Irrespective of their opinions on cryptocurrencies, everyone agrees with the fact that Bitcoin is the leader in the global crypto space. However, not everyone is a fan of Bitcoin. Similarly, many Bitcoin purists do not want to support or promote other cryptocurrencies, collectively called altcoins.
When asked whether cryptocurrencies would survive in the future, former CEO of Twitter Jack Dorsey famously replied that ‘Bitcoin will (survive)’.
It is evident that the crypto space is divided when it comes to Bitcoin vs altcoins. However, neither side denies the current supremacy of Bitcoin.
However, recent data shows that altcoins are growing at a pace greater than Bitcoin’s. One space where other currencies are overtaking Bitcoin is merchant payments. While Bitcoin was the first cryptocurrency to be used as a mode of payment, others have shown more usability in this domain. Data from BitPay makes it evident that other cryptocurrencies are growing in popularity for processing crypto payments.
According to data from 2021, 65% of BitPay users were using Bitcoin to process payments. In 2020, the figure stood at 92%. Such a sharp fall in the number of merchants using Bitcoin is indicative of the fact that other tokens and currencies are gaining prominence. Not just altcoins, stable coins have also increased in popularity. While these developments may indicate the lowering popularity of Bitcoin, the reality is very different. At the same time, Bitcoin has proven to be the leading asset class as a reserve of wealth. As the market matures further, altcoins will grow at par with Bitcoin.