What cryptocurrencies can you invest in with only RM10? What does it cost to get started? And what's the best way to get started? If you're looking to answer any or all of these questions, then you've come to the right place.
Whether you're a savvy investor looking to diversify your portfolio, a student looking to invest in coins that could potentially bring you a neat profit by the time you graduate, or simply someone looking to put your duit raya to good use, you're in the right place.
In this article, we'll look at 5 altcoins Malaysians can buy with only RM10. They are:
The altcoin prices mentioned and USD/MYR conversion rate used in this article are accurate as of May 24, 2020.
Source: Bloomberg
Are there really cryptocurrencies you can buy for less than the price of a cup of teh tarik or a piece of roti canai? If it sounds too good to be true, read on. But first, what is an "altcoin"?
"Altcoin" is an umbrella term used to refer to all cryptocurrencies other than Bitcoin (BTC) --- the mother of all coins. "Alt" stands for "alternative". So any coin launched after Bitcoin can be called an altcoin.
Over 5,000 cryptocurrencies exist as of early 2020, with altcoins accounting for over 35% of the global cryptocurrency market.
Why do people buy altcoins when they can buy Bitcoins, you ask? There are a few key reasons for doing so, which includes:
Without further ado, let us learn more about the five altcoins you can buy with just RM10.
Tezos is a multi-purpose blockchain platform launched in 2017 that seeks to differentiate itself by having a protocol that can self-upgrade over time with minimal disruption, a governance framework that allows all stakeholders to participate in governing the protocol, and a proof-of-stake consensus model.
The project made waves in 2017 when its native coin XTZ set a record for the largest initial coin offering (ICO) at the time as it raised US$232 million. At the time of writing, XTZ ranks as the 10th leading cryptocurrency by market capitalization at nearly US$1.95 billion.
It is a blockchain platform launched in 2017 that is similar to Ethereum (ETH). EOS allows decentralised apps (dApps) to be built on its blockchain and smart contracts platform which it says is able to process millions of transactions per second with no transaction fees.
It was created by block.one, a startup building open source and enterprise blockchain solutions which turned heads in 2018 when it raised US$4.1 billion during its yearlong ICO. The platform is powered by its namesake native cryptocurrency, the EOS.
Stellar was launched in 2015 with the aim of enhancing the existing financial system and allowing all the world's financial systems to work together on a single network by making it possible to create, send and trade digital representations of any kind of money.
This open source, decentralised payment network was co-created by Ripple (XRP) co-founder Jed McCaleb with funding from global payments unicorn Stripe. Like Ripple whose native token XRP has gained great popularity, Stellar too is powered by its native currency XLM.
According to Stellar, the network has processed over 450 million transactions made by over 4 million individual accounts, as well as startups and larger companies such as IBM and Franklin Templeton.
Cardano was launched in September 2017 and developed by experts from the Switzerland-based Cardano Foundation and the Hong Kong-based Blockchain Development Output (IOHK). Led by Charles Hoskinson, the former co-founder of Ethereum (ETH) and BitShares. Much like Ethereum, Cardano also has a decentralised smart contracts platform and a cryptocurrency known as the Cardano coin (ADA).
ADA has grown by leaps and bounds since its inception. It is ranked by CoinGecko as the 11th largest cryptocurrency in the world. Its market cap is almost US$1.66 billion.
According to its creators, the ADA is the "most precisely engineered cryptocurrency yet" as it incorporates a "groundbreaking Proof of Stake algorithm" developed by a global team of experts employing a first-principles approach.
Last but not least, TRON is a blockchain-based operating system which also allows for the development of smart contracts and dApps on it. Founded in 2017 by Chinese entrepreneur Justin Sun and governed by the Singapore-based TRON Foundation, TRON burst onto the scene when it raised US$70 million through its ICO during the same year.
TRON has its native coin: TRX. Which at the time of writing is ranked as the 18th most popular cryptocurrency with a market cap of US$956.7 million.
Do any of these altcoins pique your interest? Go to Remitano.com/invest to get started.
If you have more than RM10 to spare, then do also check out these 6 other (higher-value) cryptocurrencies that Malaysians can invest in.
