Hi everybody,
Today I would like us to play a bit with some IT investigation regarding
currency exchange.
I found online exchange platform, which seems to be very attractive:
It is recommended to be technologically advanced modern and safe
platform allowing exchange through the Internet, and as you can see, helps to
do exchange faster and cheaper, and seems to be simple ideal.
I started thinking
about that and I have one general doubt – security. It is presented as safe “like in electronic banking: encrypted SSL connection
and SMS Codes”. The details on respect of security below in this link:
My questions are:
- Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
- If it is unsafe in your opinion, please give the reason of your doubts.
- Is it possible to achieve 100% safe online exchange system?
- Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
- Maybe you can see any other danger(s) of such system?
Best regards,
Marta
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteIn general I don’t trust such websites. Even if the system itself is technologically safe, it is still unclear what the intentions of the owner are and there is no certainty that it will always work correctly.
2. If it is unsafe in your opinion, please give the reason of your doubts.
As I wrote above, besides technical security, it is not known if the system will always work as it should. For example Amber Gold has been working well for several years so you never know when you will be cheated. On the other hand, this website presents a lot of banks with which Amronet cooperates – you can always verify it by the bank.
3. Is it possible to achieve 100% safe online exchange system?
I’m not sure. I suppose that it isn’t possible to achieve 100%. There were recently the Man-In-The-Middle attacks on SSL so no technology is 100% safe…
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
I think that the future belongs to electronical exchange methods. Maybe cryptocurrency will give us safe possibilities. As long as there is cash in circulation, traditional exchange offices will also exist.
5. Maybe you can see any other danger(s) of such system?
The company's credibility is the biggest problem. In my opinion technical security is a secondary issue.
Damian,
ReplyDeletemany thanks for your answers :-) But I can't agree that technical security has minor meaning. I think company's credibility is linked very tidy with system cyber safety, it even directly depends on that. There are more aspects giving credibility as the result, but technical ones can do significant difference in this respect.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteThere are no 100% secure systems. Each one has a "hole". Authentication via SMS is also not secure. Criminals make SIM card clones. They can also take transfers to your phone between the BTS and the phone. So you always take the risk of using such currency exchange system (spending money) on yourself.
2. If it is unsafe in your opinion, please give the reason of your doubts.
As I wrote above. Implemented security mechanisms may not necessarily guarantee this security.
3. Is it possible to achieve 100% safe online exchange system?
It is not possible. The weakest link is man. Standard passwords, simple pins, use of open Wi-Fi networks can all cause the system to stop being safe.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
Probably not. Traditional currency exchange was and will be. Its level will decrease due to the use of ATM cards or payment cards, which have been replaced by travelers' checks. Conversely, traditional currency exchange will remain so.
5. Maybe you can see any other danger(s) of such system?
Danger always exists. You can choose the Japanese Yen instead of the Euro and be lossy on the conversion course. The roll in the mouse can do different things ;-)
Michał,
ReplyDeletemany thanks,
but trying to forecasting a bit ad.question 4, what do you think, how long traditional currency will exist?
BR, M
Hello! As I can see, this website is based on WordPress system, which is one of the most popular systems ever (https://trends.builtwith.com/cms/WordPress). I think that this system itself is secure, however, they are using external plugins, such as "Revolution Slider", which has some security issues in the past (https://blog.sucuri.net/2014/09/slider-revolution-plugin-critical-vulnerability-being-exploited.html). To really determine if that system is guarded, we have to conduct both penetration and legal tests. I believe that it is possible to achieve the level of security which is "good enough" in most of the scenarios. Best regards!
ReplyDeleteHi Artur,
Deletemany thanks! Do you have idea, how to conduct those tests effectively?
BR,
Marta
Hi Marta,
Deleteas far as I know, we have at least two options:
- to use one some of the automatic tools: https://www.owasp.org/index.php/Appendix_A:_Testing_Tools
- to hire an external company: https://niebezpiecznik.pl/testy-penetracyjne/?tb
BR,
Artur
Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteOf course I have doubts. Even in case they have up to date certificate and two step verification mechanism bulletproof web platforms does not exist. There are even options to use volunerbility when I am properly logged in.
If it is unsafe in your opinion, please give the reason of your doubts.
Allways weakest point of any it system is human and phishing.
Is it possible to achieve 100% safe online exchange system?
It is not possible to achieve 100% safe of any online system
Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
What does it mean traditional exchange methods ??
I am doing all my currency conversion in bank or other financial institution via online service
Maybe you can see any other danger(s) of such system?
People with bad intentions will always be one step ahead of us so it si hard by definition to see all possible way of bearchinc security of weba application
Ewelina,
Deleteyou're right, if someone has bad intentions, nothing will help ;-)
Hae a nice Sunday,
M
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeletePersonally I have doubts regarding safety of such platforms. Of course nowadays we have wide range of fintechs in many forms, such as online banks, websites and services. But many of exiting ones are scams, simply frauds.
2. If it is unsafe in your opinion, please give the reason of your doubts.
As I told above, there is a lot of scams. It seems like one of them. Unfortunately it is hard to check online services beforehand. Companies entering the fintech market have a very difficult task, it is difficult to gain trust, especially if you do not have physical branches of the company when offering financial services.
3. Is it possible to achieve 100% safe online exchange system? I think that you can create a really good system.
Unfortunately, you can not miss a lot of work in terms of security. Let’s be honest, this is associated with high costs of employment of security specialists, who are missing from the market
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
I am counting on the fastest development in this matter. Simply because that banknotes are the source of the largest number of germs. Not once have frauds occurred when spending the rest at the checkout, thieves who steal wallets, or specialised thieves during the holidays.
5. Maybe you can see any other danger(s) of such system?
In my opinion it has definitely more advantages than dangers. If we focus all our energy on the training of security specialists, we will succeed.
Hi,
Deletemany thanks for professional and more optimistic opinion. generally I also count on fast development in this respect, this is the future in fact.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100
ReplyDeleteI haven't heard about this website before. I'm rather sceptical about its security and I would have to look for more information about it on the internet before I could entrust them with my money.
2. If it is unsafe in your opinion, please give the reason of your doubts.
The fact that they boast about their protections does not mean that they are well implemented. As I mentioned earlier, in this case I would first need to find some opinions of people who used it.
3. Is it possible to achieve 100% safe online exchange system?
Achieving 100% safety will never be possible. The only thing we can do is to be immune to the most popular attacks on the server side and educate clients about network security.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
As long as we continue to use traditional cash, traditional exchange systems will continue to work. Of course, their importance may gradually decrease, but they will continue to exist.
5. Maybe you can see any other danger(s) of such system?
If this type of system is properly secured as by today's standards, I think it is almost as safe as traditional exchange offices. As long as we, as an Internet user, are aware of all the dangers that await us.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteThe arguments they present are not relevant - they are standard safety measures like SSL and GDPR.
These are necessary, but not sufficient, conditions for your money to be safe with them.
2. If it is unsafe in your opinion, please give the reason of your doubts.
I haven't heard of it before - this is reason number one. It may be absolutely legit, but I would first test it with small amounts of money.
3. Is it possible to achieve 100% safe online exchange system?
That depends. Online services of traditional banks offer currency exchange - can it be considered 100% safe? The bank can in some situations default. There is a bank deposit insurance fund, but it could in theory fail as well. So, there is no 100% when it comes to safety.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
There is a strong push for a cashless society. This is probably a move towards greater control and surveillance. However, a fair cashless system, which respects privacy and gives commensurate control to all parties, not just the state, would be fine. Cryptocurrencies almost started doing something in that direction, but they fell victim to a speculation bubble attack. I hope this idea will be revived some day.
5. Maybe you can see any other danger(s) of such system?
Other than losing money, no.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteFirst there are not 100% safe systems becouse people aren’t perfect. Someone will find a method to break to that system. I share with you about safty but in my opinion this system is almost safe. Security is my hobby and I use very strong passwords for every site or system.
2. If it is unsafe in your opinion, please give the reason of your doubts.
I think is safe.
3. Is it possible to achieve 100% safe online exchange system?
I don't think so. Maybe 99% but not 100%.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
It's possible. Technology is growing fast.
5. Maybe you can see any other danger(s) of such system?
The most danger of such system are people who used it. The system is similar to online banking. SMS code is a good method of security. When we lost or someone will used our phone then this method will fail. We need to check site certificate before we use that system
Piotr,
Deleteyour're right in fifth answer. This is human who decides, if something is successful or not. Thank you.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteIt's very difficult for me to say, to be honest - I do not trust such sites. It seems to me that in any system there are flaws that we don’t know about this.
2. If it is unsafe in your opinion, please give the reason of your doubts.
The problem is that we don’t know for sure if there will be a crash in the system, or maybe tomorrow someone will be able to find vulnerabilities in it and our data will be lost.
3. Is it possible to achieve 100% safe online exchange system?
I think nothing happens at 100%, the systems may be very well protected, but they are definitely not completely safe.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
Yes i sure about it. Already the whole world goes to the Internet, including the exchange system
5. Maybe you can see any other danger(s) of such system?
Unfortunately, I do not see any other security problems.
Ad.5 - unfortunately? I am happy nobody (at least till now...) can see any other dangers ;-)
DeleteIndeed the site looks a little bit shady, but there were similar systems like 'Cinkciarz.pl' and I haven't seen any news about problems related to that service.
ReplyDeleteI don't know about the system itself, but the main problem for me when it comes to the Amronet owned by the Payholding Inc. is the lack of any licenses related to operating in financial sector. It also seems that you'd have an account in a foreign currency to use it.
Probably it's not possible to make something 100% safe and robust. I think that such solutions can be as safe as banks can be. Also, there ale laws regulations that make such services safer from the customers' perspective, namely full responsibility for frauds and system malfunctions must be taken by a financial company. Definitively this isn't the case here, so I wouldn't use the service for any larger transactions.
I think that traditional methods will be necessary also in the future but will be less important. Personally I use the solution called Revolut. It's very convenient and works for many currencies, rates are also low. Of course I'm concerned about security, but you can fund it with small amounts at the time and withdraw or use all of it before you fund it next time.
You inspired me to think, that maybe this is similar like with bank accounts as such. Several years ago we weren't ready to choose online bank services instead of traditional ones. Consequently, now we do next steps further, and this is normal situation, that we analyze pros and cons of that. Anyway, we have no excuse, the world goes in this modern / online direction. The only thing we can do is to accept that and protect ourselves as much as we are able to.
DeleteMany thanks!
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteI think you can never be sure that the system which you use is safe in (almost) 100%. Hackers use special method to pull out your data and have an access to your account, payments. The history knows several cases when the servers of some banks were hacked and the data of their clients were stolen. In my opinion the same situation can occur to online money exchange so I agree with your doubts regarding safety.
2. If it is unsafe in your opinion, please give the reason of your doubts.
As I wrote above, giving an example with bank. Making the clone of your phone card to intercept your verification data is not a problem for hackers. There is information on the website that the connection is encrypted but the criminals can redirect your connection to very similar website and the common user does not see the difference between two websites.
3.Is it possible to achieve 100% safe online exchange system?
I think that it is not possible to achieve 100% safe online exchange system because you are not safe in 100% when you are in Internet You should be prudent to minimize the probability of becoming a victim of an Internet attack. You should change your password or avoid the public WiFi networks which are very dangerous.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
In my opinion the online exchange methods will be becoming more popular in next several years. I think that the traditional exchange methods will not be given up because for some people it is the proven way to exchange the currency. Additionally, you have to have an account in the currency which you want to buy. If somebody wants to go to, e.g., Sudan, where the Sudanese pound is the currency, he/she has to have an account in the mentioned currency. In such cases the traditional exchange methods seem to be more reasonable.
Nowadays, people use credit cards when they are abroad. When I travel somewhere in Europe, I fly there, go to ATM, and I have the currency which I need.
5. Maybe you can see any other danger(s) of such system?
As I wrote above, that system of online currency exchange cannot be the best solution if you need the foreign currency and you do not have the bank account in this currency.
Dear Monika,
ReplyDeleteyour right as for credit cards, but this is ok for individuals.
The companies doing business with other countries enterprises have to work out fast and safe solutions.
Have a nice evening!
Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteEvery IT security expert familiar with the subject will say that the bitcoin protocol is much safer and more reliable than current banking systems. With this term that bitcoin can disappear at any time with your cash register you have shown only your level of understanding of this discussion and the issues we are discussing. I know in simple terms how the banking system works, but you don't have a green idea about what you're contributing to.
If it is unsafe in your opinion, please give the reason of your doubts.
I use the application/ The application is safer for the average user than the use of browsers.
There are people in the world who practically don't know each other on computers, think that they know each other and know as much about security as the president does about banks, computers don't suffer, but they are forced to use them - to sum up, many people may fall prey to infected browsers.
In the case of applications (theoretically), the chance of taking control of the bank account is much lower. Average Smith who doesn't play root or other jail pendants is safer when using a dedicated application. For the bank less attacks translates into considerable savings.
Is it possible to achieve 100% safe online exchange system?
"It doesn't matter, however, how much is spent on technological solutions. The security system is as strong as its weakest link - man".
Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
According to experts - participants of the World Economic Forum held in Davos, material money will cease to exist in the next 10 years. As John Cryan from Deutsche Bank said in Davos, a system based on physical money is ineffective. According to the president of the American company PayPal, which offers payment services over the Internet, Dan Schulman, the process of digitalization of money takes place very quickly, and the process of moving away from real money is inevitable and is already taking place. In his opinion, this is the only right direction.
Andrzej,
Deletemany thanks for optimistic attitude :-)
br
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteYes, I don't think such system is safe. Given the owners do the best they can to have safe system, it's as save as any bank account accessed online.
2. If it is unsafe in your opinion, please give the reason of your doubts.
There is a difference though, banks are operating within banking law, that gives customers some rights. Skipping implementation of this laws might be in some part explain this exchange being cheaper.
3. Is it possible to achieve 100% safe online exchange system?
I don't think so, and as usual, humans are weakest links.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
Maybe not give up at all, but now most currency exchanges are pushed out to malls, among small tailoring services, key duplication and watch battery changing. I think most of exchanges are done via banks, even if it means somewhat bigger commission.
5. Maybe you can see any other danger(s) of such system?
After reading comments above, I can't think of any other danger.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteI dont trust any institution I didn't previously know. Usually I am double checking every istition before I entrust it my money. In this case I also am not sure about safety.
2. If it is unsafe in your opinion, please give the reason of your doubts.
I can't find this institution on Polish Supervisory list (KNF), but maybe I didn't find it, becouse it is on different name. Sometimes commercial names are different from company name.
3. Is it possible to achieve 100% safe online exchange system?
In the world where phising is the order of the day nothing is 100% safe, but I trust more my virtual account in bank than money in my pocket.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
Maybe not in 100%, but this sector is growing really fast. I am travelling a lot (bussiness trips) and I am only using my online exchange (cinkciarz),
5. Maybe you can see any other danger(s) of such system?
No, as I mentioned, I am not using traditiona exchange as it is more expensive and less useful.
Tomasz,
Deletethank you for you not so cautious opinion :-)
1.Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteYes, I have some doubts, there is no 100% safety system for sure. In case of that kind of portals beside of connection safety you don’t know what’s the flow of the money or its origin.
2.If it is unsafe in your opinion, please give the reason of your doubts.
Every system can be hacked, and the reality is that for every new type of protection there are invented way to broken it
3.Is it possible to achieve 100% safe online exchange system?
In my opinion there is no possibility to achieve that system.
4.Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
We can observe that more and more people are choosing internet transaction over the traditional currency exchange places mostly due to moving money in to the internet banking.
5.Maybe you can see any other danger(s) of such system?
I think that the problem is to trust your money to some system / exchange portal where you can be easily cheated. I think it is safer to use trusted bank to it.
Klara,
Deleteit is good to read also less optimistic opinions, it has given me a lot of impression to think over this issue,
many thanks!
1. I think the system is not 100% safe. Each internet operation involves a possible loss of data. In addition, hackers have their own ways to bypass system security.
ReplyDelete2. As I have already mentioned, hackers will always find a way to break even the strongest firewall. There were a few cases that customer data eg from banks were stolen. I heard once that they can even redirect text messages confirming transactions to their devices and make transfers without our knowledge.
3. There will be a gap in any system. Online transactions always involve risks. Security programs are getting better each year, but sometimes you need very little to be cheated. Providing your credit card number on websites that we do not know and we are not sure of them, but boast of high security is risky. I remember the situation in which my friend wanted to buy the game online and the only option to pay was to enter his card number. After an hour of payment for the game, his bank recorded a large transfer from his account to an account in the Caribbean. I trust in systems such as PayPal, but once I lost about PLN 30 when the site got stuck and the transfer was lost and no deposit was recorded and the money from the account was collected.
4. More and more people use card payments rather than money. The same applies to online purchases or currency exchange. I can do everything without leaving my home and by searching a convenient exchange rate in a given bank or website, I do not have to go to one of the three money changers in my city. I think that in a dozen or so years it is possible to give up cash payments at all.
5. The only problem I always notice in this type of systems is the amount of currency conversion :)
Monika,
Deletethank you for 5th answer, because it seems to be interesting to compare the financial effect in many different opportunities.
Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteI don’t quite believe that this system is 100% safe, because there is no such thing as the system that we can describe as 100% sure. Even the most popular and trustworthy banks have problems with the security of their systems. For example it is possible that their employee will steal the money of the client or the client’s data and no system can prevent such things. It is also the case with the described money exchange site. So I don’t think that I can trust the mentioned site with 100 %.
If it is unsafe in your opinion, please give the reason of your doubts.
As I stated above, my major doubt is about the credibility of the site’s employee. On the other hand,
SSL Extended Validation (EV SSL) encryption is quite good.
One of the commentator said about Bitcoins. Therefore I want to say, that Bitcoins won’t disappear, but there were cases, that the whole Bitcoin exchange disappeared. I don’t exactly know how the mentioned site works, because it wasn’t described in the article, but I think this is possible, that this site may also disappear in the future.
Is it possible to achieve 100% safe online exchange system?
It is surely not possible to achieve 100% safe online exchange system. In every case - when sensitive data are involved - we cannot expect 100% safety. The main reasons to that statement I mentioned answering previous questions. What’s more, as it was mentioned in the other comment, SMS code is not safe, because thieves may clone the SIM card, which means they can gain the access to such messages.
I personally exchange the currency with the help of Revolut card, which operates many currencies. It has very favorable rates, is free and has an European banking license.
Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
I am using mentioned Revolut card for a slight amount of money. I have never used the online exchange money and I would not do it in the future. I think it is particularly a bad idea when it is about a large sum of money, but I don’t know how other people feel about it. Answering the question, in my opinion foreign currency account - and Revolut is one of them - are better option then currency exchange office and it is possible that in the future this method will replace traditional methods.
Maybe you can see any other danger(s) of such system?
In the previous questions I tried to describe all the possible dangers that came to my mind about the described system.
Łukasz,
DeleteI am grateful for providing me positive energy necessary to trust such ideas.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteI believe that this system is not 100% safe. First of all, it should be a risk of attack, for which currency currencies belong. It is true that it has a two-stage security, but in my opinion it is definitely not enough.
2. If it is unsafe in your opinion, please give the reason of your doubts.
I consider the portal to be dangerous due to its function (currency exchange). This is an additional argument for potential criminals.
3. Is it possible to achieve 100% safe online exchange system?
In my opinion, you can not build a 100% secure system. We strive for perfection all the time but we will never achieve it.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
Yes, traditional exchange methods are increasingly being replaced by online services. The Internet is convenient, fast, allows you to compare various exchange portals. On the other hand, I believe that the people is not fully aware of the risks associated with such portals.
5. Maybe you can see any other danger(s) of such system?
The main danger of these types of systems is the ability to intercept login data by unauthorized persons. There is also the possibility to intercept the PIN code which is used to confirm the transaction. The telephone applications of such portals that may not work properly are also a serious problem.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteI don't trust any system in general. Now this is safety,but in the future that could be break like any other algorithm.
2. If it is unsafe in your opinion, please give the reason of your doubts.
As I said before, now it is safety, but in the future for sure someone will find backddoor in it.
3. Is it possible to achieve 100% safe online exchange system?
Theoretically and practically ... no. Always is 0,0(...)1% of chance that someone could find any error which could be used to discredit system integrity.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
I think that no. That's good way, but I don't think it would replace traditional exchange methods. This is new method, but like any other (like credit card transaction don't replace money) it will stay a new possibility.
5. Maybe you can see any other danger(s) of such system?
As I said before someone could find "zero-daay exploit" which could use weekness of that system (other than human). If nobody will detect it the effects can be irreversible.
Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteI think there is nothing like 100% safe system.
If it is unsafe in your opinion, please give the reason of your doubts.
Every system is possible to break into. Especially of it has to deal with money so it makes it more interesting for potential criminals.
Is it possible to achieve 100% safe online exchange system?
No, as I said before it is not possible.
Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
I hope not. We shouldn't do everythong online. It is not bad if we have choice between online and traditional.
Maybe you can see any other danger(s) of such system?
If it break down everything may be paralised due to no flow of money.
1. Do you share my doubts regarding safety, or you believe the system is 100% safe (or almost 100%)?
ReplyDeleteSuch websites usually raise my concerns. I don't think that they are 100% safe. I don't think there exist any website that is 100% safe. Each and every website can be and will be hacked, sooner or later.
2. If it is unsafe in your opinion, please give the reason of your doubts.
My main concerns were already stated above.
3. Is it possible to achieve 100% safe online exchange system?
I don't think so. Sooner or later, somebody will come up with an idea how to break security of a particular website, system.
4. Do you assume and consider as possible, that in very fast future we’ll give up traditional exchange methods?
I think that traditional exchange methods will be losing and losing their popularity, but as long as we deal with "real cash" on a day-to-day basis, the traditional exchange methos will continue to exist.
5. Maybe you can see any other danger(s) of such system?
Only those already stated above.