Should you invest in these cheap cryptocurrencies?
After Bitcoin boomed during the pandemic, the demand for crypto investment became more popular among the public. People who were hesitant on the nature of cryptocurrencies are now looking at it as a long-term investment.
No matter how exciting and profitable digital assets are, people can’t invest right away in popular tokens such as Bitcoin, Ethereum, and Ripple. This is due to the fluctuation of value and the lack of crypto information. These digital assets are expensive if you want to invest large amounts that you can grow in the coming years. But, here’s the thing, did you know that there are cryptos that you can buy without breaking the bank? If you’re interested to know more, continue reading!
Our favourite cheap crypto assets
Get incentivised for spotting errors
The Quantstamp Protocol or QSP is known as the first security-audit protocol that boasts scalability. It is designed to double-check loopholes in smart transactions made on the Ethereum Network. Through QSP, checking transactions is effective because it places bounties on spotting errors in smart contracts.
Spotting malfunctions in digital contracts will be incentivised with QSP ERC-20 tokens. As of writing, QSP ranks #427 by market capitalization in Coinmarketcap. QSP is available on exchanges such as CoinDCX, Binance, Uniswap, Gate.io and Huobi Global.
Currently, the total supply of QSP tokens is 976.44 million while the circulating supply is 713.8 million.
A token that can be used across devices
Created by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Serguei Popov in 2015, the IOTA token is an asset that utilises the Internet of Things. Inside the IOTA blockchain, there are remarkable features that make it a promising coin.
First, it's a scalable asset that can process several transactions through a large network of nodes in the chain. Second, people can easily become validators because IOTA transactions can be processed using basic devices such as phones, tablets, and computers.
IOTA can be purchased through exchanges such as Binance, OKEx, HitBTC, Huobi Global, and DragonEx. As of writing, one token can be purchased at US$1.58.
A promising Bitcoin fork
Also known as the New Economy Movement, NEM is a decentralized blockchain designed to accommodate enterprise-level clients and provides a more functional way to verify and move cryptocurrencies.
XEM is the native coin of NEM that connects private and public blockchains to create a more robust network for transactions. Moreover, the token is a result of a fork in the NXT blockchain.
Within the NEM network, users can process transactions through a protocol called the Proof-of-Importance system or POI. Currently, XEM tokens have a total supply of 9 billion.
You can purchase XEM tokens in exchanges such as Bithumb, CoinDCX, Binance, Upbit, and OkEx.
Allows users to trade real and digital assets
Inspired by the ravens in the HBO series Game of Thrones, Ravencoin is a digital asset designed to deliver ‘statements of truths’ to crypto owners.
If you’re looking for versatile crypto investment, Ravencoin is a good option because it allows users to trade real and digital assets. This can vary from gold bars, land deeds, in-game features, and software licences.
The RVN token has an X16R algorithm which prevents ASIC mining that can lead to centralization. Moreover, the coin came from a Bitcoin fork. As of writing, Ravencoin can be purchased at US$0.20. It has a max supply of 21 billion with 8.45 billion currently in circulation.
A stellar open-sourced payment system
Lumen may be a cheap crypto, but it's currently eyed as one of the most promising digital assets in the market. It runs on Stellar, an open-sourced payment protocol that enables users to process seamless cross-border transactions between any currency without paying expensive fees.
Released by American programmer Jared McCaleb in 2014, alongside lawyer Joyce Kim, Stellar accepts transactions between US dollars, Bitcoin and more. Through the Stellar network, different financial institutions can work together and carry out transactions in a more cost-effective and efficient manner.
If you’re looking for an asset to invest in, XLM is one of the cheapest crypto coins that you can purchase at US$0.41. Lumen tokens are available on exchanges such as Binance, CoinDCX, OKEx, Coinegg, and Coinbase Pro.
Competitive and affordable crypto asset
Developed by one of Ethereum’s co-founders, Charles Hoskinson, Cardano is one of the most promising and cheapest cryptocurrencies to buy in the market right now.
Cardano aims to create a sustainable blockchain protocol to decentralized applications, systems, and societies. Inside its network, there are two layers which are as follows:
- Cardano Settlement Layer (CSL) - the CSL is where the platform’s native coin, ADA, runs to enable transactions within the chain. It acts as the ledger of the Cardano ecosystem which utilises a proof-of-stake protocol to verify transactions. Moreover, its structure can be used as a medium of exchange and developing smart contracts.
- Cardano Computation Layer (CCL) - On the other hand, the CCL is where the information of values are transferred within the Cardano ecosystem.
Currently, Cardano can be purchased at US$1.19 on exchanges such as CoinDCX, Binance, Wenx Pro, Bitrue, and Huobi Global.
Words by: Rain Quintana