I have been hanging out in this forum for quite some time now, trying to learn about bitcoin and cryptocurrency but I admit sometimes it is overwhelming. So my question is: 1. is there a minimum amount required to buy bitcoin? 2. if it's like any form of online payments, can it be used/withdrawn to an actual money or just online? Thanks! Any advice/tips will help.
1.
In theory you should be able to buy even 1 satoshi, which is still way under one cent. In reality you have some restrictions:
* The exchange you'll use for buying Bitcoin may have a minimum amount for transactions.
I've read here that Coinbase has a minimum of 2$.
* Bitcoin network will not let you transfer less than a certain amount, I think it's 0.00005500
BTC (0.36$)
* Bitcoin network requires you pay a fee for the transaction to be processed. Minimum is 1 satoshi/byte, which nowadays is about one cent per transaction, if you are not in a hurry.
* The exchange you are buying from may require a "withdraw fee" (they usually pay more for the network fee for fast processing and may also keep some for themselves). This depends from exchange to exchange and may be even 8$ at current Bitcoin prices.
All in all I don't recommend you buy less than 10$ worth of Bitcoin and if you plan to buy "tomorrow" some more, try to withdraw to your own wallet in batches.
2.
There are services where you can pay directly with Bitcoin. There are exchanges that will change your Bitcoin back to $ which you can transfer to your bank account. There are debit cards where you convert Bitcoin into $ and spend or withdraw the dollars (or your local currency) from them. There are businesses which convert your Bitcoin into PayPal, Western Union and many other means of transfer money.
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Whatever you do, ask around first about the exchange/business you work with since we talk here about money and some businesses are scams. As a result, a reputation check / a feedback from a couple of users never hurts.