Apple is now entering the digital wallet market as it has finally revealed that they will soon offer a new mobile payment platform, the Apple Pay. According to insiders, this tool is a game changer as it is more customer-focused than its rivals.
The new service was unveiled along with the new product line of the company: the iPhone 6 and iPhone 6 Plus. Apple Pay was unveiled in a media event in Cupertino, California.
How Does It Impact Bitcoin?
With the newly introduced mobile payment tool by Apple, the question arises as to whether it will have a good impact on bitcoin. With the unveiling of the tool, what is its impact on digital currency and bitcoin.
Unfortunately, Apple did not offer any information in relation with bitcoin and it has not given any statement eversince the ban on bitcoin apps was lifted. But in the announcement, Apple CEO Tim Cook mentioned in his presentation that there is an avenue where developers can create bitcoin apps with this tool.
The new mobile payment tool of Apple is interesting not just for experts but even for individuals who want to try what this platform can offer. Considering the fact that it also makes use of API technology like its rivals, users want to know how it differs from others and what is its distinguishing factor.
Reaction of the Bitcoin Community
As the Apple event drew attention and interest in the industry, the bitcoin community also has a lot of interesting ideas and opinion to share. In a Twitter comment made by a noted bitcoin lecturer and trader Andreas Antonopolous, users will get to experience the technology offered by Apple but in the end, bitcoin will still be the better option.
This is also what other business leaders think. Although the newly released platform will address some concerns and issues that users find in other available tools, bitcoins will still be highly preferable in the long run.
According to Jaron Lukasiweicz, CEO of Coinsetter, Apple introduces new features and re-orient the focus of mobile payment but it is still built on the conventional payment network. On the other hand, bitcoin offers lower cost and faster payment network in the long run. CEO of Circle, Jeremy Allaire says that Apple Pay would not be able to compete with bitcoin in the long run.
Members of the bitcoin community also have another positive perspective that Apple Pay along with other traditional payment platforms can help spur development. In one of the tweets of bitcoin investor, Barry Silber, he mentioned that the online commerce Stripe will support both payment methods and this can foster new opportunities for bitcoin. Another mobile payment platform Braintree announced that they will soon be allowing bitcoin payments in partnership with Coinbase.
And since Apple Pay is including NFC in its devices, it paves the way for developers to create bitcoin centric apps.