Paying with cryptocurrencies safe - Azerbaijani analyst
BAKU, Azerbaijan, Oct. 30
By Kamala Mammadli - Trend:
Most cryptocurrencies are considered one of the safest types of payment, Huseyn Ibadov, an Azerbaijani independent cryptocurrency market analyst, told Trend.
The analyst said that this is related to the presence of a security key for each wallet. Therefore, the probability of hacking a cryptocurrency is small, Ibadov noted. The uniqueness of the system lies in the peculiarity of the blockchain technology and its security, the analyst added.
Ibadov noted that for comparison, one can look at the differences between card payments and crypto money. To carry out a card transaction, a series of actions is necessary. Although the operation takes only a few seconds, information about the card is visible to the seller, the bank (accepting payment), the card servicing company and the issuer, the analyst said.
“This means that at least four different people see the user’s account, which creates an opportunity for them to receive personal information,” Ibadov noted.
The expert said that with cryptocurrency everything is different and much simpler.
“When paying using cryptocurrency, a secure platform is used, transactions are executed instantly, that is, the funds are transferred from the buyer directly to the seller,” Ibadov added.
The expert noted that in this case, personal information is secured.