Will Bitcoin and Altcoin Replace Fiat Currencies?
Whether or not cryptocurrencies will someday replace fiat currencies is still a question that remains unclear. Some industry observers predict that there’s a chance, but right now, it seems far from reality. For other professionals and economists, this might disrupt the existing banking system and pose a challenge for global adoption.
There are now financial institutions in many countries that have adapted to the idea of blockchain technology, while few others are sceptical about adopting cryptocurrencies at the expense of fiat money. Apparently, there are diverse stands on the topic.
Cryptocurrencies may still have a long way to go to conquer the financial world in a way that enthusiasts have predicted, albeit some various currencies seem to be meshing with the traditional business space, even if only to a limited extent.
Also read: The Safe and Easy Way to Buy Cryptocurrencies
If someday predictions come true, cryptocurrency investors might benefit from this development. At present, though, there are no certain answers, but Bitcoin and Altcoin are showing a promising future in digital commerce. Read the following facts about how these two cryptocurrencies might influence the course of crypto’s global adoption.
Bitcoin has the greatest chance to be adopted as the currency of the future as a replacement to fiat money so you need to check out Bitcoin Evolution. As you probably know, Bitcoin is the largest and the most successful cryptocurrency as of this year. So, this pioneer crypto becoming a replacement to fiat money is conceivable.
At present, there are nine major companies accepting cryptocurrency payments, specifically Bitcoin payments, namely, Microsoft, Overstock, Home Depot, Name cheap, Starbucks, Tesla, Whole Foods, New Eggs, and Lolli, respectively. The list may likely continue to grow in the coming years.
Bitcoin ATMs and Flexa, a payment network, are making it easier for cryptocurrency investors to spend their tokens at brick-and-mortar stores. SPEDN app by Flexa serves as a cryptocurrency wallet and channel for payments at retailers such as Starbucks Corp. (SBUX) and Nordstrom, INC (JWN). This was launched in May 2019
It is evident that bitcoin has superseded all other digital currencies in the market, making it the most usable digital currency in the mainstream business world at this point, especially when it comes to payments.
Altcoins have drawn diverse responses from crypto players, and they’re getting popular in the digital space. However, in terms of payment, the only altcoin that is accepted is Litecoin (LTC), which is one of the earliest altcoins to be developed and launched after bitcoin.
Litecoin Foundation, a non-profit organization in Singapore, stated that LTC is accepted only by a number of businesses as of the moment. Surprisingly though, the record reveals that few of these businesses are major international corporations and that most candidates are cryptocurrency exchanges and specialized online stores.
Also read: 10 Most Popular Altcoins in Crypto Market
This means that they are just other altcoins representatives.
These lists are probably changing over time, so it is better to obtain more information from other reliable sources as well. The following are two of these sources that you can check for some verification.
- UseBitcoins is a directory with more than 5,000 entries of businesses and retailers, most of them accept Bitcoin, but the large majority don’t accept other digital currencies.
- Coinmap is an interactive map of brick-and-mortar locations that show customers all over the world where they can pay using their bitcoins or litecoins. Seventy-five businesses in New York City are currently accepting bitcoin payments as per the record.
What’s the Real Score?
The Crypto market is evolving. There might come a time when bitcoin and other cryptocurrencies would be globally adopted. The move of some countries to make it a legal tender is one sign that governments have seen the potential of this financial sector becoming a mainstream demand. Still, the future is uncertain, and whatever might emerge one day may be attributed to what the developers, state regulators, and general users are doing at present. Let’s see how this development unfolds as time goes by.
It’s difficult to decide which cryptocurrency may be able to make it into the mainstream business space. Bitcoin is the biggest name and has the largest market cap so far, so it is undeniably in the frontline. But Altcoins are also catching up as the market evolves.
Cryptocurrency is a good alternative to fiat currency, but current trends do not show signs of immediate replacement. It is something that is not viable at present, but we can only guess what will happen in the next five to ten years. Perhaps payment apps like SPEDN and Flexa are most likely to conquer the world sooner than any other cryptocurrencies. Who knows?