The popularity of cryptocurrency to accept payment is growing day by day. There has been constant ups and downs in the crypto market but that has not deterred businesses from accepting payments via cryptocurrency. However, there is a still a question as to which coin is more practical and should be used often as a means of payment. On one hand, there are Bitcoins that are considered the original cryptocurrency medium, while on the other hand, there are altcoins like Dash, Litecoin, and Bitcoin Cash that are cheaper and faster than Bitcoin. They offer a faster retail experience, and this has brought businesses to a dilemma on whether to go for Bitcoins or the Altcoins. Let’s take a deeper look into the pros and cons of both coins to give an idea which one will be better for the traders and cryptocurrency enthusiasts.
Popularity and stability
When one must decide between Bitcoins and Altcoins, the first basis of differentiation should be the popularity and stability. Altcoins may provide a faster transaction speed, but Bitcoins have a larger acceptance. Any trader will want to invest in coins that are accepted by a lot of people then take the risk of investing in something that is still growing in popularity. A report states that there are more than 27.6 million Bitcoin wallet users and over 40.7 million Ethereum users. Although this shows that Ethereum is more popular than Bitcoin but on the hindsight, most of the Ethereum users have smart contracts and not wallets like Bitcoin wallets. Moreover, the technology for Bitcoin is improving quickly. Traders can use the Bitcoin Loophole trading software to trader directly from their mobile phones on-the-go.
Another survey done in March shows that almost 5.15% Americans use Bitcoin while Ethereum is used by just 1.8% people and 0.9% people use Bitcoin Cash. It is not just America, Switzerland has also started accepting Bitcoin as one of the primary cryptocurrency mediums. This is because Bitcoin has larger brand recognition than all the other cryptocurrency coins put together.
Speed and transaction fees
If you were to decide which cryptocurrency is better in terms of transaction fees and speed of transaction, then Altcoins are a step ahead of Bitcoin. The average transaction fees are more for Bitcoins than altcoins and this is a concern for those who are buying cheaper items. However, Bitcoin is still the preferred choice while buying higher priced items but since the transaction fees are more, people prefer altcoins for cheaper transactions.
Overall, Bitcoin still has the edge over altcoins but it is definitely not the cheapest alternative when it comes to buying goods. The market for both the coins is still volatile but since Bitcoins have a greater popularity, the chances of becoming stable are more than altcoins. It is only the transaction fees and speed that is keeping altcoins ahead now. Other than that, Bitcoin is still winning the race amongst all the cryptocurrency coins.