Best Coins for Accepting Crypto: How to Receive Payments in BTC and Altcoins?
Zach Anderson Apr 28, 2024 10:21
Cryptocurrencies like Bitcoin, Ethereum, Cardano, Ripple, Stellar, Dash, and Litecoin are popular for businesses due to speed, revenue streams, and early adoption advantages.
With the resurgence of cryptocurrencies and new regulations, more and more businesses are adopting crypto payments. In 2024, there are already 15,000 registered companies that accept cryptocurrency, including industry leaders like Amazon and Microsoft.
In today's competitive market, integrating cryptocurrency payments isn't just an added luxury; it's a strategic move that will set you apart from your competitors. This article will examine various crypto options to diversify your accepted payment methods.
Why to Accept Cryptos?
There are several reasons why businesses should consider cryptocurrency payment processing:
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Speed: Cryptocurrencies offer near-instant transactions compared to traditional fiat payments, which can take days or weeks to finalise.
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New Revenue Streams: By accepting cryptocurrencies, businesses open up new revenue streams and avoid high commissions from credit card companies or other payment processors.
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Early Adoption Advantage: Although the cryptocurrency market has been around for 15 years, it is still considered to be in its early development stages. By accepting Bitcoin and other cryptocurrencies, businesses can gain an early bird advantage in a market.
What Crypto Should You Accept?
Different currencies and networks have unique pros and cons, so you need to offer flexibility in payment options for your customers. Here are the top coins for crypto payments to consider:
Bitcoin (BTC)
With a market dominance of over 50%, Bitcoin remains the king of cryptocurrencies, with unparalleled global recognition and stability. Its speculative nature and potential for exponential growth make it an attractive choice for savvy crypto holders.
For businesses, integrating an API Bitcoin payment offers quality, security and accessibility in transactions. With no need for immediate conversion to fiat currency, large corporations and e-commerce firms choose to add Bitcoin payment to website for its safety and direct payment option.
Ethereum (ETH)
Ethereum is the top platform for smart contracts and is second in market size compared to Bitcoin. Its smart contract protocols make it the go-to choice for decentralised apps (dApps). It has a wide range of potential uses in healthcare, insurance, supply chain, and finance, making it a favourite network among Web 3.0 supporters.
However, the crypto faces congestion issues and high gas fees, making it less ideal for regular transactions. Despite its flaws, Ethereum is still preferred over other altcoins for its reputation and stability. Integrating ETH payments is also straightforward and cost-effective with an existing blockchain payment gateway.
Cardano (ADA)
Cardano's governance model and special proof-of-stake algorithm help it scale quickly. It selects validators and proposers through a democratic process and careful vetting, keeping the network secure.
As a next step from Ethereum, Cardano offers technological upgrades and better decentralisation. Its system avoids Ethereum's congestion problems, making it attractive for businesses wanting to add crypto payments.
Ripple (XRP)
Ripple is one of the pioneering altcoins, with a system crafted to compete with SWIFT by enabling quick and cost-effective money transfers. Its efficiency in handling global payments has made it a favoured choice for everyday purchases and online transactions.
Ripple's API, readily accessible and often paired with other altcoins like Ethereum, enhances its appeal. However, its significant drawback lies in its price volatility, which can discourage its use for regular transactions. Despite this, integrating XRP payments could unlock new revenue opportunities across different regions and continents.
Stellar (XLM)
Unlike Ripple, Stellar stands out in the cryptocurrency world by focusing on being user-friendly for the average person rather than taking on the banking industry. It offers low-cost, fast transactions, making it great for areas with limited energy and internet access, often found in developing countries.
For businesses, using Stellar could open up new revenue streams worldwide. The platform prioritises ease of use, making it attractive for companies looking to expand their reach to customers who might not be familiar with banking and cryptocurrencies.
Dash (DASH)
Dash is becoming popular in the crypto world mainly because of its strong security features that enable private and fast transactions. Thanks to InstantSend, Dash can quickly process payments, making it perfect for small, speedy transfers.
Even with past price ups and downs, Dash has been stable recently. It's now a safer option for regular purchases, making it attractive to crypto users.
Litecoin (LTC)
Litecoin is often called the "silver" to Bitcoin's "gold" because it's designed for faster and cheaper transactions, perfect for small purchases and daily use. It has a maximum supply of 84 million coins, and its value remains stable thanks to a deflationary distribution model. Litecoin's network is secure and efficient, offering lower transaction fees than Bitcoin.
For businesses, adding a Litecoin payment option is a smart move. It allows them to accept cryptocurrency payments without the high fees. Businesses can also choose to keep the crypto or convert it to regular money, making it a great choice for those who make a lot of small sales to customers who prefer to pay with crypto.
How to Accept Crypto?
How to accept Bitcoin as payment on website? Integrating crypto into your business is a simple process. It involves working with a reputable cryptocurrency payment processing system.
A crypto payment processor bridges your company and the blockchain network, handling all technical aspects of the transaction, such as conversion to fiat currency and ensuring security.
On the other hand, gateway providers offer access to essential crypto-fiat gateways for non-blockchain businesses, which increases cash flow and timely payments to suppliers or debtors, creating a more efficient payment system.
Final Thoughts
The rise of crypto payments allows businesses to tap into a growing market and stay ahead of technology. While Bitcoin remains the top choice for stability and recognition, altcoins like Ethereum and Ripple provide unique features to improve business transactions.
Don't limit yourself to just one or two cryptocurrencies; research and explore new coins to offer diverse payment options to suit your audience's needs.
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