Cryptocurrency has become a popular investment option worldwide, and India is no exception. However, with the volatility and high prices of some cryptocurrencies like Bitcoin and Ethereum, many Indian investors may be looking for cheaper alternatives to invest in.
In this article, we will explore some of the cheapest cryptocurrencies in India and their potential for investment. From Dogecoin to Shiba Inu, we will delve into their features, advantages, and risks, helping readers make an informed decision about which cryptocurrency to invest in.
Top 6 Cheapest Cryptocurrency to Buy in India
So, if you’re interested in cryptocurrency investing but don’t want to break the bank, keep reading to find out more about the cheapest cryptocurrencies in India.
1. Cardano(ADA)
Cardano uses a proof-of-stake (PoS) consensus mechanism, which means that instead of requiring large amounts of computational power like Bitcoin’s proof-of-work (PoW) system, it allows users to participate in the network and validate transactions by holding a certain amount of ADA coins in their wallet. This makes the network more energy-efficient and eco-friendly.
Cardano’s affordable price is due in part to its large circulating supply, which is over 32 billion ADA coins, as well as its availability on multiple cryptocurrency exchanges in India, which increases liquidity and ease of trading.
2. Dogecoin(DOGE)
Dogecoin (DOGE) is a decentralized cryptocurrency that was created as a lighthearted joke in 2013 by software engineers Billy Markus and Jackson Palmer. It is based on the Litecoin (LTC) blockchain and uses a proof-of-work consensus mechanism, which requires miners to solve complex mathematical problems to validate transactions and earn new coins.
Dogecoin’s popularity has been largely driven by its community, which includes celebrities and influencers, as well as its unique branding featuring the Shiba Inu dog meme. However, it’s worth noting that the price of Dogecoin is highly volatile and can be influenced by social media trends and market speculation.
3. My Freedom Coin
My Freedom Coin appears to be a cryptocurrency that aims to offer crash-proof and stable value through its Floor concept. The concept involves maintaining a minimum value for the coin, which is designed to protect investors from significant losses in volatile markets. The platform also includes a wallet, bank, and exchange, allowing users to take out loans with MFC tokens as collateral.
if the Floor price of My Freedom Coin is $1, and you have 1000 MFC tokens, you can use them as collateral to take out a $1000 loan from the BUSD Treasury at a 0.98% monthly interest rate. After six months, the Floor price of MFC has increased to $1.50. When you repay the loan with interest, you will receive your 1000 MFC tokens back, which are now worth $1500. This means that you have earned an additional $500 in value, minus the interest accrued during the term.
4. Polygon (MATIC)
Claiming the fourth spot on our list of cryptocurrencies Cheapest cryptocurrency in India with high growth potential is MATIC, the native token of Polygon network, a scaling solution for Ethereum. It offers faster and more affordable transactions on the Ethereum network, and MATIC tokens are required to facilitate payments. Additionally, MATIC plays a crucial role in Polygon’s proof-of-stake consensus mechanism. Despite being down 83.15% from its all-time high in late 2021, MATIC remains a promising investment.
Polygon’s popularity can be attributed to its contributions in enhancing Ethereum’s functionality, allowing for quick and cost-effective trades. Over the past couple of years, the network has attracted various innovative projects, primarily in the DeFi and NFT spaces. If Polygon continues to expand at its current pace, MATIC’s low price could prove to be a wise investment opportunity in the upcoming year.
5. Chainlink (LINK)
Let’s talk about Chainlink, an evergreen blockchain project that holds massive opportunities for the industry as a whole! Chainlink is not just any cryptocurrency, it’s a network of decentralized oracles that provide tamper-proof inputs, outputs, and computations to support advanced smart contracts on any blockchain. And let me tell you, with the rise of DeFi projects, LINK is expected to exponentially rise in value in the coming months and years.
If you’re looking to invest in a cryptocurrency with high growth potential, Chainlink is one of the best options out there. It has a total value of $37,338,097,875.45, and while LINK is currently valued at $6.26, it’s way below its potential.
Why is Chainlink such a promising project? Well, it plays a key role in streaming reliable data for blockchain applications. In other words, Chainlink provides trustworthy and accurate information to smart contracts, which is crucial for the success of blockchain projects. And let me tell you, the importance of trustworthy data in the blockchain world cannot be overstated.
So, if you’re looking for a cryptocurrency to invest in, consider Chainlink. With its strong fundamentals and growing ecosystem, it has the potential to provide substantial returns on investment. And as someone who cares about your financial future, I highly recommend that you take a closer look at this exciting project!
6. Tron(TRX)
What’s interesting about Tron is that it initially started as a project marketed primarily in Asia but has since gone global. As of August 2021, the platform boasts more than 50 million accounts, which is quite an impressive feat. The founder of Tron is Justin Sun, who is also the current CEO. Sun was born in 1990 and is a well-known figure in the crypto industry. In addition to Tron, he is also the CEO of BitTorrent, the famous file-sharing program.
Tron has been compared to Ethereum in terms of its network structure, as it utilizes decentralized applications, smart contracts, and tokens, which are all basic building blocks of the Ethereum platform. Some critics have accused Tron of borrowing too heavily from Ethereum’s design, instead of developing its own unique platform. However, Tron has also implemented its own innovations and features, such as its consensus mechanism, which uses a delegated proof-of-stake system.
Conclusion: Cheapest Cryptocurrency to Buy in India
In conclusion, if you’re looking for an affordable entry point into the exciting world of cryptocurrency investing in India, you’re in luck! There are several cheap cryptocurrencies to choose from, ranging from the meme-inspired Dogecoin to the playful Shiba Inu.
