Topic: Bitcoin vs ApplePay (Read 422 times)
Applepay could facilitate the use of bitcoin in the future if it wanted to. That would mean using bitcoin would be exactly as easy is it currently is to use applepay. That is because applepay is not a currency and is just a wallet/service for allowing people to spend other currencies such as dollars.
Fanaticism is useless. We must use this and that! Fiat, credit cards, crypto currency.
Apple pay is just a way to manage and use your dollars. It still relies on banks and credit card companies in order to work. So the billions of people around the world who have no access to US banks or credit cards will see no benefit from apply pay. Bitcoin on the other hand is entirely different. Bitcoin is a stand alone payment network AND a currency. It doesn't need dollars to work. it doesn't need credit cards to work. it doesn't need banks to work. Anyone in the world is free to connect and use bitcoin however they please.
Did you mean that ApplePay uses Bitcoin to make its payment currency? I understand that. But if that's not the case, Bitcoin's fees are too high. They may consider using more coin with lower transaction costs and much faster rates. 
Why not combine this two technologies rather than oppose them to each other 
Like
Wow, this was a dead thread. The OP posted this back in 2015, has no one noticed this? I hate when dead threads are revived by spam posters and try to avoid these like the plague. However... I'll make an exception since OP never received any responses when he first submitted the thread, I figure it is worth discussing and is a valid question. I thought the same thing OP thought when apple announced apple pay. As a matter of fact, I was watching the very apple keynote live when they announced apple pay, and I immediately checked the price to see the market react. To my surprise, there was no market reaction at all.
Turns out, Apple way is not going to effect Bitcoin in any way. Why? Becuase it's still fiat currency. Government back, consistently devalued, Fiat currency. Bitcoin will be the obvious choice for many people once the inflation rate drops below the average USD inflation (2% IIRC) after the next halving. BTC's inflation will be 1.80% after 2020, already lower than many currencies out there, and possibly lower than golds inflation. Forget about it after the 2024 halving, it will be no competition. People will begin to see that Bitcoin is the best way to store value and wealth, we early adopters already know this. It's only a matter of time until others recognize this fact.
Many people in the general public, and even many crypto users that joined in 2017, don't even know what the halvening is.
Turns out, Apple way is not going to effect Bitcoin in any way. Why? Becuase it's still fiat currency. Government back, consistently devalued, Fiat currency. Bitcoin will be the obvious choice for many people once the inflation rate drops below the average USD inflation (2% IIRC) after the next halving. BTC's inflation will be 1.80% after 2020, already lower than many currencies out there, and possibly lower than golds inflation. Forget about it after the 2024 halving, it will be no competition. People will begin to see that Bitcoin is the best way to store value and wealth, we early adopters already know this. It's only a matter of time until others recognize this fact.
Many people in the general public, and even many crypto users that joined in 2017, don't even know what the halvening is.
Are we comparing a Bull with a rat? Where bitcoin is the bull i think.. And this is just an incomparable pair. both of them are different to use. different in tech..
Where bitcoin is the bull i think.. And this is just an incomparable pair. both of them are different to use. different in tech.. 
Why do you have to compare everything?
Applepay is a rip-off of Samsung pay, firstly. Bitcoin is a crypto, Applepay isn't even a financial system. Its a third-party application for fiat. Bitcoin eliminates the use of third party intermediaries. Look, if people are interested, they will adopt bitcoin, otherwise they won't. Bitcoin survives on its own, it will get adopted when it has to.
Applepay is a rip-off of Samsung pay, firstly. Bitcoin is a crypto, Applepay isn't even a financial system. Its a third-party application for fiat. Bitcoin eliminates the use of third party intermediaries. Look, if people are interested, they will adopt bitcoin, otherwise they won't. Bitcoin survives on its own, it will get adopted when it has to.
The future of bitcoin will be like no one can guess. However, it is speculated that it will have a good future
remmbering that applepay is not tendering Apple currency. but is tendering fiat. so users need to connect their fiat account to applepay
and merchants although they tender fiat. to accept applepay they need to be clients of applepay
so its not an automatic just walk in and everyone is happy. users need to set up their applepay accounts and merchants need to set up their accounts
so
lets pretend coinbase is applepay. (the gateway for the currency)
to avoid the need to use lengthy publickeys or lengthy LN URI's. hopes of having available LN channel routing, and/or avoid lengthy onchain confirm times.
user funds their coinbase account
a user just needs to know a ID of the merchant EG stabucks#12344#02/08/18
imagine both merchant and customer have a coinbase account and use a coinbase app
merchant sends the customer the merchants ID via NFC(rfid) and the users coinbase app does the rest where coinbase does the balance transfer instantly (they do offchain balance transfers) and informs the merchant that its done.
ofcourse convenience and speed comes at a cost of relying on services such as applepay or coinbase in this example. which is why its normally best to only put in $30 value to cover 'convenience' spending. into these managed systems. and keep your main hoards/ value/salary separate.
even LN's current design is not as good as what applepay/coinbase could offer.
but due to oncoming legislation about 'custodian wallets' whereby people could just send funds through balances held on exchanges/merchant tools.. the investors behind coinbase/bitpay and xapo. are scared to implement the scenario i shown above about coinbase transfering balances. as that would be a regulatory nightmare (but convenient for users and mrchants).. and that there is why LN is being created so that merchants can link to services like coinbase and to customers. in a way that regulators cant hold coinbase accountable as the 'balance sheet' coinbase hubs manage are not centralised to coinbase but distributed. thus allowing coinbase to make fee's without paying expensive licences.
emphasis LN wont be as promised or as convenient. but will stil be co-managed by third parties. to be able to offer something devs dont want to fix on the mainnet.
and merchants although they tender fiat. to accept applepay they need to be clients of applepay
so its not an automatic just walk in and everyone is happy. users need to set up their applepay accounts and merchants need to set up their accounts
so
lets pretend coinbase is applepay. (the gateway for the currency)
to avoid the need to use lengthy publickeys or lengthy LN URI's. hopes of having available LN channel routing, and/or avoid lengthy onchain confirm times.
user funds their coinbase account
a user just needs to know a ID of the merchant EG stabucks#12344#02/08/18
imagine both merchant and customer have a coinbase account and use a coinbase app
merchant sends the customer the merchants ID via NFC(rfid) and the users coinbase app does the rest where coinbase does the balance transfer instantly (they do offchain balance transfers) and informs the merchant that its done.
ofcourse convenience and speed comes at a cost of relying on services such as applepay or coinbase in this example. which is why its normally best to only put in $30 value to cover 'convenience' spending. into these managed systems. and keep your main hoards/ value/salary separate.
even LN's current design is not as good as what applepay/coinbase could offer.
but due to oncoming legislation about 'custodian wallets' whereby people could just send funds through balances held on exchanges/merchant tools.. the investors behind coinbase/bitpay and xapo. are scared to implement the scenario i shown above about coinbase transfering balances. as that would be a regulatory nightmare (but convenient for users and mrchants).. and that there is why LN is being created so that merchants can link to services like coinbase and to customers. in a way that regulators cant hold coinbase accountable as the 'balance sheet' coinbase hubs manage are not centralised to coinbase but distributed. thus allowing coinbase to make fee's without paying expensive licences.
emphasis LN wont be as promised or as convenient. but will stil be co-managed by third parties. to be able to offer something devs dont want to fix on the mainnet.
I do not intend to discuss here whether this will happen or not, BUT what would be the most efficient way to implement the bitcoin in these stores for purchases to be made as fast and simple as possible (with one click), like the apple pay, and not risking the security of my wallet. (in fiat currency, any swindle or mistake would be nulled by my bank... in bitcoin don't...so the implementation of this must be PERFECT)
Exactly. Any mistake with fiat currency can be mitigated by the banks. We count on that, so we can continue to be irresponsible. If we want to use bitcoin, we are forced to be entirely responsible with our money. That's the point. You don't have to rely on intermediaries, payment processors, banks... Every time we rely on them, we give them power. The idea is to claim back this power and be responsible with our money.
I think that Apple is the most developed company following new trends, it won't lose a great opportunity to show the modern approach to the entire world. you should be careful waiting for its acceptance
Why not combine this two technologies rather than oppose them to each other
how will bitcoin fight applepay in the future, on the ease to use and practicality?
In applepay, after doing the initial configuration of credit cards and billing information, any payment is at a distance of a click.
As for payments in physical stores, bitcoin matches relatively well ApplePay (with the qr code - it’s not as simple as the NFC/applepay but it’s also not bad), but when we move to online shops (amazon, ebay, etc) what would be the simpler implementation of bitcoin in there?
I do not intend to discuss here whether this will happen or not, BUT what would be the most efficient way to implement the bitcoin in these stores for purchases to be made as fast and simple as possible (with one click), like the apple pay, and not risking the security of my wallet. (in fiat currency, any swindle or mistake would be nulled by my bank... in bitcoin don't...so the implementation of this must be PERFECT)
In applepay, after doing the initial configuration of credit cards and billing information, any payment is at a distance of a click.
As for payments in physical stores, bitcoin matches relatively well ApplePay (with the qr code - it’s not as simple as the NFC/applepay but it’s also not bad), but when we move to online shops (amazon, ebay, etc) what would be the simpler implementation of bitcoin in there?
I do not intend to discuss here whether this will happen or not, BUT what would be the most efficient way to implement the bitcoin in these stores for purchases to be made as fast and simple as possible (with one click), like the apple pay, and not risking the security of my wallet. (in fiat currency, any swindle or mistake would be nulled by my bank... in bitcoin don't...so the implementation of this must be PERFECT)
Jump to: