Also, this is not so effective ever since the transfer fees have been increasing. These small units are called Satoshi. He feels slightly awkward writing about himself in the third person but admits that it sounds much more epic. As seen above, you can buy a fraction of a bitcoin , all the way down to 1 Satoshi many fractions of a penny. You may have heard bitcoin referred to as a cryptocurrency. Bitcoin works like cash, but with the advantages of credit cards. Some bitcoin purists advise against holding your cryptocurrency in an exchange-based wallet or any digital wallet for that matter.