Bitcoin was launched aiming to offer the world an alternative financial system, without the involvement of any intermediary. It is assured to transform the payment system with less cost and more security. Unfortunately, the platform delivered slower transactions and also remained highly volatile which does not make it the best-suited alternative for the traditional fiat currency. However, some platforms claim to be faster than Bitcoin and carry the potential to transform the whole industry.
Below mentioned are some of the tokens which can be considered the top payment tokens for the year 2023, among them some are widely accepted by organizations as well.
Know more: Top Layer 2 Crypto Projects
What are Payment Tokens?
Before diving into the topic, let’s understand what these payment tokens are.
Almost all the tokens or coins within the crypto space carry some features and remain diverse in terms of characteristics. Some tokens apart from being native are governance tokens, while some are utility tokens or even both. Among them payment tokens is one of the purest forms of crypto which has its blockchain and is considered a mode of payment.
These tokens have no role in the governance of the platform, meaning, the holders are not liable to cast their vote for the upgrades on the chain.
Top Payment Tokens in 2023
| Payment Token | Market Cap | Price | % Change in 2023 |
| BinanceCoin (BNB) | $51.81 billion | $324.57 | +36.40% |
| Ripple (XRP) | $25.55 billion | $0.5131 | +56.13% |
| Dogecoin (DOGE) | $12.11 billion | $0.087 | +41.05% |
| Bitcoin Cash (BCH) | $2.54 billion | $131.44 | +39.85% |
| Monero (XMR) | $2.97 billion | $162.89 | +23.63% |
| Hedera (HBAR) | $2.03 billion | $0.066 | +86.15% |
Binance Coin (BNB)
BinanceCoin is the native token of the world’s largest crypto exchange Binance. It was primarily launched to back the platform and used to pay for the transactions on the exchange. The users also receive a discount for doing so. However, lately, the token is among the top 5 cryptos and the top trading tokens. Alongside, BNB can also be a form of payment for crypto credit card bills on Crypto.com and can also be used to book hotels and flights on selected websites. Moreover, merchants also offer BNB as a mode of payment.
Read more: Top Binance Smart Chain Projects
Ripple (XRP)
XRP is the native token of the Ripple ecosystem which is used for instant cross-border transfers at minimal costs. It is primarily used as a bridge currency offering a means of exchange of both crypto and fiat for financial institutions. The fee per transaction is also minimal, about 0.00002 XRP and the transactions processed per second are around 1500.
Dogecoin (DOGE)
Dogecoin, which was launched as a joke, is now not only among the top 10 cryptos according to the market cap but is one of the leading payment tokens in the crypto space. The token can be traded peer-to-peer by just scanning the QR code and authenticating transactions which are used by numerous brick and mortar stores. Alongside, many e-commerce establishments and online stores accept DOGE as payment including Twitch, Newegg, Tesla, Key4coins, AMC Theaters, Gamestop, etc, and many more.
Bitcoin Cash (BCH)
Bitcoin cash, the fork of Bitcoin is designed to be a transactional token that functions as an electronic cash payment system. The token is one of the popular traded assets as it carries some functionalities of Bitcoin. Alongside this, the token is used as a mode of payment for e-commerce websites. Moreover, Bitcoin Cash is widely accepted as in-store payments in restaurants, cafes, or retail stores using a point-of-sale app and making payments using BCH.
Monero (XMR)
Monero has established itself among the top 50 cryptos and is one of the leading crypto payment tokens. The payments with Monero are untraceable and fast with top-notch security. The customers who want to pay crypto for goods and services, Monero generates a payment window. Once the transaction is processed, the platform automatically exchanges it if required and sends it directly to the user’s account.
Read on: Top Altcoins in 2023
Hedera (HBAR)
Besides, payments using Hedera are highly scalable, real-time, and affordable. HBAR tokens take seconds to settle on par with the VISA network making crypto a viable option for commerce and finance. The Hedera’s hashgraph consensus processes fast and efficient transactions of about 10,000 TPS, enabling low and predictable fees of less than a dollar.
How to Invest in Top Payment Tokens in India?
Investing in these top payment tokens in India is extremely simple and safe. All you need to do is follow the below-mentioned steps,
- Download the CoinDCX App
- Enter the required details to register
- Complete KYC
- After your profile is verified, fund your wallet and buy your desired crypto payment token
Conclusion
The cryptos are liable to be volatile as their value shuttles now and then. Therefore, the stablecoins and the government-issued CBDCs may offer tough competition for the crypto payment system in the coming days. Some countries have already piloted the CBDC program but the crypto payment system is here to stay and thrive.
FAQs
The popular layer-1 token list includes Bitcoin, Ethereum, Solana, Cardano, Polkadot, etc, and more The layer-1 blockchains are the base chains upon which multiple projects and blockchains can be built Each blockchain has its capabilities and hence is displaying its potential to thrive in the coming days. However, Bitcoin may be largely considered as the top layer-1 chain, while Ethereum also competes being the home for decentralized finance or DeFiWhat are the most popular layer 1 token?
What are layer 1 blockchains?
Which layer 1 crypto will win?
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