The heights of the cryptocurrency craze were reached earlier this year, with a public and global fervor over the rising prices. While the craze may have died down, cryptocurrencies and blockchain are technologies that are ripe for diverse implementations in our ever more digitized world. They present both an excellent marketing tool for promotion as well as various use cases for actually transacting with them.

Bitcoin

The most prominent cryptocurrency is Bitcoin, with its central role this last decade in online marketplaces and the media – albeit usually negative press, like its use on Silk Road. Today, though, interest stems not only from drug markets but the general public. There are some things consumers should know before purchasing it, but Bitcoin is one of the easiest cryptocurrencies to obtain (along with Ethereum). The novelty of the technology is a great place for businesses to differentiate themselves from the crowd and garner interest in their businesses.

Altcoins

However, Bitcoin is not the only major cryptocurrency anymore, and altcoins, i.e., not Bitcoin coins, are already popular. The Top 3 cryptocurrencies by market capitalization tend to be Bitcoin, Ethereum, and Ripple, in that order, though change spreads rapidly in the always-on cryptocurrency world, so that could change any moment. But why are there so many? We already have a major currency accepted by retailers with high visibility and the network effect.

Not all cryptos are created equal, precisely because their purposes are different. Businesses that need immutable and public records may want to use Ethereum, which is designed for public-facing smart contracts. Others, like Monero, are deeply concerned with privacy and anonymity, a reaction to the misperception that Bitcoin is anonymous. Still others are intended for low-fee, nearly frictionless transactions, like RaiBlock, or meant for implementation on the Internet of Things (like IOTA).

Choosing the right coin for your business

So, when deciding which cryptocurrency to accept for your business, marketing is not the only issue. Sure, Bitcoin may have the visibility and widespread acceptance, but your business may be better suited to use Ethereum or Litecoin.

The following infographic nicely illustrates the differences and purposes of eight popular cryptocurrencies. You might find something you like; if not, keep looking for other cryptos. They’re not necessary for business or for marketing, but they do add  a sense of sophistication and novelty to your business, even if only a few customers actually pay with then.