You can buy Bitcoin with as little as $100. Bitcoin investment is even possible with an amount lower than that, and the process is pretty simple. However, because the essence of buying Bitcoin stems from the intent of buying and selling at a price higher than its purchase price much later, there’s a need to understand how the crypto market works.
Also, note that the crypto facility used for every crypto operation must tally with the operation you intend to carry out. For instance, while Binance is one of the best crypto trading facilities as it features multiple trading features, Dart Africa better suffices for crypto-to-cash conversion.
This article is tailored to walk you through how to convert $100 to BTC employing different Bitcoin purchasing methods.
Buying Bitcoin With $100; How To Begin
You can buy Bitcoin with $100 from decentralized exchanges (DEX) or a local crypto vendor. Buying BTC from a DEX has two options; via a credit card linked to your DEX account and buying via the P2P section on the DEX. The latter involves an offline payment to a BTC seller in exchange for the equivalent BTC amount to your crypto wallet.
A step-by-step guide to buying $100 worth of BTC from a DEX (Binance in this case)
- 1. Buying $100 BTC via credit card
First, you’ll have to link your credit card to your DEX account. Tap on the “wallet” option on the bottom right end of the home of your dashboard.
Next, you’ll need to deposit money into the account. You’re simply buying BUSD with local currency. Tap on the “Buy” option as shown below. The BUSD is the Binance native coin, it’s fiat-backed, pegged to the dollar, and is used primarily to avoid crypto volatility and to purchase other coins on the Binance exchange.
Tapping on “Buy” brings you to a new dashboard where you’re shown two purchase options; your debit card and P2P.
Upon choosing the debit card option, you’ll be directed to the box to input the amount (in EUR) of your choice (although not below 15 EUR).
The example above shows an imputed 20 EUR. Decide on your amount and tap on the “confirm” button at the bottom of the page. The next page takes you to where you’ll input your credit card details.
Upon inputting the card details and confirming the transaction, you’ll be debited from your local bank account while the BUSD is sent to your wallet address. Thereon, you can convert your BUSD to BTC on the exchange.
Although you can directly buy BTC following the explained process, choose it as the initial coin of purchase. The essence of first buying BUSD is to buy time to decide on what trading strategy to adopt without being prone to Bitcoin’s volatility.
2. Buying $100 BTC via P2P
P2P on decentralized exchanges means peer-to-peer. It’s the section where buyers and sellers meet to trade crypto assets. Each trading offer comes with varying trading conditions like a choice of payment options, rate, and other things.
To buy $100 worth of Bitcoin on a crypto exchange leveraging the P2P, precisely on Binance first, access the “trade” option on the home page. It sits underneath the screen as shown below.
On the same page are several options that sit just right atop the screen, choose P2P.
This brings you to a new page. You can either strike a “buy” or “sell” deal. Choose “buy.” There is a list of crypto options there too, choose BTC as shown below. Now, you have tons of transaction offers. You can search for a $100 worth of Bitcoin option, or initiate a transaction by yourself.
Converting Crypto To Cash
A common difficulty people experience is in converting their crypto assets to fiat. This is especially difficult for Nigerians as traceable crypto transactions to their local bank account mean sanctions on their accounts. However, some crypto facilities like Dart Africa make this process seamless and fast.
All that is required is to sign up on the platform by inputting some important details such as phone number, country of origin, username, and email. Then attach a local bank account to it. As seen from reviews, the common reasons that keep users glued to this platform are tied to, first, the conversion rate (always displayed first on the platform’s coin calculator, showing in local currency, the equivalent sum of any coin to be converted), then a swift payment time. The customer service and user-first structure of Dart Africa contribute to the betterment of users’ experiences too. It is only sad that this platform offers its services solely to Nigerian and Ghanaian crypto traders.
Converting your $100 to BTC is pretty simple following the right pathway. There are literally hundreds of trading facilities to adopt, although not all of them drive better user experience. The difficulty is in understanding the different trading strategies there are, and employing ideal trading techniques that align with the market behavior at a specific time to promote gains.