What can you buy with 0.01 cents (1 penny) ?

Juelz

New member
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 / ... ?)



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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
Wink


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
 

Ronan

New member
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
Grin
.

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.
 

Erick

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

Rafael

New member
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 ....
 

Kyle

New member
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.
 

Phoenix

New member
What can you buy with 0.01 cents (usd) ?
You mean 1 cent, right?
Wink


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.
* LoyceV was bored. Time to hit the couch with alcohol!
 

Jorge

New member
You mean 1 cent, right?
Wink


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.
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.
Cheesy


https://www.forbes.com/sites/timwor...int-loses-money-on-making-money/#3792bae21d03
 

Josue

New member
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€
Tongue


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.
 

Damien

New member
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
Smiley
 

Kairo

New member
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-con...How-Much-Does-It-Cost-to-Make-US-Currency.png
 

Cruz

New member
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.
 

Lane

New member
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?
Cheesy


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.
 

Daxton

New member
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
 
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