Comparing Top Cryptos: Which Ones are Best for Businesses?

Cryptocurrency, also known as digital assets, is gaining popularity on a global scale at an exponential rate. Perhaps nowhere is this growing adoption of crypto coins clearer than in the US. At the time of writing, it is estimated that around 28% of American adults own at least one form of cryptocurrency, and that roughly one-third of small American businesses also accept it as a method of payment for their goods or services.

Cryptocurrency brings several new advantages to its users, including increased security, faster transaction speeds, lower transaction costs, and, of course, the ability to increase in value over time. Because of this, many business owners are looking to adopt cryptocurrency for the first time into their business operations.

However, with so many different coins out there, all proposing to do different things, it can be difficult to know where to start. That’s why we have compiled a list of some of the best crypto coins for businesses and have taken a deep dive into what makes them so compatible.

Understanding Cryptocurrency

Cryptocurrency is a relatively new form of payment that exists solely in the digital world. Each cryptocurrency has different advantages for users, and new investors are encouraged to examine what the best crypto to buy now is to see what is available and what specific benefits suited to them that investing can have.

In general, cryptocurrency is known for its increased security when compared to other modes of payment. This comes from its nature as a decentralized asset and the encryption technology that goes into keeping it secure. This being said, crypto is also highly volatile, and new investors are encouraged to never invest more than they can afford to lose when purchasing or making trades with cryptocurrency.

Number One: Bitcoin

Created in 2009, Bitcoin was the first ever cryptocoin to emerge and still remains the most popular coin in the world. When choosing the best crypto to adopt into your businesses, Bitcoin tends to be a must for the simple reason that it's the coin the majority of your crypto owning customers are going to have already invested in and make use of regularly.

With this in mind, by accepting bitcoin payments, you are casting a much wider net to secure new customers. Also, Bitcoin enables you to enjoy all the additional benefits that come with incorporating cryptocurrency into the running of a business more generally, including essential heightened security and lower transaction fees.

Number Two: Ethereum 

Ethereum is the second most popular cryptocurrency in the world, and it brings a whole new batch of additional advantages to businesses that even Bitcoin can’t match. Whereas incorporating Bitcoin into your business is essential to reach wider demographics of customers, Ethereum can actually completely change the game when it comes to the business operational side of things.

When compared to other crypto coins, Ethereum is unique because it is a programmable blockchain, which enables developers to deploy decentralized applications (dApps) and smart contracts. This allows business owners to make deals and enter contracts with third-party companies in a way that is effective and transparent for both parties. On top of this, Ethereum is also known for its enhanced security and privacy, which makes it a real asset for businesses that manage and store confidential information.

Number Three: Tether

Unlike Bitcoin and Ethereum, Tether is what is known as a stablecoin. A stablecoin is a form of cryptocurrency that is matched to the value of a more traditional form of currency, such as the USD. This greatly reduces the volatility of the cryptocurrency, which brings a whole wealth of unique advantages to business owners.

Volatility, in the context of digital assets, refers to the ability of these coins to either significantly rise or fall in value over time. Although this makes it a thrilling investment for many crypto users, using volatile coins in businesses can often be too risky an endeavor for business owners.

Tether, however, alongside all other stablecoins, does not have this volatility. Instead, its value remains fixed. This means that business owners can enjoy all the benefits of cryptocurrency more generally without the added risk of losing their investments over time.

Conclusion

When it comes to adopting cryptocurrencies into businesses, it is a good idea to stick with what is safe and popular. Although more niche altcoins, such as memecoins, can be fun and engaging, they tend to be a lot more risky than other options that are significantly less popular. By sticking to the big names in cryptocurrency, or making use of stablecoins such as Tether, you can enjoy all the myriad benefits that come with cryptocurrency while still greatly reducing the risk.