4 ms·

So why is it that UPI has gained more usage in one country than crypto has worldwide in a short space of time? Even MPesa has more usage than crypto has in mor

So why is it that UPI has gained more usage in one country than crypto has worldwide in a short space of time? Even MPesa has more usage than crypto has in more countries since it was launched around the same time that Bitcoin was released. Even with all of this, cryptocurrencies such as Bitcoin having sluggish transactions per second causes those to just use centralised systems such as UPI. Those in crypto circles keep heralding the phrase 'banking the unbanked' but it seems that those people in 'unbanked' countries have built a better system than crypto was intending to solve in under 10 years. It stands to question crypto's relevance in the first place as a means for payments (not speculation which it is mostly used for)

jongjong 3y ago
Crypto is mostly a store of value and an accounting ledger (I.e. to represent ownership). It's the thing people would run to if there was a run on payment platforms. That's why it will always be more valuable. Cryptocurrencies represent a safer place to store wealth and the smaller transaction throughput is worth the substantial amount of additional security it provides. Payment systems will always be more disposable and geared around large quantities of small day-to-day transactions. It doesn't make sense to hold any substantial amount of money on these platforms.