Running a successful business is not always easy and requires a lot of careful planning. One tip many entrepreneurs take onboard is diversifying their income stream by investing some of their spare profits into various assets. Investing in this way is a great way to not only put your business’ money to better work than in a bank but can also add a new income stream as well.
Although assets such as stocks and bonds have long been a favorite of savvy entrepreneurs, cryptocurrencies are quickly becoming a viable choice. These digital-only forms of money have grabbed lots of headlines recently and started to show up on the radar of many global investors. This has led to many people keeping up with the latest cryptocurrency news via sites such as Leaprate.com. This site is a reliable source for crypto news and makes it easy to always stay on top of what the market is doing.
One reason for crypto’s success is the relatively cheap cost of investing which some coins deliver. This can result in them being viewed as ‘safer’ to try crypto trading with because you do not risk too much money when investing in them. These coins can also sometimes be exposed to less erratic fluctuations in price and be easier to find. This can also make them better suited to newer traders as a result.
But which cryptocurrencies can be picked up without breaking the bank and are also viewed as good choices for beginners?
XRP
One of the best cryptocurrencies for beginners due to its relatively low price is XRP. This is an open-source cryptocurrency that uses a ledger known as the XRP ledger. Developed by Ripple, XRP’s main purpose is as a global payment solution that offers fast speeds along with lower fees.
The ongoing dispute this coin is embroiled in with the SEC has led to its price tumbling and this has only been strengthened by the recent outcome in Ripple’s SEC case. As a result, this coin can be purchased for under $1 currently (it is around the $0.76 mark as of late April 2022). Investors will, of course, hope that it will soon start to head upwards in terms of price and reward any moves to buy it at such a low point. An expected IPO announcement post-SEC case for XRP may help with this.
Cardano
Just as you would find out everything you need to know about business podcasts before launching one, it makes sense to find out about the lowest costing crypto coins before choosing which to invest in. Another great option for beginners due to its current low price is Cardano.
This coin sits just below the $1 mark in late April 2022, making it a very cheap crypto choice. As a new investor, this means you should not lose too much if the price goes against you, but also stand to profit nicely if it heads upwards. With prices of $3.10 in September 2021, the potential future upside is there for all to see.
But what does Cardano actually do? This coin is a Blockchain platform based on the Ouroboros proof of stake protocol. Its main purpose is to validate transactions without using lots of energy. With 20 million transactions processed to date and no downtime recorded, it has made a real name for itself. Look out for the expected Hydra network upgrade in the future which should increase processing times and may trigger a price rise.
Dogecoin
Dogecoin is one cryptocurrency you may have come across already because it has experienced quite a lot of hype when launched. Elon Musk is a notable supporter of this coin. It is a cryptocurrency that does not have the limited supply issues of others, like Bitcoin. If you are looking for a cheap coin to limit your risk exposure, it is a superb choice.
Currently sitting at a level around $0.14, which is well below its 52-week high of $0.74, there seems to be plenty of room for it to move upwards again from its current dip. With Musk planning to allow people to pay for Tesla merch with this coin in the future, this might not be quite the joke it was at one time.
Low-cost cryptocurrencies for new investors
If you are new to the world of crypto investing, then it doesn’t make sense to buy expensive coins to start trading with. This is a risky strategy and could result in you losing a lot of money as you gain much-needed experience in the crypto market. It makes much more sense to invest in lower-cost coins, such as those above, which give you a much safer introduction to crypto trading.
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