Topic: BTC VS UPI ? - page 2. (Read 427 times)

This is a partially biased statement, biased by the fact that we are in a cryptocurrency forum and people here use it more than anyone else.

You see, UPI is something that our country has itself used it own developers to build and develop over time. It is an indigenous creation and thus supporting it would be to support our country even if it is full of bugs at this point. It will get better.

Not that I mean that bitcoin is bad, but that both have their own pros and cons and are not comparable. Just because the government is not willing to allow trading freely here does not mean that it will always be like that.

Blockchain tech is something new but not necessarily a future. Lets be honest here. We know development is going on by financial institutions in the country based on blockchain tech but it has been hyped more in 2017-2018 when the ICO boom occurred than anywhere now. I would rather take that last statement of yours with a grain of salt.

I don't really want to compare BTC with UPI. UPI is backed up by banks hence by RBI. But no such big organizations are going to promote BTC. It is totally the choice of our citizens. It will be better if they started to choose cryptocurrency over UPI. Because blockchain is the future and who will adopt the new technologies first they will be the big gainer.

This making of this thread is a joke at the most, but I appreciate the effort anyway.

UPI and Bitcoin are completely different things. UPI is an interface for fiat transfers, compare it with other payment methods like Visa, Mastercard. It has been adopted on many apps like stated above.

Bitcoin is a decentralized currency without any bank controlling it.

UPI is good for smaller volume payments, like paying the grocery shop, sending gifts to friends and family and so on. It has limits and defenitely not the way to go for buying a lambo(Pun intended) like @webtricks did

Also the BHIM app is pretty buggy in my experience but it is still usable.

UPI is a well-thought but poorly implemented mechanism in Indian Banking Sector. They say UPI is cross-banking service which is centrally managed but each bank exerts high degree of authority on how its customers use UPI. If a bank wants then your transaction can be declined even if you had enough balance. Then comes limits and here things get more dirty! You can only do 10 transactions and transaction size has to be below ₹1,00,000 which makes UPI unsuitable for many operations.

Few months ago I was purchasing a car. Before that I didn't use UPI for big transactions and had no idea about UPI limits so I went to the seller's place with the plan of paying money through UPI. When I tried sending full amount, I got the error of transaction size. Hence I was only able to transfer ₹1,00,000 to him via UPI. Then I tried to send rest of the amount through internet banking so I added him as a beneficiary. As per bank rules, we have to wait for 30 minutes after adding beneficiary before we can transfer the amount. So I waited for 30 minutes there and then tried to send the rest of the amount and here came another bump. As per bank rules, you can't transfer amount more than ₹75,000 through IMPS within first 24 hours after adding new beneficiary. Then I went to my bank branch (which was another 20KM journey), did RTGS for the rest of the amount. Drove 20KM back again and collected the car.


After reading above what do you think I would prefer? Of course, Bitcoin! Bitcoin gives you the full control on the money you own. You don't have to suffer and waste time to use your own money due to some stringent bank rules. You can use your money whenever and wherever you want, no matter the amount, no matter the number of times and that is the biggest advantage of Bitcoin over traditional banking system.

Traditional bank transfers were indeed a pain in the ass. It used to take a while for the bank transfer to happen since we needed to add the beneficiary first and then wait for it to be approved and then initiate a transfer. But as technology has advanced this process has also been advanced and now it doesn't take much time to do the traditional bank transfer as well.

Talking about UPIs, it's not the safest way to transfer money to other banks as well since we have had incidents in the past where hackers had stolen the UPI keys and used it to transfer money to their accounts. Besides that, it still involves a third party. But still people use it on a day to day basis because of it's convenience. We can say UPIs are best for daily transactions.

Bitcoin on the other hand is safest way to transfer money to the other person in my opinion unless you don't commit a mistake yourself.
Obviously bitcoin is not yet feasible for micro transactions but the lightning network can be used to solve the issue of micro transactions once it is well established. Bitcoin can still be used to make transactions online and in my perspective bitcoin is the best mode of payment for peer to peer transactions without involving a third party.

If UPI is so good as you say then why the UPI transaction has limits per day?

Imagine you want to send few lakhs to someone then its not possible via UPI,so its just for small transaction.

And also mention about UPI frauds, hundreds of people were losing their money due to UPI system since it is easier to sim swap in India.

75% of article, upi good, last 25%, experts believe BTC bad 

WHY UPI BECAME POPULAR IN INDIA?

UPI is a merger platform which merges and collects  almost all the banking services of India in one app.

It's easy to use because we just need the UPI ID and pin to send and receive amount.
We can perform Real-time bank-to-bank transfer services by just using your phone number or unique ID.


WHO CONTROLS UPI?

UPI is under NPCI (National Payments Corporation of India) , RBI and IBA ( Indian Banks Association) which are the trusted organizations of India.
 These platforms interconnects all the banks for fund transfer services.

WHY UPI?

Before the UPI services launched in India the process of fund transfer was very hectic and difficult.
People were unable to trust third party apps for fund transfers therefore they preferred either to stand in long queues of banks or do it via Internet Banking which was done very rarely (if compared to bank users) because it was very complex and time taking.
 
But after the commencement of cheap internet in India (THANKS TO JIO SERVICES) and government supporting online transactions , the users and UPI apps increased very rapidly which made bank fund transfers very easy and convenient.
Earlier before UPI was introduced . I was the only one in my house who use to transfer amount via net banking . But after UPI came my father used to send me my college fee and pocket money directly via Gpay , BHIM , PhonePE which made his work very easy.
He now started doing TV recharges and pay electricity bills by his own just after these apps were introduced as they are very easy to use and safe too.

There was another reason he started trusting online mode of payment because government also promoted online cashless transactions to avoid corruption in our nation.
As per report around Rs.8,000 crore worth transactions are being made every day via UPI Transfer.

WHAT IS BITCOIN NOT PREFERRED OVER UPI AS A MODE OF TRANSACTION IN INDIA YET ?

Digital currency is upcoming future of world but it's not yet recognized in India.
Indian experts claims that UPI mode is the most advanced and safe platform for payment and they don't need bitcoins as a mode of exchange.
They also predicts that it will increase new form of corruption in India .

What is your opinion  ? What will you prefer if BTC will become a legal mode of transaction ?
Share your views.