Apple Pay Will Not Bite Into Bitcoin: Winklevoss


Apple’s entry into mobile payments last week through Apple Pay won’t really waver use of bitcoin, investor Cameron Winklevoss told CNBC on Thursday.

“I don’t think they compete. I think Apple Pay is a closed system. You know, bitcoin is inherently open sourced, decentralized,” Winklevoss said on “Squawk Alley,” where he promoted his investment in Authy, a two-factor authentication app.

Bitcoin is a digital currency, not backed by any government or central bank, that fluctuates in value according to its users’ demand. Users can transfer bitcoins to each other online, store the currency in digital “wallets” and pay for goods at select retailers.

Apple’s tap-to-pay system, which uses near-field communication to transfer data over short distances, was unveiled Tuesday. The technology allows users to pay for purchases through their American Express, MasterCard or Visa bank cards at select retailers.

“I think they’re not super comparable,” said Winklevoss, who along with his brother Tyler, has been a major investor in the cryptocurrency.


Reprinted by permission.

Image credit: CC by Francis Storr

About the author: Drew Sandholm

Drew Sandholm is a producer for CNBC, writing articles and working on special features for CNBC.com. Before joining CNBC, he reported for the investigative unit at ABC News and was a television anchor/reporter at an ABC News affiliate. He holds bachelor’s degrees in Mass Communications and English from St. Cloud State University in St. Cloud, Minnesota.

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