26 Jan '14, 9am

Bitcoin could be crime-fighter against credit hacks - New York Post

Bitcoin could be crime-fighter against credit hacks - New York Post

Silicon Valley may be on target to stop credit-card hacking, according to multiple reports on social media. The infamous hack over the holiday-shopping season may have involved more than 100 million shoppers, across a wide swath of retailers. The problem with debit- and credit-card technology is that, while effective, it is very slow, inefficient — and vulnerable to hacks and cyberattacks. The crypto-currency bitcoin, though it has many problems of its own, could resolve a number of the issues the outdated payment technology has struggled to overcome. According to a source who recently spoke with one of the heads of Google Wallet, Sridhar Ramaswamy, the company could be working on adding bitcoin to its payment system. In fact, Google Wallet — the search giant’s smartphone banking app — is now asking users if they are interested in being able to use bitcoin as a payment opt...

Full article: http://nypost.com/2014/01/26/bitcoin-could-be-crime-fight...

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