Paytm is different than Bitcoin in a couple of ways. Going by a layperson’s view whose sole intention is to transfer value in the form of respective currencies within respective ecosystems, PayTM and Bitcoin are slightly different, however from technical standpoint, it is entirely different.
Here are some of the major differences that arise with respect to PayTM and Bitcoin:
- Both PayTM and Bitcoin are used to transfer funds in the form of rupees and Bitcoin respectively.
- PayTM is a centralized exchange for money and bitcoin is decentralized.
- PayTM is a single company where as Bitcoin is composed of individuals, companies, merchants and a lot more people.
- If ever there is an issue with a transfer of funds, Bitcoin protocol settles it through consensus whereas PayTM would have to be contacted to look into their internal payment processing procedure.
- Anonymity: Bitcoin is anonymous where as PayTM is required to document all transactions to pay taxes.
- Ledger of transactions are maintained by PayTM within the PayTM ecosystem and bitcoin transactions are public on the bitcoin blockchain.
- Paytm makes use of various primitive tech stack whereas bitcoin make use of blockchain technology.
- Paytm is a subsidiary company on One97 communications whereas Bitcoin is public and isn’t owned by a single company or entity but by the public at large.
At the end of the day, there are numerous differences that differentiate between PayTM/Paypal and bitcoin mainly because both are so very different in relatively all aspects except for the fact that both are designed to transfer value.