Bitcoin vs. Apple Pay

Discussion in 'Bitcoin and Cryptocurrency' started by Millard Baker, Sep 18, 2014.

  1. Millard Baker

    Millard Baker Member

    Is Apple Pay the begining of the end for Bitcoin? Or does it merely represent the big banks and merchant credit card processors' last stand against Bitcoin.

    Apple joining forces with Visa, Mastercard, American Express, JP Morgan Chase, Bank of America, Wells Fargo, Citibank, Barclays and Capital One certainly is a forbidable force.

    But Bitcoin represents open-source vs. proprietary closed garden, new digital (crypto)currency vs. traditional fiat money, decentralization vs. centralization.

    Source: Is Apple Pay a bitcoin killer?
     
  2. MassTurk

    MassTurk Member

    Bitcoin's appeal is anonymity. Apples and oranges IMHO
     
    pumpingiron22 and newbie23 like this.
  3. Millard Baker

    Millard Baker Member

    Don't underestimate the significance of the decentralized nature of Bitcoin. It is a very attractive as a store of value to many people particular living in countries undergoing severe economic crises e.g. South America.
     
    heady muscle, newbie23 and MassTurk like this.
  4. newbie23

    newbie23 Member

    honestly BTC is has less anonymity than you think. It is pseudo-anonymous.

    Basically what I mean is it is anonymous if you want it to be, but is not if you don't wash your coins. They can be tracked using the block chain. Less anonymous than cash.

    DRK and XMR are truly and totally anonymous.

    As for the decentralization, I totally agree, this is the major benefit. We have been duped into believing we need someone to control the value of our money and insure it, when in reality it just gives someone the ability to pull money out of your pocket without you knowing it through inflation.

    In the end BTC will be used for large transactions and LTC will be used for daily smaller transactions. BTC is a tad more secure but so secure may be a bit over the top if you want to send 100 bucks. But if your sending 300k you will want BTC.

    LTC is a lot faster and much more nimble.

    PS I personally think Apple Pay or whatever sucks donkey dick. It is no more than a glorified google wallet. No one wants to store their card info online these days.

    Thats whats great about BTC, pseudo-anonymity. You can send money to someone without giving them all your info. It may not be necessarily your doing something wrong, you just may not know the entity your doing business with very well so you would rather keep your financial information private.

    Another great thing about BTC (or LTC) is that you either have it or you don't. There is no credit. Its like cash.

    BTC marks the first time in history a piece of digital property can be transferred from 1 person to another.

    "it is a push payment not a pull payment" ~ Charlie Lee
     
    Last edited: Sep 19, 2014
  5. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    Bitcoin was on a bit of a decline. There is word ebay will be accepting bit coin. This is a big deal and will me the major comeback for bitcoin.
     
  6. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

  7. MassTurk

    MassTurk Member

    I agree. If bitcoin is excepted at e bay it will be a game changer
     
  8. Voltrader

    Voltrader Member

    What you telling me I need to put a few of them back in my wallet.
     
  9. Millard Baker

    Millard Baker Member

    The ebay bitcoin rumors have been around for months. Now if Alibaba lifts its ban on bitcoin, that would be big news.

    Interestingly, a lot of people are blaming the huge 50-100 point drop in Bitcoin price this month on investors dumping the currency to free up money to invest in the Alibaba IPO - http://bitcoinmagazine.com/16481/bitcoin-price-dropped-today/

    Of course, without an obvious culprit, speculation about the causes has run wild.
     
    pumpingiron22 likes this.
  10. Millard Baker

    Millard Baker Member

    A new article was published today on Coindesk about why Apple Pay is a threat to Bitcoin. Apple wins in almost all areas except one - Apple's "inherently fascistic" marketing approach of locking users into the closed-garden Apple ecosystem is its biggest vulnerability to Bitcoin:

    Source: http://www.coindesk.com/apple-pay-threat-bitcoin/
     
    kawilt likes this.
  11. Millard Baker

    Millard Baker Member

  12. Millard Baker

    Millard Baker Member

    What is CurrentC? It may be an "Apple Pay"-killer. Retailers supporting CurrentC may block ApplePay.

    CurrentC retailers include Walmart, Target, 7-Eleven, Alon Brands, Banana Republic, Bed Bathy & Beyond, Best Buy, CVS Pharmacy; Darden Restaurants, Dunkin' Donuts, Gap, HMSHost, Hy-Vee, Kmart, Kohl's, Lowe’s Home Improvement, Old Navy, Publix Super Markets, Rite-Aid, Sam's Club, Sears, Shell Oil, Sunoco, Wendy's etc.

    Source: http://www.theverge.com/2014/10/25/7069863/retailers-are-disabling-nfc-readers-to-shut-out-apple-pay
     
  13. heady muscle

    heady muscle Member AnabolicLab.com Supporter

    Great post Millard. This is why I like this site. Using brain and brawn like the greeks used too!

    Bitcoin is a game changer. With apple getting involved on the other side is pretty clear step for the big banks/gov't.

    We are in an every changing world that is getting more and more controlled.