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Author Topic: You don't have to buy a whole Bitcoin! You can buy partial!  (Read 5388 times)
BittBurger
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November 18, 2013, 03:18:42 AM
 #1

The public needs to know this.

More than *three* people have told me recently they "missed out" on the Bitcoin thing because "Bitcoin is $550 now and too expensive".

Nobody realizes they can buy partial coins.

I realize this has been discussed already but I want a thread front and center on the general forum, so that people researching bitcoin see it and internalize it.

I truly believe if the general public doesn't realize they can buy 0.005 BTC and still make a profit, they wont buy at all, and that is going to adversely affect the success of the market.

Right now is when the general public is thinking of hopping on board.

How can we get the word out?

The exchanges must update their websites as soon as possible to make buying BTC in partial amounts a more obvious thing.

Im going to PM Olaf from Coinbase about this right now... i think its severely important for continued purchases.

Buy and hold, dummies.
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dominicwin
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November 18, 2013, 03:25:48 AM
 #2

The public needs to know this.

More than *three* people have told me recently they "missed out" on the Bitcoin thing because "Bitcoin is $550 now and too expensive".

Nobody realizes they can buy partial coins.

I realize this has been discussed already but I want a thread front and center on the general forum, so that people researching bitcoin see it and internalize it.

I truly believe if the general public doesn't realize they can buy 0.005 BTC and still make a profit, they wont buy at all, and that is going to adversely affect the success of the market.

Right now is when the general public is thinking of hopping on board.

How can we get the word out?

The exchanges must update their websites as soon as possible to make buying BTC in partial amounts a more obvious thing.

Im going to PM Olaf from Coinbase about this right now... i think its severely important for continued purchases.


I heard the same thing a number of times in real life, then I just give them the analogy of a dollar and how it breaks up into cents.

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November 18, 2013, 03:48:19 AM
 #3

Just let them know that millibitcoins are going for about 50 cents each.  Wink

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November 18, 2013, 04:00:38 AM
 #4

When it hits 1000 it will be $1 each Smiley

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November 18, 2013, 04:49:59 AM
 #5

You can still buy a million satoshis for about $5 to $6.

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November 18, 2013, 08:52:11 AM
 #6

It does just sound like such a basic thing, but I do think its a big issue, and I have had to explain to many, many people that you can indeed buy fractions of bitcoin. The sooner exchanges (and even bitcoinity!) start quoting mBtc as well as Btc prices, the sooner this should help people to stop thinking "OMG $500 per coin, oh well too much for me to get involved now."

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November 18, 2013, 09:09:41 AM
 #7

Instead of thinking that way, what I was thinking about as this price hit 618 points and the future trends 1000 points for one btc, is the possibility of giving somebody a dime, and watching that seed grow into a mighty dollar.

At this rate even a quarter could make you 5 dollars.

What do you think about that?


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junshong
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November 18, 2013, 09:47:22 AM
 #8

But last time: 0.01= $1
Now= 0.01= $5

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November 18, 2013, 09:48:43 AM
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Of  course you don't have to buy a whole Bitcoin , of course you can buy partials , but it's far better to buy a few Bitcoins. Cheesy

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November 18, 2013, 02:21:55 PM
 #10

Good.

People who don't even unterstand the basics of bitcoin should probably not invest in the first place.

A large influx of naive investors, who don't get the concepts behind bitcoin and only buy because "the price is going up", could be very damaging at this stage.

They are going to become panic sellers at the slightest sign of trouble, and we are going to see yet another massive crash.

Growth is good but it should be gradual and organic.

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November 18, 2013, 02:50:13 PM
 #11

It's insane, the mental block behind buying partial bitcoin.

Here I am telling people at 14$ a BTC to get in on it, and then it jumps in price and they say it's too expensive. I agreed with them.

What stopped me from buying partial bitcoin?? I knew I could, but the constant idea running rampant in my mind was that I had to get a whole bitcoin or more for it to mean anything.

What a silly thought.

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November 18, 2013, 02:53:54 PM
 #12

It's insane, the mental block behind buying partial bitcoin.

Here I am telling people at 14$ a BTC to get in on it, and then it jumps in price and they say it's too expensive. I agreed with them.

What stopped me from buying partial bitcoin?? I knew I could, but the constant idea running rampant in my mind was that I had to get a whole bitcoin or more for it to mean anything.

What a silly thought.

People think of if in terms of tangibles.

People don't want to buy a tenth of a bag of potato chips.

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November 18, 2013, 05:52:22 PM
 #13

Good.

People who don't even unterstand the basics of bitcoin should probably not invest in the first place.

A large influx of naive investors, who don't get the concepts behind bitcoin and only buy because "the price is going up", could be very damaging at this stage.

They are going to become panic sellers at the slightest sign of trouble, and we are going to see yet another massive crash.

Growth is good but it should be gradual and organic.

What is bad about that?

Am I the only one hoping for a crash?

Let those morons panic, get their asses kicked and then open up the door for people like me to stockpile. Bring it on.

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November 18, 2013, 06:38:55 PM
 #14

I tell people that they should ignore the price of bitcoin and look at the investment as you would a stock or commodity. I don't look at gold and say, well it's not an OZ of gold so it's not worthwhile or look at appl and say well if I can't buy 100 shares it's not gonna happen. Just look at the value of the investment in dollars, besides its what most people can relate to anyway. It matters not how much you buy if it goes up another 3000%, your investment converted to dollars also goes up 3000%.
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November 18, 2013, 07:59:51 PM
 #15

If they cant even do enough research to understand easy things like that there is no hope for them to keep their coins secure or really be able to do anything with their bitcoins, so it's not a huge loss to the community.
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November 18, 2013, 08:36:34 PM
 #16

Just tell that bitcoin is like gold and that one bitcoin is like one kilogram, because it was needed a "unit of weight" - so to speak.
You can buy any amount you want up pretty much like with gold. Bitcoin is something like digital gold that exists in the cloud associated with bitcoin addresses that someone may be in control of.

I think it is better to say "to get to control a bitcoin address" than to say "to create a bitcoin address".

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November 18, 2013, 08:41:45 PM
 #17

This sounds so elitist. Its like a Wall Street banker telling someone, "What, you cant afford a new Lexus? Look on the bright side! At least you can still buy the match box car version."

Of course people realize they can buy partial coins, but the point is they dont want to, because they can see where this is headed.
BittBurger
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November 18, 2013, 10:21:22 PM
 #18

This sounds so elitist. Its like a Wall Street banker telling someone, "What, you cant afford a new Lexus? Look on the bright side! At least you can still buy the match box car version."

Of course people realize they can buy partial coins, but the point is they dont want to, because they can see where this is headed.
No they dont realize it.

Apparently you don't talk to the general public much.

I do.

Three people in the last 2 days have said they can't invest in bitcoin because its too expensive at $500.

I put that in my original post above.  Guess you missed it.  Or thought I was making it up.

The public does not understand this.  Not everyone hangs out on bitcointalk.org ...

Buy and hold, dummies.
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November 18, 2013, 10:24:21 PM
 #19

This sounds so elitist. Its like a Wall Street banker telling someone, "What, you cant afford a new Lexus? Look on the bright side! At least you can still buy the match box car version."

Of course people realize they can buy partial coins, but the point is they dont want to, because they can see where this is headed.

You're making assumptions; this is a grave error, and it's simple to see why.  I have met people who are under the impression you cannot purchase a fraction of a bitcoin, only the whole thing, and so we should make people aware that you don't have to buy an entire one if you're hoping to buy.

The second error is comparing something divisible like a currency to a car; I'd call this apples and oranges, but at least those are still fruit.

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November 18, 2013, 10:42:14 PM
 #20

It's insane, the mental block behind buying partial bitcoin.

Here I am telling people at 14$ a BTC to get in on it, and then it jumps in price and they say it's too expensive. I agreed with them.

What stopped me from buying partial bitcoin?? I knew I could, but the constant idea running rampant in my mind was that I had to get a whole bitcoin or more for it to mean anything.

What a silly thought.

I crossed that when the price hit $30 the first time this year.  I was all for buying a Bitcoin at $20, but that week I couldn't quite do $30.  Then I realized - and if you read my posts from back then you see I quit talking about "Bitcoins" and started posting things like "0.8 Bitcoin".

Anyway, no need to do anything - the market will reward those who take advantage of this fact, which will help the information propagate.
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