The short answer is yes, you can. It’s impossible to buy 1 BTC for $100, but bitcoin can be divided into smaller parts, up to the smallest – Satoshi, equal to 0.00000001 BTC. Now (November 2020) 1 BTC ≈ $15,300. Thus, for $100 you can buy ~0.0065 BTC. Below we will look at a simple algorithm on how to invest in bitcoin for a beginner.
First, you should choose the method of buying and storing cryptocurrency. If you plan to trade, buy goods and services for crypto, it’s better to choose a hot wallet. If you want to buy cryptocurrency but don’t plan to use it soon, a cold wallet is better.
The hot wallet has permanent online access, so you can actively work with crypto coins. A cold wallet usually looks like an electronic device that looks like a USB flash drive. To use money, you first need to deposit it into a hot wallet.
There are two main ways to buy cryptocurrency online: exchanges and P2P platforms.
In the first case, you buy assets on the exchange and trade with other users. Exchanges provide different functionality and different trading tools that will help you make money. Some exchanges, for example, WhiteBIT offers demo tokens. This is a tool for trading without investing your own funds. It helps to get to know the platform functionality.
On a P2P platform, you can buy and sell bitcoins directly from other users. In this case, you just need to sign up and select the appropriate ad. If there is any relevant orders, you can create your own for any amount, including $100.
After choosing a platform you can sign up and buy cryptocurrency. During registration, you receive a crypto wallet where you can store the purchased bitcoins. To register on the exchange, you usually need to go through the KYC procedure. This is a user identification process. There is no KYC on P2P platforms. After registration, you immediately receive a wallet and can buy or sell bitcoin.
Bitcoin is the first, most popular and most requested cryptocurrency. But there are many other interesting coins. For example, Ethereum or Tether. Ethereum (ETH) is the blockchain of the same name and the second most popular cryptocurrency, while Tether (USDT) is a stablecoin backed by US dollars. For $100, you can buy ~0.22 ETH or ~100 USDT.
As you can see, if you have $100, you can safely invest it in bitcoin or other cryptocurrencies.