement Network (FinCEN), which allows the company to do business with more or less 40 states from all over America. All the transactions are processed by New Bit Ventures and carried by NBV international company.

Paxful is a trustful platform that was found in 2015 by Ray Youssef and Artur Schaback. Paxful is trusted by over 4.8 million users around the world and over 12000 vendors are registered on the platform. The platform allows buyers and sellers to buy and sell Bitcoin on the marketplace. This platform was created for newbies and inexperienced investors to trade cryptos easily and safely. Being a peer-to-peer marketplace, Paxful offers a simple process to buy Bitcoin safely in no time. A user can simply select the preferred payment method and type the desired number of Bitcoins he/she wants to buy.

 

The major advantages of Paxful are that they accept over 300 payment methods, they offer 24/7 customer support, no transaction fees charge for buyers, you are given a free and secure bitcoin wallet, you can have live chat with vendors, and they held payments on escrow until you receive your Bitcoin.  

 

The exchange acts as a middleman for sellers and buyers instead of being a merchant of Bitcoin. It provides public space to its users to make offers and ask for a competitive price for the Bitcoin.

 

Check out the Paxful Bitcoin Wallet app, which supports both Apple Store and Google Play. 

Coinbase.com was founded by Brian Armstrong in 2012. Coinbase is one of the largest international brokers based in the United States. They are trusted by over 13 million users. Using coinbase, you can buy and sell 19 different cryptocurrencies, and they support 32 countries, including Jamaica. The platform is known for selling the best digital assets in the market. 

 

Coinbase has an integrated wallet for all offered cryptocurrencies. This means that you can store your purchased cryptos directly in the same environment, and you don’t need a third-party wallet. It is also possible to convert your cryptocurrency to real euros using Coinbase, you can have the amount in euros paid to your verified bank account. 

 

You don’t need to send the Bitcoin to a specific receiving address, because the Coinbase wallet is fully connected with all Coinbase services. This way, you don’t have to worry about your coins being delivered too late or sent fees.

CEX.IO is one of the oldest crypto exchanges available in the world and is trading Bitcoin since 2013. The company started its operations in London as a cloud mining provider, and as time passed, they reformed into a multi-functional cryptocurrency exchange. You can trade over 80 well-known cryptocurrencies on the exchange. 

 

CEX.IO 3 million-plus users have the freedom to trade from any device they want from anywhere in the world with a good internet connection. CEX.IO is available in more than 220 countries around the world. There are some countries in Asia and Africa where the exchange is not available due to regulatory prohibitions.  

 

The company accepts reliable payment methods like credit and debit cards, cryptocurrency, and bank transfer (SWIFT, SEPA). They have 24/7 customer support by phone, live chat, and email to answer queries. 

 

The trust of users using this platform from all around the world might make it a reliable exchange option for you. Since the platform is in operation, there has never been an incident of hacking happening to CEX.IO, so it is safe to say that CEX.IO is a secure platform to buy and sell cryptocurrency. 

 

Ivan on Tech Academy is the world’s best Crypto & Blockchain learning platform for newbies, entrepreneurs, and investors. Ivan On Tech Academy was launched in 2017 by Ivan Liljeqvist and Filip Martinsson in Stockholm, Sweden. Ivan and Filip studied computer science together at KTH Royal Institute of Technology. Thereafter, their passion for programming, blockchain, and cryptocurrency led them to start Ivan On Tech Academy. 

 

Today Ivan On Tech Academy is the leading Online university for blockchain, cryptocurrencies, and programming. The platform has trained and educated over 20,000 students and has created top courses for students to become top professionals for the job market. Their courses range from introductory courses on Blockchain, Bitcoin, and programing to Smart Contract Programming, Bitcoin, and Blockchain Business Masterclass. They provide hundreds of assignments, quizzes, on-demand video courses, homework, and programming challenges.  As a student, you will have access to the following;

 

  • Graduation Certification 
  • Individual Support & Coaching 
  • Instant access to monthly releases of new courses 
  • Access to the student community 
  • Monthly Livestream Webinars 

 

However, to gain access to all courses, you’ll have to get a premium or professional plan. Their basic plan is good for complete beginners, but to get real insights into the space or to gain opportunities when it comes to employment or business-ventures the upgrade is way better. 

 

Visit the Academy and learn more. 

2 Responses

  1. Hi. This is a great resource. It is amazing to see how rapidly this area has developed. I wanted to open an account that would allow me to buy Bitcoin and Ether about 5 years ago but I couldn’t. Even though there were crypto exchanges operating in the US back then, they were not allowed for New York State residents, which is where I live. I can assure you I was very annoyed, especially when considering how both Bitcoin and Ether have appreciated over the last 5 years. As it is I was finally able to open an account with Gemini about 18 months ago now. Fortunately, I was still able to get in shortly before they both took off again. It will be interesting to see how this domain develops over the next couple of years. Best regards, Andy

  2. I have watched Ivan on Tech on YouTube. He really has a way of getting us excited about Cryptos. With his broken Swedish accent and his engaging personality, he updates me about the crypto world. I even checked a webinar he promotes. But didn’t join his academy because I couldn’t afford it. But I have him in my radar.

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