The problem of security for customers in the cryptocurrency space is one that is yet to be fully tackled. While investors are skeptical about the flexibility of the price volume in the cryptocurrency market, security stands as the second major factor that creates FUD for cryptocurrency traders.
In a recent interview with Cointelegraph, Ryan Taylor, the CEO of Dash Core disclosed his thoughts on the loose security of Bitcoin payment method which he says is highly unfavourable for customers.
Replying to a question concerning his take on the typically used payment methods and the barriers surrounding it in the industry of digital currency, the CEO explained that at least one out of the three major factors to be considered in the area of cryptocurrency transactions which includes security, switching incentives and usability ought to be thoroughly addressed in order to boost the market’s flexibility.
In the aspect of security, Ryan went on to explain the reason why Bitcoin is not secure for consumers, saying that Bitcoin transactions are highly secure for recipients only when carried out via the Blockchain technology, for customers however, Bitcoin is the least bit secure.
He can be quoted saying ;
“Once customers pay for something and there is no recourse if they fail to deliver the goods or services. Bitcoin provides security for the merchants, but that’s where security is almost least important on the switching incentives. In addition to this consumer has to pay to use this technology whereas, a credit card will repay users through cash back, rewards and other offers.”
Conclusively, Ryan Taylor made it clear that the community at Dash core is aimed at applying new payment methodology to improve all the three aforementioned criteria of cryptocurrency transaction in the aspect of the merchant and customers usage.
In his words :
“So for Dash, we’re focused a lot on the ones that are applicable to any new payment method because we really don’t think that the first generation cryptocurrencies nailed those and they could be done in a much better way. I think that the first generation cryptocurrencies were designed by computer scientists and you know cryptographers and people that understand the tech, but they didn’t necessarily Understand the payment space. So by taking payments industry best practices and applying them. We think that we can have a much greater impact.”