Apple represents one of the new companies capable of creating an online payment system which has the chances of becoming mainstream, and that’s exactly what the Cupertino based company has achieved with Apple Pay.
If you’re not yet aware, Apple Pay is basically an iOS app that allows users to add credit cards and bank accounts and then easily pay for different products at retail shops or services at the cash register, by touching the iPhone on a specific device, while also scanning their finger for a confirmation of the payment. As the software is becoming more and more famous, people from all around the world started calling it the Bitcoin killer, as it makes paying for things incredibly easy.
The main question is: Why is it so? To be honest, there are quite a large number of benefits between the two payment systems, mostly due to the fact that Apple Pay works with worldwide recognized currencies that are governed by a large number of laws and only in the base of a debit/credit card or a bank account. Instead of putting Bitcoin and Apple Pay one against each other, why not consider the possibility of Apple Pay adopting Bitcoin as a form of payment in the future?
By analysing the current situation, the option outlined above would be viable to Apple, regardless of the volatile status of the currency. In the case that the value of Bitcoin increases or decreases, users are usually the ones to feel the outcome, so Apple will not get hurt in the unfortunate case of another value fall. By imagining a pre-defined set of rules, the truth is that Apple Pay would probably act like a good wallet for storing Bitcoin, while also making payments with the coin easier for people all around the United States where Apple Pay is currently becoming more and more popular.
Another idea would be for Apple Pay to act like the direct key to a Bitcoin wallet, which would mean that Apple won’t even have to store the coins on their own hard drive, thus making things better both for the company, but also for Apple Pay users who decide that this is something they need. Together with everything that has been mentioned, another factor of encouragement would refer to the simple fact that other billion dollar companies are already accepting and issuing payments in Bitcoin, so why wouldn’t Apple take the risk as well? After all, there’s not much to lose as long as a viable partnership is made between them and a Bitcoin wallet service provider, or in the case that Apple Pay actually turns into a Bitcoin wallet. Not only will Apple Pay attract more users this way, but it will also quicken the development of Bitcoin and encourage mass adoption, which is exactly what cryptocurrency fans from all around the world are currently hoping for.
Based on everything that has been outlined so far, what do you think about the idea of Apple Pay becoming a Bitcoin wallet, or the direct key to one? Is it something that would be worth it for Apple? Let us know your thoughts in the comment section below.
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