Did You Know That Using Crypto Keeps Your Financial Info 100% Safe?
In today’s realm, the way things (and the world) are, keeping your personal and financial information safe when roaming the Internet, is crucially important. You know that, and I know that. But the thing is that even though we all know that, it’s still a major stumbling block for a lot of people. I guess the reason is that it doesn’t really feel that dangerous. Not everyone’s info gets compromised, and we might not even know anyone from our close social circle whose data has ever been under attack.
Until it happens. And, let me tell you, it’s more frequent than it is rare.
There’s a lot of data about you and me, and everyone else, that’s stored on the imaginary cloud. At the end of the day, we all want to feel secure in this still-to-be-kind-of-adjusted to and bizarre new reality which is offering so much and keeping us on the toes at the same time.
Alright, so below is a vivid example of the level of the security cryptocurrency provides in contrast to credit card payments. Let us indulge.
A true story of safety (happens all the time)
Let’s say you’re out shopping. You’re purchasing something extraordinaire and hand over your credit card to the merchant. At that moment they (the businesses) are provided with access to the full credit line (even when the amounts are small) of your card.
As a process, it means that the store “pulls” the designated amount from your account into their account. Point being that using this method, the merchant has access to your credit card information which also means others have access to your private information.
Enters hero. Cryptocurrency works in a completely different way: you as an owner of digital money “push” a certain amount of coins to the merchant or recipient. No extra information whatsoever is needed.
Therefore, no access to the credit line is needed, and no information can be stolen. It guarantees complete privacy of your sensitive data. Your online identity is protected. Your funds are safe.
To break it down: when you use a credit or debit card to make a purchase (especially online), you provide the vendor information that third parties could theoretically steal. It happens all the time. More and more so, sadly, as the technologies keep advancing.
Meaning, if your financial information gets stolen from the vendor, your money is at risk.
Be unique. Be safe
Cryptocurrency transactions are unique each time. This applies even when the parties involved are the same (let’s say you buy stuff from the same merchants over and over again).
How come you ask?
The exchange of information means using a “push basis” method. It means you decide upon the information you want to send to the other recipients. The traditional exchange system uses “pull basis” method as mentioned above.
If you’ve been reading our blog for a while now, you know that cryptocurrencies provide a lot of benefits: small transaction fees, fast international payments, etc. We’re delighted to say that there are more pros than cons that come with the use of cryptocurrency.
So, you do the math. Right?
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Originally published at dagcoin.org on September 19, 2018.
