Transfer Pricing Associates

Bitcoin Wallet removed from App Store

post Thursday February 6, 2014


An upcoming payment method is “Bitcoin”. Bitcoin is a digital currency that can be used for personal transactions or business at high speed and low cost. You can see it as a credit card but without the high fees. In addition it can be used at the same value everywhere In the world and you can choose your own level of privacy. However, Apple has removed all Bitcoin wallet apps from its App Store.

In contrast with most currencies Bitcoin is decentralized and not controlled by a central authority that has the power over prices. Bitcoin it generated through an open-source software, this mean that the system is transparent, priced on the free market and belongs to no one person or organization.

Bitcoins are digitally created by mining. Mining is creating Bitcoins with the computer and then in particular with graphics cards. There is special hardware to mine Bitcoins. For example, the FPGA (field-programmable gate array) and the ASIC (Application-specific integrated circuit). But to start with Bitcoins you need to have a wallet. You can choose between two options, a wallet on your computer or an online wallet. With a wallet you can make a unique transaction address to manage your Bitcoins and to spend or receive.

Nowadays many people use the Bitcoin wallet app Blockchain from the App Store, but now Apple has removed it. Apple did not provide a specific reason why they removed it, says Nicolas Cary, CEO of Blockchain. Blockchain is a site where you can manage your Bitcoins through a wallet. The app is used by 120.000 people but the users can still use the app on their iPhones and Macs. However, they will no longer be able to get software updates via Apple.

The Blockchain was the only Bitcoin wallet app available on the Apple Store before it was removed. Earlier other Bitcoin wallet apps, such as BitPak and Coinbase, were removed from the store. It has been said that Apple is dumping the wallets because of the emerging, somewhat confusing international regulations surrounding Bitcoin. Cary argues that the app is removed because Apple sees Bitcoin as a potential competitor: “I think that Apple is positioning itself to take on mobile payments in a way they haven’t described to the public and they’re being anti-competitive.”

Nevertheless, the Android Bitcoin wallet app can still be downloaded; the Blockchain and Coinbase apps are available on Google Play. Google is even looking into ways of working the digital currency. “We’re totally cool with Google,” says Cary.

Source: Wired  , Bitcoins, Bitcoinmining
Image courtesy of Ntwowe /
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Comments on 'Bitcoin Wallet removed from App Store' (1)


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