Apple device users can now buy Bitcoin with Apple Pay, thanks to a new integration in the multi-currency crypto wallet app, Lumi. Users can also buy ETH, BCH, Tether USDT, Binance USD, Celsius, Dai, EOS, and more than 1,200 ERC-20 tokens via Ethereum.
Using Apple Pay also simplifies the purchase process, as you can skip identification verification…
Lumi explains that because Apple and its partner banks already completed these checks, Apple Pay users do not need to be re-verified in its own app. Anti-money laundering regulations do still impose some restrictions, however. For U.S. citizens there are $500 limits daily and weekly, and $5000 yearly. For non-U.S. citizens daily and weekly limits will be $1000, and $7500 yearly.
Lumi Wallet is a free download from the App Store. While the ability to buy Bitcoin with Apple Pay is handy, bear in mind that many professional investors consider it a huge gamble with no real logic underpinning the value of it or other cryptocurrencies.
MacDailyNews Note: More info via Apple’s App Store here.
While Bitcoin and its derivatives are backed up by promise, hope, and speculation which makes them highly risky because of its relatively low subscriber base, so is the US’s ledger dollar but is much safer because of its huge subscriber base and is a Constitutional monopoly. Confusing is that Bitcoin has to be purchased by the US’s fiat currency thus making Bitcoin into a commodity. If the grid goes down, Bitcoin gains zero value.
The World’s grid would have to go down, per your example. If that happens, enjoy the time getting dollars from your bank, buying bread, gas, or transacting in ANY manner that is familiar today.
On the other hand, if you bank at Chase, for example, it would just have to be the “local” grid going down for one to be affected…as Chase is a centralized organization. BTC, on the other hand is decentralized and there are computers all over the World with the info that support/confirm one’s digi-holdings.
Per BTC being obtained, “confusingly,” by the US’s fiat currency….not sure why that’s confusing. Currencies are used to buy other currencies, throughout the World, everyday. In fact, the FX (currency platform) is the largest asset exchange in the World. It dwarfs the equity market by multiples. As well, high valued currencies are used to purchase lower valued currencies and, visa versa. Never does such a transaction automatically turn the currency into a commodity. That’s not to say a currency can’t act like, or be viewed as such.
The Bitcoin Standard is a great book for related thoughts.
That’s the value of cash.
Bitcoin is a commodity like rice and corn because only a certain amount can be produced each year, and it costs money to produce it. This is distinct from fiat currency that can be printed in any amount.
Bitcon has value only because people pay for it. There are dozens of other cryptocurrencies. Put one out with Kim Kardasian’s name on it and I have no doubt (alas) that it would become the most popular one instantly. As anyone can make a cryptocurrency it doesn’t matter if it was “mined” or not as long as the scarcity is promised . Each has as much intrinsic value (zero) as the next. At least the Dutch got some tulip bulbs for their troubles.
And, people pay for it because they see the value. Not everyone can make a crypto any more than anyone can make a Photoshop.
Scarcity is part of the design…not just someone’s promise. Value is always prescribed, agreed upon. Dollar = perfect example.
BTC is both a commodity and a currency. People are “banking,” it, like a commodity and using for transactions, like one uses a currency. Outside of traders, few to none use corn/rice to transact, or bank. Their value is traded, but they are not considered “stores of value,” nor a currency.
Associating gold with BTC is a more parallel comparison, imo. BTC lacks the history and the visual value, but per principles of hard money (scarce, immutable, transferable, divisible…) they are very much related. Not so with perishables.
I think now there are more and more cool tools for comfortable trading. For example, you can use a crypto converter right now https://bittrade.one/cryptocurrency-converter , or use a demo scalp trading tool. It is the strong price fluctuations that have brought popularity to cryptocurrency trading, because volatility in the right hands often turns into profit.
Scam…..
I’m about $19,000 short for one bit coin, but glad to hear it.
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