Do EMV credit cards offer the same security as Bitcoin?

The banking and financial industries have been struggling to cope with the growth and influence of Bitcoin and other digital currencies, which offer serious competition to traditional banks and financial sectors due to their security, transparency and ease of use.

This competition has grown to the point where financial institutions see Bitcoin as a threat to their business, and they are trying to keep up with the cryptocurrency industry by exploring ways to integrate blockchain technology into their businesses.

Meanwhile, banks are adapting their existing products to match the different aspects of Bitcoin. Banks around the world are now issuing EMV credit cards to ensure transaction security. These original cards have an EMV chip in them. All the user information inside the EMV chip is embedded in the card. By introducing EMV credit cards, the probability of the data in the card being compromised is very small, and there is no need to worry about swiping the card anywhere.

New EMV credit cards store user information on the chip itself, rather than on a magnetic stripe. Having information on the magnetic stripe reduces the threat of the card being swiped. Right now, if a fraudster wants to scan and copy credit card information, it requires specialized equipment and longer time.

Banks are trying to make EMV credit cards have the same level of security as Bitcoin. However, unlike Bitcoin transactions, transactions using EMV credit cards can still be reversed.

It will also add a burden to retailers who are introducing EMV credit card testing, as they will have to ensure that their POS terminals are compatible with the new credit cards, otherwise transactions will not be possible.