5 Best penny cryptocurrency to buy now – altcoins with high potential 2020
Sadly, it is impossible to predict any other cryptocurrency will see the same astronomical growth that Bitcoin experienced over the last few years.
But don’t lose heart there are still few penny cryptocurrencies to buy now which can potentially return 10x-100x of their initial investment.
In this article, we will specifically look for the best cryptocurrencies to buy now which are valued under $1 (Which we also called as penny cryptocurrency) and can explode in the near future
Mind it not every penny cryptocurrency i.e. valued under 1$ will explode in the future.
But after a little bit of exploring and research, I have listed 5 Best cryptocurrency to buy now which has the potential to return higher profits and are currently priced under 1$
Things considered before choosing the best cryptocurrency to buy now under 1$.
- Before buying a cryptocurrency it is important to consider the business proposition of the crypto startup (The platform which launches the cryptocurrency).
- Try to give a good look at the team behind the project. Their experience, mission, and plan to accomplish the mission.
- Before investing in the cryptocurrency, learn about the underlying technology and the main function of the cryptocurrency. Whether it is launched as the ‘security token'( like a stock of a company) or ‘utility token’ ( coins redeemed for the services).
- Study the cryptocurrency whitepaper
According to Wikipedia
A white paper is an authoritative report or guide that informs readers concisely about a complex issue and presents the issuing body’s philosophy on the matter. It is meant to help readers understand an issue, solve a problem, or make a decision
- Give a deep insight into the total supply of the cryptocurrency and the circulating supply of the coin. Total supply means the maximum amount of coins that can enter the market.
Both these figures become important in evaluating the value of the crypto project. The cryptocurrencies with low price generally have a high number of the total supply.
- Analyzed the past price trends of the cryptocurrency to buy now. History tends to repeat itself.
The price trends of the cryptocurrency give precise info that how low the price of a cryptocurrency is bound to get. It helps in managing the risk involved while investing in the cryptocurrency.
- The final resource before choosing the “best penny cryptocurrency to buy now” is the cryptocurrency community itself. I have gone through the tons of public sentiments and comments on various cryptocurrency public forums and talk sites.
5 Best penny cryptocurrency to buy now with high potential 2020
1. Ravencoin – One of the Best penny cryptocurrency to buy now
Ravencoin is the first best penny cryptocurrency to buy now in 2020
Ravencoin whitepaper compares their tokens to the ravens of Westeros (Games of Thrones)
The name Ravencoin itself is inspired by the world of Westeros from Game of Thrones.
“Ravencoin is a peer-to-peer blockchain, handling the efficient creation and transfer of assets from one party to another”
As ravens used to send statements of truth from one party to another similarily Ravencoin is designed to prove the authenticity of an asset.
Ravencoin is a fork of Bitcoin and therefore uses Bitcoin’s UTXO model. But there is a huge difference between Ravencoin and other altcoins.
Bitcoin blockchain also allows transferring assets on their blockchain. But Bitcoin and other altcoins are not specialized for this purpose.
Ravencoin specializes in to create and trade any real-world asset like (Gold) and digital assets like (games software, gift cards, etc) on the network.
Differences between Ravencoin and Bitcoin
- The number of coins issued is 21 Billion in comparison to 21 Million Bitcoins.
- The block rewards time is reduced to 1 minute which is 1/10th of the Bitcoin block time.
- Ravencoin uses X16R algorithm. It prevents ASIC mining. Whereas Bitcoin uses the SHA-256 hashing algorithm.
- The basic difference is the Assets (tokens) can be created by Raven protocol users without the need for mining. But each token should have a unique name. The unique asset token is created by burning a specific number of Ravencoin. Currently, it requires 500 Ravencoin to issue an asset. The tokens can represent any real-world asset like (Paintings, gold brick, land deeds, etc ) or the digital assets like ( gaming software, virtual gift cards, etc) and much more.
- Another major difference is Ravencoin-system (Bitcoin-like system) prevents someone from accidentally destroying the asset (tokens) and there is no need to send Bitcoin with every transaction which is charged as a transaction fee.
Reasons to invest in Raven coin
- The Ravencoin ecosystem provides proof of ownership to the assets you transfer on the network. Whether you transfer them to your friend’s wallet or to an exchange wallet.
- The assets can’t be destroyed.
- Unlike other cryptocurrencies, you will not charge with a transaction fee in the case of transfer of RVN tokens.
- The Ravencoin project is heavily backed by Overstock.com.
- Overstock.com is a cryptocurrency firm that specializes in finding the big crypto project. Overstock has put millions of dollars into teams for Ravencoin.
Bitshares token (BTS) is second on the list of Best penny cryptocurrency to buy now with high potential in 2020.
Bitshares is a decentralized exchange launched in 2014 earlier known as “proto shares’.
It is an open-source financial platform or trading platform that works on Blockchain technology.
The main benefit is you can stick with your traditional trading paradigms along with the advantages of the decentralization and security through Consensus mechanism of the Blockchain Technology.
Unlike Bitcoin, BitShares’ main goal is not to be a peer-to-peer currency.
But Bitshares is a smart contract network where tokens may be exchanged for BTS which can intern be exchanged for bitAssets, smart coin related to real-life assets like Bit-USD, Bit-GOLD, silver, shares, etc.
Hence, the businesses can create shares of their company via the BTS blockchain. If a company makes the profit than these tokenized shares can be delivered as dividends to the holders.
Bitshares also overcome the slow transaction speed of Bitcoin currency with no extra transaction fee.
The network is capable of handling 100,000 transactions per second which are higher than the Visa and MasterCard networks put together.
BTS is also pegged to US dollars the same as in the case of Tether.
Hence if you hold Bitshares BitUSD, your money is pegged.
Unlike Tether blockchain which is centralized and got hacked in the past.
But as Bitshares network is decentralized hence you can’t lose your Bit-USD even if network got hacked as you own your tokens.
Undoubtedly Bitshares network has a lot of potentials to make a significant impact on the cryptocurrency world.
BTS is currently priced at $0.0625. You can expect a high return 10x to 100x in the coming years.
Bytecoin coin is the cryptocurrency of Bytecoin network around since 2012.
Bytecoin has taken anonymity to a whole new level.
Bytecoin is a project incorporates all the best Bitcoin has to offer while taking into account all Bitcoin shortcomings.
Bitcoin, along with other altcoins, provides better anonymity than transactions in comparison to Fiat currency (USD, EURO, Pound Sterling, INR, etc)
But transactions on these networks are not completely anonymous i.e transaction address and amount of the cryptocurrency used in the transaction can be tracked.
On the blockchain, the address of sender and receiver is stored. So does the amount of cryptocurrency used in the transaction.
Unlike the Bitcoin network, Bytecoin uses Cryptonote technology.
Cryptonote protocol uses ring signature technology in their transactions. Which unable to precisely pinpoint the members involved in a transaction.
As ring signatures are shared by multiple users. You can distinguish which group of users made a transaction but can’t pinpoint the specific user who made the transaction in that group.
Bytecoin network takes 2 minutes to confirm a block whereas Bitcoin network takes 10 minutes. Hence Bytecoin transactions are faster than Bitcoin transactions.
Bytecoin also uses proof of work like Bitcoin but there is a difference between the algorithm uses by both cryptocurrency.
Bitcoin uses the “SHA-256 algorithm” in its mining process. Which allows people with the most expensive piece of hardware to get higher rewards.
Bytecoin uses “Egalitarian Proof-of-Work” which allows people to mine using basic GPU’s and CPU’s, making it a much fairer system.
BCN is the native cryptocurrency of the Bytecoin network with a maximum supply of 184,470,000,000 coins.
Bytecoin network has a wide growing community.
BCN is priced at $0.0009 currently and has a huge potential to give a high return on investment in the coming few years.
BCN is certainly one of the best penny cryptocurrency to buy now with huge potential. It is assumed that at the end of 2019 BCN price can be 1000% of the current BCN price.
IOST (Internet of Services) aims to provide a solid and fast infrastructure to internet service providers.
IOST is Created by highly qualified blockchain experts- Terence Wang, Jimmy Zhong, Kelvin Tan, and Ray Xiao.
The cryptocurrency was launched as an ICO in January 2018. Forty percent was sold at launch and was mainly available to institution investors
Since its launch, IOST has received investments from Sequoia, Zhenfund, Banyan Capital, Alphacoin fund, Nirvana capital, Dfund, and more.
IOST blockchain is publicized as “the secure, scalable blockchain that actually works.”
IOST targets scalability and high transaction throughput as tangible measures for improving the blockchain.
However, IOST creators have built it over the Ethereum network. But IOST has much higher transaction speed than Ethereum network. IOS network promises up to 100,000 transactions per second.
To improve speed and scalability, IOST uses a Proof of Believability consensus mechanism. In this system, the node is validated based on its past contributions and behavior.
This eliminates the need for mining, which has few drawbacks. In the case of Bitcoin, it uses ‘Proof-of-Work” consensus algorithm. Which has come under a lot of criticization for consuming a lot of electricity to mine a block and also for limiting capability?
To overcome this Ethereum uses proof of stake consensus mechanisms that is inexpensive and more capable.
IOST proof of Believability consensus mechanism takes this a step further in order to provide a more intelligent blockchain.
IOStoken uses a few more methods to improves the scalability.
- EDS (Efficient Distributed Sharding) – Partitioning the IOS network into subspaces by randomly assigning different nodes to work together. This helps in processing thousands, lacs of transactions in seconds.
- HUDS (Hyper Universe Distributed System) It acts as a decentralized, secure way to store information.
- FTFS (Fair & Transparent Feedback System) allows platforms on IOST blockchain to receive authentic feedback from users.
- Atomix is a fast grade commit protocol to enforce consistency among cross-shard transactions.
- BRDR (Bias Resistant Distributed Randomness) mechanism helps introduce unbiased randomness into the network both effectively and securely.
- Scaleout facilitates perfect partitioning state for multiple groups handles in parallel.
Lately, IOST had made impressive strides in crypto technology. In mid- April 2019 the IOST network processed more transactions than Ethereum’s blockchain.
IOS network is developed for enterprise-level businesses.
IOST is one of the best penny cryptocurrency to buy now. It has partnered with a lot of companies and offers solutions to large enterprises as well as medium-sized enterprises.
IOST is currently priced at 0.011$ and one of penny cryptocurrency to invest in 2020 with huge potential.
Zilliqa is also a new generation public blockchain platform to solve the issue of scalability.
Zilliqa is the third generation of blockchain platform which aims to solve the issues persisted with older cryptocurrencies like Bitcoin and Ethereum. Bitcoin is regarded as the first generation of the blockchain platform and Ethereum is the second generation blockchain platform.
As Bitcoin grows, its digital ledgers become larger and slower to process. The Bitcoin network can only process around 6 transactions per second. The average Bitcoin transaction time is about 10-15 minutes but occasionally it can take more than an hour and the transaction fee is rising accordingly.
The same goes for Ethereum network which has become slower according to time. For example, the popularity of Crypto Kitties has slowed Ethereum, reflecting the limits of the network. The Ethereum network can process around 20 transactions per second. Which are comparatively smaller then VISA, Master Card which can process 200 transactions per second.
Zilliqa network solves this problem by the process called “Sharding”. Sharding means dividing the network into groups of nodes called shards. Each shard is made up of 600 nodes. Shards operate like mini-blockchain networks.
Each Shard process transactions separately from each other rather than as a group. This allows a lot of transactions. On top of this network will make faster transactions as it grows. The more shards there are, the more transactions they can process.
Which are exactly the opposite of Bitcoin and Ethereum blockchain network? This is because every node is involved in deciding whether or not a block is valid. As the more nodes join the network, the longer it will take to reach a consensus or to validate a transaction.
Zilliqa has a token (ZIL) for its ecosystem. Similar to other platforms like Ethereum or NEO, the ZIL token serves as a mining reward or a contract to pay the transaction fees. As Zilliqa token (ZIL) is based on the Ethereum blockchain. Zilliqa coin is also known as an ERC-20 token.
Zilliqa ICO was started in 2017. The Zilliqa ICO raised 22 million USD within its first week of the launch.
The total supply of Zilliqa coin is 12.6 billion. 9.15 B ZIL is in circulation at the time of writing the post. Zilliqa ICO was launched at 0.0038 USD / token. Currently, the price of a single Zilliqa coin is $0.0226. It is bound to grow with time. Zilliqa coin without a doubt is one of the best penny cryptocurrency to buy now with high potential to deliver huge profits in the future.
Always store your cryptocurrencies in the hardware wallet Read below