Apple Company has lately offered a new credit card to the market called Apple card. Various features and equipment have been considered for this new credit card, but what Apple emphasizes in the events of public relations and its different plans is some special security arrangements for this new product.
The key word of marketing and advertisements of Apple Company for its products is just security; however, many believe that all these advertisements cannot give Apple card the ability to compete with Bitcoin.
Is Apple’s claim about its quality and promoting security real? Can Apple card cope with Bitcoin and other cryptocurrencies?
How Is the Security Status of Apple Credit Card?
Although it is not observed any security hole in traditional credit cards and their current peers, there are still vulnerability spots in them which need more investigation and examinations. On the other hand, Apple and its partners claim that they will not deliver the users’ data and information to the third parties to earn income and with the purpose of advertisements.
Such claims in the current world and dubious as well as complex communications of various businesses with each other don’t have many followers, and it is much like a fake and false claim rather than being an assurance which absorbs the user’s idea.
Even if a new card number is issued for each transaction of the Apple credit card, it cannot be said yet that the security of the transaction is totally maintained. Since it is not just Apple, but other partners cooperate with this company which cannot be trusted completely.
Moreover, if you trust in Apple and its partners, the possibility of hackers’ attacks and invasions cannot be ignored.
Total Security Depends on Decentralizing Systems
The issue of the security of Apple cards despite the existence of Bitcoin and Blockchain platform which enables the possibility of the transaction in a decentralized system and network is attended more and more. Total security of financial transactions and different communications in a system will be guaranteed when there is no centralized controlling overseer and organization.
Isn’t such equipment familiar to you? Blockchain system and the platform the cryptocurrencies are traded and moved in follow a decentralized system which provides the security of transaction and communication completely. The subject is that value and price volatilities of cryptocurrencies have been very high so far that making prominent this feature in the world of cryptocurrencies has been forgotten.
Final points
In a situation where cryptocurrencies suggest the possibility of the transaction in decentralized systems and traditional credit cards highly require providing security of the users’ transactions, the need to interaction and cooperation is seen more than before.
However, which foundation can link them together? Will the governments’ intervention be effective? If cryptocurrencies reach greater growth and bloom with an optimistic view and their prices have a rising trend, the possibility of Apple card competition with them will be highly difficult even for a short time.
Reference: Coins International Journal