It is somewhat difficult to imagine how a middle-class person can purchase one bitcoin, at a price of around $15,000, at a time. No wonder that lots of those who desire to pile into this cryptocurrency, prefer buying just little “portions” of bitcoin rather than the whole one. However, there’s always another solution to the problem. If you are impatient with bitcoin but are eager to get rich fast, you are welcome to invest in “mini” crypto coins.
“I’m a completist. It actually bugs me seeing fractions of a coin in my Blockfolio [cryptocurrency app]. This might sound silly, but it just looks better seeing hundreds of coins in there. Buying tiny pieces of a bitcoin is quite demoralizing, because you’re spending a lot of dollars, but your BTC balance is barely moving,” one crypto trader told news.Bitcoin.com.
Cheap and Cheerful
For example, instead of buying a thousandth of a bitcoin (one millibit) for $14, you could purchase 1,300 of Reddcoins or 700 of Verge. Sure enough, neither of them can compete with the leading cryptocurrency, but the good news is that they are cheap, they have potential to rise in price and, more importantly, there are lots of micro alternatives to bitcoin.
According to the website, skilled traders believe that the most advantageous moment to purchase altcoins is when bitcoin is at a standstill. Otherwise, the market of alternative coins tends to suffer when BTC is experiencing surging or plunging as all the money either flock back intro fiat or into bitcoin. Nevertheless, within the past few weeks, altcoins have floated as bitcoin went through the wobbling period. Sometimes each altcoin in the top 100 was in the green, as it enjoyed the inflow of capital.
For example, this month among the most benefited coins are Verge (+3,600%), Tron (1,600%) and Reddcoin (1,450%). Exciting to admit, none of them costs over four cents. Meanwhile, by December Litecoin surged from the rate $4.33, at which it was fixed at the beginning of 2017, to $88, meaning the total growth works out at 7,000%. For that, The Wall Street Journal is even questioning the possibility of bitcoin substitution by Litecoin.
At the same time, Doge signaled its return when it gained 475% this month and right now is the only cryptocurrency left on Bittrex trading at around 98 sats. If Doge overcomes the figure of 100, it will mark the end of inexpensive currencies on large exchanges.
A Bird in the Hand
Currently, no one knows precisely how many people possess at least one bitcoin as long as lots of investments are kept in exchange wallets. However, it is estimated that approximately there are one million of such investors. But what is definite is that the majority of them will never be able to possess a whole bitcoin.
Fortunately, bitcoin can be divided into 100 million parts but “the trouble is, no one talks in millibits. Nor do they talk about owning 0.0001 of a bitcoin. Discussing small quantities of bitcoin is downright awkward. Moreover, in cultures that pride themselves on status symbols, particularly in the east, owning a whole bitcoin is something to aspire towards,” as Kai Sedgwick wrote for news.Bitcoin.com.
Sure enough, it’s a vanity which moves the purchase of altcoins. It’s more pleasant and even practical to own 1,000 of altcoins instead of 0,001 of bitcoin as long as you will also have a back-up in case your workhorse crashes down. Nevertheless, for somebody, the quality might be more beneficial than the quantity as the old saying goes: "A bird in the hand is worth two in the bush.”