Bitcoin Expands to iPhones With Mobile-Payment Apps
Numerous Bitcoin-related programs available at Google and Apple app stores are fueling a small surge in smartphone-enabled Bitcoin software, easing consumer use of the digital currency for fast transactions. “Bitcoin’s success hinges on how well it’s adopted and configured for mobile,” notes consultant Richard Crone. “They are very dependent on mobile actually scaling.” Mobile Bitcoin apps are designed to make Bitcoin usage easier for everyday tasks, such as storing virtual money in digital wallets, exchanging Bitcoins for dollars, and paying other people and merchants for goods and services. Bitcoin app developers say the currency’s transition to mobile is happening despite Apple’s rejection of many Bitcoin payment programs, particularly those that exchange Bitcoins for dollars and other currencies; developer Pavel Nikitenko says this has encouraged developers’ migration to Android-based devices. The proliferation of mobile devices is another factor driving growth in mobile Bitcoin apps. Bitcoins could potentially vie with PayPal, Google, Visa, and other mobile payment providers because the digital currency can reduce or eliminate money transfer and other banking fees.
From “Bitcoin Boom Spreads to iPhones With Mobile-Payment Apps”
Bloomberg (12/05/13) Kharif, Olga