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CRYPTOCURRENCY TRADING

BUY & SELL DIGITAL CURRENCY AND PROFIT

THE MOST TRUSTED CRYPTOCURRENCY TRADING PLATFORMS

HOW TO TRADE CRYPTOCURRENCY?

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HOW TO CALCULATE BITCOIN IN UNITS?

KACIEBUSINESS

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 it is important that you 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 CRYPTO TRADING PLATFORMS

Kraken was one of the first digital currency exchanges operating since 2011. It is one of the world’s largest exchanges. The company started in San Francisco and then expanded its operations to serve people around the world. They are trusted by more than 4 million users.  

 

Kraken is one of the most secure exchanges in the market. The company has integrated easy payment methods in combination with low fees to give users a better trading experience. Kraken further allows users to trade all the major cryptocurrencies using fiat currency on the platform.  

 

The company has a very high trading volume, they offer 24/7 customer support to answer your questions and they trade over 30 digital assets. In addition, margin trading and futures trading are available on the platform.  

 

Kraken has gained a great reputation in the marketplace, due to the fact that they have never been hacked by anyone. It is one of the safest platforms to buy and sell cryptocurrencies.    

Binance is the world’s largest and most popular cryptocurrency exchange platform. It is a very young exchange platform that was founded in 2017 by Changpeng Zhao. 

 

Binance rose to success after a very successful Initial Coin Offering (ICO) in 2017, the great response towards Binance coin has given the platform a great lead in the cryptocurrency market. At the time of the ICO, 1 single Binance coin was selling for $0.10, now at the time writing this, 1 Binance coin is valued at $27 each. The team behind Binance ICO was good and that has made the company gain highly in the industry from early. 

 

Binance is a cryptocurrency exchange for both inexperienced and experienced traders. It is an easy platform to trade digital currencies to make a profit. The most common method is to exchange Bitcoin, Ethereum, Binance Coin, and  USD Tether (stablecoin), etc. for one of the cryptocurrencies that Binance offers. Binance offers a wide range of digital currency but not all cryptocurrencies are available in this exchange, which is common among all exchanges. Binance is very picky with the digital currency they choose to offer to their users, knowing that scams are very common in the crypto space. 

 

Depositing cryptocurrency is completely free and no fee is charged on the platform. However, to send and to withdraw funds from the platform a different fee is charged per coin, a list is available on the website. To exchange cryptocurrency though a standard fee of 0.1% is charged. A nice addition to Binance is that you get a 25% discount on the fee if you use Binance Coin, and when you create an account, this discount is ticked by default in your dashboard. 

 

In 2019, a Binance hack took place in which criminals stole more than 7047 BTC from the exchange. The community was fully informed and all losses were reimbursed from the so-called Secure Asset Fund for Users (SAFU). Due to good communication and compensation for the losses, the crypto community took a very positive approach. To prevent a Binance hack in the future, the company has taken various measures to keep users’ currency safe. 

 

Overall, it is a great platform to trade cryptocurrency and profit. 

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.

 

In 2018, Coinbase founders redesigned a new cryptocurrency exchange platform called Coinbase. Pro, so that trading can be more intuitive. Coinbase.Pro is basically the same as Coinbase but more advance in regard to data. Coinbase.Pro comes with improved charts that will allow users to easily scroll and access historical data. The platform fees are low and to deposit and withdraw is very simple. The platform is amazing. Check it out. 

Huobi is one of the largest cryptocurrency exchanges since 2013. It has recently made some branding adjustments to Huobi Global, its global crypto exchange offering an inviting platform to trade a wide range of altcoins and a large variety of stablecoins, alongside its own invention – HUSD, a USD-backed stablecoin. Huobi also has a token, called Huobi Token (HT), which is a utility token for competitions, fee discounts, voting on certain matters and more.

 

The website itself is easy to navigate, which makes it user-friendly. The platform attracts high trading volume daily compared to other exchanges, and its trading fees are low.  The platform has never been hacked and they have put measures in place to safeguard users’ accounts. Huobi Global has managed to build a successful exchange platform, operating in the crypto space for a long time. 

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) and 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. 

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QUICK AND EASY EXCHANGE PLATFORMS TO BUY AND SELL BITCOIN AND ALTCOINS

4 Responses

  1. With all the news that have been generated about DogeCoin I certainly got excited about getting into cryptos. And I was able to buy my first DogeCoins and they have actually gone up since I bought them. I am amazed how this crypto started as a joke. 

    I have also opened an account at Binance.

    Thanks for giving me this brief overview. I need to read articles like these to get a grasp of this crypto world.

    1. Hey Abel, 

      Dogecoin really started as a joke. I purchased some back in 2017/2018 when the price was at $.004 per unit and sold it. Right now I’m beating myself lol! 

      Many do not know that cryptocurrency and blockchain technology is revolutionizing the global market, I’m happy that the DogeCoin news got you in this phenomenal and life-changing market. 

      Binance is a great option.  All the best. 

  2. Hey Kacie, thanks for your post. I can tell that you put a lot of effort into informing us readers about the crypto currencies out there. Cryptocurrency investing can be tricky but I have heard about some people who have made a little money with it. I’ve never used cryptocurrency myself but maybe it will be the future of currency. 

    1. Hey Gabriel, you are welcome and thanks for commenting. Cryptocurrency is drastically changing the traditional financial system. It has created a lot of millionaires and billionaires in the market over the years.  It’s a speculative market, hence there will be risks, but if your risks are managed diversely, it can be a great investment opportunity since its advanced technology. 

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