30 Dec '13, 11pm

Credit card security is broken. Here’s how Bitcoin could help fix it.

Credit card security is broken. Here’s how Bitcoin could help fix it.

My wife and I are planning a trip to Asia in January, and so I've been making hotel and airplane reservations. In the process, I've had first-hand experience with the dysfunctional state of international credit card payments. I've had three transactions declined on spurious security concerns, and each incident has required a call to my bank to correct the problem. A common criticism of Bitcoin holds that the Internet-based payment network isn't actually useful. Sure, Bitcoin allows people to transmit value electronically, they say, but conventional payment networks like MasterCard already do that. But the clumsiness of international credit card transactions, not to mention Target's recent security woes, provide good illustrations of how better payment technologies could be beneficial. As we'll see, a Bitcoin-based alternative to conventional credit card networks could be s...

Full article: http://www.washingtonpost.com/blogs/the-switch/wp/2013/12...

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