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Does Apple accept Bitcoin?

apple and bitcoin paments

January 11, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Don't we all want the convenience of controlling our money? Where we can make transactions without hefty service charges. That is the power that Bitcoin offers. Banks have made it easier to make transactions at the comfort of your mobile phone. The presence of a central body of control is a standing block. 

One of the most popular purchases currently is apple products. The brand embraces the latest technologies. This raises curiosity about whether Apple accepts Bitcoin as a payment form. Unfortunately, Apple does not take Bitcoin as payment. But they embrace bitcoin technology in other ways.

The company has shown some keen interest in Bitcoin-related technologies such as blockchain. Soon, Apple users may be able to turn their devices into hardware wallets. This will allow users to store and use bitcoin for purchases as little as a cup of coffee. To better understands the Apple and Bitcoin relationship, here are some intriguing developments.

Apple accepts Bitcoin Technology

The relationship between Apple and bitcoin is somewhat rocky. There has been some friction between Apple and cryptocurrency applications. Before, the company delisted several bitcoin and crypto apps such as Coinbase. Apple's view on bitcoin technology is often changing. This leaves a lot of room for speculation. People are keen to see Apple accept Bitcoin.

One of the executives at Apple, Jennifer Bailey, said that crypto is interesting. She indicated that it has fascinating potential in the long term. With Facebook's attempts to move crypto to the mainstream, Tim Cook, the CEO at Apple, gave his view. He was against the initiation of crypto into Apple, stating it is not the right way for companies to gain power. According to him, currency matters should remain under countries. Despite those sentiments, Apple has crypto creations such as the Crypto kit and Apple Pay.

Common Crypto

CommonCrypto is an Apple cryptography library that works in iOS and OS X. Such libraries allow people to secure online transactions, communicate and conduct B2B transactions. CommonCrypto is accessible at opensource.apple.com, and as indicated, it is opensource. This means that the source code is available to the public; all users can inspect and enhance it. The source code affects how computer programs and applications work. Thus, you need to have access when choosing a crypto library. Using CommonCrypto may expose users to library swap attacks. This is where an attacker replaces your copy and puts theirs.

Cryptokit

Cryptokit is an intended upgrade from other legacy systems. It provides Swift API of the highest level, which facilitates overwriting of sensitive information. Cryptokit makes it easier and safer to perform message encryption and authentication. Apple received minimal attention to its new development, Cryptokit for iOS 13.

This platform allows people to develop hashes for private and public keys. Users can store the hashes in Apple's Secure Enclave. The keys may represent a form of crypto that Apple users can use to pay. This is an indirect move where Apple accept Bitcoin. The most significant setback with Cryptokit is that it does not have all algorithms. It lacks the secp256k1, which is essential when completing Bitcoin transactions.

Apple Pay

This is a contactless technology that facilitates payment for Apple users. Its design goal is to move users away from the physical world to the virtual one. Instead of using your card for payment, you can use your virtual card in your Apple Watch or iPhone. 

Apple pay allows users to buy various cryptocurrencies through the Lumi iOS wallet. Apple accept Bitcoin by facilitating its trade. But there are limits to the purchases. For example, American users have a daily limit of $500. This service does not apply worldwide. It is unavailable to countries like China, Vatican City, Russia, Ukraine, Romania, etc.

Apple Pay facilitates Bitcoin and Ethereum transactions through browsers like Opera. This is the first browser with blockchain ability worldwide. It has an in-built crypto wallet, built in collaboration with Wyre. This is a United States company that deals with cryptocurrency brokerage. Other crypto wallets are also opening up to Apple Pay. 

Wallets like Spend allow users to link their cards and carry out other activities. Users can withdraw, send, send, and spend using the supported cryptocurrencies. They also help with the buying of cryptocurrencies from the bank. This is the best development where Apple accept Bitcoin and other digital money.

Apple accept Bitcoin through Competitor Influence

A study indicated that the number of people moving to digital wallets is on the rise. It showed that by 2019, the number of digital wallet users would increase to about 4 billion from 2.3 billion. By 2024, 50% of the world's population will have data wallets. Such statistics are encouraging to Apple competitors such as Samsung Galaxy and HTC. Both companies announced their moves in developing cold storage wallets for their users. 

In 2018, HTC announced the Exodus 1 smartphone. The phone could store BTC or Ethereum currencies. You can only buy the phone with cryptocurrency. The HTC chief officer expressed great hope for the future of blockchain.

Early this year, Samsung Galaxy also released its latest model. It has a cryptocurrency wallet. The wallets allow users to store Ethereum, Bitcoin, and Cosmo Coin. It is cold storage (not connected to the internet), which makes it more secure. Samsung has a clear interest and positive outlook on Bitcoin and other cryptocurrencies. 

Apart from using wallets, users can earn Cosmo tokens when they give beauty reviews. Samsung plays a massive role in pioneering cryptocurrency use in phones. Unlike Apple, the company is unwavering in its support for crypto. Its active participation in incorporating crypto will likely influence competitors. In the future, we may witness Apple accept Bitcoin on a broader scale.

Conclusion

Apple implements very measured steps when it comes to cryptocurrency. This may be due to the swinging Bitcoin prices. The Bitcoin value may increase with the rise in interest from Silicon Valley and the public. Apple partners such as Starbucks are also launching programs that accept Bitcoin. When Apple accept Bitcoin, they get to take part in the crypto revolution.

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