Apple device owners can now use Bitcoin and other cryptocurrencies to buy goods and services, thanks to a new deal with blockchain payments company BitPay. The company's mobile payment service Apple Pay will now support BitPay debit cards, which convert cryptocurrency holdings into local fiat currency (eg USD, GBP, AUD) when a payment is made. According to a BitPay blog post, customers will be able to make in-app, contactless, and online purchases using Bitcoin, via Apple smartphones, tablets, computers, and smartwatches. The BitPay debit card also allows payments to be made using a variety of altcoins, such as Bitcoin Cash (BCH) and Ether (ETH), as well as USD Coin (USDC), Pax Standard (PAX), and Binance USD (BUSD) stablecoins. . According to BitPay, the facility is also expected to reach Android users by the end of the quarter, via updates to the Samsung Pay and Google Pay services.
Bitcoin payments on iPhone
One of the biggest criticisms of Bitcoin, as a new payment ecosystem, is that holders have few opportunities to spend their cryptocurrency, as only a minority of providers support this type of transaction. However, with simple crypto payments now available to millions of Apple Pay users, the pool of viable transactions has expanded significantly. And Apple isn't the only big tech working to bring crypto payments to the masses, either. In October, payment giant PayPal also unveiled a new digital wallet that allows account holders to buy, sell, and transact using a variety of cryptocurrencies. However, when it comes to Bitcoin specifically, the volatility issue remains. At the time of writing, the coin is expected to reach a valuation of €50,000 per coin, up from €15,500 in mid-November (an increase of approximately 225%). This means that anyone who made a purchase in Bitcoin three months ago can now be considered to have overpaid 3 times, in light of the currency's new valuation. At the same time, if the digital currency were to crash (as we know), all purchases made in Bitcoin today would be effectively discounted. For this reason, transactions with the world's first and most famous cryptocurrency carry significant risk, so holders are advised to exercise caution and ensure they can absorb potential losses.