BitPay Adds Support for Apple Pay – A Step on the Ladder to Mainstream Adoption

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Cryptocurrency payment service Bitpay have announced that US cardholders can now add their Bitpay card to an Apple Wallet and spend a range of cryptocurrencies using the Apple Pay service.

This news represents yet another domino falling in the race to mass adoption. Statistical analysis estimates that over 500 million people use Apple Pay, meaning that a huge amount of buying pressure could be about to flood the cryptocurrency markets.

The BitPay Wallet supports Bitcoin, Bitcoin Cash, and Ether, along with four stablecoins, USDC, GUSD, PAX and BUSD. Once you have connected your BitPay wallet up to ApplePay, you can spend any of these cryptocurrencies, along with fiat bank funds, from one central place.

To add a BitPay card to Apple Wallet, cardholders must be up to date with the most recent version of the BitPay app, 12.1.0.

“We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto,” said BitPay CEO Stephen Pair. “Adding Apple Pay and soon Google and Samsung Pay makes it easy and convenient to use the BitPay Card in more places from day-to-day items to luxury purchases.”

Source

In my opinion, these types of payment gateways will lead to a cascade effect for retail adoption. As development evolves, and the process of spending cryptocurrencies in the real world becomes simpler, people will start to understand the massive value in hedging against the fiat money printing presses by investing in assets like Bitcoin.

Once they realise that their spending power exponentially increases with Bitcoin compared to relying solely on cash, people will flock to services like BitPay. When they can easily buy their monthly shopping for half the price using crypto, worries about network fees will become a moot point.

Apple currently has nearly $200 billion in cash reserves, and rumors' abound that they might be about to follow Tesla’s lead in purchasing cryptocurrency. If Apple purchase Bitcoin for their treasury it will further bolster mainstream confidence in cryptocurrencies as a legitimate means of payment. With plans for BitPay to add Google and Samsung Pay in the pipeline, could this be the moment that mainstream retail start to flood the cryptocurrency space?

What do you think?

Let me know in the comments.

Thanks for reading.

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14 comments
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I wonder what the payment token of choice will be - I just can't help going back to Litecoin when I think of this.

Maybe Dash too, but I don't know very much about that.

Of course Hive would make a great payment token, I just don't know how easy it is to integrate it with other wallets?!?

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(Edited)

It's funny you should mention LTC because that is my token of choice for sending any large-ish amount of crypto with. The transaction fees of around $0.05 (network load dependent) seem unbeatable, apart from hive of course. So, if I want to move BTC I usually sell to LTC move to the wallet or exchange I want to send too, sell back into BTC and even with two trades, and the fees associated with them, it works out miles cheaper than sending the BTC across the BTC blockchain. Insane really.

I did once use hive to send between two exchanges when buying a bag of a speculative altcoin and that did end up the cheapest even with two trades at the receiving end = hive sent to exchange... then Hive/Tether... then Tether/Altcoin. Similarly, when sending to an external wallet it turns out far cheaper to send in LTC then use atomic swap to exchange it back to BTC at the other end.

This type of thing needs to be integrated into some type of service to be automatic for mainstream to really get on board IMO.

Thanks for your comment revise.leo :)

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I'm with you, I use LTC too to transfer between Kraken/ Binance/ Bittrex.

Binance Smart Chain is good, when you can use it!

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(Edited)

I recently moved about 1k worth of a certain alt to their native wallet/app by transferring using BNB because they didn't have LTC wallet on their app. It cost about £7 all in all to transfer, which was better than sending the ERC20 token (would have lost $60 in TX/gas fees) but still a kick in the teeth compared to an LTC transaction.

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I replied to you on my post about this but we are just getting started and now big companies can't get enough of it. The market is beginning to demand it in a way and they won't want to lose out custom base if they don't offer crypto so the infrastructure is being put in place. It's getting to a point where you don't want to be THAT company who doesn't offer crypto payments.

Strike, lightning network along with PayPal, Mastercard and Visa... Major developments going on!

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Strike, lightning network along with PayPal, Mastercard and Visa... Major developments going on!

Yes, I'd seen the news about mastercard. Things are indeed looking interesting, and dare I say it... $300k moon boots might be a thing ;-)

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