Nowadays, purchasing anything using cryptocurrency is widespread. But, when it comes to accepting cryptocurrency, the first thing that comes to mind is which cryptocurrency is best for your business, as well as the risks and benefits that specific cryptocurrency involves.
When it comes to accepting cryptocurrency, Bitcoin is the first cryptocurrency that comes to mind Bitcoin markets are extremely unpredictable, and the price you pay now may not be the amount you pay tomorrow.
So, if you are running a business that is not ready for high risk then Bitcoin is not the option for you. In this article, I’ll discuss other cryptocurrency alternatives to Bitcoin.
Some prominent cryptocurrency alternatives that are expressly engineered to perform better for purchasing are Dash, Manero, and XRP.
Because their prices are related to actual currencies, stablecoins such as Tether or USD Coins can also be preferable choices for shopping.
So, let’s first see the top five cryptocurrency alternatives you should consider, apart from Bitcoin.
Top Cryptocurrency Alternatives
Binance Coin is a type of cryptocurrency that can be traded and paid for on Binance, one of the largest cryptocurrency exchanges in the world. It has a market capitalization of around 86 billion dollars.
This Coin has grown beyond just conducting deals on Binance’s exchange platform since its launch in 2017. It is now possible to use it for business, payment processing, and more.
You can also trade or exchange Binance Coin for other cryptos such as Bitcoin. It was just $0.10 in 2017. However, on January 3, 2022, it climbed to roughly $460, a gain of about 460,000%.
The 3,500% yearly growth in Dogecoin (DOGE) was insufficient to make it one of the top-performing cryptos in 2021, but the famous parody currency did draw the most attention.
Cryptwerk reports that over 2,000 businesses presently accept Dogecoin, whereas nearly 7,700 accept Bitcoin. Musk’s Tesla said in December that it will take DOGE as payment for merchandise.
AMC Theaters, which began accepting payments in a few cryptos at the end of 2021, said it will accept Dogecoin and Shiba Inu (SHIB) payments in March 2022.
Cardano’s market cap is over 44 billion dollars and also stands out for its early adoption of proof-of-stake validation.
By eliminating the competitive, problem-solving part of transaction verification seen in networks such as Bitcoin, this solution reduces transaction time, energy use, and environmental effect.
Cardano’s ADA token has seen slow growth compared to other major cryptocurrencies. In 2017, the price of ADA was only $0.02. Its current value was $1.21 as of January 12, 2022. This is a 6,600% gain.
Apart from this crypto, there are also stablecoins like USDT and USD Coin. So, they are perfect for payment while purchasing anything, as they are pegged to the US dollar.
Tether’s market cap is about 78 billion dollars. Unlike some other types of cryptocurrency, is a stablecoin, which means it is backed by fiat currencies such as US dollars and Euro.
In concept, this implies Tether’s value should be more consistent than other cryptocurrencies, and it’s preferred by investors who are scared of other coins’ excessive volatility.
And also it is the most preferred cryptocurrency by merchants which gives them the advantage of stability and also over period growth for holding it.
USD Coin’s market cap is over 42 billion dollars. Also like Tether, USDC is a stablecoin, which means it is backed by US dollars and aims for a 1 USD to 1 USDC ratio.
Also, USDC is powered by Ethereum. So, you can use USD Coin to make worldwide payments. And also good as a payment method on online sites.
Now that we’ve seen the greatest alternatives to Bitcoin as payment, let’s have a look at some of the payment gateways that support this cryptocurrency, making the process of accepting this cryptocurrency extremely simple.
Cryptocurrency Payment Gateway
When it comes to taking payments in stablecoins like USDT, the first name that springs to mind is CoinRemitter. It is one of the top crypto payment gateways. Also, one of the first to offer USDT ERC-20, giving businesses exceptional stability and future preparedness.
CoinRemitter also supports other cryptocurrencies like Bitcoin, Doge, and even Binance which provides more options. So, you can stay tuned to the crypto market and also gather an audience who is using this cryptocurrency.
Apart from CoinRemitter, also CoinPayments and NowPayments are the top crypto payment gateways. They handle numerous cryptocurrencies and have the lowest charge structure. It is extremely beneficial for merchants since they do not have to pay any additional costs for transactions.
Also, these payment gateways have other functions like coin swapping and crypto-to-fiat conversion. So, you can be protected from the volatility of the price.
Thus Bitcoin is the most preferred cryptocurrency. Also, it is very risky as its price volatility is certainly something that cannot be neglected. But in this article I have talked about some of the best cryptocurrency alternatives to Bitcoin, and what are their future potentials.
I have also mentioned some of the crypto payment gateways which support all the listed cryptocurrencies.
Whether you choose to accept crypto payment or not, the future of cryptocurrency is getting stronger and in favor of it. So, it will be the right time to consider it and take payment in stablecoins.