You want to “play Bitcoin” tell people. But do not know how much money to play Bitcoin?
You don't need billions of dong to buy Bitcoin. And the fact that 1 million dong is not needed.
Of course, if you have tens of billions, you can buy it if you want. But if it were me, I wouldn't do it. Because investing is always risky.
If you are new, try to buy Bitcoin for only 10,000 VND.
So how to start playing Bitcoin with the smallest amount. I will answer in the next post!
What is Bitcoin Investment?
At the beginning of this article, I put the word "playing Bitcoin" in quotes. Actually this is not a game.
See more: How to play Bitcoin for beginners
If you want to play, that's okay too!
But if you want to make money, I think it is more correct to use the word investment.
Investing is when you buy low sell high and profit from the difference.
Maybe you will be lucky to win a few times. But in the long run, new knowledge and experience will help you to be in the top 5% winners.
Is it illegal to play Bitcoin?
Vietnam currently has no regulations on cryptocurrency investment.
In 2017 the Government officially announced that Bitcoin will not be considered a currency.
So if you use it to trade or exchange like buying things in shops, supermarkets, and cafes, it will be against the law.
And you buy and sell it as a commodity, no one prohibits it.
But there is also no one to protect you when crypto-related scams happen (if any).
So always protect your wallet!
How much money do you need to play Bitcoin?
If today is your birthday. If you go to a cake shop and say buy 1/3 of a cake because you don't have enough money, no one will sell it to you.
Therefore, some people think that they need to buy 1 Bitcoin to play Bitcoin.
Bitcoin price as you read this article is:
The reality is that Bitcoin is divided into smaller units called Satoshis. Named after the founder of this coin.
Satoshi is a person or group of people or an organization that no one knows.
- 1 Bitcoin = 100,000,000 Satoshi (one hundred million). Hay
- 1 Satoshi = 0.00000001 Bitcoin (one hundred millionth)
So if 1 Bitcoin costs 1 billion VND, 1 satoshi will cost 10 VND.
If you have a certain Bitcoin number like 0.00006886 then you can easily read it as 6.886 satoshi.
If you want to know how much Bitcoin is, type this line in Google is to be "0.00006886 btc = VND“.
But that's still troublesome! In short, how much does it cost to play Bitcoin?
You don't need to remember what that satoshi does. On the Remitano exchange, just enter the amount of VND you want to buy Bitcoin.
See more: Buy Bitcoin with MoMo in 3 simple ways!
For example, if you want to buy 10,000 VND of Bitcoin, enter 10,000 VND in the box and click buy.
10 seconds later the Bitcoin will be in your wallet.
With the world's No. 1 exchange is Binance, you will need at least 150,000 VND in your bank account to buy BTC via P2P.
The interface on Binance exchange is a bit confusing for newbies so I recommend you to buy some Bitcoin first on Remitano.
If you buy less, you don't need to verify your identity.
It only takes 3 minutes to register, then top up and buy immediately.
See more: Sign up for Remitano 2022 [Detailed Instructions]
In a nutshell: How much does it cost to play Bitcoin:
- At least 10,000 VND on Remitano
- Minimum VND 150,000 on Binance exchange for P2P trading (ie between 2 users) and at least $10 if spot trading (Spot); $1 per purchase if you buy through Auto Invest or Swap
- Other international exchanges, the minimum amount to buy Bitcoin is similar to Binance
- There is no limit to the maximum amount you can buy. But on Remitano exchange to buy more than $100 per day, you have to verify your identity
See more: Sign up for Binance 2022 [Latest Guide]
So you know how much money it takes to play Bitcoin, right? But what if you want to sell?
For example, you just bought 1 dollar of Bitcoin on Binance exchange. Now you don't want to play anymore.
Then you can use the Swap feature to convert that BTC to USDT or BUSD if you want.
The minimum amount of BTC needed to swap is 0.0005 BTC. If BTC price is $20,000 then this BTC is worth about $1.
DCA: Effective Bitcoin Investment Strategy
You may be asking: Get 10k to buy Bitcoin and when will you be rich?
In fact, the right and most effective way to invest lies in your strategy, not the initial capital.
This money only helps you get acquainted with the market and master how to buy and sell.
Of course, after you know how to invest and make sustainable profits when the market wobbles, you can invest as much as you want.
As long as you keep the risk under control.
You can either surf or hold for long. But in my opinion the best way is long-term investment.
If you have little capital, you can spend 5% of your monthly salary to buy Bitcoin regardless of the price.
NOTE: This is not investment advice! Do your research and make your own decision!
For example, if your income is 10 million / month, you can spend 500k to invest in Bitcoin if you want.
See also: 2 how to invest bitcoin for beginners
This is the form of DCA (Price Averaging).
For example, you can buy and spend from 10,000 VND – 20,000 VND to buy Bitcoin regularly every day on Remitano exchange.
As for Binance, they recently launched the feature Automatic investment (Auto Invest).
You can set a schedule to automatically buy a certain coin periodically. For example, every day at 8 am, automatically buy $1 BTC for example….
So, I have just answered the question of how much money does it take to play Bitcoin.
Wish you success!
How much money does it take to play Bitcoin: Some frequently asked questions
Can I buy Bitcoin retail?
1 Bitcoin is divided into 100,000,000 satoshis. So you can completely buy Bitcoin retail based on the amount of capital you have.
How much is the minimum to buy Bitcoin?
Depends on the exchange. For example, on Remitano you can buy Bitcoin for only 10,000 VND.
How much money do you need to play Binance?
You need at least 150,000 VND to be able to buy and sell P2P on the Binance exchange.