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Author Topic: Is it possible to purchase a few dollars in btc?  (Read 716 times)
Doogsfx
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May 29, 2017, 05:32:42 AM
 #1

Hello out there. I have never posted in any type of forum before so I apologize in advance if my question is repetitive to someone or if I unintentionally break forum rules, etc.  I will learn.  With that said, I feel like my head is about to explode!  I am new to the cryptoworld, not very tech savvy and while trying to self-educate myself I'm finding my initial enthusiasm waning. It has been a very long time since something has piqued my interest like bitcoin and the cryptoworld has done recently, and for someone like me who suffers with depression (along w/ other crap nobody wants to hear about), trying to learn what might be the simplest of things to one person is a frustrating challenge to me!

I have many many questions that I will hopefully ask and get answered over time, but the question I have right now is if anybody knows if their is a legitimate way to buy a few dollars of bitcoin?  I have a wallet (using Breadwallet) and I've been dying to put something in it. I don't have the patience to visit a hundred different faucet sites every hour of every day to earn the equivalent of a dollar!  I much rather pay that dollar to someone or some entity and buy that amount in bitcoin.

Is that possible?  To buy a few dollars worth of bitcoin (No more than $5-$10). If yes, would there be fees that would make that small purchase unrealistic.

I sincerely appreciate any and all feedback...especially if I can hit my first crypto goal...btc in my wallet.  Cheers all and MUCH LOVE!
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sunkiller
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May 29, 2017, 05:39:46 AM
 #2

I don't think there's a problem with buying this amount of BTC from coinbase or localbitcoins. Alternatively you can ask a friend to send you a few bucks worth of BTC and then pay him in person.
Doogsfx
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May 29, 2017, 06:08:56 AM
 #3

Thank you for your response. It is appreciated Smiley.

In a perfect world I would have a social circle that contained someone who owned bitcoins. Sadly, I don't.  That would definitely be my preferred method of getting a few dollars worth...meeting in person and exchanging in person.

I will look into the above mentioned exchanges and try to find out what the fees would be. Hopefully I won't be confronted with too many barriers. 

At some point I'd like to try my hand at trading/exchanging between coins, but there are soooo many freaking barriers right now. It's definitely not an easy process for someone who only has an iPhone to work off of. Damn this poverty!  Come on Crypto-world...show me the way. Make me rich.

Ha!  Yeah right. I'd settle for status quo...a level up from poverty....
mocacinno
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May 29, 2017, 06:11:40 AM
 #4

It's possible, but i wouldn't recommand buying $5 from anywhere... There are a couple of reasons:
1) you'll pay a hefty premium
2) the seller will pay a hefty fee (and pass this price on to you)
3) you'll start gathering dust outputs, so you'll have to pay a big fee if you want to spend those again.


At this moment, https://bitcoinfees.21.co/ tells me that at current BTC price, you'll have to pay more than $1,5 fee for an average sized (226 byte) transaction if you want a decent chance of getting a confirmation in less than an hour...

It breaks my heart to say this, but if you're dealing in micro payments, it might be a better idear to switch to an altcoin instead...

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May 29, 2017, 06:22:40 AM
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It's possible, but i wouldn't recommand buying $5 from anywhere... There are a couple of reasons:
1) you'll pay a hefty premium
2) the seller will pay a hefty fee (and pass this price on to you)
3) you'll start gathering dust outputs, so you'll have to pay a big fee if you want to spend those again.


At this moment, https://bitcoinfees.21.co/ tells me that at current BTC price, you'll have to pay more than $1,5 fee for an average sized (226 byte) transaction if you want a decent chance of getting a confirmation in less than an hour...

It breaks my heart to say this, but if you're dealing in micro payments, it might be a better idear to switch to an altcoin instead...

And pop goes the bubble...

This is what I feared. I suppose I have to weigh the novelty of buying $5 in btc vs the reality of buying $5 in btc.

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May 29, 2017, 06:27:33 AM
 #6

It's possible, but i wouldn't recommand buying $5 from anywhere... There are a couple of reasons:
1) you'll pay a hefty premium
2) the seller will pay a hefty fee (and pass this price on to you)
3) you'll start gathering dust outputs, so you'll have to pay a big fee if you want to spend those again.


At this moment, https://bitcoinfees.21.co/ tells me that at current BTC price, you'll have to pay more than $1,5 fee for an average sized (226 byte) transaction if you want a decent chance of getting a confirmation in less than an hour...

It breaks my heart to say this, but if you're dealing in micro payments, it might be a better idear to switch to an altcoin instead...

And pop goes the bubble...

This is what I feared. I suppose I have to weigh the novelty of buying $5 in btc vs the reality of buying $5 in btc.

Yeah, it sucks but right now the fees making sending small amounts of bitcoin uneconomical. Hopefully, a solution can be found that will help make micro transactions more affordable in the near future. Perhaps Segwit will help but we'll see.
mocacinno
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May 29, 2017, 06:28:52 AM
 #7

It's possible, but i wouldn't recommand buying $5 from anywhere... There are a couple of reasons:
1) you'll pay a hefty premium
2) the seller will pay a hefty fee (and pass this price on to you)
3) you'll start gathering dust outputs, so you'll have to pay a big fee if you want to spend those again.


At this moment, https://bitcoinfees.21.co/ tells me that at current BTC price, you'll have to pay more than $1,5 fee for an average sized (226 byte) transaction if you want a decent chance of getting a confirmation in less than an hour...

It breaks my heart to say this, but if you're dealing in micro payments, it might be a better idear to switch to an altcoin instead...

And pop goes the bubble...

This is what I feared. I suppose I have to weigh the novelty of buying $5 in btc vs the reality of buying $5 in btc.



I'm afraid so... If you buy $5 worth of btc, i'd be supprised if you could use your $5 to buy a $2,5 item using your BTC... At this point in time, i suppose you'd lose more than 50% in premium and miner's fees...
Don't worry tough: i'm confident that in a little while, a scaling sollution will popup, and i hope the fees will go down as a result of this (no guarantee tough, just an educated guess). It's just the wrong moment to start experimenting with micro payments and BTC.
Like I said: it breaks my heart to say this, but for micropayments, you might be better off using altcoins... I'm not really into altcoins, but if you picks an old, stable one with a good reputation, it should work for smaller payments...

A client of mine instisted in paying in ETH just this week, payed me 0.75 ETH, looked like an ordinary, small transaction, payed 8 cents in ETH fee...

Andrew1337
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May 29, 2017, 06:41:12 AM
 #8

The best way to purchase with a few dollars btc is to go to a zebrapay atm who accepts buying bitcoin with cash Smiley

gamerfan
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May 29, 2017, 06:43:49 AM
 #9

Yes, it possible, but not recommended for the reason already mentioned above.

Maybe it is better if you deposit your USD on an exchange and then start trading on altcoins. When you will earn more that 10$ worth of Bitcoin you will withdraw into your wallet.

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Doogsfx
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May 29, 2017, 06:59:11 AM
 #10

Yes, it possible, but not recommended for the reason already mentioned above.

Maybe it is better if you deposit your USD on an exchange and then start trading on altcoins. When you will earn more that 10$ worth of Bitcoin you will withdraw into your wallet.

Can you deposit $5 on an exchange?  Is that enough to start trading with?  And don't you need a separate wallet for each altcoin you trade or are those transactions stored on the exchange?

Like I mentioned above...I'm a complete newbie running on information overload. So many questions.
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May 29, 2017, 11:07:33 AM
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Yes, it possible, but not recommended for the reason already mentioned above.

Maybe it is better if you deposit your USD on an exchange and then start trading on altcoins. When you will earn more that 10$ worth of Bitcoin you will withdraw into your wallet.

Can you deposit $5 on an exchange?  Is that enough to start trading with?  And don't you need a separate wallet for each altcoin you trade or are those transactions stored on the exchange?

Like I mentioned above...I'm a complete newbie running on information overload. So many questions.
Don't worry, I know the feeling.  It'll clear up after a month or two and everything will make sense, as long as you're patient.

You could deposit $5 on an exchange, yeah.  If you wanted to do it on Coinbase for example, you could do it with a debit/credit card and accept high fees and ID verification.

On Coinbase you can buy Litecoin and ETH as well.

As for having separate wallets, yes and no.  If you wanted to have full control over those coins and their private keys, you would be best off having separate wallets or using a multi-coin wallet like Jaxx.  However, for $5 I would personally just keep it in Coinbase's "wallet" and spend from there.

If I were you in this situation I would probably go for Litecoin due to its legitimacy and, dare I say it, stability.  Good luck.

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May 30, 2017, 04:38:44 AM
 #12

Something's I guess you have to dive in head first and learn through trial and error.

I think I'll probably try the exchange route and consider my $5 deposit not as a financial investment but an educational investment.

Appreciate the input!
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May 30, 2017, 12:59:43 PM
 #13

Its possible though its not good amount and not recommended. I have not tried it yet and never gonna do that because when you deposit on exchange, your $5 will reduce because of the fee. When you buy altcoin exchange theres also fee. Some exchange charge .2% of altcoin you buy. Maybe if you deposit aleast $10-$15. I think that's a recommended deposit amount to start altcoin trading.


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tigershark
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May 30, 2017, 02:47:27 PM
 #14

Hello out there. I have never posted in any type of forum before so I apologize in advance if my question is repetitive to someone or if I unintentionally break forum rules, etc.  I will learn.  With that said, I feel like my head is about to explode!  I am new to the cryptoworld, not very tech savvy and while trying to self-educate myself I'm finding my initial enthusiasm waning. It has been a very long time since something has piqued my interest like bitcoin and the cryptoworld has done recently, and for someone like me who suffers with depression (along w/ other crap nobody wants to hear about), trying to learn what might be the simplest of things to one person is a frustrating challenge to me!

I have many many questions that I will hopefully ask and get answered over time, but the question I have right now is if anybody knows if their is a legitimate way to buy a few dollars of bitcoin?  I have a wallet (using Breadwallet) and I've been dying to put something in it. I don't have the patience to visit a hundred different faucet sites every hour of every day to earn the equivalent of a dollar!  I much rather pay that dollar to someone or some entity and buy that amount in bitcoin.

Is that possible?  To buy a few dollars worth of bitcoin (No more than $5-$10). If yes, would there be fees that would make that small purchase unrealistic.

I sincerely appreciate any and all feedback...especially if I can hit my first crypto goal...btc in my wallet.  Cheers all and MUCH LOVE!

You can buy small amounts but it will cost a lot in fees to move a small amount. If you buy it, you might need to just hold it there until you build it up with more buys.
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June 02, 2017, 05:57:18 PM
 #15

Localbitcoins allow you to do this. Most ttwders don't deal below $7 bit some do and I have bought only $6 worth of bitcoin s few times. It's not so easy to find since it's not really worth it in such a little amount. It's white pointless and wastes the traders time making the trader a few cents to facilitate a couple dollars transaction. Mostly I make transactions over $100

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