All the technology will sound music to the ears of banks, merchants and payment processors. But for the Bitcoin community it’s more of a slap in the face.
For starters, Apple’s partnership with banks and payment processors keeps the already established system under control. The only thing that changes in the payment channel.
Apple Pay is therefore still a thorn in the side of the Bitcoin mission, bringing with it central financial control.
If cryptosoft wants to take on Apple Pay, it has to reinvent itself
Second, Apple Pay beats cryptosoft with the user experience. The entire ecosystem is very user-friendly and focused on the end customer. The company has spent years building a perfect design and a huge cryptosoft following that is second to none in the technology industry.
People understand the Apple Phones and thanks to Jony Ive’s team they will quickly understand the Apple Watch. They also long for the devices.
Bitcoin, on the other hand, continues to fight for mainstream acceptance. Despite the good news from PayPal, Circle and Stripe, the concept is still incomprehensible to many.
Bitcoin is by nature a grassroots movement. Bitcoin does not enjoy such a top-down organisation as Apple. Due to the many implementations, design, user experience and security are contradictory, making it difficult for the mainstream to understand Bitcoin.
It’s going to be a tough battle
Apple Pay will probably be successful because it attracts people in droves, no matter what control they have to give up and what advantages Bitcoin offers. History has shown several times that control is exchanged for convenience. If you have any doubts, just take a look at Facebook.
Of course, there are also advantages. If Apple Pay brings NFC technology to the market, Bitcoin can also use this technology. But Apple Pay will be there by then.
Apple Pay will not be able to erase Bitcoin, but it will establish itself very well. It will attract a large number of customers who want to make use of the convenient payment method, while Bitcoin still has a big challenge ahead of it: Bitcoin must evolve from a highly speculative commodity into a real currency used by millions of people every day.
Bitcoin must continue to work on this transition to bring more liquidity to the market and unleash its true potential.
So if the Bitcoin industry is serious about taking on Apple Pay, it needs to reinvent itself. Bitcoin has to market itself to people so technologically ignorant that people are willing to throw their iPhones into the microwave (yes, that really happened). This is not a really easy task.
Disclaimer: The views in this article are those of the original author and do not necessarily reflect the views of BTC-Echo.