While most of the world was focused on the first day of Apple’s June 2 Worldwide developer conference, Apple changed their iOS policies to permit iOS apps that transmit virtual currencies. Begging the question: was the change to allow bitcoin wallets?
Apple has Approved Coin Pocket Bitcoin Wallet
The question on everyone’s mind was Will banned wallet functionality from apps like Gliph, Blockchain, and Coinbase be allowed in the app store?
Now, Coin Pocket bitcoin wallet app has been approved answering the question.
Why Apple’s Approval Matters
Apple’s ban was a barrier to adoption for bitcoin. Bitcoin is heralded as a great technology that can send money between two people anywhere in the world instantly. With many thought leaders, executive, and early adopters using iPhone, the wallet ban makes that message hard to convey.
Instead of convenience and simplicity bitcoin was inconvenient and complicated for iPhone users. Making bitcoin a non-starter for many. It is hard to think how bitcoin can benefit your company and developing countries when bitcoin doesn’t work on a $600 smartphone.
Related Story: Bitcoin's Shocking Resilience and Achilles' Heel
This change in policy makes it easier for everyday people to participate in the bitcoin economy. Before Blockchain.info’s app was banned in February, it had already been downloaded 120,000 times. Apple’s change in policy will let those customers receive updates to their app as well as enable more people to participate in the now larger and growing bitcoin ecosystem.
Why Apple Reversed Course
Apple’s ban enraged bitcoin fans, who claimed the move was antithetical to Apple's image of being innovative and anti-establishment. There was even a campaign for bitcoiners to smash working iPhones and switch to Android.
Related Story: Signs A Bitcoin Tidal Wave Is Forming To Disrupt Business
It is speculated Apple reversed their stance before this trickle of a migration became a mass exodus to Android as bitcoin continues to explode in usage. This also hints Apple sees a bright future for digital currencies.
Disclosure: At the time of this writing David Smith has a long bitcoin position<.
- Market Wrap For June 13: Despite Rising, Dow And S&P 500 Lower For The Week
- LinkedIn's Legal Troubles (Revised) - Analyst Blog
- LinkedIn To Face Lawsuit For Hacking Customers' External E-mail - Analyst Blog
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.