Bitcoin or Altcoin: What Crypto Merchant Prefers
The volatility of cryptocurrency may not be necessarily put into consideration especially this time that different stores, companies, and even government are seeing it as the next choice.
In America, according to a UK-based exchange CreditCoin’s survey, nothing less than 75 percent of American consumers desire to use digital currencies as a means of settlement, however, the number of stores accepting them are not in any way close to the demand.
While consumers demanding Bitcoin (BTC) among other altcoins are on the increase, the number of stores accepting cryptocurrencies are increasing day by day as well. These are signals that businesses and consumers continue to have interest in crypto despite market issues and government clampdowns.
As merchants keep on accepting and consumers keeps on using crypto as payment option, there are many among them who do not know which to subscribe to or take with importance.
Meanwhile, Bitcoin may be the most sought after since it is the first know digital currency, it is worth noting that different altcoins Litecoin, Dash, Bitcoin Cash, and many other are seamless, cheaper and faster than Bitcoin as a payment method.
However, they may be said to be below Bitcoin in value and popularity, they proffer seamless retail experience by all indications.
With that in mind, many number of firms are provided cryptocurrency payment platforms to give merchants the avenue to accept digital currencies on their stores, with big firms working on their disadvantages i.e. transactions speeds and cost-effectiveness.
Bitcoin’s Popularity In Focus
For crypto to be accepted by many businesses, it has to be used by many people. This is the easiest adoption step, else, merchant may fear accepting crypto.
In the case of Bitcoin, its popularity has created more room for it to be adopted than any other coin. At the moment, there are around 27.6 million Bitcoin wallet addresses in existence, however, there are 40.7 million Ethereum addresses. We need not conclude that Ethereum users surpass Bitcoin’s, since a high number of addresses on Etherum are smart contracts and not wallet.
Also, we need not forget that Ethereum has 599 ERC-20 tokens, which are also part of the addresses mentioned.
Different data confirms that Bitcoin is widely used than any other crypto known. To corroborate this, Litecoin Founder had earlier said one needs to have some certain amount of Bitcoin before deciding to buy altcoins.
Lower Transaction Fees Makes Altcoins Stand out
With lower transaction fees, altcoins are super when compared to Bitcoin. Coins like Dash have extremely lower fees coupled with lower confirmation time. Coins like Bitcoin Cash handle high transactions than Bitcoin in a very short time.
Also, the coin has the lowest cost of transaction. The same holds for other altcoins when compared with Bitcoin. Above among other advantages have made some merchants demand altcoins in place of bitcoin. Despite, the popularity of Bitcoin is unmatched at the moment.