Apple reverses course on BitCoins, will now allow virtual currency apps

Virtual currencies are still in their infancy. Sure, Bitcoin and others like Dogecoin have a sizeable following but mass adoption of these monetary tools is still quite low compared to their paper counterparts. Apple, who used to be quite wary of the virtual currencies, is apparently changing course and will now allow them in the App store.

In an update to their approval guidelines, Apple has inserted the following statement: "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".

The key here is that virtual currencies must follow local laws and regulations, these currencies have been a bit of an outlier when compared to traditional monetary instruments. While not illegal, in many regions, Bitcoin and others are not viewed as actual currency, from a government point of view.

Will Apple's relaxed guidelines help out virtual currencies and push them more into the mainstream? That answer will only come with the test of time, but seeing that these apps can now be used on iOS devices, it will certainly not impede the progress of the currencies. 

Until more companies - and we know that some have already started - begin accepting Bitcoins, the currencies will still remain a niche monetary tool. With that being said, these currencies have made quite a bit of traction in the real-world, and if progress continues at its current pace, we may all one day be paid in Bitcoins.

Source: Apple  | Via: BBC | Image via Blockchain.info 

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10 Comments

Still not convinced this will take off big scale. All it takes is for one vendor/virtual bank to close it's doors like Mt. Gox and the whole thing goes to pot!

djdanster said,
Still not convinced this will take off big scale. All it takes is for one vendor/virtual bank to close it's doors like Mt. Gox and the whole thing goes to pot!
Volatility exists for all currencies. I don't think bitcoin is made for people in areas with very stable economies to begin with. It has plenty of non-currency related functions for contracts, arbitration etc. that also provide value. I don't think Bitcoin will be going anywhere. If anything, it's inability to be manipulated will allow it to scale with very little pain.

Mt gox crashed, the price fell, now its back to £400. Other bitcoin services have closed and the price dropped and bounced back....

zikalify said,
Mt gox crashed, the price fell, now its back to £400. Other bitcoin services have closed and the price dropped and bounced back....

As well as they just happened to "find" money after the bankruptcy and CryptoCoinNews claims they may have manipulated the BTC price in 2013.

I would love for the article to expand on their claim of "have a sizeable following", as I don't think "cryptocurrencies" will ever become mainstream, especially when it seems like every Jane and John can start a new currency out of their ***es

djdanster said,
Still not convinced this will take off big scale. All it takes is for one vendor/virtual bank to close it's doors like Mt. Gox and the whole thing goes to pot!

That's like saying if Barclays bank closes, the pound sterling goes to pot

pallipdrsn0 said,

As well as they just happened to "find" money after the bankruptcy and CryptoCoinNews claims they may have manipulated the BTC price in 2013.

I would love for the article to expand on their claim of "have a sizeable following", as I don't think "cryptocurrencies" will ever become mainstream, especially when it seems like every Jane and John can start a new currency out of their ***es


You don't think bitcoin will ever become mainstream? That just means you're one of the people who be responsible for making it mainstream..

Good stuff, glad to see companies are still interested considering widespread criticism of BitCoin and other crypto currencies.

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