Steemit Crypto Academy Season 2 Week 6 Homework Post for (@pelon53) - Penny Cryptocurrency

Good evening lecturer @pelon53, here is my submission for this week assignment. Thanks for giving us a simple to understand lecture

1.
Explain the Penny cryptocurrencies in your own words. Advantages and disadvantages.

With my research, penny cryptocurrencies are the upcoming currencies with a market price lower than one dollar ($1).
These currencies can either get their low price because they are new or because they are loosing value.
A coin is said to be a penny cryptocurrency as a result of the following;

I. New cryptocurrency

II. Stagnancy

III. Crashes

Advantages
a. They always have high Return Of Investment
b. They are easily accessible
c. They are cheap

Disadvantages
a. They are prone to hackers because they are easily accessible
b. Their transparency are not always clear
c. The profit time may be longer than expected

2.
For you: What will be the best Penny to invest in this 2021? Explain and show evidence.

For me: the best penny I will invest in this 2021 is Tron.

The major reason why I choose TRX is because of the current price of the coin and the prediction that the coin will reach $2 to $5 before 2026.
Right now the price is affordable by almost everyone it's currently at $0.07682, if I she be able to buy 1000 trx, that will be $76.82 investment and when it reaches 5 dollars it becomes 5000 dollars. What a good coin to invest in.

3.
Do a Ripple (XRP) analysis. Show screenshots. Would you invest right now? Explain.

The above chart and analysis shows the current rank of xrp at coinmarketcap, today price, all time high, all time low, market cap, trade volume, market dominance etc.

I will invest in xrp if I have money right away because there's assurance that the price will speedily increase in the future with what I see in the highest market price and the current price.

4.
Present in detail a possible investment of 5 penny crypto assets. Explain and present data confirming your choice.

a. TRX
TRX is a token created under Tron blockchain system by Randy Hetrick, Tron blockchain system was first created under the ethereum blockchain before it then stand alone as Tron blockchain system. It seems to be among the top 30 most popular penny cryptocurrency this days, coin market cap ranked this coin to be the number 24th cryptocurrency on their website.

The above image shows the rank of TRX on coinmarketcap which is rank number 23, it also shows the current price which is $0.07682, the highest bid an the lowest bids respectively ($0.08144 and $0.07117)

b. XLM
XLM is also known as stellar lumen, it is the native cryptocurrency for Stellar, which is one of the open source blockchain payment systems. XLm is created to connect financial institutions through blockchain and to create cheap transactions in developing markets.

Xlm is ranked to be the number 12th currency on coinmarketcap website, it's lowest and highest bids between the last 24 hours is $0.368 and $0.4429 respectively. While the current price is $0.4071.

c. DOGECOIN
Dogecoin cryptocurrency was created by two software engineers known as Billy Markus and Jackson Palmer.
Dogecoin started as a joke in 2013 and it was designed for fun. It is named after an internet meme centered around the image of a Shiba Inu dog with bad spelling habits, thus “doge” that was spelled instead of “dog.”

Dogecoin is ranked to be the number 6th currency on coinmarketcap website, it's lowest and highest bids between the last 24 hours is $0.3148 and $0.3619 respectively. While the current price is $0.3435

d. REN
REN is an Ethereum token that powers Ren's open protocol, Ren was created by two software developers Taiyang Zhang and Loong Wang in 2017 and was rebranded in 2019. It is used for transferring cryptocurrencies between blockchains. The major aims for creating REN is to bring popular assets like Bitcoin and Zcash to blockchains including Ethereum, this makes it possible for these assets to participate in a multi-chain decentralized finance ecosystems.

REN is ranked to be the number 116th currency on coinmarketcap website, it's lowest and highest bids between the last 24 hours is $0.3973 and $0.4736 respectively. While the current price is $0.4242

e. XRP
XRP is a digital asset. Its original brand name was Ripplepay.
It was created by Ryan Fugger, a software developer in 2004 for the purpose of payments, XRP is the native digital asset on the ripple Ledger, it is based on decentralized blockchain technology which have the ability to settle transactions in 3-5 seconds.
XRP can be sent directly without requirement of a central intermediary. This makes it a convenient instrument in bridging two different currencies quickly and efficiently

XRP is ranked to be the number 6th currency on coinmarketcap website, it's higest and lowest bids between the last 24 hours is $1.04 and $0.8264 respectively. While the current price is $0.8849

5.
Show an investment (starting at $ 5) that you have made this week in Penny cryptocurrencies. List the steps you took

Yesterday, I made an investment in one of the popular Penny cryptocurrency Tron (TRX). I started the steps from my steemit wallet and ended everything on Binance; below are the images showing the steps I took;

• I have 82 steems on my steemit wallet then I transferred 62 steems to my Binance account using my personal memo key
  

• Now my steem is has landed on my Binance account
  

• Here, I sold the steem and bought BTC. Everyone can see the amount of Bitcoin it's equivalent to (0.00112406 BTC)
  

• Here, I had successfully bought the BTC
  

• I sold the BTC and bought 40.66 USDT
  

• Here, my USDT was successfully bought
  

• I bought TRX with the USDT on my Binance account