Can One of Them Replace Fiat? By Nathan Reiff July 9, — 2: And while some traditional financial institutions have warmed to the concept of blockchain technology or even to the idea of working alongside digital currencies in some formfew have made any suggestion that they will adopt cryptocurrencies wholesale at the expense of fiat money.
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While cryptocurrencies have yet to fully take over in the real world in a way that enthusiasts have predicted, there are nonetheless some signs that various currencies are making it in the traditional business space, even if only to a small extent. Of course, if one or more digital currencies does end up “making it” in the real world in this way, it’s likely that investors in the cryptocurrency will see great rewards for their early adoption.
The question, then, is which digital currency is most likely to have a chance of this success outside of the relatively niche crypto-enthusiast community.
Below, we’ll explore some of the possibilities. Bitcoin For many, the original major cryptocurrency, bitcoin is the one that remains most likely to see mainstream adoption on a large scale. While there is no single authoritative list of companies around the world that accept digital currencies like bitcoin, Coin Telegraph suggests that 54 major companies currently accept one or more digital currencies.
Of those, just two don’t accept bitcoin. In this way, bitcoin has outpaced all other digital currencies currently on offerand in this way it is the most usable digital currency in the mainstream business world at this point, at least when it comes to payments.
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Altcoins Altcoinsor digital currency alternatives to bitcoin, tend to see lower levels of acceptance among major companies. It’s important to keep in mind, though, that a list of 54 companies is far from exhaustive. For this reason, it’s helpful to look to other resources to get a glimpse of where things stand. UseBitcoin is a directory with entries for more than 5, businesses and retailers; nearly all of them accept bitcoin, but the large majority don’t accept other digital currencies.
Coinmap suggests that businesses in New York City currently accept bitcoin payments. Some of these work exclusively with bitcoin, even going so far as to house their own bitcoin ATMs.
In the Czech Republic, Nguyen says, “we have been witnessing wider acceptance of cryptocurrencies.
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Places that have accepted bitcoin [in the past] started accepting litecoin or ethereum. There are even ATMs which offer bitcoin cash.