Cryptocurrencies have been gaining popularity worldwide, not just as an investment but also as a means of payment. While still not widely accepted, some countries and even businesses have started to embrace this new form of payment, making it possible to buy goods and services using cryptocurrencies. In this article, we will take a look at the top six cryptocurrencies that have been adopted as a means of payment in different countries and businesses.
- Bitcoin (BTC)
Bitcoin is the most widely known cryptocurrency and also the most commonly used as a means of payment. Several countries, including the United States, Japan, and Australia, have started to accept Bitcoin as a valid form of payment. For example, in Japan, Bitcoin can be used to pay for public transportation, hotels, and even some stores. In the United States, companies like Overstock.com, Microsoft, and Expedia announced accepting Bitcoin as a means of payment. Several shops currently accept Bitcoin as a means of payment.
- Ethereum (ETH)
Ethereum is the second-largest cryptocurrency by market capitalization and is widely used for smart contracts and decentralized applications. It is also accepted as a means of payment by several businesses. For instance, in Switzerland, the city of Zug accepted Ethereum as payment for public services. In addition, several online merchants, like Shopify and KFC Canada, also accepted Ethereum as payment.
- Litecoin (LTC)
Litecoin is a popular cryptocurrency that is often used as a fast and cheap alternative to Bitcoin. Several businesses worldwide have started to accept Litecoin as a means of payment, including the South Korean travel website Yeogi Eottae and the German food delivery service Lieferando.de. Litecoin has always been a suitable option of payment due to It’s fast and cheaper.
- Dash (DASH)
Dash is a cryptocurrency that’s also widely known for its fast and cheap transactions. It is widely used in countries like Venezuela, where the government’s hyperinflation has made traditional currencies nearly worthless. Several businesses in Venezuela, including car dealerships and restaurants, accept Dash as payment.
- Bitcoin Cash (BCH)
Bitcoin Cash is a fork of Bitcoin that aims to improve transaction speed and cost. It is widely accepted by businesses worldwide, including the Swiss watchmaker Chronoswiss, which accepts Bitcoin Cash as payment for its luxury watches. Most casinos also accept Bitcoin Cash as a means of payment till today.
- Dogecoin (DOGE)
Dogecoin is a cryptocurrency that was originally created as a joke but has gained popularity as a means of payment due to mass adoption and also use case development of the cryptocurrency. Several businesses, including the Dallas Mavericks NBA team, have started to accept Dogecoin as payment for goods and services. Most other eateries and other outlets also accept Dogecoin as a means of payment as its adoption continues growing.
Finally, cryptocurrencies have been gradually gaining acceptance as a means of payment in several countries worldwide. Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, and Dogecoin are just a few examples of cryptocurrencies that are being adopted by businesses and governments for transactions. While cryptocurrencies still have a long way to go before they become a widely accepted form of payment, their growing popularity suggests that they may eventually become a more mainstream way to pay for goods and services.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.