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Apple Inc. (AAPL) news: Apple Ejects Bitcoin App - Seeking Alpha
Apple (AAPL) recently decided to toss out a leading bitcoin-based application from its App Store. Blockchain.info, which was removed by Apple, claims to be the most popular bitcoin "wallet." A bitcoin wallet allows users to send and receive bitcoins, similar to the way that an email address enables people to communicate with each other.
Bitcoin is a decentralized digital currency, which was born in the aftermath of the 2008-09 financial crisis. It is created by a network of computers running software that solves advanced mathematical problems. Bitcoin relies on cryptology, and it is sometimes called cryptocurrency. No government prints it. Backers of bitcoin see it as a fast, low-cost payments system that could challenge Visa (V), MasterCard (MA), Western Union (WU), and large banks.
Bloomberg reported that Apple's decision hinged on its requirement that all apps in the App Store must be legal everywhere that they are offered. Certain foreign governments, including China, Russia, and India, have challenged bitcoin's legal status. The United States has not disapproved of the bitcoin experiment. In fact, U.S. officials have been tentatively supportive. But they have also warned consumers about problems that could develop. The United Kingdom (UK) has adopted a wait-and-see approach on bitcoin.
Technical Glitches Plague Bitcoin
According to the CoinDesk Bitcoin Price Index, which averages exchange rates, the digital currency's U.S. Dollar exchange value increased exponentially in 2013: from $13 in January 2013 to $758 by the end of last December. Recently, however, one of the leading bitcoin exchanges, Tokyo-based Mr. Gox, suspended all bitcoin withdrawals due to technical glitches. The bitcoin exchange rate fell from $856 on February 3 to an intra-day low of $568 on February 10--a drop of 34 percent--before recovering to about $650, according to CoinDesk. Such volatility is not uncommon for bitcoin. See chart below.
Apple (AAPL) recently decided to toss out a leading bitcoin-based application from its App Store. Blockchain.info, which was removed by Apple, claims to be the most popular bitcoin "wallet." A bitcoin wallet allows users to send and receive bitcoins, similar to the way that an email address enables people to communicate with each other.
Bitcoin is a decentralized digital currency, which was born in the aftermath of the 2008-09 financial crisis. It is created by a network of computers running software that solves advanced mathematical problems. Bitcoin relies on cryptology, and it is sometimes called cryptocurrency. No government prints it. Backers of bitcoin see it as a fast, low-cost payments system that could challenge Visa (V), MasterCard (MA), Western Union (WU), and large banks.
Bloomberg reported that Apple's decision hinged on its requirement that all apps in the App Store must be legal everywhere that they are offered. Certain foreign governments, including China, Russia, and India, have challenged bitcoin's legal status. The United States has not disapproved of the bitcoin experiment. In fact, U.S. officials have been tentatively supportive. But they have also warned consumers about problems that could develop. The United Kingdom (UK) has adopted a wait-and-see approach on bitcoin.
Technical Glitches Plague Bitcoin
According to the CoinDesk Bitcoin Price Index, which averages exchange rates, the digital currency's U.S. Dollar exchange value increased exponentially in 2013: from $13 in January 2013 to $758 by the end of last December. Recently, however, one of the leading bitcoin exchanges, Tokyo-based Mr. Gox, suspended all bitcoin withdrawals due to technical glitches. The bitcoin exchange rate fell from $856 on February 3 to an intra-day low of $568 on February 10--a drop of 34 percent--before recovering to about $650, according to CoinDesk. Such volatility is not uncommon for bitcoin. See chart below.