The current global economic conditions have made many investors hesitant about where to invest their money.
With the stock market volatility and the rise in unemployment, many people are looking for alternative investment opportunities.
One option that has gained popularity in recent years is investing in penny cryptocurrencies.
Penny cryptocurrencies are digital assets that trade for less than $1.00 USD You can find more details about it here.
Despite their low price, penny cryptocurrencies can offer investors a high return on investment (ROI).
In this article, we will discuss the 9 best penny cryptocurrencies to invest in during a recession.
1. Bitcoin (BTC)
Bitcoin is the world’s largest and most well-known cryptocurrency. It was created in 2009 by an anonymous individual or group of people known as Satoshi Nakamoto.
Bitcoin is a decentralized currency that is not subject to government or financial institution control. Bitcoin is often considered a safe haven asset during times of economic uncertainty.
This is because it is not influenced by traditional economic factors such as inflation, interest rates, and economic recessions. Bitcoin has a limited supply of 21 million coins that will ever be created.
This finite supply coupled with increasing demand has led to Bitcoin’s price increasing significantly over the years. Investors believe that Bitcoin will continue to increase in value as it becomes more widely adopted.
2. Ethereum (ETH)
Ethereum is the second largest cryptocurrency by market capitalization after Bitcoin.
It was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer. Ethereum is a decentralized platform that runs smart contracts.
Smart contracts are programs that run exactly as they are programmed and cannot be altered. This makes them ideal for store data or transferring value between parties.
Ethereum has a much faster transaction speed than Bitcoin and is therefore more suitable for applications that require high throughput.
3. Litecoin (LTC)
Litecoin was created in 2011 by Charlie Lee, a former Google engineer. Litecoin is similar to Bitcoin but with a few key differences.
It has a faster block time of 2.5 minutes which results in faster transaction confirmations. Litecoin also has a larger total supply of 84 million coins.
Litecoin’s main use case is as a payment system. It has gained adoption by merchants and businesses as a payment method.
4. Monero (XMR)
Monero is a privacy-focused cryptocurrency that was created in 2014. Monero uses a technique called ring signatures to hide the sender’s identity.
Ring signatures work by mixing the sender’s address with a group of other addresses. This makes it impossible to determine which address sent the transaction.
Monero is also fungible, which means that each unit is interchangeable and has the same value. This is in contrast to Bitcoin which is not fungible due to its public blockchain.
5. Zcash (ZEC)
Zcash is a cryptocurrency that offers privacy and selective transparency of transactions.
It was created in 2016 by Zooko Wilcox-O’Hearn. Zcash uses a technique called zero-knowledge proofs to hide the sender, recipient, and amount of a transaction.
Zero-knowledge proof allows someone to prove that they know something without revealing what that information is. Zcash also offers transparent transactions which are public but do not reveal the sender, recipient, or amount.
6. Dash (DASH)
Dash is a cryptocurrency that focuses on privacy and speed. It was created in 2014 by Evan Duffield.
Dash uses a technique called PrivateSend to hide the sender, recipient, and amount of a transaction. PrivateSend works by mixing the coins in a user’s wallet with other users’ coins.
This makes it difficult to determine which coins belong to whom. Dash also has a InstantSend feature which allows for confirmations in less than a second.
7. Bitcoin Cash (BCH)
Bitcoin Cash is a fork of Bitcoin that was created in 2017. It was created to solve the problem of scaling on the Bitcoin network.
Bitcoin Cash has a larger block size of 8MB which allows for more transactions to be processed per block. It also uses a different mining algorithm called Equihash which is ASIC resistant.
This means that it cannot be mined with specialized hardware and is therefore more decentralized.
8. Stellar (XLM)
Stellar is a cryptocurrency that focuses on facilitating cross-border payments. It was created in 2014 by Jed McCaleb, the co-founder of Ripple. Stellar uses a technique called Federated Byzantine Agreement (FBA) to reach consensus.
FBA is a variation of the Byzantine Fault Tolerance algorithm that uses multiple quorums instead of just one. This allows for faster and more efficient consensus.
Stellar also has a built-in decentralized exchange that allows users to trade assets directly with each other.
9. Cardano (ADA)
Cardano is a cryptocurrency that focuses on scalability and security. It was created in 2015 by Charles Hoskinson, one of the co-founders of Ethereum.
Cardano uses a technique called Proof of Stake (PoS) to reach consensus. PoS is different from Proof of Work (PoW) which is used by Bitcoin. With PoS, users can stake their coins to participate in the consensus process. This means that Cardano is more energy efficient as it doesn’t require mining.
Cardano also has a built-in programming language called Plutus which allows for smart contracts and dApps to be built on the platform.
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