After years of denying Bitcoin users the ability to use digital currency via iPhones and iPads, Apple has changed its mind and announced a new policy that will allow digital currency transactions to occur on iPads and iPhones.
Now, apps like CoinJar and Blockchain which are capable of sending and accepting digital currency, are available for download at the App Store. New guidelines paved the way for these types of apps to be available for download.
This new policy is good news if you’re an Apple user who invested in Bitcoin, as the apps would be convenient tools for you to accept and transfer digital currency. Bitcoin is also becoming more widely accepted at popular companies including Zynga, WordPress and Dish, but despite its growing popularity in the investment world, the digital currency has gradually fallen in value over the last several months, which is why I wouldn’t buy Bitcoin to use on my iPhone or iPad.
I’ve hesitated to invest into Bitcoin or other forms of digital currency — I feel the risk isn’t worth it. Bitcoin has dipped significantly in value since its peak late last year. According to statistics from Coinbase (a Bitcoin wallet and platform company), a single Bitcoin is valued at approximately $650, as opposed to $1,000 at the beginning of Dec. 2013. This decrease in such a short amount of time leaves me extremely skeptical about this type of investment.
There are more traditional forms of investments, like real estate or a CD, that interest me a lot more than digital currency. Additionally, Bitcoin may lose more value in the coming years, as more legitimate sources of digital currency backed by a reputable financial organization (such as one from JPMorgan) will make it’s debut in the near future.
Apple hopes to benefit from the decision to allow virtual currency to be used through their devices. The move to accept digital currency can help the company generate more revenue, but it won’t make a major impact on the value of Bitcoin itself.
Now that anyone can easily accept and transfer Bitcoin on their mobile device or tablet, it will be interesting to see what this does for the value of cryptocurrency in general.
Will this prompt merchants such as Starbucks accept Bitcoin through mobile devices in the future? Will Apple allow iOS users to buy apps, download music and complete other transactions using Bitcoin or another digital currency? This is a possibility, but only time will tell.