The financial market has seen a growing public demand for cryptocurrency as a payment mode. A survey published by the United Kingdom-based crypto-exchange CreditCoin, 75% of American consumers have voted for cryptocurrency as an option to pay for items at stores. The acceptance of Bitcoin and altcoins by merchants is gradually increasing with time. The number of stores accepting Bitcoin has raised to 3,716 in just a year time. Though there are constant ups and downs in the crypto-market, yet people are keen to accept it for their business.
Still, a question lingers on whether to accept crypto payments or not. If yes, which is the most beneficial and practical coin a merchant can use? Due to the fact that most of the people hold the original cryptocurrency, Bitcoin has an advantage over altcoins. However, altcoins like Dash, Litecoin, and Bitcoin Cash have become faster and more reasonable than Bitcoin. Their present service is more seamless.
A number of companies provide crypto-payment portals that allow dealers to accept a variety of cryptocurrencies. Initiatives are being taken to improve their transactions speeds and cost-effectiveness. Hence, it will work as an advantage to future retails as people would be able to hold multiple currencies for different purposes, creating a win-win situation for multiple coins.
Why is Bitcoin preferred?
The most important requirement to be fulfilled by a cryptocurrency before starting a business is to be held by a number of people. Without the fulfillment of this condition, the merchants couldn’t expand their business beyond a limited area. Thus, Bitcoin is the most feasible currency for dealers to accept.
It can be inferred that a merchant should ensure to attract as many potential customers as possible. Despite the growth of altcoins, merchants are still dependent on Bitcoin for transactions.
According to the co-founder of crypto-merchant search engine Spendabit, Devan Calabrez, Bitcoin has been a dominant cryptocurrency for transactions so far. The reason being the maturity of BTC, brand recognition, and its momentum.
Although on the other hand Bitcoin’s value fluctuates to a great extent which discourages merchants to use it for transactions.
When compared with the competing altcoins, it can be found that Bitcoin has a relatively higher transaction fee. Due to high volatility, fee and transaction fees, are the weaknesses of Bitcoin. These shortcomings tend to hinder the sales by Bitcoin.
Before deciding the best cryptocurrency, it should be comprehended that multiple cryptos can be used by merchants which accepting payment. Due to increasing blockchain base platforms, it is now easier for traders to accept multiple cryptocurrencies. This will provide even the customer with a choice to use different coins to pay. It would enable them to choose coins according to their strength at that very time.
Platforms that caters to the broadest range of cryptocurrency owners should be developed which should act as a single payment environment. It will eliminate the dilemma for the traders to choose between the coins with their own pros and cons.
The expansion of such a platform will enhance the use of cryptocurrency as a payment option. This will help stabilize the values of crypto as well as improving the technology further. The situation will mutually benefit the merchants and customers. Since the platform will provide a wide range of coins, it will be a win-win situation for Bitcoin as well as altcoins.
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