Cryptocurrencies such as Bitcoin, Etherum, and Dogecoin have probably surpassed you. You have missed their boom and are looking for others that have their same potential. There are four (from 7,000+ cryptocurrencies) of them that, based on their uniqueness, have a chance of scaling to bring good returns on investment (ROI).
A word of advice: invest in the security of your cryptocurrency investment soon or before purchasing these coins. It will serve no purpose to purchase crypto only to be hacked. Some simple steps to enforce the security of your cryptocurrencies are:
- Enabling two-factor authentication
- Withdrawing your cryptocurrencies from your exchange for storage
- Possessing a hardware cryptocurrency wallet
Here are four cryptocurrencies that are worth considering.
Chainlink is certainly popular. This popularity stems from its unique standpoint in the cryptocurrency market— one with almost no competition.
Chainlink’s business model (its unique standpoint) revolves around solving communication issues within blockchains. This means the introduction of Oracle (the type of sensors that is used in stock markets and weather stations) monitored communication which will also enable the initiation of smart contracts.
Chainlink’s business model is based on creating the first blockchain Oracle network. The network will utilize the same blockchain technology to ascertain that the information sent and received through the nodes is error-free.
Chainlink has resources at its disposal for further development. It is ripe with the necessary technology powering it and a phenomenal community.
The public relations surrounding Chainlink influenced and still influences its success. This occurred after Google Cloud’s publication unknowingly did the marketing for Chainlink by describing how it works, and the mention of Chainlink working together with SWIFT as a third-party service provider for its blockchain endeavors. Chainlink has since obtained partnerships with roughly 150 powerful companies.
ChainLink has set a hallmark as the first place for individuals and companies to seek efficient and secure integration between real-world data and smart contracts.
With only 4 years in the market (since 2017) after its launch, Chainlink has hit the $44 mark from $0.50.
Litecoin has retained a steady powerful position in the top 10 cryptocurrencies alongside bitcoin over the years which in itself is close to an assurance that it is a great investment. Litecoin is to Bitcoin what Silver is to Gold. Its supply is set at 84 million LTC. Due to the failure of living up to this year’s bullish expectations, Litecoin’s slow growth has been identified as a factor that provides a lot of potential for long-term investors.
In as much as Litecoin is similar to Bitcoin, Litecoin varies in some aspects:
- Low transaction fees of $0.04 against Bitcoin’s $26.89
- A higher supply volume
- Close to 4 times the generation speed of a coin. It can also process 56 transactions per second as compared to Bitcoin’s 7 transactions a second.
- A distinct hashing algorithm that limits anyone from being the main miner, therefore, promoting decentralization.
Litecoin is arguably the easiest to spend cryptocurrency. With the UFC having it as their official cryptocurrency, it is safe saying the coin is reliable. Financial Institutions like WFG Bank in Germany and gaming giants Atari have adopted the LTC. Litecoin has been predicted to hit $2,500 by 2025. It is a pick for small buys.
Investors in Litecoin are spared from inflation since it is limited in supply meaning after the 84 million LTC are generated, no more can be. The value of the present LTCs will only increase.
This is a coin owned by its company, Ripple. Unlike the majority of cryptocurrencies, it is not decentralized. Ripple aims to serve banks while other cryptocurrencies are against banks, therefore, creating a niche of its own.
This means that banks’ affairs affect Ripple’s performance both positively and negatively. Some banks which have adopted it are American Express, the U.S. money transfer company known as MoneyGram, and Santander. Speculations on Western Union and Visa switching to XRP are quite strong.
The full number of Ripple tokens is fixed to 100 billion. At the moment, below 50 million tokens are circulating. Seeing that it has stayed in the top 10 cryptocurrencies for a long time and is in the fifth position at the time of writing this article, it deserves some respect.
The sales of XRP neared doubling in the first quarter of 2021. The demand indicates how a valuable investment XRP might end up being. XRP serves as a hedging tool over other cryptocurrencies bearing that the factors affecting XRP in most parts are different from those affecting other cryptocurrencies.
XRP does not demand much money to own a coin. $100 is enough to own quite a number. For the uninitiated in the cryptocurrency field, XRP is a low-risk currency to test the waters.
The cost of transacting one XRP is 0.00001 XRP, which mathematically means, the price being $1.33/XRP, it is free.
If the likely projections of Ripple replacing SWIFT as a global payment come to realization, it is only fair to say that the value of XRP will surge.
Uniswap is the frontrunner decentralized exchange (DEX) forged on Etherum’s blockchain. In simple terms, DEXs eliminate the need for a central cryptocurrency exchange platform (middleman) and permit investors to swap cryptocurrencies without an account. Uniswap is easily the most used DEX worldwide.
DEXs like Uniswap reduce the likelihood of being hacked and they have no one with power over them. DEXs are open source for anyone to replicate a version of their own exchange, list their tokens free of charge, and have absolute control of the funds therein.
Uniswap’s demand and liquidity are unaffected by trading activities on the platform (for trading efficiency) but rather rely on automated liquidity protocol— a trading model. The upgrade Uniswap has released in May only increases the liquidity of transactions made through it.
Uniswap company has 12 employees and a transaction volume close to that of Coinbase. This just proves how Uniswap’s contribution, and consequently its value, is great. Uniswap has a market cap of $16.7 billion as opposed to that of Coinbase at $60 billion with only about two years in the market.
The projections for Uniswap seem to be quite strong with a rise from the current $38.93 to $82 by the end of the year.
An investment in Uniswap is a smart choice.
As shown, the conclusion to these currencies that could boost your portfolio’s value involves deep research. I suggest you do the same before putting your money in the market.
As you do your research, here are some factors to keep in mind when deciding which cryptocurrency to purchase:
- Track record of the currency
- Adoption rate of the token
- Longevity of the crypto
- Technology which it is built on/with
The coins outlined above have distinct characteristics that decrease the likelihood of being influenced by the same factors, therefore, reducing the overall risks involved. As you purchase them as investments, remember that investing is a long-term goal. You’ll have to do the unsexy duty of waiting it out to see the returns.
Were our cryptocurrency suggestions helpful? Let us know down in the comments.
This article originally published on GREY Journal.