Apple Pay Can Now Be Used To Spend Bitcoin

Since the beginning of 2021, the popularity of cryptocurrencies has literally exploded. From Bitcoin to Doge, everyone is talking about cryptos and their skyrocketing prices.

This has pushed droves of retail investors to buy bitcoins mostly as an investment asset, hoping to see its price continue to rise to new highs in the near future.

However, many long-term Bitcoin holders are already seeing a great opportunity to take profits. To this end, they can sell their Bitcoin for FIAT money, or spend it at one of the thousands of merchants that accept the cryptocurrency.

With that said, with the rising popularity of crypto, an increasing number of options to spend Bitcoin are emerging in the market. And of course, one of the most notable examples is the option to pay with Bitcoin using Apple Pay.

This is an important milestone because Apple Pay is an app used by hundreds of millions of users, which increases the chance of mass adoption of Bitcoin considerably.

Apple Pay allows you to spend Bitcoin

To be specific right from the start, Apple Pay doesn’t really allow you to spend Bitcoin. If you open your Apple Pay app, you might be surprised to not be able to find any way to fund your digital wallet with bitcoins, or any other cryptocurrency for that matter.

Instead, since February 2021, you can link your Bitpay card to your Apple Pay wallet and use it to spend the cryptocurrencies that are on your Bitpay account.

What is Bitpay?

Bitpay is a US payment processor provider that incorporates the use of cryptocurrencies within their services. They act as an intermediary between the user and the merchant. Users can fund their account with crypto and spend it through their digital wallet.

At the same time, they allow businesses to accept cryptocurrencies as a method of payment, increasing their reach and customer pool.

Moreover, Bitpay issues a physical prepaid card (Master Card Debit) that can be liked to the digital wallet. This way, users can spend their crypto at the millions of merchants that accept Master Card as a method of payment, all around the world.

How does Apple Pay work With Bitpay?

It’s this physical card that Apple Pay users can link to their Apple Pay app. By doing so, they can then select Bitpay into your Apple Pay and use it wherever Apple Pay is accepted.

In a nutshell, the process goes as follows:

  • Open a Bitpay account, fund it with one of the supported cryptocurrencies.
  • Order a Bitpay card
  • Link your Bitpay MasterCard to your Apple Pay wallet and spend your crypto.

Given Apple Pay’s size and market saturation (over 380 million users worldwide), it’s a significant move towards enabling crypto holders to spend their digital assets in the real world.

PayPal – the other payment processor that allows you to spend Bitcoin

With that said, Bitpay and Apple are not the only ones jumping on the crypto popularity bandwagon.

PayPal, the payment processing giant, announced in October 2020 that it was going to integrate selling, buying, and holding cryptocurrencies within its crypto wallet. This announcement was followed by a huge cryptocurrency pricerally, proving that investors believe that mass adoption is a bullish sign for cryptocurrencies.

This announcement was one-upped even more recently, with PayPal announcing that crypto holders could start spending their coins within the PayPal merchant network. This effectively enabled more than 300 million users to buy and spend crypto through PayPal seamlessly.

However, there’s one huge caveat when using payment processors such as Bitpay and PayPal to spend your crypto. One of the main advantages of cryptocurrencies is the elimination of third parties, allowing for a permissionless peer-to-peer payment system.

When using trusted payment processors, we are adding an intermediary in our crypto transactions, losing out on some of the freedom they provide.

The importance of mass adoption for cryptocurrencies

With that in mind, the advantage of making cryptocurrencies infinitely more accessible might be worth the price.

Considering that ApplePay and PayPal have enabled more than 600 million users to spend Bitcoins seamlessly, it’s a huge step toward mass adoption. With brands such as these supporting cryptocurrencies, they become more than just a speculating asset. Instead, people begin to regard them as a true alternative to our traditional monetary system.

While some purists might consider this an infringement on crypto’s intended purpose, it increases the awareness of Bitcoin and alternative cryptocurrencies and the many advantages they provide.

Wrapping up

The days when cryptocurrencies were considered just a fad are behind us. The mainstream public is beginning to accept them as a real method to exchange value over the internet, increasing their demand considerably.

When payment processor giants like ApplePay start adding them to their offering, it’s becoming clear that mass adoption is on the way. And while it may still take some time, it shows that cryptocurrencies are here to stay.