Bitcoin Is Destined To Replace Insecure Payment Protocols
Throughout the years, consumers have all heard the stories about how financial information has been stolen when using physical payment terminals. Despite best efforts by card issuers to step up the security game, the payment terminals themselves are inherently insecure. Or to be more precise, the modulated payment protocols powering these terminals are the root of all evil, as there are major security flaws waiting to be exploited. Whenever financial data theft occurs, most people only think about what would happen to the affected consumers. But at the same time, merchants are exposed as....
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ShapeShift CEO Erik Voorhees has spoken out against exchange security protocols at the launch of its multi-currency iOS app, calling them “archaic and insecure.” Quoted in a press release about the app, which ShapeShift says is the first to allow trading of all “major” digital currencies including Monero and Counterparty, Voorhees today stated that security and data protection had already departed from current norms. “Most exchanges hold customer funds and extract personal information, which is an archaic and insecure model,” he said. “Mt. Gox was a teachable moment for everyone in the....
On this episode of "The Van Wirdum Sjorsnado," the hosts discussed Bitcoin transaction trick replace by fee. The post The Advantages And Drawbacks Of Replace By Fee appeared first on Bitcoin Magazine.
The heated debate in the Bitcoin community throughout the past months not only concerns the block size dispute. Another technical change at the center of conflict is replace-by-fee, a version of which was included in the latest release of Bitcoin Core – while the next version of Bitcoin Classic will have no replace-by-fee at all. An often-heard criticism against replace-by-fee is that it creates new problems while it doesn't really solve any existing ones. But that criticism is questionable. What is replace-by-fee? Replace-by-fee is a mempool policy. Mempools are collections of unconfirmed....
Bitcoin is a contender to replace inferior monetary defensive protocols in order to maximize the protection of individual rights.
In the end, it goes to show traditional payment methods suffer from a lot of security issues. During the 2016 holiday weekend, global online sales have seen a significant nudge upwards. At the same time, payment card fraud increased by a whopping 20%. Consumer’s financial details are always at risk when dealing with payment cards these days. Bitcoin is a far safer option, as there is no sensitive personal information leaked during the transaction process. The rise in payment fraud during the 2016 holiday shopping season is not surprising. Both Black Friday and Cyber Monday saw an influx of....