One of the more common questions people have when they’re new to Bitcoin is whether they’re able to buy less than one. After all, the price of just a single bitcoin recently climbed back around the $9,000 mark, and many fledgling speculators don’t have that kind of cash on hand.
If you want to buy Bitcoin without dropping that kind of money, then you’re in luck. You can buy very small amounts of Bitcoin. Technically, 1 Bitcoin is made up of 100,000,000 pieces, which are also known as satoshis. 1 Satoshi is equivalent to 0.00000001 bitcoin.
All the best Bitcoin exchanges let you purchase far less than 1 bitcoin. For example, with Coinbase, the minimum amount you can purchase is $1 of bitcoin, although you’d probably be better off saving your money if that’s all you wanted to spend.
There are two ways you can make your purchase.
1. Choosing the Amount of Fiat Currency to Spend
This is a much more common way to buy Bitcoin. Here’s how it works:
- Go to your Bitcoin exchange of choice.
- Enter the dollar amount you would like to spend in total.
- The exchange will automatically calculate how much bitcoin your purchase is for based on the amount you entered, minus any transaction fee.
For example, if the price of Bitcoin is $9,000 when you buy and you say you want to spend $4,500, you’ll get 0.5 bitcoin (unless there’s a fee, in which case you’ll get a little less).
2. Specifying the Desired Amount of Bitcoin
While this method is less common, it’s another option Bitcoin exchanges offer. Here’s what you do:
- Go to your Bitcoin exchange.
- Enter how many bitcoin you wish to purchase.
- The exchange will calculate how much this will cost you after taking into account the current price of Bitcoin plus any fees.
No one is going to restrict you to buying at least 1 bitcoin, and in fact, many people buy far less than that.