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Why Apple is Afraid of Bitcoin

Posted by
June 18, 2012
in Blog
When you finally grasp the magnitude of Apple’s play in the payments business, itbecomes clear that potential competitors will be shunned from the platform. As Daniel Terdiman suggests in CNET, “New Apple features may leave fresh approadkill in their wake as Apple is likely to undercut several existing third-party applications.” With the introduction of Passbook, Apple has launched mobilepayments on iOS and competing virtual payment systems, including bitcoin, mustbe terminated.
Roadkill in payment apps has already occurred and they were never given the chance to be made irrelevant. The decentralized digital currency bitcoin has hadtwo functioning payment applications on the Apple App Store — Blockchain Walletand BitPak, both of which have since been unceremoniously evicted. Several otherbitcoin-related apps currently appear in the store but they don’t seem to berestricted by Apple since they don’t enable send/receive transaction capability as the wallets do…