Satoshi (SATS), also called Sat coin, is a digital token that can be traded online with other cryptocurrencies. It shares a name with the pseudonym of Bitcoin’s (BTC) creator Satoshi Nakamoto. That’s not just a connection in name, though, as Satoshi coins are worth 1/1,000,000th of a Bitcoin. So, if Bitcoin’s rate is at $47,000, Satoshi’s rate will be $0.00047. This allows investors to buy numerous Satoshi coins for a fraction of what they would pay for a single Bitcoin. In this article, we explain where to buy sat coin, before explaining how to buy Satoshi (SATS).
Where to Buy Sat Coin?
Because Bitcoins can be so expensive, it’s tough for a lot of investors to ever own an entire Bitcoin token for themselves. With Satoshi’s much more than manageable cost, it is possible for even casual investors to feel like they own a larger stake of the total market supply.
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Purchasing Satoshi is similar to buying other types of cryptocurrencies. You’ll need to go through an online exchange to purchase it, but not all the exchanges offer it. Because it is ranked fairly low among all cryptocurrencies, you cannot simply exchange cash for Satoshi directly. It will probably be a long time before you can buy Satoshi directly through your bank account or through a major online payment service like PayPal.
You can buy some of the main crypto currency tokens like Bitcoin and Ethereum (ETH) that way, but Satoshi has to be purchased in a more roundabout way. Because it can be difficult for new investors to understand how to buy Satoshi, we have put together an in-depth guide to lead you step by step through the process.
1. Choose an Exchange – Where to Buy Sat Coin – We Recommend Binance
There are not very many exchanges right now where Satoshi coins are sold. CoinMarketCap does a good job of staying on top of which online currency exchanges sell specific crypto tokens. If you go to their Satoshi page, you can find a list of exchange platforms that currently allow investors to purchase this particular token. That is listed under the Market tab for each coin. If you are looking where to buy Sat coin, this is a good place to start. It will give you some idea of which exchanges you can use. You can also see how much Satoshi coins are worth while you are there. As the token gains popularity, more exchanges will pick it up, and it will be easier to purchase.
What you will likely find when you try to purchase Satoshi coins directly on exchanges that offer it is that you can’t buy it with US dollars, with a credit card, or through your bank account. It will probably have to be purchased using one of the more common forms of cryptocurrency, like Bitcoin. If you own Bitcoin or another easily tradeable cryptocurrency already, that’s going to save you a step. Otherwise, you can move on to the next step.
2. Buy Some Bitcoin
I would recommend buying Bitcoin as the crypto of choice to trade for Satoshi tokens. That’s primarily because Bitcoin is so widely used and easily transferable. It is accepted on so many websites and can be transferred through different exchanges. It is the most liquid of digital assets, which basically means it is the most functional and usable.
For the safest and most secure purchase of Bitcoin, I would recommend buying it through the Binance currency exchange platform. This is the top crypto currency exchange in the world, and it is an exchange platform that allows you to trade between different cryptocurrencies. It is known for having some of the lowest exchange fees and some of the best account security.
In order to buy Bitcoin through Binance, though, you will have to set up an account there, if you don’t already have one. You will need to link your debit/credit card to the Binance account or your bank account. If you are using your bank account to purchase Bitcoin on this site, you will send money via a service called Swift.
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When buying crypto any kind on Binance, you will have to choose how much you want to buy, as well as your payment method and which currency you are buying it in. For instance, you can choose to buy $50 worth of Bitcoin in US currency with your credit card. All of this is fairly simple and happens quickly with minimal transaction charges.
A note on purchasing crypto: Be sure you purchase the correct kind of cryptocurrency. There are several different kinds of Bitcoins, including Bitcoin Cash and Wrapped Bitcoin. All of these are different from classic Bitcoin. Make sure you pay attention to the asset symbol when purchasing a crypto token. Bitcoin is identified by BTC, whereas Wrapped Bitcoin is WBTC, and Bitcoin Cash is BCH. Those other types of Bitcoin are not as easily tradable with other cryptocurrencies. If you are looking to buy a minor crypto like Satoshi, you will save yourself some steps and make the process easier on yourself by having a widely traded crypto like Bitcoin in your account.
If this is your first time buying Bitcoin on Binance, you will need to upload a copy of your ID. This is only required for that first transaction, and after that, successive transactions are much quicker and simpler. The site will store your credentials for next time.
3. Transfer the Bitcoin
How to buy Satoshi once you have Bitcoin? Whether you’ve chosen to invest in Bitcoin or another type of cryptocurrency in the process to get Satoshi coins, you’re going to have to transfer that crypto to an altcoin exchange. These exchanges deal in less commonly traded coins that you may not find on some of the major exchanges. The transaction fees can be higher because they are not dealing with the massive number of transactions that an exchange platform like Binance would handle.
Once again, you will have to sign up for an account, like you did with Binance. You may be able to use an exchange like AAX or Huobi. Like I said earlier, CoinMarketcCap will have a list of exchanges on where to buy Sat coin from, but that may not be an exhaustive list. There may be other altcoin exchanges you can use if you do some searching.
Once your account is set up with the altcoin exchange, you should transfer over your Bitcoin from Binance onto the other exchange. This typically happens through a wallet storage system. If you’re using an exchange like Huobi, you can check the Balance button and choose the “Exchange Account” option. This should let you pick out which cryptocurrency token you want to bring over and then let you deposit it. You have to copy your crypto wallet address to make the exchange happen.
If you purchased your Bitcoin or other crypto on Binance, you will have to move back to that site and go to your wallet there. Choose the withdraw option and put your wallet deposit address from the altcoin exchange there. Choose the crypto you are depositing and how much you want to take out, and then submit the request. Depending on the security method you have set up with Binance or another exchange platform, you may have to enter a two-factor authorization code. The code might be sent to your email as well for your acknowledgement.
4. Purchase Sat Coins
The process for how to buy Satoshi can seem really long and complicated, but once you have the initial parts set up, future transactions will be much easier. After you’ve done every step I have listed so far, you should be able to use your deposited Bitcoins or other crypto on the altcoin exchange and purchase Satoshi coins from there. As I mentioned earlier, it’s important that you look for the trade symbol to make sure you are getting the right cryptocurrency. There are a lot of very similar looking coins out there, and if you are looking specifically for where to buy Sat coin on the altcoin exchange, look for Satoshi with the trade symbol SATS. Each trade symbol is unique and is comprised of only capital letters. No other cryptocurrency shares the same SATS trade symbol.
Satoshi Buying FAQ
Now, let’s answer some of the most commonly asked questions about Sat coins and what you can do with them.
Q. How do I store Satoshi coins?
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A. Cryptocurrency coins are usually stored in a digital wallet. This wallet will be accessible through the exchange you bought the coins from. As I showed you in the step-by-step process above, you can transfer crypto coins between different wallets across different exchanges, as long as you have that unique wallet address.
Online wallets are usually accessed through a passcode and provide a relatively safe method of storage for your crypto coins. However, they are susceptible to being hacked, which is something that happens frequently to cryptocurrency wallets. If you don’t want your cryptocurrency to be at risk of looting, you can store your crypto offline in a physical wallet. This is typically a flash drive that is also password protected. However, if you lose the flash drive, you have lost all the crypto stored on it. There is no way to regain whatever cryptocurrency you were keeping there.
Q. Will my Satoshi coins maintain value when stored offline?
A. The value of cryptocurrency changes all the time, and Satoshi coins are linked to the value of Bitcoin. Whether you store your Satoshi coins in a digital wallet online or in a physical flash drive wallet, the value is still going to change multiple times a day. The number of coins you have stored in your wallet won’t change unless you add to it or spend it, but the value of those coins when compared to any other currency is always fluctuating, regardless of how the coins are stored.
Q. What can I buy with Satoshi coins?
A. Once you understand how to buy Satoshi, you can use them to trade with other cryptocurrencies on accepted exchanges. While there are currently only a few exchanges where Satoshi coins can be purchased, that number may change in time and more crypto currency exchanges may make Satoshi available to investors.
Q. Is it legal to purchase Satoshi coins anywhere in the world?
A. Most countries have little to no regulations in place for the cryptocurrency market, partly because these digital assets are fairly new. However, some countries have severely limited how cryptocurrency can be used within their borders, while other countries have made cryptocurrency trading completely illegal for citizens and visitors to the country. Satoshi coins and every other kind of cryptocurrency are illegal in China (more info here), Iraq, Bangladesh, Egypt, and more. The buying and trading of cryptos like Satoshi are severely regulated in Russia, Zimbabwe, Vietnam, and other countries. Check your local laws to ensure that you are not engaging in any illegal activity by purchasing cryptocurrency.
Q. Are there risks to buying Satoshi coins?
A. We showed you how to buy Satoshi, but you may be curious as to whether it’s a good idea and if there are any risks involved. Cryptocurrency is considered a volatile asset. The price of just about every cryptocurrency changes from hour to hour. One day, the price could be quite high, and the next day, the price could have plummeted. Anyone investing in cryptocurrency is putting their money at risk and is not guaranteed to make a profit. It’s a good idea to closely watch cryptocurrency rates and pay attention to which way they are moving and how they behave before investing in any of them. Reading expert analysis of cryptocurrency trends can help you avoid losing your investment.
Q. Can Satoshi be purchased with cash?
A. Unfortunately not at this time, as this crypto is not currently available on exchanges that allow for direct transfers between banks. You will need to purchase a crypto coin of some kind (like Bitcoin) in order to add Satoshi coins to a digital wallet. Even sending Sat coins to your bank account will be a multi-step process, since you will need to trade it back for another crypto that your bank accepts.
We hope this guide on how to buy Satoshi (SATs) has been useful. Do you have any recommendations on where to buy sat coin? Let us know below!
Last Updated: January 3, 2022