The cost of a millibit or a thousandth of a Bitcoin is equivalent to 700 Verge or 1,300 Reddcoin. Although these microcap coins lack the luster of Bitcoin, they offer cut-rate prices and are abundant. A lot of first-time investors are setting their sights lower after being priced out to afford a whole Bitcoin.
Experienced traders would agree that the perfect time to purchase altcoins is during the stagnating of Bitcoin. Altcoin markets tend to suffer when Bitcoin is rocketing or plummeting as more flocks into BTC or back into fiat. However, in the last couple of weeks, altcoins have soared. All the digital currency in the top 100 has been in the green, altcoin markets have enjoyed an influx of capital after starving for attention in the previous months.
Established altcoins such as Litecoin and Monero have managed well despite the flood of new money, but the smaller priced coin have yielded the most. Verge benefited most this month staggering up by 3,600%. Other currencies that prospered are Torn by 1,600% and Reddcoin by 1,450%. Regardless of their impressive gains, none of these coins is priced over 4 cents.
Cryptocurrency space newbies are faced with a quandary: to spend a couple of months chipping away until finally affording a whole bitcoin or to snap up an inexpensive coin and become an instant thousandaire.
A digital currency trader shared:
“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.”
The return of doge is the most significant indicator that cheap coins are en vogue. It gained 475%, and the only currency available on Bittrex is trading less than 100 sats after a bumper month. This week, the meme coin has eased past that threshold on numerous occasions and is presently selling at roughly 98 sats. Doge permanently moving into three figures signals the end of cheap coins on major exchanges.
The estimated number of people owning at least one Bitcoin is less than a million. However, the exact number is difficult to determine as several holdings are stored in pooled exchange wallets. An indisputable fact is that most of the digital currency investors will never own a whole Bitcoin.
What is nice about Bitcoin is that it can be divided into 100 million parts. One can own a millibit or 1,000th of a Bitcoin for $14. However, the problem is no one talks in millibits nor about acquiring 0.0001 of a Bitcoin. Owning a whole bitcoin is something to aspire towards in cultures that pride themselves on status symbols especially in the east.
The most prominent digital currency in the world is relatively valued considering the security baked into every coin, enforced over the course of half a million blocks. Several proponents of Bitcoin is perceived to be underpriced. Although from a psychological perspective, owning a wallet containing 1,000 coins sounds much better than one loaded with .0001.
Cheap coins are beginning to provide solid use case as a store of value can be moved as efficiently though doge or Reddcoin.