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A common misconception among people who are new to Bitcoin is that they have to buy an entire Bitcoin, all at once, to get started. This is not true. Since Bitcoin is digital and practically infinitely divisible, you can buy, sell, send and receive fractions of a Bitcoin; you don’t need to transact with a “whole” coin.

Bitcoin platforms, like Luno, allow you to specify the amount of local currency you want to spend and then give you the equivalent amount of Bitcoin you will receive in exchange for it. For example, if 1 BTC costs 3,000,000 Naira and you only have 100,000 Naira USD to spend, you will simply receive 0.00003 BTC.

Inversely, you can also specify the amount of Bitcoin you want to buy. The platform will show you the amount you need to pay in local currency.

The price of Bitcoin has gone up significantly in the past few weeks. As the value of a “whole” Bitcoin increased, to be useful for day to day transactions, people started accounting in smaller units.

Breaking it down into smaller units keeps Bitcoin usable as the price continues to rise. So, if the Bitcoin price keeps increasing by thousands of dollars (which it has been over the past few months) it’s still possible to buy or use small fractions of Bitcoin.

Bitcoin price today?

The price of Bitcoin keeps changing, due to supply and demand. There is a lot of volatility in the market., but it has moved up by about 69% in the past month. You can track the daily, weekly, monthly and yearly price changes on the Luno Bitcoin price page: https://www.luno.com/en/price

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