But when i try to ay with bitcoin like 1000 ruppes i have to pay around 120 ruppes in fees to get the transaction done in 10minutes . So for a order of 1000 i have to pay 1120 ruppes and also wait for 10minutes for the transaction to be done .
So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance
Bitcoin (cryptocurrency) decentralized and is the inexpensive means of making global transaction despite it being cheap there are some certain (high traffic, mempool size etc) that influence the transaction fee and the transaction fee are paid to the miners that maintain the network and also make sure each transaction are confirmed.
I don't understand , I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken .
I dont understand what you mean by no transaction fees is taken by UPI because there no way they will offer their seevice for free and the last time I check they will need some fund to manage their site, pay their staff etc.
Meanwhile, by the Phonepe/UPI terms and condition of charges it says
PhonePe does not charge its Users any fee for creating an Account, however, We reserve the right to change its fee policy from time to time. We may introduce fees for any new services or amend/introduce fees for existing services, as the case may be. Changes to the fee(s) shall be displayed accordingly to You via website/app and such changes shall automatically become effective immediately after they are posted. Unless otherwise stated, all fees shall be quoted in Indian Rupees.
Your bank may charge you a nominal transaction fee for BHIM UPI transfers- please check with your bank for any such charges.