Topic: What can you buy with 0.01 cents (1 penny) ? (Read 718 times)
nice initiative op but this idea can be done mostly on a real world and also can be done only within your place because no one will travel far just to remmit his penny and no one will pay high fees just to send his penny in the form of crypto if its done online although penny in the form of crypto or let say in the form of btc ( satoshis ) will have more chance to grow than a standard penny , we can try to hold it on our own besides we cant use them anyway .
1) $0.01 cent will buy you 32 BitTorrent
They made something useful out of something usually useless, thats what the bit in Bitcoin is all about imo. Improving efficiency of exchange for value and time and in that case bandwidth. The OP might be referring by accident to Gresham's law.
https://youtu.be/N7JBXGkBoFc
I remember personally this little skit from movies decades ago, the 1 cent salami trick. We even learnt about this in our computer class, it might be an urban myth but I think its real enough and been attempted. On a macro scale governments tax via inflation in this way, it all adds up to favour them. Pennies made out of copper are removed usually as become worth more in weight then value as an element.
They cannot exactly remove 1 cents. It'd have to skip all the way to 10 cent minimum, decimal system relates to that. You could go full Russian Rouble on this and convert 1 old Rouble to 10,000 new Roubles and hope nobody minds enough to start a revolution. This does happen in banana republics and some speculate will occur in some of the largest nations should debt or QE collapse.
I don't think anything could be bought for such small amount of money. At least not in my country. Perhaps in some poor countries people can actually buy something for that amount.
However, I think you can buy some very small amount of some crypto coin and in the future that might turn on as a good investment. Or as a waisted penny in case that you invested in some shitcoin.
However, I think you can buy some very small amount of some crypto coin and in the future that might turn on as a good investment. Or as a waisted penny in case that you invested in some shitcoin.
You cannot buy anything with 0,01 cents.
This amount of money is not a considerable amount for transactions but it is a portion of it in order to break 1 euro/usd into pieces in order to give changes etc.
This amount of money is not a considerable amount for transactions but it is a portion of it in order to break 1 euro/usd into pieces in order to give changes etc.
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We could make money with pennies ... we would need someone that we can trust to manage the pennies for us
For example nobody can deposit in a bank 0.01 cents and get interest ,or you can't buy a stock ,btc or other cryptos with 1 penny
But imagine if 1000000 people join together in a pool and each user has to deposit 1 penny each month for 30 years ,if he does not deposit he will loses his pennies /investment
And after 500 years his grate grate grandson or granddaughter is allowed to withdraw if he has the secret code you gave your son / daughter etc ,if no one claims the money it will be distributed among others investors grate grate grand children or how ever you decide that you want to get that money ...You will make them rich beyond their wildest dreams ...with compound interest and just some pennies
For example nobody can deposit in a bank 0.01 cents and get interest ,or you can't buy a stock ,btc or other cryptos with 1 penny
But imagine if 1000000 people join together in a pool and each user has to deposit 1 penny each month for 30 years ,if he does not deposit he will loses his pennies /investment
And after 500 years his grate grate grandson or granddaughter is allowed to withdraw if he has the secret code you gave your son / daughter etc ,if no one claims the money it will be distributed among others investors grate grate grand children or how ever you decide that you want to get that money ...You will make them rich beyond their wildest dreams ...with compound interest and just some pennies
Damn,this is the most ridiculous financial idea I've ever seen.
How the hell can you convince 1 million people to join this "pool" and consistently pay 1 cent for 30 years?
99,99% of the people wouldn't even bother to join such "project",because it's a waste of time,not money.
People want a return of investment to come as soon as possible.Nobody would invest money and expect a return after more than 20 years.
Pennies aren't created for buying stuff.They are created for receiving change,after you buy something.
it's just an idea ,here is another one ...we are brainstorming
-----------------------------
Let's say 1000000 people join in a pool and they deposit 1 penny / week each year for 10 years
The fund manager does one thing only: he buys physical gold,and stores it in a safe place,and gives gold to people after 10 years
Let's say gold price increases by 7% each year
Year 1
576000 usd / 55.62 usd / g 24k = 10355.98 g of 24k Gold
Year 2
576000 usd / 59.52 usd / g 24k = 9677.41 g of 24k Gold
Year 3
576000 usd / 63.68 usd / g 24k = 9045.22 g of 24k Gold
Year 4
576000 usd / 68.13 usd / g 24k = 8454.42 g of 24k Gold
Year 5
576000 usd / 72.89 usd / g 24k = 7902.31 g of 24k Gold
Year 6
576000 usd / 77.99 usd / g 24k = 7385.56 g of 24k Gold
Year 7
576000 usd / 83.44 usd / g 24k = 6903.16 g of 24k Gold
Year 8
576000 usd / 89.28 usd / g 24k = 6451.61 g of 24k Gold
Year 9
576000 usd / 95.52 usd / g 24k = 6030.15 g of 24k Gold
Year 10
576000 usd / 102.20 usd / g 24k = 5636 g of 24k Gold
Total gold in 10 years = 77841.82 g of 24k Gold (77.84182 kg)
That means at the end each person has 0.07784182 g 24k Gold
In year 11 price is 109.354 usd /g of 24k Gold that means you get 8.51 USD(without managing fees) on your investment of 4.8 usd
Nothing, for sure. Maybe really rare 99% sale when shops just want to free up space. But why you should be able to buy something with 1 cent?
Here in our country, with that 0.01 cents that is equivalent to 50 cents, you can buy a 1 piece kind of a street food that you can eat. But that will not make you full enough, still a 0.01 cents is not that worthy to spend, instead you should save it for your future errands. Saving 0.01 cents USD is really beneficial and effective if you want something to buy and you can't afford it right now. Be patient with your 0.01 cents and it will grow for sure, also if you're working in your job, work harder so that you can earn money and that 0.01 cents can be added up to your asset once you don't spend it. Sometimes you really need to be wise with your decision and become provident at the same time.
Quote
We could make money with pennies ... we would need someone that we can trust to manage the pennies for us
For example nobody can deposit in a bank 0.01 cents and get interest ,or you can't buy a stock ,btc or other cryptos with 1 penny
But imagine if 1000000 people join together in a pool and each user has to deposit 1 penny each month for 30 years ,if he does not deposit he will loses his pennies /investment
And after 500 years his grate grate grandson or granddaughter is allowed to withdraw if he has the secret code you gave your son / daughter etc ,if no one claims the money it will be distributed among others investors grate grate grand children or how ever you decide that you want to get that money ...You will make them rich beyond their wildest dreams ...with compound interest and just some pennies
For example nobody can deposit in a bank 0.01 cents and get interest ,or you can't buy a stock ,btc or other cryptos with 1 penny
But imagine if 1000000 people join together in a pool and each user has to deposit 1 penny each month for 30 years ,if he does not deposit he will loses his pennies /investment
And after 500 years his grate grate grandson or granddaughter is allowed to withdraw if he has the secret code you gave your son / daughter etc ,if no one claims the money it will be distributed among others investors grate grate grand children or how ever you decide that you want to get that money ...You will make them rich beyond their wildest dreams ...with compound interest and just some pennies
Damn,this is the most ridiculous financial idea I've ever seen.
How the hell can you convince 1 million people to join this "pool" and consistently pay 1 cent for 30 years?
99,99% of the people wouldn't even bother to join such "project",because it's a waste of time,not money.
People want a return of investment to come as soon as possible.Nobody would invest money and expect a return after more than 20 years.
Pennies aren't created for buying stuff.They are created for receiving change,after you buy something.
In five hundred years you will have around 1,000,000 grandchildren. Who of them will get to keep it?
You will have to decide
In five hundred years you will have around 1,000,000 grandchildren. Who of them will get to keep it?
That's a good idea, really.
But I afraid that it's not so practical. I believe there were lots of systems that work like that but they accept much more than 1 penny. I myself am using a system that accepts at least 1.5$ to make a profit.
The problem with 1 penny is to manage that small amount of money will cost more than the money itself and it really not worth investing in. Maybe you should think about the management system instead?
But I afraid that it's not so practical. I believe there were lots of systems that work like that but they accept much more than 1 penny. I myself am using a system that accepts at least 1.5$ to make a profit.
The problem with 1 penny is to manage that small amount of money will cost more than the money itself and it really not worth investing in. Maybe you should think about the management system instead?
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Nothing, for sure. Maybe really rare 99% sale when shops just want to free up space. But why you should be able to buy something with 1 cent?
Why nothing when LoyceV have already provided a perfect answer to the question asked by the OP and aside the coin mentioned by LoyceV there are still some top 100 coin on capital market that you can buy with 0.01cent.1) $0.01 cent will buy you 32 BitTorrent
2) 100 Holo.
3) 3 Flexacoin
4) 2 CKB
5) 3 SiaCoin
6) You can also use it to buy 9 DX token
You can't buy cryptos with one penny ...
if you have 1 penny in your house ,first you got to make a bank account,then you got to transfer the penny to trader ,after trader transfers you crypto
I am talking about physical pennies / cash / real coins
I guess nothing can be bought with this money, at least that's the case in my country. In particular, I would like to point out that an amount of 0.01 TL is not used, if you want to comment according to the currency of my country. Since we have lower purchasing power against other currencies, we can not get anything with so few unit currency. Moreover, it is not possible to buy anything even with the currencies of the countries you mentioned in the subject.
In my country maybe $ 0.01 can only buy plastic bags. That is a very small amount, I find it strange that you ask this.
If we do have $ 0.01 it's better to collect it, because if forced to buy something. Will definitely get goods that don't
important, or can we use money of $ 0.01 to buy altcoins. Who knows the altcoins we buy suddenly pump, it must be luck.
it looks like we're in the same country but with 1 cent and buying shitcoin then expecting a pump and being able to get profit is very impossible, it's like looking for needle in haystack. If we do have $ 0.01 it's better to collect it, because if forced to buy something. Will definitely get goods that don't
important, or can we use money of $ 0.01 to buy altcoins. Who knows the altcoins we buy suddenly pump, it must be luck.
1 penny is worth 106 satoshi today. If you have this amount in bitcoin on exchange, you could try your luck buying 1 satoshi shitcoins and hoping one day they will pumped.
In Soviet Union a box of matches cost 1 cent.
P.S. If you happen to be in Bratislava, you could have a lot for 1 cent http://www.youtube.com/watch?v=ksPE62Dl3dQ&t=2m15s
In Soviet Union a box of matches cost 1 cent.
P.S. If you happen to be in Bratislava, you could have a lot for 1 cent http://www.youtube.com/watch?v=ksPE62Dl3dQ&t=2m15s
I hope you wanted to say "used to cost". The Soviet Union hasn't been around for decades
It's still possible to buy a box of matches for a UK penny if you're able to convert that to Rubbles.
Out of the cheap things, I'd recommend you guys try to buy bolts or nails. AFAIK those things can cost you even less than a penny per piece. I usually get a handful 1 EUR.
Nothing, for sure. Maybe really rare 99% sale when shops just want to free up space. But why you should be able to buy something with 1 cent?
Why nothing when LoyceV have already provided a perfect answer to the question asked by the OP and aside the coin mentioned by LoyceV there are still some top 100 coin on capital market that you can buy with 0.01cent.1) $0.01 cent will buy you 32 BitTorrent
2) 100 Holo.
3) 3 Flexacoin
4) 2 CKB
5) 3 SiaCoin
6) You can also use it to buy 9 DX token
You can't buy cryptos with one penny ...
if you have 1 penny in your house ,first you got to make a bank account,then you got to transfer the penny to trader ,after trader transfers you crypto
I am talking about physical pennies / cash / real coins
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Nothing, for sure. Maybe really rare 99% sale when shops just want to free up space. But why you should be able to buy something with 1 cent?
Why nothing when LoyceV have already provided a perfect answer to the question asked by the OP and aside the coin mentioned by LoyceV there are still some top 100 coin on capital market that you can buy with 0.01cent.1) $0.01 cent will buy you 32 BitTorrent
2) 100 Holo.
3) 3 Flexacoin
4) 2 CKB
5) 3 SiaCoin
6) You can also use it to buy 9 DX token
In my country maybe $ 0.01 can only buy plastic bags. That is a very small amount, I find it strange that you ask this.
If we do have $ 0.01 it's better to collect it, because if forced to buy something. Will definitely get goods that don't
important, or can we use money of $ 0.01 to buy altcoins. Who knows the altcoins we buy suddenly pump, it must be luck.
If we do have $ 0.01 it's better to collect it, because if forced to buy something. Will definitely get goods that don't
important, or can we use money of $ 0.01 to buy altcoins. Who knows the altcoins we buy suddenly pump, it must be luck.
1 penny is worth 106 satoshi today. If you have this amount in bitcoin on exchange, you could try your luck buying 1 satoshi shitcoins and hoping one day they will pumped.
In Soviet Union a box of matches cost 1 cent.
P.S. If you happen to be in Bratislava, you could have a lot for 1 cent http://www.youtube.com/watch?v=ksPE62Dl3dQ&t=2m15s
In Soviet Union a box of matches cost 1 cent.
P.S. If you happen to be in Bratislava, you could have a lot for 1 cent http://www.youtube.com/watch?v=ksPE62Dl3dQ&t=2m15s
I don't think there are any goods you can buy with 0.01 EUR in Europe. Maybe you can try to negotiate and find a friendly seller who would cut you some slack. But in the end, it wouldn't be worth it.
Also, how would you pay 19% tax on 0.01 EUR?
What you can find for free, are old homes which are falling apart. But if you buy them for free, you will have to refurbish them. So there is a lot of hidden cost involved.
Also, how would you pay 19% tax on 0.01 EUR?
What you can find for free, are old homes which are falling apart. But if you buy them for free, you will have to refurbish them. So there is a lot of hidden cost involved.
Nothing, for sure. Maybe really rare 99% sale when shops just want to free up space. But why you should be able to buy something with 1 cent?
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