on cryptocurrency, and the first time it’s been
mentioned since 2019 when Apple Pay VP
Jennifer Bailey said that the company was
paying attention to the industry. It signals
a change and no doubt sheds light on where
the company is at in relation to cryptocurrency,
but of course, Apple has nothing official to
announce at the time.
BANKING YOUR CURRENCY
Whilst the idea of an Apple Wallet add-on for
cryptocurrency might sound exciting and could
potentially change the way we use crypto
forever, it’s important to note that we’re not
there yet: and perhaps never will be. Right now,
cyrptocurrency faces an unusual problem:
being able to spend it. Being able to bank and
access your cryptocurrency has always been a
challenge, but as new players enter the game
and serve as digital wallets for your coins, it
is indeed becoming easier. Of course, these
companies aren’t actually banks: but they serve
as a bank in the way your current financial
institution does with your actual money.
Banking with crypto typically means being
able to hold your funds in a wallet, or spend
them like you do traditional currencies. One of
the benefits of banking with cryptocurrency is
debit cards, and the first to support Apple Pay,
Coinbase, launched its first debit card in the
US this year. With a crypto card, you’re able to
spend your coin balance as you would any other
currency to make purchases, or even withdraw
cash, though naturally you’ll have to pay an
exchange fee and more often than not, you’ll
find that it’s more economical and convenient to
pay with dollars than it is a Dogecoin.