In 2022, it was reported that 75% of retailers were planning to accept cryptocurrency payments before the end of 2024. Considering that the first whitepaper for Bitcoin was only released fourteen years ago, in 2009, this would be a seismic leap in the world of blockchain and finance as a whole.
Whether that figure will actually be reached remains to be seen. Because the crypto market is so volatile – two years ago Bitcoin was worth $65,000 and is now worth $22,000 – it is very difficult for businesses to ensure that they are accepting payment or a potential for payment. This isn’t helped by the fact that many cryptocurrencies are still not regulated or backed by governments.
Enthusiasm Still On The Rise
But despite this, enthusiasm around cryptocurrency and its potential for the future remains high. This is mainly due to the continuing consumer adoption of blockchain, with the number of use cases – other than currency – still being recognised.
One of the industries that has seen great success in this regard is the casino industry, which has seen a 175% increase in users over the last two years – fairspin casino accepts as many as 10 cryptocurrencies.
Other big businesses that are joining the bandwagon include Starbucks, Tesla, Subway, AT&T, Lush, and Microsoft – and this number is only expected to rise – albeit not by 75% in the next year, perhaps.
If you’re an investor in crypto, or you’re thinking about investing in crypto and would like to know about some real-world use cases, then you need to know which of these cryptocurrencies are being accepted.
As mentioned previously, complete adoption of crypto by businesses has not been achieved just yet, and for this reason, most businesses only accept a handful of tokens. With this in mind, here are the most common tokens that these businesses are accepting:
- Bitcoin
Because Bitcoin is the most popular crypto token, it is also the most common cryptocurrency accepted by businesses. Last year it was reported that 15,174 businesses worldwide accepted BTC.
- Ethereum
As of 2023, Ethereum is the second most popular cryptocurrency in the world, and if experts are to be believed, ETH could overtake Bitcoin over the coming decade. At the moment, it is worth around $1,373.
- Dogecoin
Early in 2022, the famous CEO of Tesla, Elon Musk, made waves in the investor market when he announced that Tesla would accept Dogecoin. While originally conceived as a “meme-coin”, the popularity of Dogecoin has risen drastically since its conception, and Tesla’s acceptance paved the way for a number of other companies to introduce it into their system.
- Litecoin
Because Litecoin enables near-zero cost payments, it has become an incredibly popular coin over the last few years, rising to a valuation of $66, with a 24-hour trading volume of $252,136,506. This makes it one of the most common crypto tokens accepted by businesses in 2023.
- USDC
Just last month, it was revealed that nearly 10,000 merchants around the world were accepting USDC payments, and with USDC continuing to grow in popularity, this number is only expected to rise. In 2023, USDC is worth nearly $1, with a market cap of $25 billion.
Benefits Of Paying With Crypto
There are many reasons why more businesses are growing interested in crypto, despite the volatility issues mentioned before. For one, they incur lower transaction fees, instant settlement times, and less chance of fraudulent chargebacks.
For the people paying with crypto, paying with crypto introduces a more international consumer experience – blockchain doesn’t have any borders, which means you can pay anywhere in the world without having to worry about additional fees.
Security, safety, speed, and efficiency are other reasons why it is such an attractive alternative to fiat payments. However, because it is not fully integrated yet, it’s important to look into which tokens are performing well, and consider the cryptocurrencies that are the most accepted now.
Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of CoinChapter. CoinChapter will not be responsible in any way for the content of the same. Do your research and invest at your own risk.
