Believe it or not but there was a time not too long ago where Bitcoins were a dime a dozen, no letterly, you could even get like thousands for a dime. While most of us never knew about them back then or did but didn't pay attention to Bitcoin, it kept gaining value.
- As Bitcoins were lost over time
- As the cost of mining grew
- As the demand for an alternative store of value surged and
- As an investment in blockchain technology started to trickle in.
This little digital coins began to increase in value. Now the time of owning a single Bitcoin is becoming harder and harder and out of the hands of many of the world's population.
Image source: - coinsutra.com
Whole or a piece or a whole piece?
Bitcoin is currently seen as an investment to most who are new to the space and want to take advantage of its consistent increase in value over time. While many would like to own 1 BTC, many feel discouraged because they cannot hold a full BTC and do not invest.
A misunderstanding many new cryptocurrency investors have often make a mistake to avoid BTC when deciding to invest. They prefer the idea of holding a whole of another token then a piece of BTC.
Due to the psychologically of wanting to own a whole of something makes alt coins attractive to invest in for new investors. The idea of getting a whole coin or several tokens for a few dollars worth of investment plays in our minds.
Bitcoin breakdown
A bitcoin can be broken down into many pieces up to eight decimals after the comma with the smallest unit of value being a Satoshi. Every Satoshi you own has the same characteristics as a full Bitcoin and will increase relatively in buying power along with the price measured in a total BTC.
The ability to break down Bitcoin into smaller parts means anyone can invest and own an amount of Bitcoin they are comfortable with investing, using or HODLing.
Here is a break down of the accessible units of Bitcoin.
| Abbreviation | Name | Unit In BTC |
|---|---|---|
| BTC | Bitcoin | 1.0 BTC |
| mBTC | Millibitcoin | 0.001 BTC |
| µBTC | Microbitcoin | 0.000001 BTC |
| SAT | Satoshi | 0.00000001 BTC |
Which means you don't have to own a BTC outright you can hold various pieces of them and add them together over time. It's a very accommodating system that aims to help all of us get involved.
It doesn't stop there
While the Satoshi is the smallest value on the BTC network, it is not the lowest overall. As the introduction of the lightning network begins to grow with new nodes being added each week.
Bitcoin now has a second-layer solution for solving transactions that are faster and doesn't require the mainchain to secure the transactions allowing the network to confirm transactions in milli-satoshis, which is literally a thousandth of a satoshi.
Own a Bit
Do you own a small portion of BTC? How much do you own? Would you consider buying a small part?
Previous ADSactly Crypto posts
- ADSactly Crypto: How Many Bitcoin's Have Already Been Lost Forever?
- ADSactly Crypto: How Bitcoin Transaction Costs Work
- ADSactly Crypto: What Is the Bitcoin Halving?
- ADSactly Crypto: What Is A Bitcoin Paper Wallet
- ADSactly Crypto: The Importance of Private Keys
- ADSactly Crypto: How Bitcoin Futures Could Affect The Future Of Bitcoin
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