Should something go wrong — name your worst fear: the device broadcasts your credit card numbers, it is hacked, the site containing your encrypted numbers is hacked, the numbers are improperly encrypted, merchants refuse it — it’s not Coin’s problem.
The thing I didn’t get about Coin is why Visa/MasterCard said it was ok for such a device to exist. I mean, I like the idea but how secure is it?
The project represented a breakthrough in using software code to authenticate and protect transactions without resorting to a centralized bank or government treasury. In that way, Bitcoin became a peer-to-peer system. That comes in pretty handy for people who do not want their transactions monitored. In conversations about the project with scholars who study it, the word that comes up as often as “bubble” is “genius.”
A thorough look at Bitcoin, the peer-to-peer currency you can’t track.