Do I Have to Buy a Full Bitcoin?
You do not have to buy a full bitcoin to hop aboard the most popular money train on the planet. You can buy fractions of a Bitcoin. One Bitcoin can be divided into 100 million separate pieces. Each piece, is called a Satoshi. The easiest way to conceptualize the Satoshi is by thinking of the smallest unit of your country’s currency. I live in Canada, so my currency units are called Dollars, or “Loonies”. The smallest unit of a dollar, is a penny, and there are 100 pennies in a dollar. This divisibility is one of the aspects that makes currencies so flexible. One of the most common questions we get asked is, “Do I have to Buy a Full Bitcoin?”. Thankfully, you may start investing in Bitcoin with as little as $5 or $10. You’ll end up with a tiny fraction of a bitcoin, but rest easy, this is where most people start their Bitcoin journey.
Why Satoshi?
The Bitcoin community named the smallest unit of Bitcoin after the founder of Bitcoin, Satoshi Nakamoto. This individual (or group of people) are anonymous. In honour of their contribution to the world, their name lives on as the name of the smallest unit of Bitcoin. Since then, the word Satoshi or simply “sats” has lived on in memes and popular Bitcoin culture. You may learn more about Satoshi Nakamoto in episode 3 of our Podcast “Bitcoin Origins and Philosophy”.
Shake Your Phone to Earn Bitcoin
When fellow Canadians ask us where the best place to start investing in Bitcoin is, we refer them to ShakePay.
After buying $100 worth of Bitcoin on ShakePay, you will be able to shake your phone (yes, just wave it back and forth) and you will get larger and larger amounts of Satoshi’s deposited into your account. You may only do this once per day, but it all adds up!
Keegan is on a 125 day streak, and earning (5000 Satoshi’s) $1.50 per day! Just for shaking.
Is it Too Late to Buy Bitcoin?
It’s never too late to buy Bitcoin.
This is one of the most common questions we get asked about Bitcoin. The question was so common, that we decided to do a whole podcast episode and blog post on it. There are lots of things to keep in perspective when asking yourself this question. The first thing to keep in mind is the age old saying “Every Penny Counts”. We must now update this saying for the Bitcoin era.
Every Satoshi Counts
If the end goal is to get rich slowly, then truly, every Satoshi counts. Every Satoshi in your wallet appreciates in value over time. Even now, as I write this article, Bitcoin has just reached an all time high value of $27,222.38.
Every Satoshi Counts - Think Big
There is a few things to cover here, the main point, THINK BIG.
We tell people to broaden your time horizon. This means thinking on the time scale of years and decades, instead of days, weeks, and months. Social Media’s bells and whistles, and the instant deliveries by Amazon have conditioned our society to crave instant gratification. Here at Go Full Crypto, we like to find small things that give us a gradually larger impact over time. That’s what “#ShakingSats” with ShakePay is all about. Everyday, you can earn a dollar worth of Bitcoin that gradually turns into your savings account. Who knows how much these Satoshi’s are going to be worth in the future. Are you really going to say no to free money? When I “stack my sats”, I am thinking about my retirement, my kids education fund, and the purchase of my house. I’m thinking about getting rich slowly.
One Satoshi Equals One Penny
Where did Bitcoin come from in terms of its value? Well, on May 22nd, 2010, an two individuals made a trade. Two large pizzas for 10,000 Bitcoin. At this time 10k Bitcoin was worth about $30 USD. Each Bitcoin would be worth $0.003.
That means 1 Satoshi was equal to $0.000000000001
If we can imagine a day where 1 Satoshi is equal to one penny, that would make every bitcoin worth $1 million dollars. Thats actually not too far off of where we are now. At this point and time, Bitcoin will have achieved some sort of parity with our traditional monetary system. Not bad for some magical internet money.