Post
Topic
Board Bitcoin Discussion
Re: How do crypto gateways compare to traditional methods in security & efficiency?
by
tbct_mt2
on 21/09/2023, 10:43:45 UTC
As for the other cryptos, we've seen reports and news that many of them have been 51% attacked and hacked. And to be fair for the traditional payment systems, they also have their own bad days but I think if we're going to compare them. It is that the traditional ones are more trusted by many because there will be an accountable company if ever something messed up.
Smart contract projects have many hacks and people use those platforms lost a lot of money in those hacks and investment in those scam tokens.

Proof of Work altcoins are less secure than Bitcoin because their networks have very lower hash rate that cause their networks are more vulnerable to 51% attacks.

If you wonder how more vulnerable to 51% attacks of Proof of Work altcoins, you can get some estimations from How many confirmations are equivalent* to 6 Bitcoin confirmations?

If I make an on-chain transaction, I choose Bitcoin blockchain to do this.