Recently, credit card theft has been pretty rampant, with the whole Target credit card theft making the news in a huge way—which isn’t surprising, considering the number of victims involved and the size of a brand name Target actually is. Now, many are suggesting that the use of bitcoin is the safer alternative when it comes to electronic payment systems, as the usual methods behind credit card theft don’t apply to bitcoin technology. To be more elaborate about this, here are a few distinct reasons why bitcoin can potentially be the solution to credit card theft.
Image: flickr.com/photos/105644709@N08
Bitcoin does not require third party verification.
The trouble with credit card transactions is that a third party has to verify a person’s information for the transaction to go through. This is how a person’s credit card information is stolen. In the process of verification, the information is intercepted by thieves and then used for fraudulent activities. The use of bitcoin negates this danger, as the use of the currency doesn’t require one to go through such a verification process. Using bitcoin is basically like using cash, but without the possibility of counterfeits considering bitcoin’s cryptologic nature.
Image: flickr.com/photos/105644709@N08
Bitcoin does not require third party verification.
The trouble with credit card transactions is that a third party has to verify a person’s information for the transaction to go through. This is how a person’s credit card information is stolen. In the process of verification, the information is intercepted by thieves and then used for fraudulent activities. The use of bitcoin negates this danger, as the use of the currency doesn’t require one to go through such a verification process. Using bitcoin is basically like using cash, but without the possibility of counterfeits considering bitcoin’s cryptologic nature.
