Key facts:
The decentralization that offers bitcoin, has important implications for security.Users to expose their data to make pay with wire transfers or credit and debit cards.An infographic developed by the National Institute of Cybersecurity of Spain (Incibe) allows to appreciate that paying with Bitcoin is more secure than doing so with credit card, debit card or bank transfer. The data are based on the decentralized system of the bitcoin, which offers the users to maintain the control and responsibility of their keys, without the intervention of third parties.The infographics published on the website of the Incibe shows the payment systems that considered more secure, as the delivery or use of payment platforms. The first offers greater assurance of security because it allows you to receive and verify the items purchased, prior to processing the payment, while the second, it is reliable because it is a service of intermediaries that protect the user’s data and can act as brokers to the time to be an irregularity or a possible fraud.The Incibe also presents the use of prepaid cards or electronic wallets such as third-party systems more secure, by taking consideration to allow you to perform transactions without being associated to the bank account of the user. Do not expose their data and at the same time support the processing of payments with bitcoin, which is based on the principle of decentralization.The graphic document of Incibe shows that the payment with debit card, credit or bank transfers are less confident that the transaction with bitcoin, because the use the users to expose their data, or they may be difficult to prove. Transfers are instant, which in Spain are better known through the service offered by Bizum, subtract security because they do not allow cancellation or refund once processed.In any case, it is understood that for the Incibe decentralization that offers bitcoin, has important implications for security. A centralized model, such as a traditional bank or a payment network, no account with account with solid systems to keep the actors outside the system who seek to profit through fraudulent actions. In comparison, a decentralized system such as Bitcoin carries the responsibility and the control of the data, the key or keys to users, while with the credit card operates in a centralized manner.The infographic prepared by the Incibe presents to the bitcoin among the best payment systems. Image: Institute of Cybersecurity of Spain / incibe.esEn a network of traditional payment, like a credit card system, the payment is open because it contains the id private to the user (the number of the credit card). After the initial charge, any individual with access to the id, you can “extract” funds and charge the owner again and again.A note published last July by the editorial team of Breaking News explains how it is that Bitcoin frees money from the users of the prison bank. In the financial structure current, the central banks and, by extension, governments, are responsible for issuing the new notes, when they decide to. This schema, which makes possible the creation of new money every time the government needs it, allows them to increase their reserves, but with the consequence that decreases the value of savings in that currency to the citizens.That money, issued by central banks, only comes to the average user through the private banks, which are responsible for storing the money, issue credit and debit cards, loans and finance projects, among other activities. This type of entities, to achieve economic benefits of the deposits made by the users, lend your money to other people, with payment periods and interest rates that will be used to fund the structure. This means that, when your money is in your account, there really belongs to you. Therefore, banks impose limits and restrictions, so basically you can’t control at all something that should be only yours.In Spain they do not all agree with the position of the Incibe, as a report published in February by the Bank of Spain (BDE), says that Bitcoin is inefficient as a payment system on a large scale. According to the document, the attributes most valued by proponents of this technology, such as the absence of intermediaries and decentralisation, would be a limiting factor for the mass exchange of valor.De according to the study, called “Bitcoin: A solution to the systems of payment or a solution in search of a problem?” decentralization implies a “process of validation intensive in the consumption of resources, the remainder efficiency the system”. In contrast, the document points out that “the centralized systems with a mediator that is trusted by the parties to allow the design of systems that are much more simple and economical”.