Finding people who do not know or have heard about Bitcoins is challenging standing in the present day. Bitcoin has brought an evolution in the world of monetary policy. So, there would be no wrong to say that this digital money is the future of the world.
When it comes to converting the currency of a certain country into Bitcoin, it sounds complicated. But, if you take your time and get your hands on a reliable and easy platform, you won’t find it difficult anymore. If you are from the US and looking forward to converting US dollars into Bitcoin, you have come to the right place. We are going to share an easy way of converting USD to Bitcoin.
But, first, let’s have a look at what Bitcoin is.
What is Bitcoin?
Bitcoin is the number one pick of thousands of people who do not want to go for conventional time-consuming money exchange or transaction processes. It is the first-ever decentralized cryptocurrency that can be kept as an asset using public-key cryptography. It is probably the best invention in the world of digital currency up until now. From the time when it was developed for the first time, in 2009, it never had to look back. This digital currency uses a peer-to-peer network that allows online users to exchange their crypto whenever they want from every corner of the world.
But, now, the question is why bitcoin when you can get thousands of other hassle-free transaction methods open to you. Well, the answer is pretty straightforward. Being decentralized, bitcoin does not encompass any mediator and users get the autonomy of exchanging money between different states without getting controlled by any central authority. On the other hand, you do not have to pay a heavy transaction fee or any hidden charges during the bitcoin exchange.
All you have to do is to choose a valid and trustworthy crypto trading venue. You need a smartphone, computer, tablet, or any other digital device, and an internet connection. As long as you have these few things handy, you can continue your bitcoin buying and exchanging journey with ease.
Which countries use US dollars?
Several countries use US dollars as their main currency. These are:
American Samoa, British Indian Ocean Territory, Caribbean Netherlands, U.S. Outlying Islands, U.S. Virgin Islands, British Virgin Islands, Cambodia, Ecuador, Guam, Marshall Islands, El Salvador, Micronesia, Palau, Northern Mariana Islands, Panama, Timor-Leste, Puerto Rico, United States, Turks & Caicos Islands, and Zimbabwe.
So, if you live anywhere in these countries or want to exchange bitcoins with someone who lives in any of these countries, you must know the exact exchange rates and bitcoin converting processes.
Ways of converting USD to BTC:
In this case, you can take help from Valuta EX KW mobile application. It is a USD to BTCcurrency converter that helps tourists and residents of more than 150+ countries all around the world. This currency converter application effortlessly converts US dollars to bitcoins (BTC) and other currencies including Euro, Binance coins, Bitcoin cash, Brazilian Real, British Pound, Chinese Yuan, EOS, Hong Kong Dollars, Japanese Yen, Litecoin, Mexican Peso, Neo, Silver, Kuwaiti Dinar, XRP, and 150 others.
With this application, you can get an insight into the exact exchange rate of the US dollars with the precise transaction fees. To download this app, you can go to the Google Play Store or iOS App Store, which one seems convenient to you. The app is free, precise, cleanly designed, and always provides the right exchange value to users. The best part of this app is that you can not only convert USD to BTC using this app but also USD to other currencies and vice versa.
Firstly, write down the amount you want to convert into BTC in the blank space of the upper bar. Now, select the option in which you want to convert the money into. For instance, if you want to convert $1 into Bitcoin, select the “Bitcoin” option from the catalog. Press ok, and the app will show you the exact value within a few seconds.
Additionally, this app will show you some instant currency rates like $1, $5, $10,… $1000 when you opt for any option. Furthermore, users can see the rate, USD, transfer rate, and BTC rate with this app. The currency rate provided by Valuta EX KW is accurate and gets updated with time.
What is Satoshi?
Many people find the term, Satoshi, confusing while dealing with Bitcoins. In short, Satoshi refers to the smallest units of Bitcoin. Back in 2009, the famous Australian entrepreneur Mr. Craig Wright has alleged that he, is Satoshi Nakamoto, the inventor of Bitcoin. However, it’s not a fully proven fact, yet, according to the theory, the smallest unit of Bitcoin has been named after the inventor, Satoshi. So, there is a high chance that the name has come through this way.
So, according to this theory, you can divide each Bitcoin into eight decimal places. As a result, each Bitcoin can get sliced into 100 million, or 100,000,000 units. Every unit of a Bitcoin, which is equal to 0.00000001, is called one Satoshi.
With Calculator Satoshi to Bitcoin, it is now possible to convert the tiniest units of a Bitcoin into different currencies. Now, let’s have a look at the table below that will help you understand the value of Satoshi.
1 Satoshi= 0.00000001 Bitcoin
10 Satoshi= 0.00000010 Bitcoin
100 Satoshi= 0.00000100 Bitcoin
1,000 Satoshi= 0.00001000 Bitcoin
10,000 Satoshi= 0.00010000 Bitcoin
1,0,00,00 Satoshi= 0.00100000 Bitcoin
100,00,00 Satoshi= 0.01000000 Bitcoin
10,000,000 Satoshi= 0.10000000 Bitcoin
100,000,000 Satoshi= 1.00000000 Bitcoin
Hopefully, this article has effectively covered your needs of understanding how to convert USD to Bitcoins. Now, when you know the significance of Bitcoins and the methods of converting USD into Bitcoins, the journey ahead will be a smoother ride for you.
So, as long as you have a smartphone and internet access to the phone, you can know the exchange rate, transfer charges, and effortlessly convert the U.S. dollars into Bitcoin for free. Best of luck!