Today's episode I'll give you my top four cryptocurrencies that cost under $1 and have huge growth potential.l I'll go over a little bit about what each one does.
I'll make some predictions for the future and then I'd love to hear some feedback from you guys.
Basic investing advice and one of the things that I think we need to focus on is talking about the significance of a crypto-currency that's value is under $1 people seem to get very fixated on the amount of a cryptocurrency so for example with Bitcoin they said one Bitcoin is worth more than the price of gold and then a bunch of other people chime in and say that's crazy it can't possibly be worth that much.
I think that demonstrates a fundamental lack of understanding about the way that cryptocurrencies work because old cryptocurrencies a based on supply and demand.
So if you see a price in the marketplace it's what people are willing to pay. The fact that the crypto currency is worth under a dollar is really a psychological barrier that people have and a lot of times people say I don't want to invest in cryptocurrency because it's $3,400 and I think that the way of thinking is flawed because if you're going to invest in cryptocurrency you should be looking at the technology you should be looking at the industries that it's serving and you should be looking at its growth potential.
I think probably the most insignificant number is the number that the price that it actually is because with Bitcoin is possible to buy fractions of a Bitcoin.
I would much rather own .001 Bitcoin than 1,000 old coins that have no future and I just sort of a scam coin built on hype. So with that said I am going to give you my top 4 recommendations of cryptocurrencies that do cost under a $1, but I would encourage anybody that's interested in investing in the cryptocurrency space to do research on all the coins because earning a fraction of one really good coin, in my opinion, is much better than earning a ton of a crappy old coin.
My first choice for coins that cost less than $1 is IOTA.
IOTA has the potential to change the way we do payments and there's a huge difference in the IOTA technology to almost every other cryptocurrency out there. It is promising absolutely free transactions so if you are part of the network and you want to send a payment you need to use your device to confirm two payments. In that way just participating in the network is enough to get access to it.
So while the transaction fees on different Altcoins had been getting lower and lower and lower that's great and that's a huge improvement over Visa card MasterCard.
It's a massive improvement over the banks in that face structure it's still not free and it's hard to be free.
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IOTA created this concept and it promises to offer a completely free transaction system and that's going to allow for all types of microtransactions, it's going to allow for all types of implementation that I don't think we even thought of yet.It can be used to buy something that cost $0.01, it has so much potential that I don't know where the ceiling is.
If it doesn't get a critical mass and people are not going to use it then obviously there is a risk.
But if this becomes the main system and it becomes what is used by 6billion people in the world then the sky is the limit.
My next choice is Bitshares.
Bitshares is a real-time trading platform and it has some really unique features to it.
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It's established it's got a working product, it also has lots of applications that sit underneath bitshares. So while Bitshares is like for example the company if you want to think of it that way, BITUSD BITGLD which is big gold there are the services underneath it.
It offers a really good exchange platform,
It's a great way to trade different cryptocurrencies and it's also a way that you can convert for example Bitcoin into another cryptocurrency, BitUSD and you can safely hold bit USD which will always be worth $1 give or take 1% as opposed to being exposed to the volatility of the crypto markets.So because it's got these unique offerings and its already working in the market I think that it represents excellent value and solid business model and huge growth potential this cryptocurrency that's currently trading at $0.13c is my second favourite crypto
My third favourite cryptocurrency the cost less than $1 is Siacoin.This coin allows users to rent out their unused hard drive space and make money and one thing that makes this technology so appealing is it when I compared the price of using Sia coins storage solutions to Amazon AWS it was about 15% of the price.Siacoin has a variable pricing model so as more users add storage the price will go down as storage becomes scarce the price for storage will go up.
The nice part about this is because users are using their unused hard drive space as long as they can cover the cost of electricity while then everything else is profit for them.
So this technology has a huge potential to disrupt Amazon AWS Dropbox and Google Drive and for that reason and the fact that it's trading under $0.01 right now I think it has an incredible growth potential and it could really be disruptive in this Cloud storage industry.
Finally the last cryptocurrency that I liked costs and costs less than a dollar is Ripple.
Ripples trading at $0.13cents right now and it promises to help Banks and financial institutions with transactions and if you've ever been to a bank and realize how much money it cost to do a wire fee or how much they jack you when it comes to the transactions between foreign currencies.
You'll realize it they suck and everything slow and everything is really expensive and ripple can work with the banks or it can work without them.
But it will allow for this fast real-time transactions and it will be at a fraction of the cost.
Originally I didn't like this technology so much because it uses a centralized model and it sort of deviates away from the original blockchain concept but now as I'm understanding more and more about what the applications are and its potential I'm really starting to warm up to it and for that reason it's my fourth favorite currency.
I hope you enjoy reading today's Dail cryptocurrency Dose.
I'm always interested to find out what you think.