It is no secret that most mainstream economists don’t rate cryptocurrencies highly.
Not only did bitcoin, Ethereum and other cryptocurrencies create “the biggest bubble in history”, but they are “neither a formal payment method nor a good way to store money”.
Bank of America and Doomsday Doctor Nouriel Roubini think so.
However, while traditional financial experts spend a lot of time complaining about the volatility of cryptocurrencies, which makes them impossible to use as real currencies, people can actually use them as currency in a variety of places, using them to buy pizza, shoes, and so on.
But which cryptocurrencies are most useful? Well, perhaps unsurprisingly, the answer is Bitcoin, simply because it is more widely accepted as a means of payment than any other cryptocurrency. But as the analysis shows, other currencies are increasingly being accepted by retailers and companies, and given their superior scalability, they may eventually surpass Bitcoin in the months and years ahead.
Although there is no authoritative list of all the companies in the world that accept cryptocurrencies as a means of payment, there are still many integrators and websites that list companies that accept cryptocurrencies. Perhaps the most helpful of these is Virtual Coin Squad, whose list lists all the companies that accept cryptocurrencies. Therefore, it provides a clear perspective on which cryptocurrencies are the most widely accepted as a means of payment.
According to Virtual Coin Squad, there are currently 54 large companies that accept cryptocurrencies (although the actual number is much higher), and only two of them – MazeFit and Shiny Leaf – do not accept bitcoins. Fifty-three other companies, including Microsoft, Expedia, Mozilla and Shopify, all accepted Bitcoin, while 25 accepted Lite, 13 accepted Ethereum, 14 accepted Bitcoin cash, 12 accepted Monroe coins and 15 accepted dog coins. In other words, Bitcoin, as a payment method, is the most useful cryptocurrency. The simple reason is that almost any merchant that accepts cryptocurrencies accepts Bitcoin, while other cryptocurrencies are not good to say.
Of course, the list is not entirely exhaustive, but there are substantial other resources to confirm this. UseBitcoin is a directory of more than 5,000 businesses and retailers that accept Bitcoin (and other currencies), and while it is not possible to see which merchants have accepted which cryptocurrencies in its form, it also reveals much the same truth: almost all companies that accept cryptocurrencies accept Bitcoin. But most of them do not accept other cryptocurrencies.
The same is true of the information that Coinmap provides, which users can use to search the world map for businesses that accept cryptocurrencies. A search of New York City, for example, showed 136 such businesses in the downtown area (the intersection of Manhattan and Brooklyn). Many of these companies only accept Bitcoin, such as Tony Deli, Big Boy Deli and G Line Deli in Brooklyn, which all have their own Bitcoin ATMs.