Deleting a virtual card is tremendously easier than revoking my primary credit card number and updating all the vendors that are using it. It's quite easy to use a virtual card once and then delete it immediately. Furthermore, I'm not worried about a virtual card being exposed to unauthorized charges, because (unlike in cryptocurrency-land) chargebacks exist.
> Deleting a virtual card is tremendously easier than revoking my primary credit card number and updating all the vendors that are using it. It's quite easy to use a virtual card once and then delete it immediately.
Still harder and not as secure as a digital signature.
> Furthermore, I'm not worried about a virtual card being exposed to unauthorized charges, because (unlike in cryptocurrency-land) chargebacks exist.
You're not guaranteed to perform a chargeback successfully. And both vendors and customers (like you) are paying for that "service".
Chargebacks are also one of the reasons for why there is large-scale credit card fraud. And it is also why vendors are incentivized to collect personal information from you (to detect fraud before chargeback happens, for which they are greatly penalized) and why they are also incentivized to refuse service to legitimate customers in many cases (due to flagging legitimate transactions as suspicious).
Worse, when they refuse service they cannot even tell you why (as that would help fraudsters).
> You're not guaranteed to perform a chargeback successfully.
Even in the worst case, because a credit card is an abstraction over my bank account, I have the option to refuse to pay and won't lose my shirt or otherwise become despondent. In the meantime, chargebacks are a feature of the system, not a bug. To wit, cryptocurrency advocates are the last people who should go around lecturing others about fraud. :P
> Even in the worst case, because a credit card is an abstraction over my bank account, I have the option to refuse to pay and won't lose my shirt or otherwise become despondent.
That may also have unintended consequences for victims of credit card insecurity.
> To wit, cryptocurrency advocates are the last people who should go around lecturing others about fraud. :P
Why not? Cryptocurrency advocates know a lot more about it than most people (for good and bad reasons).
In cryptocurrency land there is no such thing as an unauthorized charge because you don't ever give a third party access to information that can be used to charge funds, which you have to do constantly with credit cards.
> Since token approval requests usually ask for unlimited access to your token balance, if there is a security vulnerability, all of the assets in your wallet could be exposed. Depending on how severe the security vulnerability is, disconnecting your wallet from a dapp may not be enough to fully protect your assets.
Exactly.. of course we still have very significant problems to solve.
Such as the fact that most of these cryptocurrencies are totally impractical to use for actually buying things, leading to the need to use centralized exchanges for swapping to fiat.
And the fact that there are multitudes of competing cryptocurrencies. And that there is a fundamental lack of integration with government due to government actually needing to radically reform and advance to incorporate cryptocurrency.
But still, they are core advancements that society should take advantage of. Easier said than done.
FWIW, even when they request unlimited access, you can set whatever limit you want. In MetaMask, the defacto standard wallet, you simply just edit the field that appears in the request/confirmation dialog.
