"The nature of Bitcoin means that, compared to credit cards or other financial tools, your identity is safer from theft. Your level of privacy is up to you, and in the online world privacy and protection are an asset."
This is hilarious. Right now basically every week we have news of millions of dollars worth of bitcoins being stolen from sites. In contrast, with a credit card every client has full protection including fraud, charge-backs, returns, etc.
Saying CC's have robust fraud protection is equally misleading, imo. They require you trust every merchant, website, waiter, etc to not abuse your information. Chargebacks just shift the cost of the merchant, most of the time, and as best I can tell PCI exists mostly to shift liability around.
In the USA, credit cards don't do anything protect anybody from fraud.
However, they have extremely robust mechanisms in place for shuffling around the consequences of all the rampant fraud that results from their complete failure to offer even the barest minimum of fraud protection. So as a consumer I get to feel protected all the same.
At the same time, seems like the credit industry was kind of asking for this kind of thing when they decided to muddy the waters by spin doctoring "credit card fraud" into "identity theft"
> Right now basically every week we have news of millions of dollars worth of bitcoins being stolen from sites.
Rule 1: If you store your bitcoins with someone else, they'll most likely get stolen. People need to learn how to store their own bitcoins or they'll end up not having any.
How about having your funds sliced by sort of Cyprus scenario? How about getting ill for half a year and finding out that the inflation has eaten most of your savings away?
I'll take my chances on a major currency (Euro/USD/GBP) over BTC in terms of volatility any day. You could find out that your BTC savings have become nearly worthless in six months. Or if you are unlucky enough to have a debt in BTC you could find out your debt has skyrocketed because of more BTC speculation (imagine you had a 1000BTC loan back when it was $10 a coin).
"The nature of Bitcoin means that, compared to credit cards or other financial tools, your identity is safer from theft. Your level of privacy is up to you, and in the online world privacy and protection are an asset."
This is hilarious. Right now basically every week we have news of millions of dollars worth of bitcoins being stolen from sites. In contrast, with a credit card every client has full protection including fraud, charge-backs, returns, etc.