Cryptocurrency
Why Apple Card Can’t Compete With Bitcoin via @Forbes
As reported by Forbes, “On Monday, Apple announced Apple Card, which is a new credit card product from the tech giant. A variety of different attributes of the card were put on display at Apple’s services event, and one of the most talked-about features has to do with privacy. “Recently, Apple has been marketing themselves as […]
As reported by Forbes, “On Monday, Apple announced Apple Card, which is a new credit card product from the tech giant. A variety of different attributes of the card were put on display at Apple’s services event, and one of the most talked-about features has to do with privacy.
“Recently, Apple has been marketing themselves as the privacy-friendly alternative to many of the other tech giants in Silicon Valley, and the Apple Card is a continuation of that trend.
“Having said that, the card has still limitations in the area of privacy that can likely only be solved with something like Bitcoin.
“In terms of the level of privacy usually offered by the legacy financial system, Apple Card is quite an achievement.
“As the official Apple website explains, Apple is not provided with any data related to the use of Apple Card. Features such as transaction history and spending summaries are handled directly users’ devices.
“Additionally, there is no card number on the physical Apple Card, which is a massive gain in terms of keeping one’s finances private.
“At this time, it’s unclear if Apple Card works like Apple Pay in that it generates a different card number for every transaction. If that functionality is available, then this would be a massive improvement in terms of preventing merchants and marketing companies from tracking people’s financial activities by attaching real world identities to static card numbers.”