Best Cryptocurrencies To Accept For E-Commerce Businesses - 2024 Updated

Bitcoin and other cryptocurrencies have the potential to revolutionize digital payments and e-commerce businesses. As they grow in popularity, the advantages of crypto payments are becoming more pronounced, including lower cart abandonment rates, global borderless trades, as well as elimination of chargeback risks for merchants.

While accepting cryptocurrency payments opens up a world of possibilities for e-commerce businesses, selecting the right cryptocurrencies to accept for your e-commerce businesses can be challenging.

In this article, we'll identify the top cryptocurrencies for payments that e-commerce businesses can accept to tap into this digital revolution.

Best Cryptocurrencies to Accept For E-Commerce Businesses

Bitcoin (BTC)

Bitcoin is by far the most reputable and popular cryptocurrency. Created in 2008 by an anonymous entity known as Satoshi Nakamoto, Bitcoin has been at the forefront of the blockchain revolution. Bitcoin operates on a decentralized network, providing businesses with a secure, convenient, and transparent way to conduct transactions. Its widespread acceptance and high liquidity make it an appealing option for small businesses looking to integrate cryptocurrency payments.

One of the benefits of Bitcoin is its widespread global recognition. Because of Bitcoin's widespread popularity (which accounts for about 50% of the entire crypto market's capitalization), consumers are more likely to hold and transact with it, allowing e-commerce businesses to connect with a larger customer base. Despite its volatility, Bitcoin is a dependable medium of exchange and a store of value.

Also Read: 5 Reasons Why Accepting Bitcoin Payments Benefit Your Business

Ethereum (ETH)

Ethereum is the second-largest cryptocurrency behind Bitcoin in terms of market capitalization.

Due to its ability to create a robust platform that enables 'smart contracts,' Ethereum has built an entire ecosystem that allows the creation of several cryptocurrencies based on its infrastructure, and this has made it widely known, just after Bitcoin, accounting for about 17% of the entire crypto market's capitalization.

As a result, consumers are also willing to hold ethereum and use it to make payments in popular e-commerce websites.

Tether (USDT)

USDT, or Tether USD, is a stablecoin pegged to 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.

Also read: How Accepting Stablecoins Can Improve Your E-commerce Checkout Conversion Rates

Factors To Consider Before Choosing Cryptocurrencies For Your E-commerce Business

Market Capitalization

Market capitalization is the total value of all coins of a specific cryptocurrency currently circulating. It is computed by multiplying a cryptocurrency's most recent price by the total number of coins in circulation. When a cryptocurrency has a big market capitalization, it is well-established, well-known, and has a large user base.

When compared to lesser-known cryptocurrencies, this can result in more stability. Choosing a cryptocurrency with a high market value may provide more certainty of acceptance and longevity for your business.

Volatility

Volatility is the rate at which the price of a cryptocurrency asset rises or falls for a given set of returns. Cryptocurrencies are more volatile than regular fiat currencies. This means that their value could fluctuate quickly and dramatically.

A volatile cryptocurrency may suggest that the value of payments received may decline (or increase) dramatically, affecting profitability. Consider cryptocurrencies with lower volatility if stability is critical to your operations.

Also read: How to Protect Shoppers from Volatility Concerns

Utility

Utility in cryptocurrency refers to the digital coin's practical application beyond its usage as a means of exchange. Some cryptocurrencies are designed to serve certain purposes and platforms, while others may be designed to facilitate smart contracts or maintain privacy.

For e-commerce, it's best to choose a cryptocurrency with direct utility, which means it's widely accepted and can be used as legal tender. Cryptocurrencies that do not provide direct utility may be perceived as more speculative and less viable for regular transactions.

Fees

Cryptocurrencies are frequently associated with various fees. These could include transaction fees required to ensure the network executes your transaction. Additionally, purchasing or selling cryptocurrency may involve costs depending on the exchange platform.

High fees can eat into profit margins for e-commerce businesses, particularly when dealing with large transactions. To minimize fees, you must know and understand the fee structure of any cryptocurrency you consider.

Security

Security is critical in the world of digital currency. The underlying technology of most cryptocurrencies is blockchain, which is well-known for its security qualities. However, the security protocols used by cryptocurrencies vary. Choosing one with a proven track record of resistance to cyberattacks and unlawful transactions is critical. Keeping transactions secure protects both the e-commerce company and its customers.

How to Receive Crypto Payments for Your E-Commerce Business

To easily and effectively accept Bitcoin, Ethereum, USDT, and other cryptocurrencies for your e-commerce business, you need a crypto payment processor or gateway.

Crypto payment gateways help businesses seamlessly accept Bitcoin, Ethereum, USDT, and other cryptocurrencies, integrate the crypto payment window with existing traditional payment methods, and make it easy for customers to make a choice.

CCPayment is one such crypto payment gateway service that provides a secure and reliable way to accept cryptocurrency payments on your website. It allows you to accept Bitcoin and 900+ currencies at a paltry service fee of 0.03%. CCPayment boasts audited multi-layered adaptive security that secures both you and your customers, and of course, our customer care is available 24/7 from anywhere in the world.

To accept crypto payments with CCPayment, all you need to do is create an account, log in, and configure your payment API to be exported to your website hosting platform.

As seen above, CCPayment allows you to set up several preferences to customize your checkout page with your preferred cryptocurrencies, as well as your brand assets and colors.

All of these can be completed in minutes, and in a breeze, you’ll be ready to accept your favorite crypto assets as payments on your E-commerce website.

Conclusion

Bitcoin and other cryptocurrencies offer several benefits for e-commerce businesses, particularly cheaper, faster, and more secure transactions. All of these help propel your small business to unprecedented success in a constantly evolving digital economic landscape.

More importantly, a reliable cryptocurrency payment processor like CCPayment is key to seamlessly accepting crypto payments for your business.

So, why delay? Integrate CCPayment today to improve your customer experience, accept cryptocurrencies, and expand your business.