Apple Pay Will Pave the Way for Bitcoin Adoption

[colinistheman]

Contrary to what many people may think, I believe that Apple Pay is a stepping stone to worldwide digital currency adoption. What other company could get so many millions upon millions of users into the digital currency space so quickly? Apple.

After that happens, it's only one step further to add Bitcoin to the applications which are used to pay and accept Apple Pay payments.

If every store is accepting Apple Pay, then all that needs to be done is create an app that goes on your iPhone 6/Apple Watch to pay using Bitcoin. And suddenly all that work that Apple has invested in getting a MASSIVE adoption of their hardware to use Apple Pay can be used by mainstream to pay with Bitcoin. It's like they created our bitcoin payment device for us. No more special hardware required, like Trezor, etc. Of course these devices will be used by the more hardcore of the bitcoin community because they will undoubtedly be cheaper in transaction fees. But the objective here is massive adoption, and Apple can accomplish that at a rapid rate.

Apple has released the payment libraries (development kit) for coders and allows bitcoin apps to be made. So the Bitcoin payment apps that interface with Apple Pay will be here very soon I suspect.

The next step after that will be the further mainstream adoption of regular (non-Apple Pay) bitcoin apps (to avoid the inevitable Apple fees). This will occur as Bitcoin gets adopted more widely.

The eventual separation from Apple Pay is inevitable, but I believe Apple Pay will be a stepping stone to the mainstream adoption of Bitcoin by familiarization with digital currency and, when Bitcoin apps are made, the actual use of such as well.

After all, my grandma might not download the blockchain.info wallet, but she will own and use an iPhone.

[gogxmagog]

I agree. The real effect is down the road a little. Like much of the recent news. The next few years will be good

[Victoo]

This is a great news. Apple has a pretty large userbase so I am sure that future is very bright for bitcoins.

[hua_hui]

The problem is that apple doesn't provide a reliable bitcoin payment platform for customers as apple pay. Other bitcoin payment processing company has to build his own payment app based on apple's new development kit. The usibility and credibility of the bitcoin apps rely on their creators' company. Whether the adoption rate of bitcoin will be pushed is still a question.

[wasserman99]

There are already several apps available in the app store that allow for people so spend bitcoin via the phone (wallet apps).

I do like your logic in saying that if people are comfortable paying for things when their phone when credit cards are used then it would likely spill over to spending their money with their phone when bitcoin is involved. When you look at it that way I would not be surprised if apple pay does cause bitcoin adoption by iPhone users to increase

[darthcoin]

Apple Pay is something like SDK, you still need to use card processing like Stripe (so nothing new for merchant, still 2.9%+0.3$, banks, waiting days for payment, chargebacks and etc...), Apple just verifies card and adding it to Passbook, after that all processing is between payment processor and your phone. I think this is good for Bitcoin. Mobile payments and Bitcoin made for each other, so when people starts use one will be easy to implement other.

[collinstar]

Sounds like someone has listened to a few of Andreas' talks

[jbrnt]

It is not Apple Pay that we need, we need all phone manufacturers to embed a NFC chip inside their phones. Once we have the contactless capability, bitcoin clients can move in and takeover the rest.

[AaronCraig]

The tone of the media is certainly becoming more and more positive with every day that passes.

[MJK]

The tone of the media is certainly becoming more and more positive with every day that passes.

That's to be expected of anything like this. They'll come around eventually, but hopefully it will have paid off for us getting in when we did.

[proofofarat]

Anyone else who finds the article confusing? Does he suggest Bitcoin is Napster and Applepay iTunes? Or is everything now Napster but then - after further development sparked by Applepay - Crypto iTunes?

[factor280]

Here's hoping apple implements bitcoin into their apple pay.

[Yeah?]

Sure this will be huge if Apple did implement bitcoin, but I don't think they will. This app has been devloped with the big banks and credit card companies in mind. http://www.cryptocoinsnews.com/apple-pay-financial-establishments-last-stand-bitcoin/

[BittBurger]

Simply getting people's mindset from the "physical" to the "virtual" was a huge obstacle for Bitcoin that will begin to dissolve, thanks to Apple.   That alone is monumental, in my opinion.

-B-

[nextblast]

Good point. Hope more bitcoiners see this thread.

[Billbags]

It is not Apple Pay that we need, we need all phone manufacturers to embed a NFC chip inside their phones. Once we have the contactless capability, bitcoin clients can move in and takeover the rest.

Please don't jump on me for sharing some info, this is not meant to be negative about Apple in any way, but most all the android phones over the last two years have NFC and the credit card apps to go along with it. Notice I said most, not all Android phones. Major retailers don't like you not having the actual card for them to verify. But with the publicity of Apple Pay I'm sure they will have a better attitude about using the NFC for your credit/debit purchases.. I really don't use it much anymore since the gyft app came out, I pay with bitcoin through it and my Android Bitcoin Wallet for most everything using my phone(except petroleum & groceries that I still use NFC phone transactions). I'm sure the new iPhone will be nice. The NFC is fun to play with for awhile and that choice of the larger screen and longer battery life seems great. I also agree things like Apple Pay will help condition the masses for new payment options like bitcoin.

[oceans]

I see where you are coming from and I like what you are thinking. Apple really could be the ones to pave the way for bitcoin there just needs to be someone out there who is able to do exactly what is needed which I am sure will not be a problem.

[RustyNomad]

I see where you are coming from and I like what you are thinking. Apple really could be the ones to pave the way for bitcoin there just needs to be someone out there who is able to do exactly what is needed which I am sure will not be a problem.

You never know, Samsung or the like might just try to outdo Apple and surprise us all by adopting bitcoin in their own payment system.

[IIOII]

I'm not so sure that Apple Pay will trigger worldwide digital currency adoption. I think it is even questionable if Apple Pay will really take off and gain a lasting significant market share, because compared to credit cards the added convenience is mediocre but the added security/privacy risk is high. It's like a second Paypal and will face direct competition from them.

Also worldwide market penetration of Apple is lower than that of the Android platform and outside the US many people are reluctant to entirely give up physical money.

I think Bitcoin is the stepping stone to worldwide digital currency adoption, because it is a true conceptual advancement and an open platform that can be used by the wealthy and the poor alike. Still, it will take a long time for digital currency to become the dominant way of payment worldwide.

[Divinespark]

Fat chance of that happening
Truly the stuff of wishful thinking, this