UAE: You can buy Bitcoin for even Dh500

UAE: You can buy Bitcoin for even Dh500

Bitcoin, the mother of all cryptocurrencies, price has hit an all-time high of $57,026, gaining over 18 per cent last week and more than 92 year year-to-date.

Its market capitalisation also crossed $1 trillion mark for the first-time ever following increased acceptance by billionaire investors gave it more credibility, the main factor behind its recently rally.

With each Bitcoin priced at $57,100-plus (Dh209,557) on Saturday evening, one wonders whether small retail investors can also invest in the digital currency because it is still rather a new investment avenue for majority of the people around the world.

"Actually that is the biggest misconception that many people have when they see the price of one Bitcoin. But the fact is that Bitcoin can be utilised for fractional payments or investments. Just like any currency has smaller units like dirham is equal to 100 fils. Similarly the smallest unit in Bitcoin is called as 1 Satoshi. For example with the current market price, 1 Satoshi (which is 8th decimal place of 1 Bitcoin or 100 million