Blow To Bitcoin As iPhone-Maker Apple Reveals Sudden Swerve!!!

[kolbalish]

Everyday I just follow up some news or journal to check out the event or knowing the news of world and especially for crypto currency news. Today I got an article from Forbes and the same is here from that article,

Bitcoin and cryptocurrencies have been rallying hard so far this year, largely due to interest in crypto from some of the world’s biggest technology companies, including social media giant Facebook, iPhone-maker Apple, and micro-blogging platform Twitter.

The bitcoin price, which began the year at under $4,000 per bitcoin, has soared to over $10,000 in just a few months, pushing bitcoin and cryptocurrencies back into the limelight after a disastrous 2018.

If anyone interested to know more please follow the link from below,

https://www.forbes.com/sites/billybambrough/2019/08/04/blow-to-bitcoin-as-iphone-maker-apple-reveals-sudden-swerve/amp/

[Darker45]

More like a blow to Apple for me!

This Billy Bambrough does not sound a Bitcoin supporter at all. His reaction to this news is blown out of proportion and even bordering on spreading FUD. He appears to have worried too much that Apple does not allow Bitcoin and other crypto buying. So what? Does Bitcoin really count on Apple as its sole hope in a wider world adoption and even price appreciation? I don't think so, very far from it. It has to be noted that even in the US, where the Apple market is strongest, Android still controls more than 50% of the users.

In other words, this is not Bitcoin's loss. It's more of Apple's.

[Herbert2020]

Bitcoin and cryptocurrencies have been rallying hard so far this year,

bitcoin has been rallying not altcoins. what altcoins did this year has been to fall for the most part!

largely due to interest in crypto from some of the world’s biggest technology companies, including social media giant Facebook, iPhone-maker Apple, and micro-blogging platform Twitter.

Forbes seems to not be familiar with Libra. they never showed any kind of "interest" whatsoever in bitcoin!!! they are creating their own altcoin and that doesn't have any effects on bitcoin price and its rally.
the reason for bitcoin price rise is the same reason that price has been rising for the past 10 years.

as for what Apple is doing, it is nothing new. whenever someone creates a payment related thing (payment processors, online e-wallets, credit cards,....) they always try to compete with the competition instead of integrating the competition in it. so not letting their users to use their product to buy bitcoin is an obvious move in my opinion.

[Kakmakr]

A lot of these larger corporations are bargaining on the US Government allowing "private" currencies and I think they will get strong push back from the regulators, because these currencies will be competing with the Dollar and other reserve currencies.

It is one thing having a P2P decentralized technology like Bitcoin that are unstoppable by these governments, but it is a whole other story when a organization can be forced by a government to "kill" these projects, before they even started. <They will fight these battles in court with tax payers money.>  

[buwaytress]

Billy Bambrough's an all right commentator, given Forbes previous lack of solid news offerings related to Bitcoin but Apple is the one who's missing out.

People have been misled in the past about what big merchants and payment processors can do for Bitcoin -- just need to look up Paypal and their own U turns over the years... or Microsoft, or whatever. Bitcoin's upped and gone with or without them. Today, that effect's no longer relevant. Facebook coin, if it ever lifts off, can also do the same and find the same lack of effect.

[NeuroticFish]

Bitcoin and cryptocurrencies have been rallying hard so far this year, largely due to interest in crypto from some of the world’s biggest technology companies, including social media giant Facebook, iPhone-maker Apple, and micro-blogging platform Twitter.

This is not at all the reason for the rally and, as already said, only Bitcoin is growing for real.
Also I see that while the list of over-commented #fails - Facebook's Libra, Apple Cards's "no bitcoin" - starts growing, the price of Bitcoin also grows. So again, the relation you are stating doesn't exist.

[joniboini]

Bitcoin doesn't need them, they need Bitcoins.

You can read that a lot of articles are just citing Bitcoin name while they're not even related to Bitcoin at all. One of probably the craziest stories I've ever is how Libra is going to make Bitcoin get another bull run. Like, how the hell does that happens?

[avikz]

Everyday I just follow up some news or journal to check out the event or knowing the news of world and especially for crypto currency news. Today I got an article from Forbes and the same is here from that article,

Bitcoin and cryptocurrencies have been rallying hard so far this year, largely due to interest in crypto from some of the world’s biggest technology companies, including social media giant Facebook, iPhone-maker Apple, and micro-blogging platform Twitter.

The bitcoin price, which began the year at under $4,000 per bitcoin, has soared to over $10,000 in just a few months, pushing bitcoin and cryptocurrencies back into the limelight after a disastrous 2018.

If anyone interested to know more please follow the link from below,

https://www.forbes.com/sites/billybambrough/2019/08/04/blow-to-bitcoin-as-iphone-maker-apple-reveals-sudden-swerve/amp/

How come it's a blow to bitcoin in any way?? Majority of the banks don't allow their users to purchase cryptos using their credit card since the surge of 2017. Is it even relevant??

Let Apple start off their journey in financial sector in the conventional way. Soon they will feel the need to innovate into digital currencies at some point of time! But Apple's decision is no way a blow on bitcoin!!

[o_e_l_e_o]

How come it's a blow to bitcoin in any way?? Majority of the banks don't allow their users to purchase cryptos using their credit card since the surge of 2017. Is it even relevant??

It's not a blow at all, it's just another clickbait headline. The card is being issued by Goldman Sachs, who, like pretty much every major bank, already don't allow their customers to buy bitcoin with their credit cards. It's pretty standard practice to not allow credit cards to buy cash equivalents, which includes cryptocurrencies and things like casino chips.

This is standard banking practice. A credit card is a loan. A bank giving you a loan is allowed to stipulate what you can spend that loan on. If I walked in to a bank and asked for a loan so I could put it all in to some risky Wall Street bet, they would laugh me out the door. This is no different.

Banks stopping you from spending your own money on cryptocurrency is another issue, but no bank is obligated to let you spend their money on cryptocurrency.

[dothebeats]

Not really detrimental to bitcoin IMO. Most of the credit card companies and banks don't even allow their users to buy bitcoin and other risky assets using a loan they issued, so I see no different with Apple preventing these sorts of things from happening with their own credit line. Even if you are guaranteed to pay the loan you have just asked, still their money, their terms. One of the reasons why bitcoin rallied so hard in 2017 is because banks and credit card companies still allowed the use of their cards into buying bitcoin and other cryptocurrencies until such time that they realized that it may take some of their products off of the list people are interested at (cash loans because people are making money, etc etc.)

[1Referee]

Less credit means less volatile investors aka gamblers. If you invest with money that isn't yours, every 1% that the price goes down will make you doubt having bought Bitcoin, especially if leverage is applied. People investing with their own money are less likely to pull it out just because the price dips, and for that reason should result in less volatility overall.

That being said, these no credit to crypto measures are so silly. One can't use credit to buy crypto, but they can gamble thousands of dollars on unregulated flyby forex brokers where people probably never see their money again. They either lose it all or won't be able to withdraw again. Totally makes sense. 

Speaking of blows, Netflix has recently pulled back most of the support for payments through itunes accounts because of the ridiculous 30% fee that Apple charges. That's a real blow. Apple can suck on that.

[timerland]

Bitcoin and cryptocurrencies have been rallying hard so far this year,

bitcoin has been rallying not altcoins. what altcoins did this year has been to fall for the most part!

Yep - In previous years we've seen a lot of growth in BTC and altcoins, often with altcoins following the recent movement of BTC, but in previous months, BTC market dominance is extremely high, and people are no longer spreading all their coins around the altcoins and holding BTC, but mostly just holding and buying BTC.

Apple’s bitcoin and cryptocurrency buying ban is, however, far from unusual, with U.S. high street banks JP Morgan Chase and Citi prohibiting their customers from purchasing crypto due to fears volatile prices could leave them heavily in debt.

Their loss. Typical centralized banks and short-sighted companies who don't understand the technology and will never adopt.

It's not really much news though, the title is very misleading and all it does, is tell us things that we know. Banks will never allow you to buy cash equivalent items with credit cards, which is why the majority of credit cards don't allow you to gamble or buy BTC on them. Banks like control, so it makes sense for Goldman to only regulate and work with stablecoins, although it's very boring.

[Ayiranorea]

Every corporate firm tries to have their own coin and they are just gonna function as an integrated wallet having fiat reserve that can be used for all form of payments. This is not gonna make any blow to bitcoin which is completely a P2P network which can't be stopped by anyone for any reasons. These cryptocurrencies were to compete within themselves and not against bitcoin for various reasons.

[BitHodler]

One of probably the craziest stories I've ever is how Libra is going to make Bitcoin get another bull run. Like, how the hell does that happens?

It's quite a bit of an exaggeration, but it might help to improve the general sentiment around crypto. It adds legitimacy that nocoiners might need in order to finally start taking crypto seriously.

Another aspect is that Libra is just a stablecoin, which means that retailers will have a very convenient form of money that they can invest in Bitcoin without actually needing to do KYC/AML because it's done already.

It will stimulate an already ongoing bull run rather than actually initiating it. Good news during a bull run always helps. If Libra was announced last year during the bear market, it would be forgotten quickly.

[arpon11]

Everyday I just follow up some news or journal to check out the event or knowing the news of world and especially for crypto currency news. Today I got an article from Forbes and the same is here from that article,

Bitcoin and cryptocurrencies have been rallying hard so far this year, largely due to interest in crypto from some of the world’s biggest technology companies, including social media giant Facebook, iPhone-maker Apple, and micro-blogging platform Twitter.

The bitcoin price, which began the year at under $4,000 per bitcoin, has soared to over $10,000 in just a few months, pushing bitcoin and cryptocurrencies back into the limelight after a disastrous 2018.

If anyone interested to know more please follow the link from below,

https://www.forbes.com/sites/billybambrough/2019/08/04/blow-to-bitcoin-as-iphone-maker-apple-reveals-sudden-swerve/amp/

Bitcoin is going mainstream since some economic giants and social media has started embracing it. A big company like apple having interest on any product or projects is a great plus and I do believe that, this is the reason why we keep seeing bitcoin pumping this year and now it is not the retails investors that are investing or having interest on bitcoin but institutional companies have started buying and holding bitcoin in other to have shares of the market.

[jseverson]

Apple’s bitcoin and cryptocurrency buying ban is, however, far from unusual, with U.S. high street banks JP Morgan Chase and Citi prohibiting their customers from purchasing crypto due to fears volatile prices could leave them heavily in debt.

So how exactly is this a "blow" then? It sounds like the author admitted that not many people are using (or expecting to use) credit cards to buy crypto in the first place. Also, if we are being specific, it should also be a blow to the following:

the card also cannot be used to purchase cash advances or cash equivalents, including casino gaming chips, race track wagers, or lottery tickets.

So yeah, this dude just wanted something to write about, feigning public expectations (there was no swerve) that it could be used to buy crypto, and people took it hook, line, and sinker. "Blow to the Lottery as iPhone-Maker Apple Reveals Sudden Swerve" doesn't sound as catchy.

[Fundamentals Of]

If at all, the victim here is the company itself as well as its users. With this, Apple looks like they don't care at all about the growing interest of their users in crypto and Bitcoin for as long as they please some obsolete names in the financial system. But not much with the users as they could easily switch phones and OS whenever they think necessary. Plus, the competitor is of high quality as well. Bitcoin and cryptocurrency adoption is fast increasing, surely this company is taking the wrong step.

[timerland]

Every corporate firm tries to have their own coin and they are just gonna function as an integrated wallet having fiat reserve that can be used for all form of payments. This is not gonna make any blow to bitcoin which is completely a P2P network which can't be stopped by anyone for any reasons. These cryptocurrencies were to compete within themselves and not against bitcoin for various reasons.

I can agree with this. I think people comparing fiat and BTC's same uses are very premature currently. There was previously conversations made in which BTC was made to replace microtransactions and fiat completely, which at this point is just a huge over-exaggeration. BTC should be the leading crypto and compared to another crypto, but some people will want to make it something it is not (which at this point, a replacement to fiat).

And regarding Libra. It's overall good news for the community. I mean, who thinks that a huge company like Facebook spending time and money into researching and making their own cryptocurrency is a bad thing? It brings a lot more attention, and even though the coin is a stablecoin, it's still done with the blockchain, which is pretty cool.

Apple’s bitcoin and cryptocurrency buying ban is, however, far from unusual, with U.S. high street banks JP Morgan Chase and Citi prohibiting their customers from purchasing crypto due to fears volatile prices could leave them heavily in debt.

So how exactly is this a "blow" then? It sounds like the author admitted that not many people are using (or expecting to use) credit cards to buy crypto in the first place. Also, if we are being specific, it should also be a blow to the following:

the card also cannot be used to purchase cash advances or cash equivalents, including casino gaming chips, race track wagers, or lottery tickets.

So yeah, this dude just wanted something to write about, feigning public expectations (there was no swerve) that it could be used to buy crypto, and people took it hook, line, and sinker. "Blow to the Lottery as iPhone-Maker Apple Reveals Sudden Swerve" doesn't sound as catchy.

Yep - the article is just some regular news that's been filled to the brim with over-exaggerations. Waste of time reading it, to be honest.

[Nadziratel]

If at all, the victim here is the company itself as well as its users. With this, Apple looks like they don't care at all about the growing interest of their users in crypto and Bitcoin for as long as they please some obsolete names in the financial system. But not much with the users as they could easily switch phones and OS whenever they think necessary. Plus, the competitor is of high quality as well. Bitcoin and cryptocurrency adoption is fast increasing, surely this company is taking the wrong step.

The company should reconsider its views on crypto otherwise they will lose competitiveness in this segment

There is a subtle nuance difference here. Cryptocurrencies and blockchain. These are different things. A company can easily create a cryptocurrency at any time. But adapting the blockchain to its business environment is a process work. For this reason, many large companies are doing research on blockchain.

[btc_angela]

Lol, we have seen worst FUD and sudden U-turn against bitcoin and yet we have survived the first 10 year. Do you think that bitcoin will be affected because of this news? It may have minor effect but in the long run, bitcoin will survived because its resistance to this kind of news or attacks already.

[lobat999]

The title of this article is a little bit overboard since if that scenario will happen, there is little to no impact at all to the overall welfare of Bitcoin. I understand there are a bunch of ways people interested to buy Bitcoin can bought it so I guess that Apple thing is very negligible for the fact that BTC don't really rely on the big company's platform or product to further flourish. Imho.

[pawanjain]

Let me tell you one thing, bitcoin was created way earlier in 2008 and Apple had launched their iphone 3G in those days.
Since then both are growing independent of each other and so even if Apple doesn't favor bitcoin in anyway, it won't matter to the crypto community.
What's so special about the Apple credit card anyway ?
It's certainly not a blow to bitcoin since bitcoin is doing well without Apple anyway.

[Barcode_]

I guess people who have strong intention to purchase bitcoin for investment purpose will always find another way to buy bitcoin, even if Apple credit card does not allow their customers to purchase bitcoin, I still believe the growing potential of bitcoin will not be affected at all.

[Baronets]

A payment processor is not the same as the creator of a currency. Visa is a payment processor, and may never have its own currency, but it may support Bitcoin in the future. I believe that the next major world currency will be created by the IMF, and the signs of its preparation for this seem to be appearing.

[Azmat]

A strict action will be taken aganist cryptoexchanges . we looking into the matter seriously.
Exchanges might be sanctioned.

DONALD J TRUMPH.

[kolbalish]

I guess people who have strong intention to purchase bitcoin for investment purpose will always find another way to buy bitcoin, even if Apple credit card does not allow their customers to purchase bitcoin, I still believe the growing potential of bitcoin will not be affected at all.

I also believe of growing potential of Bitcoin. Bitcoin dominance already played a role in the last 2 months, almost break the last one years or more records. I think Apple will not be able to play an effect on Bitcoin.

[fullhdpixel]

I see it as rubbish new and apple just trying to gain unnecessary popularity too using bitcoin name. Apple has never been useful to bitcoin as a company because I have never seen anyone using apple that ever claim it has any relationship with bitcoin. Bitcoin has been increasing in value without these companies, and even if they are not involved with bitcoin, bitcoin would still grow.

I can even say that it is bitcoin that has even been giving some of them the popularity they are getting now, look at these world technology companies that you mentioned, when did they enter into crypto too or when did they start buying the idea, long after bitcoin had developed on its own, so it’s not now that bitcoin would need them for its growth. We are just the ones full of assumption that they will boost bitcoin price.