It’s no secret that most conventional economists don’t think much about cryptocurrencies. Bitcoin (BTC) and the altcoins, Ethereum (ETH) and the rest, not only produced the “biggest bubble in history,” but they are “neither a serious method of payment nor a good way to store capital,” according to Bank of America and Nouriel Roubini. However, while traditional financial experts have spent countless hours complaining that the volatility of cryptos makes them unfeasible as real money, a wide variety of stores, especially online, implemented cryptocurrency payment methods.
Which cryptocurrency is the most used one for payments? Well, perhaps as expected, the answer to this question is Bitcoin (BTC), only because it is accepted as a payment method more widely than any other cryptocurrency in the market.
However, altcoins such as Ethereum (ETH) and Litecoin (LTC), among others, with their superior scalability may end up outperforming the leading digital coin in the cryptocurrencies market. But not just yet, as we’ll see together below.
Bitcoin (BTC) Vs. Altcoins – BTC is widely accepted as cryptocurrency payment methods, but Altcoins grew in popularity
Currently, 54 major companies allow cryptos, according to Virtual Coin Squad (although the actual number is much higher), and only two of them, MazeFit (sportswear) and Shiny Leaf (cosmetics), do not accept Bitcoin (BTC). The other 53, including Microsoft, Expedia, Mozilla and Shopify, all accept Bitcoin (BTC), while 25 also accept Litecoin (LTC), 13 accept Ethereum (ETH), 14 accept Bitcoin Cash (BCH), 12 accept Monero (XMR), and 15 also accept Dogecoin (DOGE).
In other words, Bitcoin (BTC) is the most adopted by the stores which accept cryptocurrency payment methods, for the simple reason that any merchant who agrees with any crypto is almost sure to admit BTC, while the same cannot be said of altcoins.
However, lately, altcoins grew in popularity and adoption as payment methods.
This growth in the acceptance of altcoins not only demonstrates the growing people’s familiarity with cryptos but also results from the increasing prominence of cryptocurrencies market payment services designed for businesses, such as Coinbase Commerce which allows merchants to accept payments in multiple digital currencies.
However, such merchants still remain in the minority, for the most part, once again suggesting that Bitcoin (BTC) is still the most widespread among the cryptocurrency payment methods.