The year 2018 has been a very eventful year in the cryptocurrency world. If you just started with cryptocurrencies, you probably don’t know what we’re talking about. In 2018, we saw the price of Bitcoin reach an all time high of up to $18,000 and dropped to as low $5,600. Ethereum, Litecoin, Bitcoin Cash and a whole lot of other coins/tokens also saw some amazing new price highs and lows. Verge currency – XVG, sealed some great partnerships and entered new markets/industries. SmartCash was de-listed and re-listed on Cryptopia. Bytecoin – BCN was added as a payment coin on CoinPayments and welcomed new merchants to the Bytecoin family. CoinPayments moved from hosting about 200 coins/tokens to hosting over 500 coins/tokens.
The list of events in 2018 can take weeks to compile as a whole lot has happened in the past 9 months. However, we are more interested in the eCommerce aspect of these events and that is why we are writing this post. We believe cryptos to be more of a currency than an assert, that is why we will like to take a moment to tell you about the coins/tokens that played the role of a currency better than others.
Basic Criteria For This List
Without wasting any time, let’s see what coins/tokens made the list of Most eCommerce Friendly coins. But before we do that, let us quickly see how we came up with this list.
- Wallets: Before members of the public can even think about engaging with a coin/token, there has to first be a way for users to store their coins/tokens. With that said, you will agree with us that coins/tokens with the most wallets are more easily accepted by the public, not just in eCommerce. Wallets include android and IOS wallets, desktop wallets, online/web wallets and exchange services wallets (this counts cause you can alternatively store coins/tokens in exchange wallets). What this means is, more wallets are available to the public = more people engaging with a coin/token
- Number Of Exchange Services: Let’s face it, cryptocurrency is just a bunch of codes floating on the Internet that people are paying hundreds of thousands of dollars to get a piece of. At the end of the day, we all need to exchange our coins/tokens to our local currencies for use in the real world. That is where an exchange service comes in, giving people who wish to buy some coins/tokens the ability to buy with real currencies from people who have the coins/tokens. With that said, the more (Reliable) cryptocurrency exchange services a coin/token is traded on, the more people would engage with them.
- Price Stability: Nobody wants to buy a coin/token just to find a -30% loss in price change within 24 hours. A coin/token with a highly unstable price is a high risk coin. For a coin/token to grow in relevance and number of users/investors, such a coin/token’s price needs to fall/rise gradually. We know cryptocurrency prices are not controlled by any single entity (at least it shouldn’t be) so this most probably cannot be solved by the coin/token developer or their team. A stable price is important in eCommerce as it helps businesses make better future decisions/forecasts.
- Withdrawal Fees: No business accepting cryptocurrency wants to sell a $10 product/service and then spend $5 in withdrawal fees. That not just counts as a loss but may force such business to increase cost of such product/service to sell at $15 just so to cover transaction fees. This was the case between 2017 -2018 as we saw withdrawal fees soar to as much as $10 (some wallets charged even more). Services like XAPO which was an online Bitcoin wallet service which became famous mostly for it’s zero withdrawal fees, was during this period forced to begin charging up to $5 for Bitcoin withdrawal fees. Many people could not even get their coins out of such wallets simply because their available balance was unable to pay for withdrawal fees. This is not just bad for cryptocurrency but for eCommerce as businesses will be forced to increase prices of goods/services and nobody likes the sound of that.
- Coin/Token Developer/Community Support: While some other coin/token developers create a coin/token and go to sleep afterwards, some others actually create a coin/token and get to work, making sure their creation is one of the greatest projects in the market. While the success/failure of a coin/token is greatly determined by the community behind it, some developers are now harnessing the potential of their community to make their projects even more successful.
- Buying/Purchase Power: This is probably the most important aspect of any cryptocurrency for eCommerce as businesses are in business to make profit. While other coins are made up of a community of “HODLERS” some others will pay for a good or service they like with their coins. As such, giving some coins a higher purchase power than others. A coin with a practically high purchase power is music to the ears of business owners.
With that said, we are now ready to look at the coins/tokens that make the list of most eCommerce friendly coins. Any business looking to begin the journey into accepting cryptocurrencies but looking for where/how to start can use this list as guide to what coins to begin with.
Top Ten eCommerce Friendly Coins – 2018
10. Dash – DASH
Let’s be honest, if we are are talking cryptocurrencies in 2018, we are talking about Bitcoin, Ethereum, Dash – in that particular order. Dash is one of the big dogs in the cryptocurrency space right now and has more investors/users than most coins today. Unfortunately however, is not a very eCommerce friendly coin. Dash has lots of (reliable) wallets available to users, is on almost every exchange service, prices are pretty stable too, withdrawal fees don’t cost much and the developers help publicise businesses that accept Dash by adding such business to their “merchants” page in their official website. Sounds pretty neat right? Then why is it in this position? You may ask. Unfortunately, Dash does not have a lot of purchase power. Dash is a POS coin, for those who don’t quite know what this means, it means you get reward in Dash for having Dash – you get paid to keep the Dash. As such, most (if not all) Dash users are speculators. This is not very good for businesses accepting or planing on accepting Dash as they most likely will get very little goods/services paid for with Dash.
9. Ethereum Classic – ETC:
We at Sheldon Trinity LOVE Ethereum Classic – ETC. We trade ETC, we store ETC, some of our staffs get paid in ETC, there is just something about ETC that gets us excited. ETC is all-round a brilliant coin, well almost all-round. It has multiple wallets, traded on multiple exchange services, the price is very stable (ague-ably more stable than any other coin in the world), you spend just a few cents in withdrawal fees. However, they don’t have an ecosystem page on their official website. I think it’s safe to say that the developers most probably did not intend for this coin to be used as a means of exchange for goods/services as they even described themselves as “A smarter blockchain that takes digital assets further”. Why is it on this list then? Believe it or not, ETC has a higher purchase power than most coins we have today. So if you are business looking to accept Ethereum Classic, you may want to reconsider but if you are an investor, you may want to take a closer look at this coin as prices don’t fall half as hard as other coins.
8. SmartCash – SMART:
SmartCash is one of the very few innovative coins in the world today. The developers are not just interested in the “crypto” aspect of this coin alone. They are also interested in getting this coins in the real world to challenge (maybe not necessarily challenge, you get the idea) our local currencies and the way they are spent, earned, transferred etc. While this coin has a lot of potential, things are not going very well when it comes to eCommerce. There are not many SmartCash wallets out there, is not traded on a lot of reliable exchange services (it just got re-listed on Cryptopia so the future may be bright in this area), prices are highly unstable as we have seen up to -30% in price change within 24 hours. Don’t like what you hear? Then why is it on the list you may ask. SmartCash has a way more higher purchase power than a lot of coins out there. What this means is SmartCash users are willing to pay hundreds of thousands of dollars for products or services they like. SmartCash also have a “Businesses” page on their website which means they are eCommerce oriented and are ready to support businesses that accept SmartCash the little way they can. Think you have a good product/service and looking to integrate cryptocurrencies into your business? Start accepting SmartCash today and watch the revenue roll in.
7. VertCoin – VTC
VertCoin – VTC is one of those coins that are pretty quite but pack a lot of heat. They have multiple wallets, traded on quite a number of exchanges, prices are pretty stable, withdrawal fees cost just a few cents, they have a “Merchants” page on their official website with quite a number of businesses that accept VertCoin. However, the coin’s purchase power is way lower than expected as VertCoin users are not much of spenders but earners.
6. SyndicateCoin – SYNX:
You probably haven’t heard of this coin before. That’s okay because this is also one of those quite coins that pack a lot of heat. This coin does not have a lot of wallets, they are traded on a few reputable exchange services with Bittrex and Cryptopia leading the pack, prices are quite stable and you spend just a few cents in withdrawal fees. What is fascinating about this coin that made it earn this spot on this list is the users/community behind it. SYNX users are willing to pay millions of dollars in SYNX for a product/service they like. Although, unlike other coins on this list so far, SYNX has no payment processor at this time which is not very ok as businesses would have to manually generate wallet addresses and send to potential customers for payment. If you are a business looking to accept cryptocurrencies, you most definitely want to begin accepting this coin.
5. VergeCurrency – XVG:
This list sure wont be complete without Verge – XVG. You probably have been looking for it on this list, well here it is. Verge, one of the most loved cryptocurrencies of today. I guess it is safe to say Verge is a rock star. With multiple wallets across different platforms and traded on quite a number of reputable exchange services, this is not just an investor’s coin but an eCommerce coin as well. Prices are quite stable and you spend just a few cents in withdrawal fees. Although the purchase power of this coin is way less than expected but it is pretty decent. Additionally, the love its community members have for this coin extends to businesses that accept Verge as you will be well received and welcomed with love and happiness.
4. Bitcoin – BTC
Bitcoin, the one coin that needs no introduction, the alpha cryptocurrency (well that is changing as the days go bye). With hundreds of wallets available to the public both on Android/IOS, Windows mobile, PCs, Macs online etc. There are literally wallets everywhere. Traded on every single cryptocurrency exchange on the planet, Bitcoin has the highest purchase power with billions in dollars spent on goods/services worldwide every year. You must have thought Bitcoin would be the most eCommerce friendly coin right? Wrong. With highly unstable prices, we have seen a +$1000 and -$1000 price change in 24 hours. This makes Bitcoin a high risk coin for eCommerce as you could sell a $200 product just to find a price change of -$500 in 24 hours. We have also seen Bitcoin withdrawal fees soar to as much as $10 per transaction (even more on some wallets). In the next 5 years, you probably won’t find Bitcoin on this list anymore.
Ethereum, one of the greatest crypto projects of our time. Ethereum needs no formal introduction as it is one of the coins that gave cryptocurrencies the attention it deserves. With wallets for Andriod/IOS, Desktop and web, Ethereum is truly a coin that can change eCommerce for good. Ethereum is traded on almost every cryptocurrency exchange service on the planet, prices are a lot more stable than Bitcoin and you spend just a few cents to a dollar (maybe more, depending on your wallet) on withdrawal fees. Ethereum however is not totally eCommerce friendly as there have been times transactions have been jammed on the blockchain for days which could lead to service disruption for businesses. Also, Ethereum does not have a lot of purchase power which is required for businesses to thrive, so if you are looking to accept payments with Ethereum in your business, you may be in for quite a ride.
If we were paid to put up this list, Bytecoin would totally make the list. If we were not paid to put up this list, Bytecoin would have still totally made the list. Bytecoin may not have seen a lot of light in many aspects, but when it comes to eCommerce, Bytecoin shines brighter than a diamond. Bytecoin is one of the very few coins that actually go out to see that businesses accept the coin and when they see a business that does accept the coin, they will talk about it, they will tweet about it, they will do the little they can to show people that there is a whole lot more to the coin than anticipating price increase. That’s not all, Bytecoin developers and team even go further to patronise businesses that accept Bytecoin. Bytecoin is traded on quite a number of reputable exchanges, prices are very stable too and you spend about $0.0001 in withdrawal fees. They also have arguably the highest purchase power in the world as Bytecoin users are willing to spend billions of dollars in Bytecoin on a product/service they like. Bytecoin users actually go out and get things done with the coins in their wallet, not just wait for price increase. This sounds like the perfect eCommerce coin doesn’t it? Then why is it on this spot you may ask. The answer is simple, wallets. There just aren’t enough reputable/convenient wallets available. CoinPayments and Cryptonator are just about the only wallet services that we know will give you smooth operations in storing, sending and receiving Bytecoins. But this is not good enough as there need to be a lot of work done on their wallets. Maybe their 2019 roadmap needs to lay a lot of enchases on their wallets. If you wish to begin accepting cryptocurrencies in your business but don’t know which to begin with, you most definitely want to have Bytecoin in the list of your accepted coins.
1.Litecoin – LTC:
If you haven’t heard about Litecoin, we don’t have the slightest idea how you stumbled onto this post. Litecoin is one of those “Zero to Hero” type of coins, literally. We have seen Litecoin grow from “one of those” talked about coins to a coin that is putting the entire cryptocurrency space in the limelight. Litecoin has tons of wallets for Mobile/Desktop/Web, is traded on almost every cryptocurrency exchange service on the planet and has quite stable prices. Also, you spend just a few cents to a dollar in withdrawal fees. However, its purchase power is below Bitcoin, Ethereum and Bytecoin.
Accepting cryptocurrency in your business requires a lot of work from knowing how to secure your coins, reputable exchange services to work with and all. However, the rewards makes it all worth it as accepting cryptocurrency can turn your business from a few dollars in revenue to hundreds of thousands of dollars, maybe even more in revenue as cryptocurrency users are constantly looking for practical ways to enjoy their years of mining, storing (hodling) trading and faucet visits. If your think you’ve got a great product/service, you can start accepting cryptocurrencies today. Not sure what kind of business to start up and accept cryptocurrencies, we may have a few suggestions for you in our next post. Just follow our blog so you get notified by email on every new post so you don’t miss a thing.
So what do you think? Was this list accurate? Do you think we left out some coins that were worthy of a mention? Do you already accept any of these coins? We would love to hear your experiences. Kindly tell us what you think in the comments box below. Need to get in touch? Simply use the Contact page to leave us a message.
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