Why Apple Pay bitcoin is a huge threat
Apple Pay has yet to enter the market, but it seems to have won the bitcoin war. As a digital currency, Apple has subverted the traditional pay system, but people may be more willing to use Apple Pay instead of bitcoin.
Apple’s Cupertino headquarters have carefully focused on three aspects, to ensure the victory in the competition: some experience, financial institutions and businesses.
So, how will digital currency community plan?
Three-in-one Apple pay
Apple’s focus on user experience. For beginners, they introduced the system of the new iPhone, Apple also announced the launch of Watch, these two products are high-tech industries hitherto unknown attention.
IPhone6 new models out of 10 million sales in the first week. Apple Watch will also have fans gathering in crowds and groups to buy. Of course, not all Apple users will use Apple Pay, but a lot of people will try, but bitcoin users far less than these.
On the one hand is the business. In Apple Pay announced before the launch, Apple has cooperation with many big brands. The signing of these retailers including wfmi (Whole Foods), Bloomingdale’s department store (Bloomingdales), Staples (Staples), Wall Green (Walgreens) and Subway chain pharmacies (Subway).
At the same time, Apple has set the payment system on line time: sales terminals (POS) system with wireless communication (NFC) function of docking, the support of the POS system is usually very expensive.
Because of the critical period in October next year, many retailers will consider upgrading their existing POS terminals. When the United States retailers will need to use the chip pin technology (chip-and-pin), as an additional security measure, has been in the major credit card launched.
If they do not, then they may assume the responsibility of credit card fraud. With the update of the POS wireless communication system, pay compared to is an easier choice.
On the financial side, Apple has received Visa, MasterCard, American Express card and several major U.S. bank security. The user will be Apple pay these safety attract.
ITouch system will be used as a biometric authentication using. May iTouch may have been a lot of criticism, but it is better than the current U.S. paper signature system many times, and compared with PIN code to verify the safety of iTouch is better than others.
Apple Pay may help prevent credit card security. The traditional credit card system, card for taking this card for data. For Apple Pay, business POS system does not look at the credit card.
Old wine in new bottles
Apple has firmly grasped with the bank and third party payment institutions and cooperative relations, the only thing they do is to change the payment channels.
Therefore, for bitcoin to break down the center of the financial industry, the financial control is returned to the user of the mission, Apple Pay is still a big obstacle.
Secondly, the customer experience, apple can be defeated bitcoin. Apple’s ecosystem is very humane and customer-centric. Apple has spent years perfecting the design and user experience, is a leading high-tech enterprises. People familiar with apple mobile phone, they will soon understand Apple Watch, more importantly, they will be eager to these electronic devices.
On the other hand, bitcoin is still seeking mainstream acceptance. Although there are a lot of positive news from PayPal, Circle and other enterprises, the concept of bitcoin for most people is dull. The concept of market bitcoin wallet is similar to Mt.Gox reduced to fragments, the scandal is also cautious.
The essence of bitcoin is a grassroots movement, it is a top-down driving like apples. This means that the design, user experience and security in the implementation is not consistent. 这使得它很难为主流用户理解。
Desire for control
Jobs of each user experience the details of the control to the extreme iPad is another bitcoin biggest threat. Since early 2000, Apple has been in its ecosystem to flourish, it excels in the consolidation of supply chain. We can see from the iTunes store, apple integrated iPod and iTunes products, launched in 2003 as a whole, signed with the major record companies.
And in 2010, magazine and newspaper publishers by subscribing to the iPad application proxy mode and some other events can be seen, for the control of apple. Jobs before he died, acknowledge this fact in 2010 internal email: clear lock users in the apple ecosystem.
Since the appearance of App Store, Apple has because of its strong ambitions and notorious repute. Although Apple’s virtual currency policy change in June, leading to several on-line iOS wallet application, but in fact, App Store traders, including what they provide bitcoin wallet’s fate depends entirely on what apple.
The future of the struggle
Therefore, Apple Pay is likely to win, because users will be unaware of bitcoin payment can bring what kind of benefits to former Apple Pay. History has repeatedly proved that most people will ultimately choose convenience products.
Perhaps the bitcoin development space actively, perhaps Apple Pay will promote the development of wireless communication and payment system, bitcoin can also use it. Generally, Apple Pay has won the initiative.
Of course, Apple Pay will not stifle bitcoins, it will shine as a payment channel. Apple Pay will use its convenience through rapid mobile payment attract a large number of users, and then bitcoin is facing a big challenge from a largely speculative assets become a real currency.
Bitcoin need to continue this change, introducing more liquidity into the market to match and its true potential.
Therefore, if the bitcoin industry really want to beat Apple Pay, they have to change yourself, allow yourself to become more humane. This is a difficult task.