Apple Inc. Opens Door to Virtual Currencies, Bitcoin Underway
In February, Apple Inc. removed Blockchain, dubbed as the "world's most popular" wallet service for Bitcoin trading, from App Store. The company reportedly removed it due to an unresolved issue.
In November 2013, Apple also removed Coinbase and Gliph had to decide against continuing using Bitcoin wallet service in order to stay in the App Store.
On Monday, Apple Inc. opened its door once again to transactions using virtual currencies as revealed by the company's revised set of App Store Review Guidelines.
"Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions," section 11.17 of the revised guidelines stated.
With this, it will not be long when Apple opens its door to Bitcoin as affiliated wallet services in the App Store were being used for Bitcoin trading.
Gil Luria, analyst at Wedbush Securities Inc. thinks that Apple felt it had more to lose if it continues to block Bitcoin from App Store.
"If anything, Apple had more to lose by keeping bitcoin off the App Store. Bitcoin users were not going to give up bitcoin - they were giving up on the iPhone, Luria told Bloomberg.
Apparently, after Apple's decision to remove Blockchain, iPhone users posted videos across media channels of them destroying their iPhones. One Bitcoin fan posted a video of him shooting his iPhone with a sniper rifle. Another fan smashed an iPhone with a metal bar and one flung it down flight of stairs.
With Apple on its way in accepting Bitcoin in the future, the market will soon all be warming up to the virtual curreny.
"This is a sign that the ecosystem is maturing and gaining credibility. To be clear, I still think bitcoin is in its infancy as a technology, but its acceptance is becoming more and more mainstream," bitcoin wallet BitGo investor Bill Lee said in an e-mail obtained by Bloomberg.
Bitcoin venture capitalist Adam Draper is predicting "a plethora of bitcoin iOS apps".
Gliph developer Rob Banagale plans to submit a rehashed version of the app.
"It's critical that Apple allows bitcoin transmission to occur. If we can't get apps into the App Store, bitcoin will always going to be suppressed in its potential," Banagale said.
Bitcoin's legality had always been in question since it only exists as software but it is being used in payments and purchases like real money.
In 2013, Bitcoin's share price reached $1000.
On Monday, its share price was at $667.