It’s no secret that cryptocurrencies are an exciting field of study for many investors. One crypto group often overlooked by investors is small businesses. As a crypto enthusiast, I wanted to understand better how small businesses like the best online casino can utilize cryptocurrency.
I researched to bring you this roundup of 5 cryptocurrencies that are promising for small businesses. There may be more potential in the future for any of these cryptocurrencies, but for now, Below are my top picks:
Table of Contents
Bitcoin
This has been available since 2009 and has been the gold standard of cryptocurrencies ever since. Bitcoin is supported by the most popular exchanges, including Coinbase and Gemini. It’s also accepted by some of the biggest retailers in America, like Overstock and Microsoft.com.
Bitcoin is among the most widespread cryptocurrencies on Earth; it has many supporters who use it regularly and are loyal to its cause.
These people will come into your store or use your services without hesitation because they already have Bitcoin or want it converted into another currency for their next purchase.
Because Bitcoin is so well known, it’s easy for customers to understand what they’re getting when they buy something from you – there’s no confusion about what kind of coins they’ll receive.
Ethereum (ETH)
Ethereum is currently second only to Bitcoin when it comes to market cap size (USD 21 billion), making it an attractive investment option for those looking to diversify their portfolio with cryptocurrencies other than BTC.
Over 1,500 dApps are being built on Ethereum’s blockchain platform, including some well-known ones like CryptoKitties and EtherDelta.
Ethereum is scalable. Ethereum can handle 20 transactions per second (TPS), much faster than Bitcoin’s seven TPS.
Ethereum is cheap. While Bitcoin transaction fees are still relatively low compared to other cryptocurrencies, they’re still higher than those on Ethereum.
This makes Ethereum an attractive option for small businesses looking to accept payments from customers worldwide without worrying about high fees eating into their profit margins.
Litecoin
Litecoin has been around for longer than most other cryptocurrencies and is one of the most stable coins on the market.
Litecoin has advantages over Bitcoin in terms of transaction speed and cost. Litecoin can process blocks four times as fast as Bitcoin (1 block every 2.5 minutes), which means that transactions in Litecoin happen much faster than those in Bitcoin.
As a result, Litecoin has seen widespread adoption as a payment option for merchants who want their customers to make their purchases quickly.
Zcash
Zcash is a cryptocurrency that’s been around since 2016. It’s based on the Zerocash protocol and uses zero-knowledge proof to provide privacy for transactions.
Zcash has made significant advances in privacy in recent years, but the technology is still in its infancy. If you’re looking for a cryptocurrency that provides complete anonymity, Zcash may not be your best choice.
However, it does offer multiple levels of privacy protection that can be useful for businesses, including:
Stealth addresses: These are unique addresses generated for each transaction and can’t be linked to any other address in the blockchain.
They’re useful for protecting user privacy and preventing them from being targeted by hackers or scammers who want to steal their funds (which they might do if they can link their identity with their wallet).
Confidential transactions: These keep the value of individual transactions private while still allowing them to be verified on the blockchain as valid transactions using zero-knowledge proofs (ZKPs).
This makes it possible for businesses to include different information in their transactions without fear of disclosing personal information about their customers or employees.
Ripple
Ripple is currently the best cryptocurrency for small businesses, even though it has been around for a while. The reason is that it is a payment network and not just a cryptocurrency.
It was created to solve cross-border payments, which are notoriously slow and expensive. Ripple’s technology allows money to be sent from one country to another in seconds, not days or weeks.
Verdict
The future of crypto is looking very bright, and thanks to some solid alternatives, there are plenty to choose from. Whether you’re looking to get yourself a small business off the ground or simply better understand how cryptocurrencies work, there’s no shortage of options.
And with some research and a bit of time to invest, you’ll be able to choose just the right fit for your needs while you speed along on the road to profit.
