This afternoon Bitcoin will almost certainly reach $10,000 USD per coin – making this another all-time-high in a month full of all-time-highs. This price means each full Bitcoin is worth approximately 10-thousand United States Dollars. It also means that each fraction of a Bitcoin is also at its own all-time-high.
One common misconception about Bitcoin is that the price makes acquiring coins all but impossible. That’s simply not true. One Bitcoin is not the smallest fraction of a Bitcoin that one person can attain. Bitcoin and other similar crypto-currencies can be divided down 8 additional decimal places. The smallest denomination of Bitcoin is called 1 “Satoshi.”
One hundred-millionth of a Bitcoin – 0.0000001 – is 1 Satoshi. When 1 Bitcoin is worth $10,000 USD, one Satoshi is worth $0.0001, or 1 one hundredth of a cent. Users can purchase amounts of Bitcoin down to one Satoshi – depending on how granular the service wishes to be.
There are a number of ways in which a user might purchase Bitcoin here in December of 2017. The way I choose to do it might not be the way you end up doing it, and there are right and wrong ways to do it. Buying some Bitcoins from your deadbeat nephew who promises the USB drive he’s given you has a bunch of coins on it – that’s one wrong way.
I’ve only ever purchased Bitcoin for the sake of a news article – as such, I have barely $10 to my name. As such, I can confirm that this method works with basically any amount of money, down to very tiny amounts. NOTE: Nothing in this article should be considered “advice,” and SlashGear assumes no responsibility for your actions beyond this post.
Buying Bitcoins with PayPal:
0. Start a PayPal account.
1. Add money to your PayPal account.
2. Start a VirWox account at VirWox dot com.
3. Click/tap “Deposit” and scroll down to PayPal.
4. Send PayPal USD cash to your VirWox account.
5. Use USD on VirWox to buy SLL (Linden Dollars)
6. Use Linden Dollars to buy Bitcoin (BTC)
7. Click/tap “Withdraw.”
From there you’ll need a virtual wallet of some sort to keep your Bitcoin safe until you’re rich beyond measure. I’m not going to tell you which wallet to used, that’s on you. The last item I’ll share is a note that was passed down to me by knowledgeable crypto-people: Do not store your money in an exchange like Bittress, Poloniex, or anywhere else. Not because exchanges are insecure, but because the most safe place for your money is in your own pocket.
Bitcoin can be stored on your home computer, it can be stored in an external hard drive, it can be stored anywhere you’ve got the digital space. That includes digital storage on a device embedded in your body (SEE: NFC chips embedded in hands.) That includes storage in an iPhone or an Android device – not that you’d ever trust anything valuable to something so easy to lose, drop and break, or have stolen.
Before you do anything in this space, please take care and KNOW what you’re doing. Or LEARN and LEARN WELL before you start transferring all sorts of BTC left and right. Things can go wrong very EASILY, and when they do, there’s nothing ANYONE can do to save the mess that’s made – that’s the nature of crypto-currency, and that’s the breaks!