Bitcoin (BTC) is the world’s most popular and expensive cryptocurrency. At the time of writing, buying bitcoin in its entirety would cost around $60,000, according to CoinMarketCap. However, you are not obligated to purchase the entire coin. Bitcoin is available for as little as one dollar.
According to a recent survey conducted by digital payments company Bakkt, nearly 40% of Americans are unaware that they can buy cryptocurrency.
The good news is that any major cryptocurrency app or exchange can be used to purchase bitcoin or other cryptocurrencies. Keep an eye out for any account minimums or commissions that may apply.
Cryptocurrency exchanges make it easy to buy as much or as little cryptocurrency as you want. Simply enter the dollar amount of your transaction, and the appropriate cryptocurrency amount will be calculated based on current market prices.
If you only want to invest a small amount, you should be aware of the crypto platform’s minimum costs and deposit requirements.
The requirements for different platforms are different. Consider the following scenario as an example:
On Coinbase, the minimum purchase is $2, and the minimum deposit varies depending on the payment method.
The minimum trade size on Gemini varies by cryptocurrency; for bitcoins, the minimum trade size is 0.00001 BTC (roughly $0.60), and there is no minimum deposit.
On eToro, the minimum deposit is $50, and the minimum transaction is $25.
Be wary of commissions when buying bitcoins or other cryptocurrencies.
If you’re buying a small amount of cryptocurrency, commissions are another factor to consider. It’s pointless to spend $50 on bitcoins and then lose $10 in exchange fees. The fee structures of different exchanges vary, but they all make money in some way. Some charge a deposit fee, while others charge higher withdrawal or trading fees.
Keep the following fees in mind when looking for the best places to buy bitcoins:
Amounts charged for making a deposit You’ll pay different commissions depending on how you plan to deposit. Bank transfers are frequently free, whereas credit or debit card transactions typically incur a 3% fee.
Trading commissions. Some exchanges publish their trading fees, while others give you a quote while you trade. By paying with your own cryptocurrency, such as BNB Binance, you can save money.
There are fees associated with withdrawals. Make sure you understand the withdrawal fees before you make a deposit. You may be required to pay a percentage of the withdrawal or a flat fee, depending on the cryptocurrency.
Don’t judge cryptocurrency by price alone
You don’t need to turn to cheap cryptocurrency to invest because you can buy bitcoins. Investing in a low-cost cryptocurrency is far riskier than investing in a well-established coin with a solid business plan and a trustworthy team.
A coin’s low price does not always imply that it is profitable. For pennies on the dollar, some meme coins can generate trillions of tokens. Customers will be attracted to the low price, according to the creators. However, there is no guarantee that the price of these coins will rise if they have no fundamental utility. The coin has a good chance of failing completely.
Let’s say I’ve got $100 to put into a cryptocurrency.
You could purchase 0.00175 BTC at the current price. I’d only own a fraction of the coin, but if Bitcoin’s price rises, so will your investment.
You could be a millionaire FLOKI with 1,368,831 Floki Inu and today’s prices (FLOKI). This is one of the most recent coins to appear since Elon Musk tweeted about his puppy (called Floki). You’d have a lot of coins, but you’d almost certainly lose all of your money because the coin has no intrinsic value.
Bitcoins for sale
If this is your first time investing in cryptocurrency, buying a small amount of bitcoins is a good place to start. Because bitcoin is still a relatively new investment, there’s a lot we don’t know about how the market will develop. Make sure you’re not risking money you can’t afford to lose.