WHICH COIN IS THE MOST USABLE AS MONEY?
Bitcoin vs. Altcoins
If you turn to somebody who works in traditional finance for advice on whether to invest in crypto-currencies, the answer will – still – be a solid “no”. A banker will most probably describe Bitcoin as “the greatest bubble in history” (according to the Bank of America) or “neither a serious method of payment nor a good way to store capital” (according to Nouriel “Dr Doom” Roubini).
However, despite all the criticism and complaints about how their volatility renders crypto-currencies unviable, there are thousands of businesses and retailers that accept Bitcoin and other coins.
Which is the crypto-currency that is the most usable as money?
Simply, shortly: Bitcoin. It is accepted as money more widely than any other coin. BTC has its rivals, other currencies are getting better and better in the area of adaptation and usability.
In the future it is not unlikely at all that an altcoin will take over this role of the “original crypto-currency” but at the moment Bitcoin is much easier to spend than any other digital currency.
There are several websites where you find lists of what coin is accepted where. The most practical hub is Virtual Coin Squad. It does not have the most extensive catalogue of merchants but in its list it’s not only the stores that you can see but the specific crypto-currencies that they accept at each merchant or retailer.
So, you can get quite a clear picture from Virtual Coin Squad’s information about which crypto-currency is the most widely accepted as a means of payment.
According to Virtual Coin Squad, there are 55 major companies that accept crypto-currencies. There are thousands of other stores, but the number of what they categorize as major, Virtual Coin Squad narrows it down to 55. Only two of them do not accept Bitcoin (MazeFit and Shiny Leaf). The rest of the listed merchants, including Microsoft, Expedia, Mozilla, and Shopify, accept BTC. Among them there are 25 stores that accept Litecoin, 15 accept Dogecoin, 14 accept Bitcoin Cash, 13 accept Ethereum and 12 accept Monero.
So, from the point of view of the number of merchants that accept a certain crypto-currency, it’s Bitcoin that is the most widely accepted.
There are other resources where you will find longer lists. UseBitcoins offers a list of over 5,000 businesses that accept Bitcoin and other cryptos. They are not organized in a table that would display which currency is accepted by which merchant, but based on several specific listings, our conclusion is the same: virtually all of the listed businesses accept Bitcoin, but most of the listed 5,000 merchants do not accept other crypto-currencies.
Another source, Coinmap makes it possible for users to search a world map for businesses that accept crypto-currencies. More and more stores around the world are now accepting other coins than Bitcoin. Bach Nguyen, Community Manager of SatoshiLabs, based in Prague, which runs the Coinmap website adds: "If I can speak for Prague and the Czech Republic, we have been witnessing wider acceptance of crypto-currencies. Places that have accepted Bitcoin before started accepting Litecoin or Ethereum. There are even ATMs which offer Bitcoin Cash. Though, Bitcoin is still dominant.”
The current picture clearly demonstrates how public familiarity with crypto is growing. It is partly due to the appearance of crypto-currency payment services that are specifically designed for businesses. Coinbase Commerce, for example, was launched in February 2018, which enables merchants to accept payments in crypto-currencies, not restricted to Bitcoin. However, multi-digital currency accepting payment options are still a minority, so, coming back to the original question, if you are planning to make crypto-payment covered purchases around the world, the best choice in crypto payment is still Bitcoin.