Cryptocurrencies have been a popular investment option for years now. But with the rise in the value of popular cryptocurrencies like Bitcoin and Ethereum, investing in these digital assets can be quite expensive. However, there are still several cheap cryptocurrencies that have the potential to provide investors with substantial returns in 2024.
In this article, we’ll take a closer look at some of the best cheap cryptocurrencies to buy in 2024.
Dogecoin (DOGE)
Dogecoin was created back in 2013. It was created as a joke based on the popular Doge internet meme that features a Shiba Inu dog. However, it quickly gained a following and has since become a legitimate cryptocurrency with a market cap of over $12 billion as of April 2023.
The interesting thing about Dogecoin is that it was never meant to be taken seriously. Its founders, Billy Markus, and Jackson Palmer created it as a fun alternative to Bitcoin and other more serious cryptocurrencies. But somehow, it caught on and became a viral sensation.
Now, why is Dogecoin the cheapest crypto in 2024? There are a few reasons for this. One is that it has a massive supply of coins. There are currently over 130 billion Dogecoins in circulation, which is way more than other popular cryptos like Bitcoin and Ethereum. This means that each Dogecoin is worth a lot less than other coins.
Another reason is that Dogecoin doesn’t have the same level of institutional adoption as other cryptos. Big companies and investors haven’t jumped on the Dogecoin bandwagon as they have with other coins, which has kept the price relatively low.
Shiba Inu (SHIB)
SHIB is an ERC-20 token, which means it’s built on the Ethereum blockchain. It’s a decentralized currency, meaning it’s not controlled by any government or financial institution. Instead, it’s managed by a community of developers and users.
One of the interesting things about SHIB is that its part of a new trend of meme coins that have gained popularity in recent years. Meme coins are cryptocurrencies that are based on internet memes or jokes. The case of SHIB, it’s based on the popular Dogecoin (DOGE) cryptocurrency, which features a Shiba Inu dog as its mascot.
Despite being relatively new, SHIB has already gained a lot of attention from investors and traders. Its market capitalization reached over $10 billion in early May 2021, making it one of the largest cryptocurrencies in terms of market cap.
BitTorrent (BTT)
BitTorrent is a peer-to-peer (P2P) file-sharing protocol that was created in 2001. It allows users to share large files over the internet, without having to rely on a central server.
The way it works is that the file being shared is broken up into small pieces, and each user who is downloading the file receives different pieces from different sources. This means that the more people who are downloading and sharing the file, the faster the download speed will be. It’s an efficient way to distribute large files, like movies, music, or software.
Now, BitTorrent (BTT) is a cryptocurrency that was created by the same people who developed the BitTorrent protocol. It’s based on the Tron blockchain and is used as a way to incentivize users to share files on the BitTorrent network.
Users who share files on the BitTorrent network can earn BTT as a reward. This incentivizes people to share more, which in turn makes the network faster and more reliable for everyone. It’s a bit like a reward system for contributing to the community.
Holo (HOT)
Holochain is different from blockchain technology, which is what most other cryptocurrencies use. Instead of relying on a single, centralized ledger to record transactions, Holochain uses a distributed hash table (DHT) to store data across many different nodes in the network. This allows for greater scalability and speed, as well as increased privacy and security.
Holo also has its native cryptocurrency, HOT. HOT can be used to pay for services on the Holo network, such as hosting dApps or accessing certain features. It’s also used as a reward for users who help to maintain the network by providing computing power.
One of the benefits of Holo is that it aims to make decentralized applications more accessible to the average user. Currently, many dApps are difficult to use and require a certain level of technical expertise to navigate. Holo aims to change that by creating a more user-friendly environment that is accessible to anyone with an internet connection.
AMP (AMP)
The Amp token could catch your attention as a profitable investment choice, even if you have no prior experience with cryptocurrencies. When it was launched in September 2020, the value of Amp more than doubled in its first year on the market. Although it has fallen by 75% from its peak in June 2021, the coin’s current value is still almost twice what it was at launch, trading at approximately $0.025 in March.
The Amp website states that Amp, a digital collateral token, can safeguard any type of asset that users want to transfer, such as digital payments, fiat currencies, loan distributions, and revenues from property sales. To guarantee the accuracy of transactions, staking is employed. After the transaction has been verified, the funds are delivered to the recipient through smart contracts.
IOST (IOST)
IOST is a blockchain platform that’s designed for developing decentralized applications (dApps) and services. The project was launched in early 2018 and has gained a lot of attention in the blockchain community since then.
One of the things that set IOST apart from other blockchain platforms is its unique consensus algorithm, called Proof of Believability (PoB). PoB is designed to be faster and more energy-efficient than traditional consensus algorithms like Proof of Work (PoW) or Proof of Stake (PoS).
In PoB, nodes are selected to validate transactions based on their believability score, which is determined by factors like their previous transaction history and the amount of IOST tokens they hold. This system is designed to be more resistant to attacks than PoS, while also being more decentralized than PoW.
Conclusion
Ultimately, the decision of which cryptocurrency to invest in will depend on your risk tolerance, investment goals, and personal preferences. With the right approach, however, investing in cheap crypto in 2024 could prove to be a smart financial move. Remember to always do your research and invest wisely.
