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Apple Considering a Move towards Cryptocurrency

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 Cryptocurrencies and mobile phones are two democratizing forces, and their collaboration is creating headlines over the past few years. Now with Apple entering the crypto market, experts believe that it will entice its users to start using cryptocurrencies when it comes to purchasing anything using iTunes. According to reports, Apple will soon roll out two new products that will prove its shift towards blockchain and crypto.

Quite recently, Apple unveiled its SF Symbols app available for iOS 13 at the recent Worldwide Developers Conference. This will provide more than 1,500 configurable symbols that will also include four different symbols for Bitcoin. Many leaks also specify two Bitcoin symbols used in this collection: one in a square and the other in a circle. Each shape will have two options: unfilled and filled.

Apple is taking this shift towards crypto very seriously. It has already come up with a beta version of the app called Apple CryptoKit. This app will allow developers to implement cryptography in their software applications without having to search the web for appropriate symbols.

According to Crypto CFD Trader Review, this app is already under huge demand with thousands of users still on the waiting list to use it. This popularity shows that Apple is ready to launch its first crypto-based app. With developers providing positive feedback for the beta version, there is no doubt that the regular version will create tremors in the crypto industry.

How to use the app

Representatives from Apple outlined three ways to use the tool:

  • Users can use secure digests by comparing and computing them cryptographically.
  • The tool will allow users to store private keys and evaluate digital signatures quickly. You can use the public-key cryptography to identify, create, and understand these signatures.
  • Users can now generate symmetric keys and also use them in various functions like message encryption and authentication.

Rivaling Bitcoin

With the introduction of Apple’s new crypto-based app, there are questions as to whether it will be able to successfully rival its veteran opponent Bitcoin. Clem Chambers, the CEO, and co-founder of ADVFN believes that although the beta version is running successfully and it is expected that millions of users will also use the final app, it is still miles away from becoming the mammoth structure that Bitcoin is. Apple’s step into the crypto industry is a drop in the ocean, according to Chambers.

He also believes that it will take significant time for institutional investors to inflate the market using Apple crypto-based app. Chambers was never a believer of institutions, and that’s why he thinks that the rivalry for the moment will not be something to talk about.

However, the introduction of this app may have some adverse effects on the Chinese because they are firm believers of cryptocurrency and Bitcoins. The success of Apple’s venture will mean the Chinese currency in the crypto market will take a hit. Since they have various regulations on capital control, it will create a dent to their rising crypto market.