IPHONE users can now pay with Bitcoin via Apple Pay.This is because Bitcoin debit cards from BitPay have finally been made compatible with the smartph
IPHONE users can now pay with Bitcoin via Apple Pay.
This is because Bitcoin debit cards from BitPay have finally been made compatible with the smartphones.
Other cryptocurrencies are now also compatible with iPhone.
All you’ll need is a BitPay debit card and an Apple Wallet.
BitPay, a virtual currency firm, converts cryptocurrency into regular money when a payment is made.
The BitPay blog explains: “Apple Pay is the newest way BitPay makes living life on crypto easy.
“Simply open Apple Pay and scan or enter the BitPay card information to use it wherever Apply Pay is accepted.
“The easy-to-use contactless digital payment option is available from within the BitPay app to the millions of Apple Pay customers and billions of iPhone users.”
You’ll be able to use a BitPay card with any device that’s compatible with Apple Pay such as an iPad or Apple Watch.
The service should also be coming to Android users later this year via Samsung Pay and Google Pay services.
A major criticism of Bitcoin has been that holders have little opportunity to actually spend the valuable virtual currency because places that supported cryptocurrency transactions were hard to find.
The deal between BitPay and Apple Pay will go a long way to tackle this issue.
Buying Bitcoin and using it to pay for other things still carries significant risks.
With the value of the cryptocurrency able to fluctuate dramatically, users should be cautious with how they spend it.
What is Bitcoin?
Bitcoin got you baffled? Here’s what you really need to know
- Bitcoin is a virtual currency
- It’s traded between people without the help of a bank
- Every transaction is recorded in a public ledger, or ‘blockchain’
- Bitcoin is created by mining
- Mining involves solving difficult maths problems using computer processors
- Bitcoin can be traded anonymously, which makes it a popular way of funding illegal activities
- A single Bitcoin is worth just under £5,000 today, but the value fluctuates wildly
- Bitcoin is one of many different cryptocurrencies, but by far the most popular
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In other news, Amazon is working on a new virtual currency that users could spend on its platforms.
Assassins are accepting cryptocurrencies like Bitcoin to commit crimes, according to Russian media.
And, Jeff Bezos is stepping down as CEO of Amazon.
What are your thoughts on Bitcoin? Let us know in the comments…
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This post first appeared on Thesun.co.uk