Bitcoin or Altcoins to Replace Fiat Currencies?

There are different predictions and thoughts about cryptocurrencies replacing fiat currencies. But some traditional economists believe that this might never happen and that cryptocurrencies are just a way to become rich, fast. At the same time, even when some institutions have decided to embrace blockchain technology they did not mention, or show any intention, about using or implementing cryptocurrencies at the expense of fiat money.

Of course, there is still a long way for virtual currencies to reach the real world as it was predicted by some enthusiasts and figures in the crypto space. But there are some alt-coins that are moving forward and gaining some market in the financial world. But, which of all the more than 1,600 virtual currencies will be succeeding outside the cryptocurrency world?

For several individuals, Bitcoin is the one that remains likely to see mainstream adoption on a large scale. At the moment, and according to CoinTelegraph, there are 54 major companies that accept one or more digital currencies. Of those, just two don’t accept Bitcoin.

And even when it may not seem the most suitable, Bitcoin completely outperforms other competitors in the industry when it comes to payments. For example, there is a bank in Argentina that is already using Bitcoin to send and receive international payments on behalf of their clients.

Altcoins are alternative digital currencies to Bitcoin. And yes, they are less known, and less accepted by merchants and companies all over the world. For example, only 25 companies accept Litecoin (LTC), 13 accept Ethereum (ETH), 14 accept Bitcoin Cash (BCH), 15 accept Dogecoin (DOGE) and 12 accept Monero (XMR).

At the same time, UseBitcoin is an important directory with entries for more than 5,000 different businesses and retailers, and nearly all of them accept Bitcoin, but most of them do not accept other cryptocurrencies.

Bach Nguyen, community manager at Satoshi Labs, a Prague-based company that owns the Coinmap database, SAS that more businesses around the world are starting to accept other virtual currencies and not just Bitcoin.

Nguyen commented:

“We have been witnessing wider acceptance of cryptocurrencies. Places that have accepted bitcoin [in the past] started accepting litecoin or ethereum. There are even ATMs which offer Bitcoin Cash. Though, bitcoin is still dominant.”

Of course, it is not clear which cryptocurrency will be able to gain most of the market, but there is a nice evolution in terms of merchants accepting virtual currencies. At the moment, and at least for some time, Bitcoin will be the most important and the biggest name in the market.

Indeed, Bitcoin is the most important virtual currency, according to CoinMarketCap. It has a market capitalization of $109 billion dollars and each token can be bought for $6,392 dollars.

But since the last year, Bitcoin has been losing part of its market dominance, which is currently at 43%. At the beginning of 2017 it was 80%.

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