Is Apple Bringing Crypto to the Masses?

okbuddy (40) in apple • 7 years ago

Currency Wallet For the Masses

At WWDC 2017, there was a short segment where Apple introduced a new feature for iMessage. In iOS 11, they will allow Apple Pay users to send cash to one another with their iPhone or watch. It’s similar to Venmo and supposedly they don't charge a fee. You can pay and get paid directly from Messages or tell Siri to pay someone, using the credit and debit cards they have in their Wallet. When users get paid, they receive the money in their new Apple Pay Cash card in Apple Wallet and can use the money instantly.

How It Works

You can choose to transfer those funds from the virtual card to your bank, but they can also remain on the card, where they can be applied to transactions both in-store and online. This is a significant move on Apple’s part, because payments companies can make money by holding users’ balances.

What Do You Think?

This feels a lot like a centralized crypto wallet to me. What do you think? Is this what we need to build confidence and bring crypto currency to the masses? Should you be buying Ethereum and Bitcoin or just invest in AAPL?

What do you make of all of this?

apple applepay wwdc ios11 technology

7 years ago by okbuddy (40)

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markcrypto (25) · 7 years ago

To me it sounds like Apple is just trying to be more like a venmo than a blockchain, but yes it definitely appears to act like a wallet.

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okbuddy (40) · 7 years ago (edited)

yeah, the logic is one like a wallet, and it's centralized, no doubt. but, if we can get people used to the fact they don't need to physically touch their money and if apple then lets us start putting other currencies in there, well, then we may be on to something :)

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okbuddy (40) · 7 years ago (edited)

i don't know if they are trying to be a blockchain, but it would be nice if everybody that had an iphone had an easy way to spend their crypto. right now, it's not easy and if you could store some crypto in your #applepay account, then we'd really be moving towards mass adaption.

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