In today’s world, based on the way things are, keeping your personal and financial information safe when roaming the Internet is crucially important. You know that, and we know that. But the thing is, despite this being a relative no-brainer, it’s still a major stumbling block for a lot of people.
The reason is likely 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.
But then it happens. Then it turns out that it’s more frequent than it is rare.
There’s a lot of data about us, and everyone else, that’s stored on this ‘imaginary’ cloud. At the end of the day, we all want to feel secure in this bizarre new reality that’s offering so much yet keeping us on our toes at the same time.
Down below is a vivid example of the level of security cryptocurrency provides in contrast to credit card payments. Let’s dive in.
A true story of safety
Let’s say you’re out shopping. You’re purchasing something extraordinary 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. The point is that by using this method, the merchant has access to your credit card information, which also means others have access to your private information.
Enter the 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 used or 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 technology keeps advancing.
This means if your financial information gets stolen from the vendor, your money is at risk.
Be ahead of the curve. 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).
But how, you may be asking?
The exchange of information means use of a “push basis” method. It means you decide upon the information you want to send to the other recipients. The traditional exchange system uses the “pull basis” method 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.
Do the maths.
Want to know more? Reach out!