A few weeks ago, Apple CEO Tim Cook said he personally owns cryptocurrency while mentioning that Apple is looking at it from a technology perspective.
Apple has plans for its retail financial arm. Its Apple Pay service allows people to send money in particular jurisdictions over iMessage. It also has its Apple Wallet app and associated Apple Pay services for mobile payments. Apple wants to grow its services business, and siphoning off banking services is an ideal way to do it. What does this have to do with cryptocurrency?
I believe that Apple will build a Bitcoin wallet directly into Apple Wallet shortly while also allowing for a low-cost way to purchase Bitcoin on iPhone.
If Apple operates as a Bitcoin exchange, they’ll let you buy bitcoin directly in the Apple Wallet app using whatever payment methods you have on file. They’ll allow you to store your holdings in Apple Wallet while Apple itself will retain the keys. It’ll look a lot like what Cash App or Coinbase does, where you can send, receive, and store Bitcoin without needing to store your seed phrase.
If Apple sets up a software wallet directly on iPhone, it’ll likely look similar to BlueWallet, where you take self custody of your Bitcoin with a seed phrase backup. You’ll own the keys to your Bitcoin directly on your iPhone and be responsible for backing up the seed phrase. If Apple goes this route, I suspect they’ll build in an encrypted iCloud backup of your seed phrase.
MacDailyNews Take: Cryptocurrency cries out for exactly what Apple is usually great at delivering: Making what seems complex easy for users.
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This is, of course, my personal opinion. Crypto is not “currency”. It’s a form of speculative investment. People buy crypto hoping to hit the jackpot with big spikes in valuation. That isn’t what currency is for.I did the research together with https://studyessay.org/research-proposal-writing-service/ ,where I describe my arguments in detail .
Cypto is not new money. The Federal Reserve Bank via the US gov. has a Constitutional monopoly on producing the US’s money supply, no matter what form: coins, bills, bonds, etc. Crypto is merely replacement money for the money that the Federal Reserve Bank makes, and all Crypto must ultimately be redeemed by the FRB’s money.
Crypto, therefore, is like a silver mine, wall st. stock, or your house, all forms of investment and all paid off with the FRB’s currency.
So if folks think that crypto is above and beyond, or extra money, or a font of new wealth, they are wrong.
The technology of blockchain for transactions, whether that is wallet Apple Pay transactions or email transactions. Perhaps all data will be flying around like air molecules to be deciphered by the blockchain for ownership.
None, the economy is treacherous enough, Crypto is plain stupid like buying a piece of a oil well in Oklahoma. I know three stooges who did they lost it all, if they had bought Apple in (2006) they would have had 11,250,000 dollars….today