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I can see prices and do not understand how you buy Bitcoin. I was told you could buy as little as $1 worth. What would you get for $100? Nothing really helps me understand this.

Nick ODell
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Rebel
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    I'm not sure I understand your question. If $300 gets you one Bitcoin, $100 gets you a third of a Bitcoin. – Nick ODell Nov 09 '14 at 00:01

2 Answers2

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Think of it like dollars and cents, pounds and pence.

Current exchange rate is US$350/BTC = $0.35/mBTC

So $1 buys ~3 mBTC (ie ฿0.0003) . Likewise $100 buys ฿0.2895.

Use this formula:

Bitcoins bought = (purchase amount) / (exchange rate)

This is no different than any exchange rate. Check out XBT @ xe.com

Wizard Of Ozzie
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I would suggest buying a small amount from localbitcoins.com as a trial, make sure you choose a seller with an excellent rating and feel free to ask them a couple of questions - you'll find they are more often then not really nice guys.

The process generally involves you ordering a specific amount and paying via a bank transfer - you will be given their bank details once you submit the request. Login to your online banking and send the money, they will release the coins to your localbitcoins wallet once they see the payment in their bank account. You can then transfer the coins to a proper wallet as it's not advised to store coins there long-term.

George
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