Here are the top 5 lucrative cryptocurrencies for business use

Cryptocurrency adoption is more than a trend for businesses to hop on. It is becoming a necessity for companies that want to access growing audiences interested in the benefits of crypto transactions and payments, as well as introduce innovative technological advancements.

Using cryptocurrency reduces transaction fees and speeds payments, compared to cash settlements or bank transfers. This is the case for Bitcoin, the biggest cryptocurrency by market capitalization, but businesses can expand the number of cryptocurrencies they accept with Ethereum, XRP, or even Solana.

Whether you choose to leverage crypto in a “hands-off” approach, meaning you only facilitate payments, or a “hands-on” one, where they collaborate with operators, adopting cryptocurrency helps the company with faster settlements, no chargebacks, and protects merchants from fraud. So, here are the leading cryptocurrencies with which your business can grow.

XRP

XRP is among the most beneficial cryptocurrencies for businesses since Ripple, the company supporting XRP, has focused its solutions on business needs. Companies that want to modernize their financial infrastructure can access cross-border payments, integrate stablecoins, and turn global payments into revenue-driving sources with XRP use.

The best thing about XRP is that it has expanded into a wide range of industries, including commercial banks and FinTechs. However, it has recently grown in the iGaming sector as well, with well-known businesses adopting XRP for fast crypto payouts. For example, if we’re looking at a Bitstarz casino review, we can see XRP leading the banking options for deposits and withdrawals.

For a full-on experience, leveraging XRP with the ledger, XRPL, delivers high performance for settling thousands of transactions in seconds, streamlined development for innovation, and access to a motivated community. The blockchain has already proven its efficiency in building apps for industries such as infrastructure, security, and payments.

Bitcoin

Bitcoin benefits from a higher adoption rate than any other cryptocurrency, having been the first to be released and to gain popularity among merchants. Adopting Bitcoin as a business might be more affordable than adopting other coins due to its closer alignment with worldwide adoption. It has already been made legal tender in a few countries that explored its benefits, such as the Central African Republic and El Salvador.

Accepting Bitcoin for a business is legal in most areas around the world, especially the US, but entrepreneurs must check the specifics of their country's Bitcoin legal framework. If you only accept BTC as payment, you may not need a license, but you will need one if you facilitate trades or hold BTC for customers.

Leveraging Bitcoin as a company also carries tax implications, as Bitcoin is treated as property by the IRS (Internal Revenue Service) and as a commodity under the CEA (Commodity Exchange Act).

Ethereum

Ethereum has made advanced technologies like dApps (decentralized applications), NFTs (non-fungible tokens), and DAOs (decentralized autonomous organizations) more accessible to crypto users. It helped facilitate the rewards for developers and bring decentralization closer to regular crypto users.

Accepting Ether for payments or other operations can expose your business to global growth opportunities, as the ecosystem is constantly evolving. The Ethereum blockchain underwent a series of updates outlined in its roadmap, which guided its evolution. For example, the Merge update made it faster and more sustainable by switching the consensus mechanism from PoW (proof-of-work) to PoS (proof-of-stake).

Ethereum also benefits from enhanced security thanks to its smart contracts, also known as self-executing contracts, as defined by the code in the underlying document. Ethereum’s privacy is also unique in the industry, with features like transparency and immutability established as key network diversifiers.

Tether

Tether is a stablecoin whose value is pegged to the US dollar. The 1:1 match has widespread adoption, offers unparalleled liquidity, and supports multiple blockchains, including Ethereum, Bitcoin, and Solana. Moreover, Tether is fully transparent, as its reserves and issued tokens are publicly displayed.

Using Tether in your business might be best for small enterprises or startups, as the coin offers greater stability than regular cryptocurrencies due to its peg to fiat currencies. It is also regulatory-compliant according to KYC (Know Your Customer), AML (Anti-Money Laundering), and CFT (Countering the Financing of Terrorism).

Businesses that accept Tether or leverage it for various operations can access considerable liquidity due to attractive functionality, stability in a highly volatile market, and simple integration guidelines. Moreover, Tether is available in multiple fiat currencies, such as the Mexican Peso (MXN₮) or the Chinese Yuan (CNH₮), offering maximum exposure to offshore markets.

Dogecoin

Last but not least, Dogecoin might not be on every entrepreneur’s card, but the meme coin has shown considerable resilience as a leader of the meme coin market. It is based on the popular Doge meme and has attracted numerous investors and traders through the years, with Elon Musk being a pioneer for the coin’s popularity.

Meme coins carry more risk than regular cryptocurrencies, as their value is primarily driven by community interest, but Dogecoin has the largest market capitalization in its sector and is ushering in a new era of transactions. It can be used for transactions and payments, but it has become famous as a way to donate cryptocurrency to special causes worldwide.

DOGE has a global community, so it will attract customers who want to use their DOGE in the real world. Several companies accept DOGE payments, such as Tesla, where you can buy apparel or a Cyberwhistle. Gift Cards are also commonly accepting the meme coin, including Amazon, Walmart, and Apple, but specific industries have also been open to DOGE, such as VPN providers, retail stores, and accommodation.

Final considerations

Cryptocurrency is rapidly growing as the ideal business solution for reducing transaction fees, enabling faster payments, and unlocking growth for leaders. Adopting cryptocurrency as a business means complying with the legal framework for taxation and the special licensing jurisdiction, but it also offers plenty of advantages. Choosing which cryptocurrencies to use is also important because some are designed with entrepreneurship in mind, such as XRP, while others can facilitate access to innovative sectors, like Ethereum or Dogecoin.