Accept Altcoin Payments

Diversifying Your Crypto Payment Options: Top Altcoins To Accept In 2024

official, Emmanuel Olaoluwa

May 2, 2024 • 6 min read

Cryptocurrencies play an important role in modern commerce by providing a decentralized, secure, and efficient transfer method. Accepting crypto payments opens up a world of possibilities for small businesses, from tapping into a global customer base to lowering transaction fees and improving privacy.

It’s no secret that Bitcoin, the first cryptocurrency ever created, has become the preferred choice for many due to its popularity, accounting for a large percentage of the overall cryptocurrency market share. However, there are many other popular alternative coins (Altcoins), that are popular among crypto shoppers, which could facilitate cheaper transaction fees than Bitcoin, as well as offering options for diversification.

In this article, we will explore the top altcoins you should consider accepting as a digital payment option for your business.

What Are Altcoins?

As the name implies, altcoins, or “alternative coins,” are coins created to rival Bitcoin and provide comparative advantages to the index coin in terms of transaction fees, speed, interoperability, and many more use cases.

For example, Ethereum, the most prominent altcoin, was created mainly to facilitate smart contract capabilities, which allow developers to build new decentralized applications. So, while Bitcoin was primarily designed as a store of value and a medium of exchange, like regular currencies, Ethereum was created to improve the utility of blockchain technology.

Many other coins have different purposes; some, have the aim of rivaling Bitcoin and Ethereum, and others have different purposes.

Important Factors to Consider Before Accepting Altcoin Payments For Your Online Business

With over 20,000 altcoins existing in the crypto market, it’s no surprise that many businesses now accept them for payments. However, not all altcoins are optimal for business transactions. Before choosing to accept any altcoin, there are some vital factors to consider to ensure that you are making a good financial decision. Some of these factors are outlined below.

Liquidity: Liquidity refers to the ability of a digital currency to be easily bought or sold. In other words, a coin with high demand and supply, which is readily available on several exchanges and wallet service providers, is liquid, while coins with limited access are less liquid.
Businesses must prioritize highly liquid coins, as low liquidity could delay important transactions and cause cash flow problems in real-time.
Volatility: Volatility refers to the level of price fluctuations associated with a cryptocurrency. Volatility is a significant concern when accepting altcoin payments on an e-commerce website, as it can create losses, uncertainty, and risks for businesses.

As a rule of thumb, higher market-cap altcoins such as Ethereum, Solana, and Binance Coin are less volatile. However, the best way to avoid volatility-related issues is to accept stablecoins, like USDT, which is pegged in a 1:1 ratio with the U.S. dollar.
Reputation and Adoption Rate: When choosing an altcoin for your business, it is crucial to consider the coin’s reputation and adoption rate. A coin with high repute and adoption rate signifies healthy liquidity and a reliable market for the coin. This reduces the risk of volatility and uncertainty for the business.

Also, choosing an altcoin with a high adoption rate also helps to ensure that you have a large pool of potential shoppers who can make purchases on your e-commerce website using that altcoin.

Top Altcoins to Accept as Crypto Payment Option For Your Online Business

Ethereum (ETH)

Ethereum, introduced to the world in 2015 by Vitalik Buterin, stands out as a significant contender in the realm of cryptocurrencies. While Ethereum is similar to Bitcoin in that it provides a decentralized payment mechanism, it distinguishes itself with its robust platform that enables 'smart contracts.' This one-of-a-kind feature enables automated, self-executing contracts with terms directly written into the code, opening up a world of possibilities for business transactions.

Ethereum is more than just a digital currency for small businesses; it is an entire ecosystem that can streamline and automate several business processes. Ether (ETH) is widely accepted and ranks second only to Bitcoin regarding market value. As a result, a significant number of customers around the world can use ETH to make payments. The smart contracts functionality can also enable seamless, transparent, and secure transactions, reducing reliance on intermediaries and cutting costs.

Solana

Solana is a decentralized, high-performance blockchain technology that enables quick and efficient transaction processing. It combines a Proof of History (PoH) consensus method with a Byzantine Fault Tolerance (BFT) consensus algorithm. The PoH keeps a historical record of all occurrences, allowing nodes to agree on transaction orders without ongoing communication. This method assures that Solana can process a high volume of transactions while maintaining quick finality and settlement times.

Businesses incorporating Solana's native cryptocurrency, SOL, into their digital payment platforms can enjoy several benefits. Customers benefit from Solana's fast transaction finality by receiving quick and seamless payment confirmations, lowering the chance of failed transactions, and improving the user experience.

Furthermore, Solana's cheap transaction costs make it an appealing alternative for retailers because it enables cost-effective payment processing, making it excellent for high-frequency and low-value transactions. Solana is an attractive alternative for digital enterprises wishing to optimize their payment systems due to its fast finality, scalability, and cost efficiency.

USDT (Tether)

Tether (USDT) is a stablecoin whose value is pegged to fiat currencies such as the US dollar.

This means that the value of 1 USDT is always equivalent to 1 US dollar. Hence, unlike other cryptocurrencies such as Bitcoin or Ethereum, USDT's value is not subject to market fluctuations, no matter the severity of market volatility. This makes USDT an attractive option for businesses and individuals who want to avoid the risks associated with volatile cryptocurrencies.

USDT can be found on various blockchain networks, including Solana, Binance Smart Chain, and Tron. This multi-chain presence enables businesses to use the benefits of USDT on several platforms based on their specific needs and user preferences.

Online businesses can provide customers with a reliable and widely known digital currency for transactions by accepting USDT. The availability of USDT on numerous blockchain networks offers flexibility and interoperability, allowing users to execute payments quickly and efficiently, regardless of the blockchain network they wish to use.

Binance Coin (BNB)

Binance Coin, also known as BNB, is the proprietary cryptocurrency of the Binance exchange, one of the world's most well-known and widely used cryptocurrency exchanges. Binance Coin has evolved significantly since its inception in 2017, moving beyond the Binance platform to serve various purposes in the broader cryptocurrency ecosystem. Notably, since the launch of Binance Smart Chain, BNB has gained increased utility as a means of paying transaction fees and participating in token sales.

Accepting Binance Coin as payment can provide several benefits to small businesses. First, because of Binance's large user base, businesses can tap into a large pool of customers already familiar with BNB. Furthermore, BNB transactions are well-known for their quick execution and low fees, making them an efficient and cost-effective option for businesses. Binance Coin's rising popularity and versatility make it a viable candidate for small businesses looking to accept cryptocurrency payments.

How To Accept Altcoin Payments On Your E-commerce Website With CCPayment

CCPayment is a leading crypto payment gateway service that enables businesses to accept both Bitcoin and Altcoin payments. With a range of unique features, CCPayment is the ideal choice for businesses looking to accept crypto payments.

CCPayment processes 900+ cryptocurrencies, particularly trendy ones with high trading volume and high liquidity; hence, with CCpayment, you have the perfect pool to pick from while your transactions are processed at an industry-low 0.03%; hence, you can process $1,000 worth of transactions with as little as 30 cents.

Other advantages of using CCPayment include:

Easy API integration with existing e-commerce platforms
Compatibility with 70+ wallet service providers, including all major ones.
Real-time transaction processing
Security-audited payment gateway.

CCPayment facilitates easy integration of crypto payment options into your existing checkout page. All you have to do is set up your account, generate your API keys, and customize your merchant preferences, brand assets, and colors. Then, you can select your preferred altcoins as shown below.

Conclusion

Bitcoin and altcoins offer several unique benefits for digital businesses. While Bitcoin is the popular choice among all cryptocurrencies; altcoins provide other advantages, particularly cheaper and faster transactions. All of this helps propel your digital business to attract customers who love to pay with cryptocurrency, improve your checkout numbers, and eliminate the risk of fraud via chargebacks.

More importantly, a reliable cryptocurrency payment processor like CCPayment is key to seamlessly accepting crypto payments for your business. CCPayment facilitates ease of processing, automation, and accounting tools to manage your business.

Don’t delay! Integrate CCPayment to your checkout page today to accept altcoin payments and expand your business.