How do Crypto Currencies help in protecting personal information?
Crypto Currencies have either been very controversial or very fascinating for different countries around the world, and mostly people have been concerned with the investment and spending aspects of it. However, people fail to realize the multiple ways in which Crypto Currencies can help them surf, shop, and spend online without having their personal information released out to an unwanted party.
Who Taps into Your Information?
Whenever you decide to make an online transaction, there is always an element of insecurity because when they ask you to provide some of your sensitive information. This includes account numbers, credit card security numbers etc. Though we understand that there is no other way to process an online transaction using a bank account, there is no surety that our information will pass through a completely safe channel that cannot be tapped into.
These infiltrators can be general black hacks who work underground, business competition, or an individual who is willing to cause you harm. And this information cannot just financially, but also socially cause a plethora of problems for you.
How Are Crypto Currencies Different?
Let us take the example of Bitcoins, arguably the most popular one out there. When you exchange your real cash for Bitcoins, you are required to store them in your Bitcoin wallet till the time when you need to use it, reinvest it, or convert it back to money. If you decide to carry out a direct transaction with an online store which deals in Bitcoins, the only information that will go to the store is of your wallet and the place where you want your item delivered.
The fact that you will not have to give away any information related to your tangible cash fund automatically makes this a safe way to trade. Some people might question the credibility and say that a Bitcoin wallet can be hacked, which is essentially true. However, if you operate one on a forum like Coinbase where the entire world trades and stores Crypto Currencies, any hacker will have a very tough time getting through to your account.
Is It Time for Total Mobility?
If Crypto Currencies are so great, why don’t we shift to them as the main source of trading already? The answer lies in the following reasons:
Many parts of the world are still unaware of the benefits and compatibility brought about by this currency, so it is understandable if people do not want to give away their real cash for an intangible monetary entity which fluctuates every second of the day.
Despite of the fact that countries like Japan and China have started regulating Crypto Currencies and are busy in introducing them more and more in regular infrastructure, the problem of this currency being easy to track down online will exist till full regulation is achieved.
Upward fluctuating trends do not mean you do not have to worry about losses.
As far as sensitive information is concerned however, Crypto Currencies offer a securer and less exploitative channel of transfer which can very well be inculcated in trading channels in the near future.
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