A lot of us get into crypto because we want to strike it rich buying that one coin that does a 1000x in a few days. The truth is that simply doesn’t happen, and getting rich quickly would be awesome, however it’s probably not going to happen for the majority of us. Which is why we will be recommending some blue chip cryptos that will steadily rise and increase in value over the coming years.
Also, if you’re looking to play some crypto poker, we’ve got 5 of the best apps to check out right here.
What Is a Blue Chip?
First let’s define what a blue-chip means. Blue-chip assets are assets that have withstood the test of time. These assets are valuable, stable, and established. They are usually household names, seen as high-quality investments, and have a higher chance of scaling through adverse economic periods.
Okay first up we have our favorite blue chip crypto XRP. XRP is basically a cryptocurrency that has been developed, issued, and partially managed by US-based company Ripple Labs. XRP is one of the many products in Ripple Labs’ bundle, all created with the idea to improve the efficiency of cross-border payments, particularly in the banking sector.
It is the native digital currency on the XRP Ledger—an open-source, permissionless, distributed ledger that has the ability to settle transactions in 3 to 5 seconds. XRP can be sent directly without any need for an intermediary, making it a convenient instrument in bridging two currencies quickly and efficiently. The main purpose of XRP is to be a mediator for currency exchange. And that’s it, but the benefit to using it is massive considering what is in place currently is a system called Swift which is decades old in very inefficient.
Second we have Ether. Ether is the second largest cryptocurrency, with a market capitalization of more than $160 billion. It is the native token of the Ethereum network. The Ethereum blockchain has many use cases, as it is the native blockchain for many crypto projects, with over 2,000 projects covering solutions that involve decentralized finance applications, payment processing with the use of smart contracts, security and third-party privacy, data storage, games, arts, etc. Ethereum has a robust platform that supports many other altcoins. The use cases and many other solutions make it a big player in the crypto world.
Bitcoin and Ethereum have continued to grow and invent new solutions even during difficult markets, such as bear markets. They are cryptocurrencies to consider during market downturns when the need for safety and security outweighs the desire for rapid gains. The nature of the two cryptocurrencies also makes many crypto enthusiasts believe they are more reliable than other cryptocurrencies for long-term investments.
3. Binance Coin
Third we have Binance Coin. BNB is the token supporting the largest crypto exchange in terms of daily total trading volume. For investors in the crypto market, exchanges provide incredible value, for obvious reasons. Liquidity, and the ability to trade, are integral to the idea that this asset class can be investable. For institutions, well-functioning exchanges provide tremendous value in this regard. For those taking a long-term view that institutional adoption in the crypto space will pick up, Binance is a project to consider. A centralized exchange, Binance is the largest, and generally perceived to be “best” crypto exchange in the world. This exchange is available in many countries globally, though only in some states in the U.S. due to regulatory laws.
However, Binance Coin has other use cases besides paying fees on its platform. Indeed, this network’s use cases have exploded after the Binance Smart Chain launched for smart contract-based DeFi applications. As the value of Binance’s ecosystem grow, so too should the value of BNB. Over the long-term, BNB has become a rather impressive performer, despite recent weakness tied to market performance.
Fourth we have Cardano. Similar to other cryptocurrencies, ADA – Cardano is a digital coin that can be used to store value or send and receive funds. The ADA cryptocurrency runs on the cardano blockchain, a first-of-its-kind decentralized network, based completely on scientific and mathematical principles and designed by experts in the fields of cryptography and engineering.
The cardano blockchain can be used to build smart contracts, and in turn, create decentralized applications and protocols. Additionally, the ability to send and receive funds instantly through, for minimal fees, have many applications in the world of business and finance. Instead of attempting to thwart global regulators, cardano is building a blockchain with regulation in mind, to provide financial services to all. Cardano looks to solve many of the blockchain industry’s current problems, including, the use of mathematics to provide a provably secure blockchain that is less prone to attacks.
And last we have none other than Bitcoin. Bitcoin is the first and oldest cryptocurrency to exist. Satoshi Nakamoto invented Bitcoin in 2009 when he launched the project’s blockchain and mined the first Bitcoins. The anonymous founder describes Bitcoin as a “peer-to-peer electronic cash system.”
Bitcoin was initially sold for mere dollars during its initial first years. However, the cryptocurrency reached heights of up to $69,000 per coin in the most recent bull market. It took Bitcoin less than 10 years to become a widely recognized currency and alternative payment system. Bitcoin’s value is backed by a cryptographically-proof consensus model revolving around Proof of Work. Proof of Work establishes decentralized and anonymous consensus by distributing voting power to the entire network, rather than one centralized entity. The Bitcoin network is supported by miners who confirm transaction blocks in return for small fees.
And lastly we’d like to recommend 3 extra coins that are a little bit less blue chip, but have some serious potential to moonship in the near future.
First up we have Decentraland. Decentraland is hosted on the Ethereum network and represents a virtual reality ecosystem where people can buy LAND, which is a non-fungible token that represents a piece of the virtual map. Decentraland’s users are incentivized to operate a virtual reality that the entire community shares. While LAND represents the ownership over a piece of the Decentraland virtual world, MANA is the native currency of the system and community members can use it to buy LAND on the marketplace. The Decentraland software offers a unique experience to users who can communicate with other users and make the best of features such as in-world payments, playing games, and enjoying virtual content.
With its decentralized governance structure in which the power lies in the hands of users and MANA holders, Decentraland is the first virtual platform of its kind where users are in complete control over the ecosystem. They are a current leader in the metaverse gaming space, and only look to grow massively in the coming years.
2. Enjin Coin
Second we have the Enjin Coin. Enjin is a software that gives developers the ability to create and manage virtual goods on the Ethereum blockchain. The idea is that by using blockchain technology to manage in-game items across many different properties, Enjin can help reduce the high fees and fraud that have plagued the transfer of virtual in-game goods and collectables. Toward that goal, Enjin has released software development kits (SDKs) allowing users to both create digital assets on Ethereum and integrate them into games and apps. Each minted asset is customizable to fit the desired platform and recorded in a smart contract, giving the items the advantages of cryptocurrency, namely speed, cost and security. Central to managing the digital assets on its platform is ENJ, Enjin’s cryptocurrency, and each in-game item created on Enjin is assigned a value in ENJ. Bottom line the price on this coin is very undervalued and could sky rocket at any given moment.
Third, we have Sushiswap. SushiSwap is a software running on Ethereum that seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets. Similar to platforms like Uniswap and Balancer, SushiSwap uses a collection of liquidity pools to achieve this goal. Users first lock up assets into smart contracts, and traders then buy and sell cryptocurrencies from those pools, swapping out one token for another. One of a growing number of decentralized finance (DeFi) platforms, SushiSwap allows users to trade cryptocurrencies without the need for a central operator administrator. This means that decisions relating to the SushiSwap software are made by holders of its native cryptocurrency, SUSHI. Anyone holding a balance of the asset can propose changes to how it operates and can vote on submitted proposals by other users.