Which cryptocurrency is the most usable in money?

It's no secret that most traditional economists do not think much about crypto-rooms. Not only Bitcoin, Ethereum and the rest have produced the "biggest bubble in history", and they "are neither a serious payment method nor a good way to hold capital" – at least according to Bank of America and Nouriel "Dr. Doom"

However, while traditional financial experts spend countless hours claiming that the volatility of crypto coins makes them unrealizable in real money, it is possible to use them as cash in a wide variety of places and spend them on everything from pizzas to shoes.

But which cryptomoeda is the most usable as money? Well, perhaps not surprisingly, the answer to this question is Bitcoin, simply because it is accepted as a means of payment more widely than any other crypto. But, as this badysis will show, other currencies are increasingly accepted by retailers and businesses and, given their superior scalability, they could end up exceeding the original cryptocurrency in the months and years to come.

Bitcoin accepted here

a unique and authoritative list of all companies in the world that accept crypto-coins as a means of payment, although there are several aggregators and websites that provide insight into who accepts what. The most useful is without a doubt Virtual Coin Squad, because even though it does not have the most complete catalog of merchants who now accept crypto coins, it actually lists companies as well as all Crypto parts that they accept. As such, it gives a clear idea of ​​the most used cryptocurrency as a means of payment.

54 major companies currently accept crypto-coins, according to Virtual Coin Squad (although the actual number is much higher), and only two of them – MazeFit (sportswear) and Shiny Leaf (cosmetics ) – do not accept Bitcoin. The other 53 – including Microsoft, Expedia, Mozilla and Shopify – all accept BTC, while 25 accept Litecoin, 13 accept Ethereum, 14 accept Bitcoin Cash, 12 accept Monero and 15 accept Dogecoin. In other words, Bitcoin is the most usable crypto as a means of payment, for the simple reason that any merchant who accepts crypto is almost certain to accept Bitcoin, while the same thing can not be said for other currencies

that a list of only 55 companies is not exactly exhaustive, but there are other broader features that corroborate this image. UseBitcoin is a directory of over 5000 companies and retailers that accept Bitcoin (and other crypto-coins), and although they are not visible in a chart that tells which traders accept which currency, to enter and going out specific lists reveals the same principle: practically all they accept Bitcoin, but most of them do not accept other crypto-rooms

The same goes for the information provided by Coinmap, which allows users to search for a map of the world for companies that accept encrypted parts. Here, a poll in New York, for example, reveals 136 of these businesses in downtown – superimposed on Manhattan and Brooklyn. Many of them deal exclusively with Bitcoin, as do a number of deli meats – for example, Tony Deli from Brooklyn, Big Boy Deli and G Line Deli – which house their own Bitcoin vending machines.

It is true that a growing number of the entire world is now accepting more than Bitcoin, as the Cointelegraph of Bach Nguyen, director of the SatoshiLabs community in Prague, who administers the Coinmap website, explains. :

"If I can talk to Prague and Chechnya, we are seeing a wider acceptance of crypto-rooms, places that have accepted Bitcoin before accepting Litecoin or Ethereum. There are even ATMs that offer Bitcoin Cash.While Bitcoin is still dominant – crypto-currency that is first implemented. "[19659011] This growth in the acceptance of altcoins testifies not only to the growing familiarization of the public with crypto but also of increasing importance of payment in crypto-parts tailored for businesses – like Coinbase Commerce, which was launched in February and allows merchants to accept payments. in various digital currencies. However, these marketers are still a minority – most of the time – again pointing out that if you want to make your way around the world using only a cryptomoeda, your best bet remains Bitcoin.

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There is a variety of other, less direct proofs, which also reveal the higher popularity of Bitcoin over other cryptocurrencies: for example, the University of Cambridge published its Global Cryptocurrency Benchmarking Study in April 2017; Although it did not focus exclusively on payments to consumers, it nevertheless found that 86% of

these payments cover a variety of uses – from international money transfers to payments. B2B and commercial services – so that they do not directly match the evidence that, say, Bitcoin is accepted by 86% of companies that allow customers to pay using cryptocurrency. Still, they indicate that Bitcoin is the most used crypto for payments, indicating that someone who wants to buy something with a crypto would be better advised to keep Bitcoin because the system is more ready to deal with Bitcoin payments. than with any other digital currency.

That said, it may not be the case for a long time. In addition to the increasingly popular range of payment services that allow businesses to bill using a number of crypto-coins, changes have been made in several countries to promote the use of crypto more generally for payments. In South Korea, the country's largest stock exchange, Bithumb, has partnerships with several online platforms, including WeMakePrice and Yeogi Eottae. Under the terms of these offers, the relevant platforms will be able to accept payments in multiple currencies (including Bitcoin, Ethereum, Ripple, Bitcoin Cash and ICON), while Bithumb also wants these agreements and initiatives are accepted. elsewhere in South Korea

In the United States, a handful of states are also studying legislation that allows citizens to pay their taxes and license fees on crypto-coins. In Arizona, a law was pbaded in May that requires the state to "consider whether the taxpayer can pay tax on taxpayers' income using a payment gateway, such as Bitcoin, Litecoin, or any other crypto. "A very similar project was introduced in Georgia at the end of February and in Illinois in April, and although none of them has been approved, their acceptance would be a considerable incentive to cryptomidea in general as a means of payment – not just for Bitcoin [19659004] Bitcoin Challenges

Although Bitcoin is the leader in the number of merchants who use it today, does not necessarily make it the most usable, at least not when you consider its inherent technical properties.

Take your planning problems, which are waiting for a lasting solution since the currency exploded in 2017. Forgetting the Lightning Network update – qu i was only in beta and not yet widely used – it can handle up to seven transactions per second, far from the Visa maximum of 24,000. More recently, this has led the Bank for International Settlements (BIS) to publish a report that concluded that cryptocurrency – especially work proofs like Bitcoin – is not scalable enough to serve as money in a global economy.

Therefore, it is not possible to guarantee that Bitcoin is usable on a substantially significant scale and that one of its competitors does not surpbad it at all times as the most functional crypto. For example, Bitcoin Cash – which was born when developers broke away from the main Bitcoin blockchain on August 1, 2017 – now has a block size of 32 MB. This is 3200% larger than the Bitcoin block size of 1 Mo, which gives it a maximum capacity of about 224 transactions per second.

It's largely due to its higher speed that Bitcoin's entrepreneur and supporter Bitcoin Core has a negative adoption by traders around the world, Bitcoin Cash has adopted traders around the world . "

However, Bitcoin Cash has its own disadvantages – your transaction rates are not always cheaper than Bitcoin – and you're not the only rival of the Bitcoin crown to be your chosen crypto payment method. Ripple, for example, does not use mining exploration in its consensus engine and can handle up to 50,000 transactions per second, while Litecoin – which is a fork of Bitcoin Core – is four times faster than its older counterpart, due to its shorter blocking time interval. Similarly, May has seen Ethereum publish the first version of a system that will lead you to a consensus proof of participation mechanism, which could potentially see its scalability and transaction speed increase significantly.

Adoption Steadily Growing

Although the precedent shows that other crypto-pieces may hold the key to the future, this does not necessarily refer to popular design among some high-level critics that Bitcoin and its rivals are not "real money". For example, Kai Stinchcombe wrote in a famous blog (today) that the "number of retailers accepting cryptomidea as a payment method is declining", based on a single Morgan Stanley report that concluded that "leading traders online, "the number of them accepting Bitcoin as payment has decreased – from 2016 to 2017 – from five to three.

However, Bach Nguyen of SatoshiLabs informed the Cointelegraph that the total number actually increases. "A year ago, there were 9085 registered sites [no Coinmap]," he says. "Today, there are 12,801 registered sites."

This translates into an increase of 3,716 in a single year, and while 12,801 is probably a drop in the ocean compared to the total number of companies in the world, it shows that crypto is used – and more and more used – as real money regardless of its status in law or among financial experts.

That said, the widespread adoption of crypto as a payment method is still a long way off. distance, although some badysts believe that it is only a matter of time. EToro's crypto badyst, Mati Greenspan, tells Cointelegraph:

"It's inevitable and it's already happening in some parts of the world. Over time, economies tend to cross periods of prosperity and hardship, stable, there is no great need for an independent currency, but where confidence in the government and the banks is weak, it is there that the crypto-coins tend to flourish. "

This observation originated in Turkey for example from the Turkish lira reached double digit figures this year and where more people hold crypto than in any other great European nation. This shows that crypto-coins have the rare opportunity to succeed at the expense of inefficient governments. And while their scalability issues indicate that they are not fully ready to make the most of this opportunity yet, the early use of payments already provides a safe foundation on which to grow in the future.