To break it down, when the customer enters in the PIN number via the terminal, this "unlocks" the Bitcoin address private key to proceed with the transaction. The transaction amount displays on the terminal screen, and the customer presses OK if it is correct. Simple.
So the machine -- 'PCI Compliant' or not -- signs the transaction with your private key, which you have exposed to it using your PIN? No thanks.
About the day after this gets introduced, somebody is going to create look-alike terminals that send your private key to haxxors in the Ukraine. How would one be able to tell you're dealing with an actual, non-nefarious terminal?
Really? Like seriously?
Then you might as well never use a debit or credit card terminal ever again. Let me know how that works out
Unrelated scenario is unrelated.
Credit card companies are trusted central points of control. No card is even required. Certainly, you've verbally authorized purchases before? The only reason the CC system works at all, it that CC companies make defrauded CC holders whole after any fraud.
In bitcoin, there is no such central party. Once your key is in the wild, nobody can recall it.
Sorry but this is the real world. If you are that paranoid just stick to cash
How would one be able to tell you're dealing with an actual, non-nefarious terminal?If you go to a legit store, you will be dealing with a legit terminal.
Bullshit. There is a vast spectrum of 'stores' from mobile kisoks using their iPhones to connect to CC networks, to WalMart. Again, if you cannot see that you have _no way_ to determine whether your are swiping a genuine certified* known bitcoin terminal, or a clever visual copy created by nefarious individuals, than I claim you are being intentionally obtuse.
*I assume you are envisioning some certification process, as I imagine is required for PCI compliance.
