Bitcoin (BTC) is a cryptocurrency, which is a form of virtual currency designed to operate as money and a form of payment independent of the control of any one person, group, or entity. This eliminates the need for a third party to be involved in financial transactions. Bitcoin was the first cryptocurrency to be created. Miners on a blockchain are paid with it for the labor they put in to verify transactions, and it can be acquired on several different exchanges.
2009 marked the year that an unknown programmer or group of programmers going by the moniker Satoshi Nakamoto presented bitcoin to the general public for the first time.
Since then, it has grown to become the cryptocurrency with the greatest widespread recognition across the globe. The success of this cryptocurrency has led to the creation of a wide variety of other digital currencies. These rivals either aim to replace it as a payment system or use it as a utility or security token in other blockchains and new financial technologies. Alternatively, they try to replace it as a payment system themselves.
Apple’s long and complicated relationship with bitcoin and crypto
The cryptocurrency community began to scrutinize Apple in 2012 after two bitcoin applications were removed from the App Store because “apps must comply with all legal requirements in any location where they are made available to users.” Apple was the first company to come under scrutiny from the apple crypto community. Apple didn’t budge from its judgment even when it was pointed out the time; there were claims that there were no legal constraints governing bitcoin and other digital assets.
Apple didn’t start having second thoughts about its position on bitcoin and cryptocurrency apps until much later, in 2014. During its annual Worldwide Developers Conference in San Francisco in June of that year, Apple revealed plans to amend its anti-crypto policy. This came after several other applications centered on cryptocurrencies were removed from the App Store, one of which was the mobile app for Coinbase.
Apps may facilitate the transmission of approved virtual currencies provided that they comply with all state and federal regulations for the territories in which the app runs, which means that Apps may facilitate the transmission of approved virtual currencies.
Apple is now on a new path toward embracing cryptocurrencies, which opens the door for bitcoin and cryptocurrency software developers.
Apple is urged to establish its own cryptocurrency trading platform.
Apple BTC was recently thrown back into the spotlight thanks to research just published by RBC Capital Markets. This report also sparked new conversations about the possibility of Apple entering the digital asset industry.
The research argued that Apple should establish its own cryptocurrency exchange business to compete with PayPal’s closed cryptocurrency payment system. Apple Pay now has a user base of approximately 507 million people.
“If the company decides to enter the cryptocurrency exchange business, we think the company could immediately gain market share and disrupt the industry,” adding, “Apple’s install base is 1.5 billion, and This is 6.66 times bigger than Square, even if we estimate that only 200 million people would make transactions. Therefore, the potential revenue opportunity would be over $40 billion yearly (15% incremental top-line opportunity).” Apple’s install base is 1.5 billion.
It bears repeating that Apple has not indicated any desire to start a cryptocurrency exchange or to add any bitcoin to its balance sheet, even though this hypothetical scenario may have some validity in its own right.