Topic: What can you buy with 0.01 cents (1 penny) ? (Read 707 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 .

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.

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.

it's just an idea ,here is another one ...we are brainstorming
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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

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.

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.

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?

You're right but I believed you totally misunderstood the statement of the OP when he asked what can be bought with $0.01cause the last time i checked no transaction fee was included when he asked his questions.

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.

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.

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.

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

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.

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

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.

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?

goods are now more expensive than before and we won't be able to use a penny to buy goods anymore. It can only be used when you buy a certain type of goods but there are odd numbers there. then you need to use a few penny to pay enough.

Every cents are important, it depends on the country if the value of that 0.01 cents are really high enough to but a certain thing. You can't buy things that you want with that amount of money, so every time you get a 0.01 cents, save it so that you can pursue the things that you want to buy. Do not underestimate the power of a 0.01 cents, because it can be huge enough every time you save it in your wallet. There are a lot of things that are necessary and much more important once you save that amount of money, you just need to be patient because a 0.01 cents have still a value even if it is small enough to buy a product. Money can grow once you save it.

Yes i know that kind of food and i think its fishball that worth 0.01 usd but you said if convert in our currency in php is it 50 centavos per piece.  Yes if we back in old days we can buy something in just a penny.  Yeah there is no much thing that can buy with a penny .  Lets collect more penny and use it for the future.

But the coins in your account comes from your past purchases right? So technically you're not buying it for a cent. A cent can't buy any thing now, the value of products now are increasing due to inflation.

I guess we should call cennot or cen't since it can't buy any thing anymore haha lol

That is a rare event, promo days or clearance but on a clear weather day your cent is just a decoration in your account.

Back then it could possibly buy a candy or two, I reminisce how low the price way back then I could have a snack with just 0.2USD

Well due to inflation, I don't think you can buy anything with cents, maybe in other countries but in my country, you can rarely buy anything.  If I convert 0.01 USD in our own currency which is PHP, the only thing that comes to mind is a single piece of street food that can usually be bought with 1php per 2 pieces.

In the old days, you can buy things with that value but right now, I don't know. Things are getting expensive day by day so I doubt that there is any, especially in my country. But if you will use the highest currency in the world which is KWD (I just searched it in google), and converts 0.01 in my country's currency, I will be able to buy candy with it.

Why do you ask this question? Are you trying to compare it with satoshi (smallest fraction of bitcoin)? If that’s the case they are both similar, you can’t buy anything with the both of them. Though there is a level that bitcoin might reach and we will be able to buy something reasonable with the smallest amount of it, but it’s going to take a really long time.

There used to be times when you can buy things with cents, and these are mostly biscuits, candies and stuffs like that. But, just as the economy continues to fall, all those things are now costly and you can no longer buy them with pennies, you need something more than that.

I am sure about smallest fraction of bitcoin is going to get its buying power in near future. Some people already speculated about it like 1 satoshi may value one dollar or at least 1 cent. It may happen after a decade but we need to understand that bitcoin's smallest fraction is going to get its buying power whereas currency's smallest fractions had already lost its significance.

@spy100 the short and simple answer is yes you can yet buy stuff with $0.01, but after seeing what was available for $0.01 I have decided to pass the opportunity to buy those items, however if you do make a purchase then do post here as I’m keen to find out which item were you able to purchase with your small fortune. Lastly I’m posting couple of informative links below that I feel will help you make an informed choice, so feel free to check them out.

Links:

https://www.dailydot.com/debug/cheapest-things-on-amazon-one-cent/

https://www.techwalla.com/articles/how-to-find-items-on-ebay-for-one-cent

In my country, I don't think I can buy something unless I buy a large quantity at a wholesale.. or maybe I could only buy a single screw from some shop otherwise, the only things I've ever found that cost $0.01 were useless things from Chinese websites.

If there was anything useful for that price besides plastic bags and screws, they'd probably be out of stock constantly.

---

TIL the S$10,000 banknote is the most valuable one in the world! Insane when you look at the difference between the cost of production and the so-called "value" of the produced paper. Unfortunately, most people trust the paper more than they'd trust a gold investment.

Yes but it's just a logical trick ...to get the 0.1 kwh you have to connect to the grid (costs money) ,then you pay electricity bill even if you don't use electricity in some areas
To get the 4 dogecoins you got to convert 0.01 usd to crypto , you got to pay trading fees etc ... ( Even if you use a faucet it's not 0.01 (fiat) ,your converting crypto to crypto ,not fiat to crypto )
What is the minimum gasoline you can buy at the pump in Venezuela ? ( 1 liter ,1 gram ...10 liters etc ) i suspect they don't allow you to buy 0.5 liters at the pump

0.01 USD in my country can be used to buy telephone credit up to 8 USD, and In Singapore, 0.01 USD can be worth 10000 SGD or the equivalent of 7128 USD.

All can be done with magic seigniorage. The use of a currency without intrinsic value or guaranteed by gold will make the illusion of a piece of paper something of value. Which initially only greasing the transaction becomes something valuable and must be protected.

https://www.creditsesame.com/wp-content/uploads/2012/05/12.03.29-Penny-to-Paper-How-Much-Does-It-Cost-to-Make-US-Currency.png

You can get items on Aliexpress for 1 cent in two different ways:

1. You pay the product with their coins, plus 1 cent (taking into account that their coins are free, you're literally buying it for 1 cent).
2. Every day they raffle many products as freebies: you can choose 2 freebies daily and if you have the chance they ask you to pay 1 cent for it.

It may seem difficult to win, but I've already won like 5 or 6 items in the last year alone this way (a pair of bands for my smartwatch, some shorts for running, a usb charger for my smartwatch, a LEGO (not the real one but almost equal) and more I can't recall now.

I hope it helps

0.01€ used to be the price of a plastic shopping bag in some cheap stores. However, plastic bags are now banned in my country so you can't buy even that. The price of an eco-friendly shopping bag is now 0.05€ 

I don't really think you can buy anything with that few mony. Some people even want to stop minting 0.01€ coins for this very reason.

Good one. I was having trouble thinking of anything besides a 1 cent stamp from the post office.

Here's a fun fact. It costs the US mint significantly more than a penny to produce a penny. They're losing $50-60 million a year manufacturing pennies that people can barely spend.

https://www.forbes.com/sites/timworstall/2014/09/19/amazingly-the-us-mint-loses-money-on-making-money/#3792bae21d03

You mean 1 cent, right?

In de US, it should buy you about 0.1 kWh, which is enough electricity to power a 200 lm LED lamp for 24 hours.
In Venezuela, it gets you half a liter of gasoline, which is enough to drive a car several kilometers/miles.
Online, you can buy 4 Dogecoin.

There's nothing you can buy with a centavo here unfortunately. Long gone are the days wherein one can buy a special nutri-bun for 5 cents, and boy that was a damn big bread when compared to today's standards.

Cents and pennies are just figures which huge establishments care about since they get a large sum of unclaimed penny/cents changes from their customers. Like here in the Philippines, most people do not bother about cents anymore since they are literally worthless, and even small shops won't accept them anymore even if you managed to get a dollar or two from those cents. However in the case of huge establishments, these unclaimed cents are vital since they are racking up those cents into dollars and into big figures. It might not seem much to us regular people but for huge establishments such as grocery stores and the likes, it's worth a ton in the long run.

A error i found with money and humans is that we don't have a good memory ,we can't record much data in our brains ... for example try to remember with details what you did 2 hours ago ,7 hours ago ,then try to remember what you did yesterday ... or on September the 15th 2005 ... if you remember  then you are some sort of savant ...99.9999% of world population can't ...

The big corporations know this also

Can you remember what was the price for a bread 2 years ago ? You can't do to fact there are so many types of bread , bread is not that important in your life ...

This is one of the ways how they screw us ....

If you payed 1 penny +  £2 for delivery that means the product cost you  £2.01  ...so it still not a penny ...

 

Just a penny alone? Here I doubt you could buy anything without negotiation. If you find something cheap in a supermarket that's about to go out of date you might be able to ask but then that comes down more to how you convey yourself. You can certainly by fractions of liquid quantities if served or save the penny in a stock or something .

Pennies and cents are a "carry forward" of the years gone by where you could buy sweets, a lolly or biscuits for a penny. You can buy much more with a relationship (even one built over the course of 30 seconds, than you can with a penny in one of these countries imo).

Edit: I just remembered buying a cd for a penny from a marketplace (obviously paying £2 for delivery) but it WAS a penny in raw form and I could've collected and just paid the penny.

What can you buy with 0.01 cents (usd) ?

Can you buy anything with a penny ?

Same question for other fiat currencies (Can you buy anything with 0.01 eur / 0.01 aud / 0.01 cad / ... ?)


https://www.youtube.com/watch?v=tfvMxfW_gG8

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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
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here is another one idea...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