Impact of Bitcoin in existing payment methods

In 2021 people increase their interest towards the cryptocurrency . Due to this people are more and more investing in the cryptocurrency like Bitcoin, Litcoins, Altcoins ,Ethereum , etc … that give the financial sector a Big Boom .

Bitcoin is a Cryptocurrency :

Bitcoin is the cryptocurrency or a digital currency that has no central organization or a central bank to manipulate . We can say Bitcoin is a internet currency and their ledger are verified by the miners. Miners are those who verify the transactions by using their computational power.

Use of Bitcoin :

Bitcoin is the digital currency due to this we can use bitcoin BTC anywhere we want. Some company like EGIFTER, STEAM, OVERSTOCK, CHEAPAIR, DELL and many other now came into picture and start accepting BTC Bitcoin or Cryptocurrency treating them as a legal payment method.

Effect of Bitcoin in existing payment method :

In India , the most used, verified and popular payment is UPI ( Unified payment Interface ) , but if we consider bitcoin ( BTC ) as the default payment method instead of UPI ( Unified payment Interface ) then their are lots of risk involved .Some of them are listed below .

Risk if we use Bitcoin ( BTC ) instead of UPI in India :

  1. Nil /low transactional fee involved.
  2. No chargeback .
  3. Value of 1 BTC always fluctuate , some times its high and some low .
  4. NO Fix value .

Conclusion:

Bitcoin cannot replace exist payment method, but may be use as a universal currency exchange.

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