Cryptocurrencies are yet to completely take over the real world in the way that the experts and enthusiasts had predicted. Regardless of that, there are some noteworthy signs that mean different other digital currencies have also been trying to make their space in the conventional business. Now, the question is: bitcoin or altcoin – which is going to find its place in the mainstream business space? Let’s find out!
Bitcoin: The original cryptocurrency
Most people believe that bitcoin, the original and the major cryptocurrency, is the one that is going to witness mainstream adoption and usage on a larger scale. Given the fact that the list of businesses around the world that are opening up to bitcoin is gradually growing, mainstream adoption isn’t a farfetched scenario.
Due to the bitcoin ATMs and companies like Bitcoin Code, it is getting easier than ever for the crypto investors to assess the market and spend the tokens at the brick-and-mortar stores.
Bitcoin keeps outpacing the other digital currencies presently on offer, which makes it the most useful digital currency available in the mainstream business arena at present, at least in terms of payments.
Altcoins: The cryptocurrencies that followed
Digital alternatives to bitcoin, called altcoins, have a lower level of acceptance among the major companies. If you take a close look at the list of businesses that are more welcoming to altcoins, you will note that these are mainly cryptocurrency exchanges and special online stores. This is not to mean that the scenario will remain the same in the future. It’s about how the altcoins are perceived right now.
If you look at any directory that lists retailers and businesses accepting bitcoin, you will notice that almost all of them are accepting bitcoin, but a majority of them do not accept any other digital currency.
When solely New York City is taken into consideration, there are at least over seventy businesses that take bitcoin payments. Many of these businesses exclusively accept bitcoins, and some of them even have their bitcoin ATMs.
Bitcoin or altcoins: Which one to choose?
In the end, it is really hard to tell which cryptocurrency is going to break in the mainstream business most decisively. Now, bitcoin comes with an initial lead because of the benefits it enjoys, such as the largest market cap and the highest popularity. But this doesn’t mean that altcoins are lagging way behind bitcoins.
It is also true that no cryptocurrency so far has managed to effectively overtake fiat currency in any part of the globe. There are a few payment apps that are trying to majorly open up the opportunity of making crypto payments for real-world applications. Some payments apps among those allow payments to be made in other cryptocurrencies apart from bitcoin. Thus, there might be a situation in future where not one but several cryptocurrencies enter the mainstream.
All in all, only time can tell whether altcoins will enjoy as much popularity as bitcoin in mainstream businesses. However, the growth and extending reach of altcoins certainly gives us hope.