Everyone who has made a transaction with cryptocurrencies has had a thought or two about security. Digital currencies as Bitcoin are currently one of the most secure means of payment and money transfer among users. This is because transactions are anonymous and indisputable.
Cryptocurrencies invariably apply security mechanisms that make erroneous crypto transactions almost impossible. These basic rules come with the use of blockchain technology that works on a peer-to-peer basis, making attacks to central servers impossible. Also, an inmutable ledger stores every single transaction in the chain, making modifications to them almost impossible. Once this ledger records a transaction, no one can change or influence it. This ensures high security levels for the users. The most important thing to keep in mind when you make a payment is the correctness of the receiving address. If this address is correct, there is nothing to worry about. If you are still hesitating about safety, read more about it here.
Cryptocurrency security is better than a credit card’s
With fiat payments (either physical or digital), payment cards are now a matter of course. But their use is not as safe as it may seem. Cryptocurrency transactions are, in our opinion, much more secure than using regular cards. In the following paragraphs we will explain why this is the case.
Hackers can easily steal credit card data, mostly by using hacking attacks on unsecured e-shop databases. The classic way regular merchants perform credit card billings is by asking you to enter your card’s data into their centralized system. This system, being centralized, is vulnerable to attacks from many vectors. Anyone with this data has all the information they need to make a card payment in the cyberspace. Even taking a picture of a credit card is enough for someone to initiate a transaction on your behalf without your approval.
Where there is a large amount of this sensitive credit card information in one place, there are also many hackers who want this data. Once thieves have your card data, the most common course of action is to sell it to the highest bidder. This visible and relatively easily accesible information is all that stands between your funds and people wanting to steal them.
Online credit card transactions are widespread nowadays. The security offered by card issuers and merchants is still less than perfect, so looking for other payment options is only natural. In this sense, cryptocurrencies offer a great alternative while making payments, since the blockchain technology they are based on prioritizes security from its conception. If you have cryptocurrencies and find the option to use them for payments, you are almost always better off by choosing this option.