Last Updated on October 3, 2020 by harsh vasistha
7 Best penny cryptocurrency to buy now – Cheap altcoins with potential to explode 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.
Penny cryptocurrency is a cryptocurrency which is valued (trading) under $1.
There are multiple reasons to invest in penny cryptos. Penny cryptocurrencies much like Penny stocks are cheap and literally worth few pennies. Most penny altcoins are undervalued. So investment in penny cryptocurrencies has a high risk-reward ratio. And as blockchain technology is getting more mainstream. There is a huge potential that few of the penny altcoins can explode in the future.
Mind it not every cheap altcoin has the potential to grow in the future. In this article, we will specifically look for the best cryptocurrencies to buy now with the potential to explode in the near future.
But after a little bit of exploring and research, I have listed 7 Best cryptocurrency to buy now which has the potential to return higher profits and are currently priced under 1$
Things considered before choosing the best penny 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.
7 Best Penny Cryptocurrency To Buy Now – Altcoins With Potential To Explode
1. Ravencoin – One Of The Best Penny cryptocurrency to invest in
Ravencoin is a protocol based on a fork of the Bitcoin code which adds features specifically focused on allowing tokens to be issued on the Ravencoin blockchain.
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 similarly Ravencoin is designed to prove the authenticity of an asset.
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.
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.
Unlike other mainstream 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”.
Ravencoin (RVN) current trading price is $0.013475 which is significantly lesser than its all-time high price of $0.07 back in April 2019. With its high utility, there is no reason why the Ravencoin won’t reach its all-time high.
2. Bitshares (BTS) – one of the best penny cryptocurrency to buy now
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 decentralization and security through the Consensus mechanism of 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 a 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. It is one of the best penny cryptocurrency to invest in the long term.
Update – BTS price has recently decreased from $0.05 to $0.0215. Bitshares can surely provide 2x profit in short term.
3. Bytecoin (bCN) – One of the cheapest altcoins with the potential to explode
Bytecoin coin is the cryptocurrency of Bytecoin network around since 2012.
Bytecoin has taken anonymity to a whole new level.
Bytecoin is a project that incorporates all the best Bitcoin has to offer while taking into account all Bitcoin shortcomings.
Bitcoin, Ethereum, Litecoin, along with other top Cryptocoins, 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.
As you can see in the above image Bytecoin price has dropped recently. So the price of Bytecoin is surely going to increase in near future
BCN is currently trading at $0.00013 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 in the foreseeable future BCN price can explode by 1000%.
4. IOST – one of the best penny crypto to invest in
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 0.0053$ and one of the penny cryptocurrency to invest in 2020 which has the potential to explode in the future.
5. Zilliqa – 5th best penny cryptocurrency to invest in
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 $$0.0168. It is bound to grow with time because of its utility and demand.
Zilliqa crypto without a doubt is one of the best penny cryptocurrency to invest with high potential to deliver huge profits in the future.
6. Stellar (Lumens) XLM – One of the cheapest altcoin to explode in future
Stellar lumens currently rank as the world’s 19th most tradable cryptocurrency at altcoins trading platforms.
Stellar is a platform that connects banks, payments systems, and people.
Integrate to move money quickly, reliably, and at almost no cost.
Stellar and Ripple XRP are similar to each other created with the same mission.
Its co-founder is Jed McCaleb (founder of world first Bitcoin exchange Mt. Gox).
Stellar has recently launched their own decentralized crypto trading platform Stellar X with global fiat gateways. You can trade bitcoin for Euros for Chinese Yuan on Stellar X. That’s not possible anywhere else.
With Stellar high utility, demand, and popularity. It is safe to say that Stellar altcoin has a bright future and without a doubt, one of the best penny cryptocurrency to invest in 2020.
Stellar current price is $0.070155. Stellar reached an all-time high of $0.83 in January 2018.
If you are prepared to invest in the long term then I can assure you lumen price will increase 5x to 20x in the coming years.
7. BAT (Basic Attention Token) – one of the promising penny crypto to invest in now
Basic Attention Token is another penny crypto with high potential to explode in the future.
Basic Attention Token radically improves the efficiency of digital advertising by creating a new token that can be exchanged between publishers, advertisers, and users. It all happens on the Ethereum blockchain.
The token can be used to obtain a variety of advertising and attention-based services on the BAT platform. The utility of the token is based on user attention, which simply means a person’s focused mental engagement.
BAT token current price is $0.2154 and ranked 34th in the crypto market. BAT reached an all-time high of $0.88 back in January 2018.
BAT surely is one of the popular penny cryptocurrency to invest in now.
8. STEEM – One of the popular penny altcoin to invest in
Steem is one of the most active blockchains in the ecosystem. It is already used by over 1 million people on more than 324 Steem-based apps.
Steem is an incentivized, blockchain-based, public content platform that focuses on providing social media services and other types of content creation and communication services over the internet.
Shareholders of traditional social media platforms made billions of dollars from user-generated content. The content creators? They made almost nothing until they have a big following.
Steem flips the model and returns the value to the people who contribute the most. Users become platform stakeholders, maintaining control over their data, and earning cryptocurrency rewards for each contribution they make.
Steem price has decreased quite significantly recently. Steem current price is $0.1516 which is significantly lesser than its all-time high of $7.21 back in January 2018
But the lower price provides a huge opportunity to the investors. A tiny investment can result in huge profits.
Enjin Coin – One of the cheapest altcoin to invest in now
Enjin offers an ecosystem of integrated products that make it easy for everyone to develop, trade, monetize, and market with blockchain.
The Enjin ecosystem is fueled by Enjin Coin (ENJ), an Ethereum-based cryptocurrency used to directly back the value of Enjin-powered blockchain assets.
Enjin coin was launched in 2017 as a successful ICO that raised $18.9 million.
Enjin Coin landed one of the largest partnerships in cryptocurrency history with Samsung, the largest tech company in the world.
Enjin also has a partnership with Unity the world’s most popular game engine.
Enjin Coin is the 76th most popular penny cryptocurrency worldwide and currently priced $0.1516.
Enjin coin all-time high price was $0.44, With more & more mainstream acceptance of the Enjin ecosystem, the price of the Enjin coin is bound to increase.
Enjin coin is without a doubt one of the best penny cryptocurrency to buy now which has huge potential to exclode
Frequently asked questions
Penny cryptocurrency offers a low-risk high reward proposition. As we seen in the case of Ripple coin at the start of January 2018 that its price increased 4000% with in a period of 60 days.
With the mass adoption of blockchain technology, cryptocurrencies are getting more mainstream.
So If invested smartly, Penny cryptos can deliver huge returns. As the price of the penny cryptocurrencies are literally in pennies. Hence, you can invest in multiple penny altcoins.
So penny cryptocurrencies offers investment diversification.
There are few key factors in choosing the right penny 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.
- Read the cryptocurrency white paper.
- Check the altcoin daily trading volume in the cryptocurrency market
- Also, check the altcoin availability on the world’s popular trading platforms
- Analyzed the past price trends of the altcoin. Studying the all-time high and all-time low price of the cryptocurrency also helps in managing the risk. History tends to repeat itself.