And that trend has only accelerated as the value of Bitcoin has soared. The blockchain analysis company Chainalysis, for instance, found that in the first four months of 2019, just 1.3% of total transactions involved merchants. Most Bitcoin transactions have been trades: people simply buying and selling it. Almost from the beginning, only a small percentage of Bitcoin transactions have been for actual goods and services - and of those, many have been for illicit goods and services, like drugs and online gambling. It’s an intriguing concept, to be sure, but as we covered last week, the notion of Apple fully embracing cryptocurrency to the extent Steves suggests seems unlikely.Īnd while it’s nice that iOS users can now use Apple Pay for Bitcoin payments, the reality is that cryptocurrency didn’t exactly replace traditional forms of payment in the way many people anticipated a few years back.Ī recent article titled The Bitcoin Dream Is Dead explains:Īnd yet the reality is that Bitcoin has never really functioned as a currency. “Apple’s install base is 1.5B and even if we assume only 200M users would transact, this is 6.66x larger than Square.” “To put some numbers around this, Square generates ~$1.6B/qtr in bitcoin related revenue on an active install base that we estimate to be in the ~30M range,” Steves writes. Steves believes that the cache associated with Apple’s security and software reliability could transform its foray into cryptocurrency into a $40 billion/year business. The BitPay Wallet app supports Bitcoin, Bitcoin Cash, and Ether, as well as four dollar-pegged stablecoins, USDC, GUSD, PAX and BUSD.īitPay’s news comes just a few days after RBC analyst Mitch Steves suggested Apple should purchase bitcoin and create a cryptocurrency exchange. Customers can also use the cards online for purchases and to withdraw cash from ATMs. The BitPay Card enables customers to instantly convert cryptocurrency into fiat currency, which is then loaded onto the card and can be spent anywhere Mastercard debit is accepted around the world. Users can instantly buy gift cards from hundreds of top retailers in store and online. “Adding Apple Pay and soon Google and Samsung Pay makes it easy and convenient to use the BitPay Card in more places from day-to-day items to luxury purchases.”įor power blockchain users, the BitPay Wallet app supports an array of options to buy and store crypto and make online payments. “We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto,” BitPay CEO Stephen Pair said. BitPay itself is a digital wallet that can be used in conjunction with Apple Pay and the Apple Wallet app.
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