In 2014 we have seen one of the biggest fortune 500 companies take action in regards to Bitcoin. This time, instead of analysts reading graphs and making patterns we have concrete actions made by huge corporates who seem to be in support of Bitcoin.
Apple started off as an anti-Bitcoin company when it banned the blockchain app and any other similar Bitcoin apps that fascilitated transactions from their App Store. However, recently they have announced an update to their App Store Guidelines which now allows the use of virtual currencies but with some criteria:
Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions
There is no clear cut answer as to why Apple might have made the decision to update their App Store guidelines and allow Bitcoin related apps. One idea is that Apple is following Google’s moves and how the Google Chrome Store allows Bitcoin wallets such as KryptoKit and many others. Furthermore, it seems that Apple is trying to satisfy short term stockholders to increase their stock and are making financial moves to tap into new growing markets such as the virtual currency market.
A couple days ago Dish Networks announced that it will start accepting Bitcoin payments from it’s clients. That announcement caused quite a surge in the Bitcoin price, you can check out the details HERE.
Dish is a huge corporation that makes close to 13.9 billion in revenue each year. That is an enormous market base which Bitcoin has tapped to. It will bring in media attention and more consumers. The only way to make the Bitcoin price rise without hyped bubbles is to create a functional economy. By introducing Bitcoin to huge corporations like Dish we are helping the Bitcoin economy which in turn will raise it’s price.
Amazon is yet another huge corporate who own an enormous amount of clients and offers potential for Bitcoin. It has made headlines in April by declaring that it has no plans to accept Bitcoins, however since then Amazon has been awarded a patent that mentions Bitcoins.
Unlike Overstock and Dish who started accepting Bitcoin, the patent handed to Amazon enables a new revenue stream stemming from BItcoin. It centers around the idea of accepting payment for services without the services being tied to a single account.
As an example, if someone wanted to rent computing power form Amazon for an hour, he would pay Amazon and get their computer power without even dealing with Amazon, they would simply make a payment using Amazon’s virtual currency whether it is based on Bitcoin or the existing AGC (Amazon Gift Card)
The patent illustrated how Bitcoin enables new business models and creates new revenue streams for existing businesses. Bitcoin should be treated as an extra tool and form of payment that has it’s own advantages.