Protocol Level Flaw with Card Payments Makes Bitcoin Seem a Lot Safer
Here is a reality check for all the Bitcoin naysayers, the most widely used conventional electronic payment system – credit/debit cards are not really as secure as we had earlier thought. A serious protocol level flaw exposed by a couple of German security experts bares it all. It is not just the security flaw one has to be concerned about, but also the banks’ apathy towards fixing it! A recent report carried by well-known Russian media channel, Russia Today describes the serious security flaw in POS terminals. According to Karsten Nohl, one of the security experts from the Berlin based....
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The Bitcoin ecosystem has welcomed another merchant, this time a jewellery store. Diadem Jewellers in Altrincham is starting to accept Bitcoins in payments. The brand is now in the process of launching its website, which will make it the first shop in the Greater Manchester area to accept the cryptocurrency. The store sells handmade jewellery and was launched in December last year. Online manager of the store, Alexander Young believes that Bitcoin is truly a future currency and is exceptionally safer than card payments. Alexander adds that, "Because BitCoin payments are irreversible, it's....
Bitcoin payments processor Coinbase has added support for the bitcoin payment protocol. Called BIP 70, the protocol allows communication between a merchant and its customers when transactions are made, and was designed to provide additional security and improve the customer experience. Coinbase says BIP 70 will offer improved protection against man-in-the-middle attacks on the payment process. Safer transactions. Addition of the protocol brings new features that should come in useful for many merchants: Human-readable, secure payment destinations - customers will be asked to authorize....
A micropayment is a type of payment that uses relatively small amounts of money to purchase every day items, such as food and drink. Now that bitcoin’s user base is growing, it may end up being the “missing link” that makes micropayments a viable option for everyone. The micro-payment idea originated with banks in the early 90’s. It was a pretty solid idea; load around 150 dollars on a card to buy things you need, which is safer than using a credit card and more convenient than using cash. Around 1995, micropayments were put into practice in the US and Belgium. For this article, I will....
Xapo’s goal has been aspiring for us from the first sight: Making bitcoin more popular. It is something we work for every day. You can imagine how excited we were when we received the new debit card. Xapo launched in March 2014 with the Bitcoin wallet and cold storage vault. In April of this year, Xapo announced the addition of its debit card. The new Xapo card syncs with the Xapo Wallet. “We are focused on making bitcoin more secure and safer and making it easier to use, the debit card is something that our customers have requested. You just have one card that you can use everywhere....
Namecoin, the basis of a decentralised domain name system (DNS), has been found to have a fundamental flaw which allows any .bit domain to be taken over ... by anyone. There are over 103,000 .bit domains, and while evidence suggests none of them have been maliciously taken over, the protocol that governs those domains cannot be trusted until fixed. While Namecoin was a coin that could be traded like any other cryptocurrency, it had a much nobler function in life than being a mere commodity to trade and spend. The raison d'etre of Namecoin was to provide a decentralised and....