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Hey there everyone this is huzaifa naveed at your service and for today I'll be posting on a very important topic for the Steemit Pakistan Monday Crypto Theme
The topic for today is:
There's a race going on. In which everyone is trying to reach the heights. A race where everyone wants to come first. But winning a race is never easy. You've got to have the attributes of being a winner.
This race is the cryptomarket in which every coin wants to come at top. Currently at the top are Bitcoin, Ether. with the highest values
Some coins which are also a part of this race but they are at a very low level at the moment because of their values. And thse coins are known as Penny Cryptocurrencies.
Penny Cryptocurrencies in short means the token whose market value is less than even a single dollar. These type of coinss attract the traders alot and these coins either make the traders rich in a small period of time or they sink their ships.
example: dogecoin
Because of their low prices, traders buy large amounts which can pay off them with some profit if the value increases
On the other hand
These penny Cryptocurrencies are also extremely volatile and easy to manipulate as well. This could be the end of you if you've invested in huge sums
Lets talk about the advantages and disadvantages
Turning Small amount into huge sums
For instance you have a sum of $200 and you invest it in 4 penny Cryptocurrencies and the values of these coins triple overnight. You'd get good profit. With $200 you can hardly invest in any one big coin
Acceleration
You don't have to wait for years for your coin to increase in value like the big coins. Penny Cryptocurrencies value increases in days usually.
Feasibility to buy
Even if you have money as less as $5 you can still invest in them and can get good profits.
Scams
You've got to keep an eye on the scams out there. The low prices attract investors but they can turn out to be scams
Fluctuation
They are volatile. One minute they are up and the mext moment they are down so much that you are in loss
You may lose more money than you made
This might upset you but it's statistically true.
Now a Question arises which Penny Cryptocurrency you might be interested in investing?
Well in my humble opinion Cardano (ADA)* in my opinion is the coin to invest this year. Lets get in details with facts and figures to support my suggestion.
Currently is in the top five coins of the cryptomarket, Cardano is one top of the penny Cryptocurrencies with a third generation scientific blockchain.
It is a well designed complete project which works with its own coin named ADA. It has stron smart contracts through which it has grown very much that it is now amongst the top 5 largest Cryptocurrencies.
As you can observe the graph above. The prices of cardano since its origination have continuously increased. No doubt in dips it has regressed as well. But even then the increment rate has always been high.
Recently Cardano had a new smart contract named Alonzo after that it is expected the price of ADA might reach as high as $4 by December 2021.
I surely will be keeping an eye on ADA. You should too. So that's it for today guys, hope you had a good read. If you have any questions, feel free to ask in the comment section below
Cc: @haidermehdi
@hassanabid
@vvarishayy
Regards,
@huzaifanaveed1
Dear @huzaifanaveed1, you have provided very good insight of Penny cryptocurrency according to the theme of Today. Your post is full of knowledge for newcomers.
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Thank you
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Very informative article. Thanks for sharing it.
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Thank youu
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