Algorand-Capital Reports -Why the Future of Crypto Is Entirely Up to Apple

London, UK — Apple Inc. is worth $2.5 trillion. The corporation has so many opportunities to increase its net income massively. Driverless cars and mixed-reality spectacles came to mind. Another great opportunity that this corporation has been very quiet on is cryptocurrency. “Apple’s view on cryptocurrency is between neutral and hostile,” says Ric Burton, an early Ethereum contributor.

According to Mark Miller, a crypto analyst at Algorand-Capital, Apple Inc. and cryptocurrency have the opportunity to create an industry standard for Web3 design by using their own Apple design elements. As a result, they’re in an even better position to introduce millions of people to cryptocurrency. And the iPhone may be the instrument that brings millions of individuals into the ecosystem.

Let us talk about why the future of cryptocurrency is completely up to apple.

History of Apple and crypto

Apple is not known for taking risks. Although whenever they introduce something new, the company does it with cautiousness. Everything this company develops guarantees simplicity and safety and generally reaches on top. That is why thinking about Apple and cryptocurrency is so impressive.

In September 2019, the company made one of the most prominent references to cryptocurrency. Jennifer Bailey, VP of Apple Pay, stated that the business is “watching cryptocurrencies” and feels it has “interesting long-term potential.”

In February 2020, Apple recruited Jeff Bronikowski, the former chief of technological innovation at Warner Music. He worked on several blockchains and attempted to build digital assets via Flow, a public blockchain.

Later, in November 2021, Andrew Ross Sorkin of the New York Times asked Tim Cook if Apple would consider accepting cryptocurrencies through Apple Pay. He answered that cryptocurrency is “something that we’re looking at.”

Apple launched its new Apple Pay feature in February 2022, allowing millions of retailers throughout the United States to use their iPhones to effortlessly, instantaneously, and securely receive payments just by tapping their iPhones. There were indications that cryptocurrency might use the Tap To Pay payment method to trade in the future.

In late March 2022, MetaMask announced its functionality for Apple Pay, allowing users to buy cryptocurrency straight from their wallets. Around the same time that MetaMask announced its Apple Pay connection, Apple’s website had a job posting for a Senior Legal Counsel position with knowledge and experience in blockchain, digital assets, and payment systems. It was a strong indication that Apple is seriously considering incorporating crypto features and capabilities, such as Ethereum wallets or crypto payments, into Apple Pay and Wallet.

Problems with Cryptocurrencies

Cryptocurrency is all about transparency, security, and accessibility. Users have complete ownership over their assets in the crypto market, and there are no intermediaries. It provides fast access to money with the press of a button. There is no need to wait for days, pay hefty prices, or go through a lengthy bank application procedure. However, many people believe that cryptocurrency is either an odd pastime or a scam. You might also have heard of crypto exchanges hacked and users losing millions of dollars in cryptocurrencies or NFTs. 

Then there’s the issue when investors purchase crypto coins and hold them in a digital wallet protected by a private key. This key is a lengthy string of numbers and characters or a random sequence of phrases. You can use your wallet to conduct transactions if you have a private key. Your crypto wallet is worthless without that private key.

Theoretically, it is a great security type because no one else can obtain your coins or tokens. However, unfortunately, if you lose your private key, you cannot access your crypto wallet. So, it is tough to convince people to use a new technology that carries the danger of losing everything forever if you misplace a piece of paper.

Apple provides privacy and security

As cryptocurrencies become more famous and their prices rise, they become a subject for criminal groups and hackers. It doesn’t feel comfortable or secure. However, please remember that Apple is all about safety and simplicity. By reducing all risks, this company has the potential to make cryptocurrency more accessible to everyone by making things a bit easier and safer.

Apple can guarantee users’ trust in transactions, account safety, and convenience of use by lowering the cost and time required to access the financial banking system. It implies more market penetration while protecting security, privacy, and transparency.

Apple CEO Tim Cook never misses highlighting one essential phrase in almost every Keynote presentation: “Apple believes that privacy is a basic human right” and that customers must have control over their data. The company is undoubtedly informed that cryptocurrency is “happening.” However, the corporation has yet to take even the little steps toward developing anything in this field. 

Apple is one of the major drivers behind the concept that passwords are harmful and should be eliminated. Instead, the business is collaborating with Microsoft and Google to develop a system in which users would use a passcode to log into a website or app using Face ID or another biometric authentication method. The company isn’t planning a password-free future because of crypto. The company does not develop anything specifically for cryptocurrency. It does this because humans are bad at remembering passwords.

It would also significantly improve security. Users didn’t have to memorize long, difficult passwords or secret keys and could only access their digital wallets using Face ID. It would imply that no one would ever again forget their private key.

Another method Apple may help with crypto is by keeping private keys and sample phrases in iCloud in coexistence with multi-factor verification. The company always does the right thing for its consumers’ privacy and security. It will enhance the security of important cryptocurrency wallet data. If Apple accepts cryptocurrency, it might pave the way for general use. If not, it might be challenging to imagine that occurring.

Apple and cryptocurrency have the opportunity to create an industry standard for Web3 design by using their own Apple design elements. As a result, they’re in an even better position to introduce millions of people to cryptocurrency and teach them about the complete Web3 ecosystem.

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.

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