Approval Of Bitcoin Apps Dampens Apple Currency Speculations

Approval Of Bitcoin Apps Dampens Apple Currency Speculations

Apple increased the appeal of the Bitcoin after it changed its guidelines that will allow virtual currency applications to be posted on the App Store.

The approval given to virtual currency apps played down speculations that the company will establish its own version of the virtual currency. The crytocurrency is a type of financial instrument that is not backed by any bank, nation or central authority. It can be purchased, sold or stored in virtual digital wallets. It can be used for purchases in a number of online stores.

Even though it became controversial when it was used for illegal activities in some Deep Web outlets such as Silk Road, it has started to become widely accepted in a number of online and physical stores. A number of ATMs were also established in a number of locations around the world.

Apple was initially cautious with the use of the Bitcoin but is already allowing apps that facilitate the transfer of the virtual app if it does not go against the laws of the places where they are used. The move of Apple was also considered symbolic of its acceptance by mainstream companies.

The approval given by Apple on these applications also checked on the speculations that the company will also release its own virtual currency into the market. Since currencies flourish when they are widely accepted, industry watchers do not expect alternative currencies established by companies like Apple will gain wide acceptance in the market.

Despite the release of the new guidelines, it does not ensure that Apple will not pull out the apps again in the future. This may happen if Apple will establish a payment system of its own that will rival the virtual currency.

The new guidelines may also be considered as a move by the company to encourage Bitcoin users to remain Apple users instead of shifting to Android, which will allow them to use their mobile wallets.

Posted by James Fried on Wednesday June 18 2014, 6:49 AM EST. Ref: CNET. Link. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0