Well, folks, it’s here. Apple is getting into cryptocurrency. We already know that Microsoft, Samsung, Facebook, and the NYSE (Bakkt by the Intercontinental Exchange) are already developing/investing in the cryptocurrency space. Here comes Apple with their “CryptoKit”.
CryptoKit was announced by Apple at the WWDC (Worldwide Developers Conference) on about June 3rd 2019.
The CryptoKit suit allows developers to “perform cryptographic operations securely and efficiently” (Tony Spilotro, newsbtc.com). This essentially means that developers will be able to create Crypto related Apps for iPhone/Apple.
An iPhone Hardware Wallet?
Most notable is the potential ability for Apple to host a native hardware wallet directly on the iPhone for secure storage of your cryptocurrency. Viktor Radchenko, the founder of Trust Wallet, said Apple’s newest addition to the iOS 13 means it could have full hardware wallet functionality in the future (from CryptoSlate.com).
That, combined with the other security features of the iPhone such as longer passcodes, biometrics (FaceID), lock-out (for failed login attempts) and “Find My iPhone”, your cryptocurrency hardware wallet will be quite secure.
Apple Pay with Cryptocurrency?
This is more speculative. We have no mention of Bitcoin or other cryptocurrency integration into Apple Pay. However, I can imagine that it is within the realm of reasonable rumours.
Apple CryptoKit Resources:
Here are some links directly from the Apple website for your interest:
Cryptocurrency Mass Adoption Around the Corner?
With Samsung and Apple integrated crypto hardware wallets, plus payment technology being developed by Bakkt/Starbucks and growing awareness of Bitcoin and cryptocurrencies in general… it would seem that in this Internet Age of Mobile devices we could see rapid mass adoption coming in a few short years.
Apple sells over 200 million new iPhone on average per year. That means within five years they can reach over 1 billion users. Then consider Samsung’s market share… plus the entrance of other smaller mobile companies into the cryptocurrency industry. This could easily put cryptocurrency technology quite literally into the hands of billions of people worldwide within a few short years.
We could see rapid mass adoption in 2-5 years.
Markshire Crypto Conclusion – Apple’s CryptoKit & iOS 13
I have to admit, 10 to 15 years ago Apple was always at the cutting edge of innovation, development and integration. Now, they announced CryptoKit after Samsung announced and launched their mobile integrated Crypto wallet on the Galaxy S10 Flagship phone. We also know that Microsoft, Facebook, the NYSE (Bakkt, by the Intercontinental Exchange) and many other major corporations have been working on cryptocurrency technology for years.
Where has Apple been? Perhaps my disappointment in their lack of leadership in this arena has to do with the fact that I have been a loyal Apple customer for decades (ok, just two decades, I’m not that old) and I want to see them continue to be an industry leader.
That being said, is global mass adoption around the corner? I think so. But I can’t be certain.
The next logical rumour set is: Native iPhone Hardware wallet? And cryptocurrency integration into Apple Pay.
Also, these development tools and an integrated crypto hardware wallet on the iPhone paves the way to hold other valuable digital tokens on the iPhone such as collectibles, Driver’s Licenses, University/College Degrees, Property Deeds etc. – All on your mobile device. Again, more speculation on what the future holds.
What do you think about this news? Leave your thoughts and comments below!