Bitcoin Forum

Every month we are seeing various coins adapted/used for big merchants or retailers, but untill now no coin is dominant in this niche.

Yes, Monero - is Godfather in blackhat adoption but still - no dominance.
Nano - with it`s 0 fee and insta payments..
LTC - with it`s LTCpay and lightening network implementation..

What do you think, which coin is/will be more suitable for worldwide marchants, for trading various goods and service?
Do we see any of them - superior to other in the long run.

P.S. Please, let`s focus of quality/meritfull  discussion in this thread.

If you asked me the same question one year ago, I would have said LTC was destined to fulfill that purpose. I really believed LTC is well suited for merchant payments due to its smaller fees, faster transaction times, and LN implementation. But now I'm not so sure any more. Monero has already shown its usefulness when it comes to totally anonymous payments, but I don't see it as being the main currency in merchant processors. Bitcoin is kind of reserved for larger payments, and alongside of it we definitely need a cryptocurrency for small and fast payments. IMO, it is still an open question about which one will dominate the retailers space. 

I think Nano a currency that is still extremely insecure. I would never have the guts to use it for buying and selling. It is excellent as speculation and can turn out to be a great means of payment. But it's joke puts it next to Monero and Litecoin.

Litecoin was interesting. But it's just an experiment from an experiment. There is no reason today to use lTC instead of using BTC+LN directly. The fees are low.

Monero, really has a great quality. It's the only proven anonymous project, by design. I think it will have a long way to go. There is a lot to be done. Fee is high, scalability is poor and the wallets are bad. But with a lot of work, it will be very useful.

butka
vit05

So, it turns out that LTC doesn`t have decent and strong competitor in it`s field as for now?

BTC+LN is cheaper then LTC fees as for now?

I do not see why you do not put there the most obvious option which is bitcoin, bitcoin is the most accepted cryptocurrency by far and the lightning network is going to make fees extremely cheap once that happens, there will not be any reason to use any coin except for very specific reasons like it is the case of monero and its increased anonymity.

litecoin if i have to choose between this coin cuz they are the oldest and they are very active especialy there ceo is really active on twitter

Yeah, that's right, even with a regular fee I still using Bitcoin for a few merchants that I use (Microsoft subscription, Web hosting services [I'm using Namecheap], Mobile top-up [Bitrefill])

How convenient is to use BTC in merchant/trade relationships?
What I have read is that it`s constant involvement in trading other alts - will make BTC difficult to adapt for trading reasons.

Also, do you know if current LTC is faster then BTC+LN speed?

What I think the problem why merchants are no fully utilizing such altcoins right now is because of the market status. As we see right now the market is in a bit if a dump and some merchants do not want a mode of payment that is not stable and as we can see the market continuously fluctuates and they do not want that.

Crypto Market will always fluctuate, does it me that it willn`t be adapted by merchants worldwide..
Is there any mechanism how merchant can protect it`s income, from the fluctuations? like: limited duration price (like they do now for non-local currency payments)
Any other mechanisms you know?

The only way to avoid the fluctuation through accept the altcoin that provide a very scalable blockchain. They have liquidated their altcoins just in a second to avoid the volatility.
It will be so difficult to determine which is crypto that suitable to be implemented.

 Its great to know merchants are going with the cryptocurrency as payments. This has become a battle to other countries except of course with japan as we all know the crypto friendly country. Btc has been used and adopted by some countries. If not btc, the closest to that would be ltc i guess

I think that the top coins will keep their positions and new projects will fight for the top 25!

I guess, what Bitbay is implementing now will solve this problem.
Pegging process, which make token stable and resistant from volatility.

Monero is very difficult to accept due to the privacy characteristics, it stands a very low chance of being commonly used. My guess is BCH or even ethereum.

BCH is a clone, therefore very low chance it to be adopted.
I`m not sure how much ETH is convenient for payment reasons..
How fast and cheap it is compared to LTC?

Until now there is still no coin among these in the development for marchants around the world, for trading various goods and services are still only in the minority scope, maybe LTC can, but in the development of this altcoin it is not intended for it, I am more inclined to BTC and ET...

I never heard about coins which used in any big mechants on my country. They are not well focus about using crypto as a way of payment. Which country had using nano,monero and etc. Hoping to be more bigger and enter in the different countries merchants. Online must be better for easy way of transaction.

Keep updated

I think merchants are willing to accept coins for quick, easy, secure and low-cost transactions. At the same time, stability, less fluctuations are also interested traders. Therefore, there will be the acceptance of the dissimilar transaction coins.

I think this is a good reason for merchants to accept crypto payment.

As we know that crypto transaction is irreversible, that makes merchants safe from the chargeback as happened on credit card fraud transaction.

And to avoid the fluctuation, it can be handled by payment gateway such as BitPay. Am I right?

But maybe yes, the one only problem is, fast transaction needed.


I use crypto payment on a few merchants (as I said in my previous comment). Same as you, online/offline merchant in my country isn't familiar enough with crypto payment. Just a few merchants that accept crypto payment.  :D

Merchants will always rely to those coins that are dominating the market.

They've been into few coins only. I rarely see merchants that are accepting altcoins like Nano but there must be some individual merchants that are also building up their portfolio has their very own favorite coins. But the most adoptable one are monero and litecoins excluding bitcoin and ethereum.

i am honestly surprised by this statement!
would you mind giving us a list of these big merchants that are accepting altcoins as payment every month? i am curious to know them since i have not seen any new big merchant adopting bitcoin for some time, let alone do it for altcoins!

people don't want that kind of anonymity and possibly because Monero is associated with illegal activities it can't get that kind of adoption.

and it is centralized in many ways since the processing of transactions can not be done by regular people.

LTC is the only coin that has actual usages and has some potential in the future but the problem with it is that it is a copycat coin.

In my opinion, etherium or bitcoin will dominate the sale or payment of various services!

None other than bitcoin and ethereum is the main coins which is top in the market. Do you like to go with the others coins if you are merchant and accepting cryptocurrencies. All the people will expect the good coins to invest and make the profit.

For that case bitcoin is the perfect solution on making payments and etc...

Merchants and many website have been adopting don't cryptocurrency from time in the last,  what I found lacking however is the continuity and improvement on existing payment infrastructure adopted!  

There's no argument and debate if its about bitcoin acceptance. We all knew it that all merchants are preferring to have bitcoin rather than a coin that's no big volume and no mass adoption in the world. It's like a safe bet that they are accepting bitcoin and in terms of online currency, its like the dollar of the world. But merchants are for sure traders and investors as well and they can decide on what altcoin to accept.

Lately, Nano tends to mention merchant adoption function for Nano payments more and more..
Seems they are directing to that direction, but as you mentioned here - safety remains concern in this case.
I guess, in the end, LTC and Nano will compete for this niche.
No others are seen on horizon yet..

Seems to be mostly just bitcoin thats accepted in a lot of places to me, just so much more well known.

Most recent what I have heard:
Lionfood is now accepting Viacoin!
https://medium.com/@viacoin/lionfood-is-now-accepting-viacoin-1e49c619d9aa


and it is centralized in many ways since the processing of transactions can not be done by regular people.[/quote]
Yes but Visa payments aren`t totally decentralized as well, but billions use it.
Medium level centralization is acceptable as for now..

LTC is the only coin that has actual usages and has some potential in the future but the problem with it is that it is a copycat coin.[/quote]
Yes, it`s copycat but if it will be properly equipped in the future for widespread payments - why not.

I don't think there is a perfect coin for that. We cannot really demand a coin to have low fee, good design etc. all at the same time. Bitcoin, as of now, is the most widely used coin because maybe for the reason that it is the pilot coin. It has gained its fame. Other coins like the ones you mentioned are superior in their own kinds.

it is simply because bitcoin is working fine!
it is the safest coin both based on its code since it is reviewed my many cryptography experts and not just one or two centralized developer. and also based on its network as in hashrate, distribution of mining, and distribution of nodes.

Hello, I think she'll move up. The main thing is to look in what direction and analyze the whole situation and everything will be fine. ;D Interesting project, most importantly develop it and do the right thing. If you do nothing, the project will fall and there will be no result. :)

Retail adoption of many crypto currency is in full effect right now. The ones you listed to also include Dash are actually the first crypto currency’s to emerge as real use cases in the world. Looking forward I expect to see a lot more of these type of currency’s are taking over.

Merchants wants to makes sure that they will accepting legit coins and that is why they are just focusing on the top coins for now. We don't need to worry about that because if you are a good coin in the future, for sure you will still be accepted around the world. We are growing now, and this kind of adoption will happen around the world. Invest now because cryptomarket is the future.

But LNless BTC isn`t convenient for payment yet.

Can someone competent advice, why NANO is extremely insecure as for today?
What`s it`s disadvantage or weakness?

Another adoption event from Viacoin:
https://twitter.com/viacoin/status/1040578399041990656

It is good, the more merchants accept coins and make sure that the customers can effectively pay with it then the more likely people are to use cryptocurrencies for what they were originally intended which is as a method of payment. though the coins are still very volatile now to be used for payments but with time it will get better

A lot of merchants have adopted coins over the years and they only adopt the ones that they can be sure they will be able to use for their businesses. That is one of the things that is still holding the cryptocurrencies back and that is the fact that they are not being used for their intended purposed.  A lot of businesses are not taking the coins because they cannot trust it

I wonder when huge worldwide brands will start to accept coins, so that it will push/encourage others to implement it as well.
1 big brand will initiate this process..