Apple’s latest policy changes mean lives in Candy Crush, or the next Flappy Bird, could soon be be bought using Bitcoin. Until now, the tech giant has rejected or removed any apps that allowed the use of virtual currency. But the latest update to the App Store Review Guidelines reveals a bitcoin addict of heart.
Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions. This means Bitcoin could be used for downloads or in-app purchases from the Apple App Store. Google’s Android platform already accepts the digital money. Jay Karsandas, Digital Manager at Mobiles. The action that Apple has taken in allowing apps to transmit approved virtual currencies seems like the next natural step in adapting to the ever-growing prominence of cyber-cash systems, such as Bitcoin. OS devices to act as Bitcoin wallets for use in online purchases, similar to what the Google Play store already offers. Virtual currencies are built around shared software, with users carrying out transactions directly with one another, without having to go through a bank or other company.
Users create, or ‘mine’, new coins by taking part in mathematical operations within the system using cryptography. As a result, Bitcoin is more accurately known as a cryptocurrency. In recent months, the value of Bitcoin has fluctuated dramatically. Bitcoin is a piece of data confined to an internet network by an algorithm.
Once released it can be traded and used like money online and can be purchased with real cash. Many websites are now taking Bitcoins as a form of currency. As well as digital currency, Bitcoin miners enjoy the competitive nature of unlocking the coins. It has been dismissed by some as a Ponzi Scheme and touted by others as the future of money.
It is not centrally controlled and its unique and complex set-up means the market cannot be altered or hacked, according to the developers. There are 21 million coins predicted to last until 2140 and their finite nature means they perform more like a commodity, such as gold. The coins first emerged in 2008 and launched as a network in 2009. This fall was linked a crackdown on the currency in China. It is one of a growing number of cryptocurrencies that are starting to become more popular online, including Dogecoin. They are part of a host of updates to the firm’s iOS 8 and Mac OS X software, unveiled during chief executive Tim Cook’s keynote speech yesterday. As part of the Mac software update, called OS X 10.
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