RATE Group | Watch Out, Bitcoin, Altcoins Are Turning More and More to Payments
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Watch Out, Bitcoin, Altcoins Are Turning More and More to Payments

15 Feb Watch Out, Bitcoin, Altcoins Are Turning More and More to Payments

Posted at 12:28h in Bitcoin News by

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Watch Out, Bitcoin, Altcoins Are Turning More and More to Payments 101
Source: iStock/Bhubeth Bhajanavorakul

Altcoins are coming for bitcoin (BTC). Many of them – ethereum (ETH), cardano (ADA), EOS, XRP – were initially conceived more as utility tokens for blockchain platforms than as mediums of payment.

But increasingly, many of them are turning to payments, while an expanding range of third-parties are building payment services around them.

According to payments industry players, this shift is happening for a variety of reasons. From the emergence of Facebook’s Libra to the growth in stablecoins and the superior scale offered by certain blockchains, altcoins have targeted a growing interest in crypto payments, while also proving their ability to satisfy such rising demand.

More payment options

In November, Cardano announced the launch of a new crypto payment system, AdaPay. Aimed at merchants, AdaPay allows users to accept payments in ADA with a “near-instant” settlement into 35 fiat currencies.

Such movements into payments have been a…

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