Originally seen as just a digital version of your physical storage, Apple Wallet has transformed. It’s now a versatile app that acts as a hub for payment and financial services. With new features that support cryptocurrencies, the Apple Digital purse has great potential. It could change the way we engage with the world of crypto.
This evolution traces back to Apple Wallet’s inception as “Passbook” – a simple repository for tickets, coupons, and loyalty cards. Today’s iOS Wallet retains much of the same functionality but layers on mobile payment capabilities and support for credit/debit cards, student IDs, driver’s licenses, and more. Recent cryptographic security upgrades even allow users to digitally store their government ID for seamless travel through select airport security checkpoints.
Now, Apple Wallet aims to welcome cryptocurrencies like Bitcoin, Ethereum, and Dogecoin into its expanding digital ecosystem. From storage and tracking to sending and receiving coins and tokens, Apple E-Wallet aspires to deliver unified crypto convenience from right within your iPhone.
The Basics of Apple Wallet
At its core, Apple Wallet enables users to store virtual representations of real-world passes, tickets, cards, and keys on supported Apple devices. This gives users quick tap-and-go access to everything from credit/debit cards and transit tickets down to car keys and IDs. Biometric authentication via Face ID or Touch ID helps ensure privacy and security.
Originally launched as “Passbook” on iOS 6 in 2012 then rebranded to “Wallet” in 2015, Apple has aggressively expanded support for digitizing everyday elements of our storage. Recent iOS 16 updates include Apple Pay Later, Apple Cash, and new tools for more conveniently tracking, organizing, and automatically surfacing preferred cards and passes.
Integrating Cryptocurrencies with Digital Wallet
Thus far, Apple has not launched native support for crypto or blockchain-based wallets within Apple storage. However, trusted third-party apps and services can integrate functionality to enable convenient access to crypto balances, transactions, NFT collections, and decentralized finance activities.
For example, using the Coinbase Card allows Coinbase users to make payments using crypto balances through Apple Pay and the Apple E-Wallet app. So this bridges traditional finance and crypto capabilities using Apple’s infrastructure.
Setting Up Your Apple Wallet for Cryptocurrencies
Since Apple Wallet does not yet natively support cryptocurrency storage or accounts, users need to rely on third-party services for crypto integration. For example:
Download an app for supported crypto services like Coinbase Card or Crypto.com Visa card.
- Follow the app setup process to connect to your account or wallet.
- Confirm identity and pass KYC requirements if prompted.
- Order a physical or digital card tied to your crypto account balance.
- Once received, add card details to the Apple app to view your balance and activity.
For security, only connect crypto wallet and link accounts via official provider apps, never entering sensitive credentials outside legitimate channels.
Managing Cryptocurrencies in Apple Wallet
Once connected through a trusted third-party app, users can unlock the money holder’s full potential. They can track crypto balances and view recent transactions. Additionally, with a tap, they can reveal full credential details of the linked card added to Apple storage.
More advanced management tasks require specific actions. Buying crypto, exchanging assets, participating in DeFi activities, or exploring blockchain-based apps necessitate using the primary crypto app or service. Currently, iOS Wallet only provides summarized views and payment capabilities.
Security Measures for Cryptocurrency in Apple Wallet
All standard Apple Wallet security features apply to crypto cards added through third parties, including requiring authentication via Face ID, Touch ID, or device passcode to view full card details.
If your iPhone is lost or stolen, use Find My app tracking features, remotely wipe storage contents, and restore encrypted backups from iCloud to repopulate on a replacement device quickly. Avoid unlocking E-Wallet access on shared or untrusted devices. Also, decline requests from unfamiliar apps seeking entitlements to automatically interact with the Wallet for security reasons.
Apple Wallet vs. Other Crypto Wallets
Compared to dedicated cryptocurrency wallets like MetaMask or Trust Wallet, Apple Wallet with third-party crypto card integration represents a much more familiar and user-friendly experience for less technical users. It enables crypto access directly within a trusted, secure, and ubiquitous app ecosystem. However, e-wallets do lag considerably in features. It essentially only facilitates crypto-funded payments via linked Visa or Mastercard. You cannot directly access deep storage functionality for trading, DeFi activity, NFT support, and other core components central to the crypto purse.
Users sacrifice significant capability for convenience and simplicity. Those prioritizing functionality over usability should opt for a standalone crypto holder instead, accepting the steeper learning curve. More technical users may find Apple Wallet’s crypto limitations frustrating. However, it provides an extremely streamlined onboarding ramp for mass adoption. This is in contrast to the complexity of managing keys and assets in a dedicated crypto storage.
Final Words
While native cryptocurrency and decentralized holder support have yet to manifest within digital storage, trusted crypto apps can deliver integration today – particularly for payments via crypto debit cards or pre-paid Visa/Mastercard.
Expect more seamless and secure crypto management functionality to evolve within E-Wallet as cryptocurrency adoption continues permeating mainstream finance. Simplifying secure access and transactionality with cryptocurrencies remains an immense opportunity. Apple Wallet aims to smooth that transition.
Follow Techdee for more!