Top Crypto Analyst: As Apple Wallet Launches, When Apple Coin? Better Fit than Facebook Coin
Apple is bringing in plenty of good press for themselves lately, especially with all of the benefits that Apple Pay offers. The wallet app is more like a banking app than anything else, showing an organized record of transactions while tracking spending and even awarding cash back to users. Most recently, the public was informed about the new credit card from Apple.
The Apple Card is directly built into the wallet app, and it aims to help consumers be “healthier” in their financial choices. It totally replaces a traditional card, which means everything is done digitally. (Sound like any other online way to pay with no card or interaction with your bank?) The privacy features and security protocols easily push it to a much higher level than a traditional credit card provider, considering that there is no information retained by the company regarding the amount, location, or even the items that the user purchases. A unique security code preserves all of the data while keeping other users from making purchases.
While the Apple Card is not available until this summer, there is plenty of talk about it already on social media. With the privacy, security, and reliable ledger, it is reminding consumers more and more of the crypto industry. Some Twitter users have compared the product to Samsung Pay, the new digital wallet on the Samsung S10 that supports multiple types of currency, including crypto.
Trader and analyst Luke Martin joined the discussion, wondering aloud how long it will take for Apple to decide to announce their own development of a crypto asset.
I wonder how long it will take for @Apple to announce their coin. With a wallet already installed on every person's phone and phones being a method of payment in many countries already – seems like a better fit than Facebook Coin. https://t.co/hp22t3597U
— Luke Martin (@VentureCoinist) March 25, 2019
Realistically, it makes more sense for Apple to do this than Facebook, he points out, which has been tight-lipped about their official intentions to create a cryptocurrency. However, is it that far-fetched of an idea? Cryptocurrency would be one more payment option, and the Apple products often have advanced features that cannot be found on any other type of platform. If Samsung S10 simply offers a crypto-enabled wallet, wouldn’t it be a step up on the completion to release a whole new crypto asset to use on Apple Pay?
There have been mixed opinions posted to Martin’s tweet. Some of the users have commented that this type of setup would be considered a centralized blockchain, while others took the opportunity to bash the hypothetical token of Facebook.
The next moves from Apple will depend on the direction that they want the Apple Pay and Apple Card to go in the next few months. Too bad that “iCoin” is already taken yet by the same token, Bitcoin is still here as it always will be.