[2016-08-08] Bitcoin Payments Are More Secure Than EMV Chip Based Cards

[elyas772]

The ongoing competition between fiat based electronic payments and digital currency payments doesn’t have a winner yet.  The credit and debit card based electronic payments systems score over Bitcoin payments when it comes to number of users and the rate at which transactions are processed. However, Bitcoin continues to lead the way in the security department.

Credit Card frauds have hit an all-time high across the world. In last year alone, total damages of over $16 billion was caused by fraudulent credit card transactions. The instances of credit and debit card frauds saw an 18 percent increase in the UK last year. Similarly, a recent study conducted in Singapore showed that at least one out of three Singaporeans have been victims of electronic payment instrument related fraud.  People become targets to hackers and cyber criminals who use various methods to gain access to an individual’s personal information, including full name, credit card number, CVV etc. and use it to make fraudulent transactions.

http://www.newsbtc.com/2016/08/07/bitcoin-payments-secure-than-emv-chip-cards/

[Das]

The way exchanges are being hacked does not make this truth obvious to bitcoin newcomers.

They hear about the theft and they think, "Hmm, I will never get myself involved with cryptocurrencies."

[Carlton Banks]

The way exchanges are being hacked does not make this truth obvious to bitcoin newcomers.

They hear about the theft and they think, "Hmm, I will never get myself involved with cryptocurrencies."

You've repeated this point multiple times. Your presentation is consistently misleading.


Bitcoin has never been hacked. Not once. The exchanges were hacked. It's the rough equivalent of a bank robbery in the incumbent banking system.


The EMV system has been hacked. The magstripe system has been hacked. That's the rough equivalent of Bitcoin hardware wallets being hacked.



So, please try to get an appropriate sense of proportion. More money (~ x2 as much) was stolen in the DAO hack than from Bitfinex, and I'm not observing the same quantity of exaggerated claims regarding that incident.