Reply to post: Re: Good reasons for virtual currencies.

From Libra to leave-ya: eBay, Visa, Stripe, PayPal, others flee Facebook's crypto-coin

doublelayer Silver badge

Re: Good reasons for virtual currencies.

Well, the theory is that it's harder to commit fraud with a crypto wallet than it is with a credit card. With a credit card, they need a relatively short number which will authorize any transaction whatsoever. With a wallet, each transaction needs a separate signing with a private key, so you can't just steal part of the data traffic from a previous transaction and start making new ones. That's the theory.

In practice, we all know how that ended. If you have a great way of keeping the private key private and secure and not known by anyone and easy to get to but also not easy for you to lose, then you're great. Otherwise, you can still lose your money and now you don't have a way of getting it back.

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