Apple Pay — The New Bitcoin? Do You Trust the iCloud With Your Money?

The iPhone 6 is out and it’s all the rage.  As usual, thousands stood outside retail outlets for hours to get their hands on Apple’s latest technological nugget.  One of the major features that is on the horizon for all Apple devices is Apple Pay.  This technology is somewhat similar to Google Wallet in that it allows you to store financial information such as credit card numbers and such on your phone.  Through wireless technology, the phone can actually initiate a payment just by being close to one of the Apple Pay-enabled readers.  This is making it easier than ever for you to pay, and supposedly more secure for you to do so.  After all, the iPhone 6 also ushers in fingerprint identification to open the phone which should, theoretically, stop theft or at least make it where a would-be thief can’t glean that much information when a phone is stolen.

All of this sounds good, but what does it really mean?  As you might have guessed, there are plenty of conspiracy theories surrounding Apple Pay and what it might mean in the grand scheme of things.  As many of you already know, Bitcoin has long been rumored to be the future of currency in the internet age, but now some are wondering if Apple isn’t trying to supplant it with its own version.

Whether or not Apple Pay is poised to usher in a new world currency, for now, it is merely a medium by which to access your traditional funds.  However, it is one more step toward eliminating the idea of physical currency and moving toward a completely electronic financial system.  Some say this is great, but do you really trust the cloud with all of your money?  And how much easier is it going to be for hackers to make off with huge heists by finding ways to make it through encryption technology surrounding these readers?  Is hacking really the modern classic bank robbery?

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