Apple blocked Coinbase Wallet because they wanted to have a cut of transactions made through the app. This move by Apple is similar to them trying to take a percentage of fees for every email that is sent over the internet. It is a clear attempt by Apple to increase their revenue by adding a fee to transactions made through the Coinbase Wallet.
This decision by Apple is concerning for several reasons. Firstly, it goes against the principles of decentralization and financial freedom that cryptocurrencies and blockchain technology are built upon. The whole idea behind cryptocurrencies is to enable peer-to-peer transactions without the need for intermediaries or central authorities. By attempting to take a cut of transactions, Apple is essentially acting as a middleman and undermining the very essence of cryptocurrencies.
Secondly, this move by Apple sets a dangerous precedent. If Apple is successful in implementing transaction fees on cryptocurrency wallets, it could open the door for other app developers and platforms to do the same. This would not only hinder the adoption and use of cryptocurrencies but also restrict users’ ability to freely transact with their digital assets.
Furthermore, Apple’s decision to block Coinbase Wallet is particularly troubling because it seems to be driven by a desire to control and profit from the burgeoning cryptocurrency market. Cryptocurrencies have gained significant popularity and value in recent years, and it appears that Apple wants a piece of the pie. This goes against the principles of fair competition and innovation that are crucial in the tech industry.
Additionally, Apple’s move raises concerns about their control and power over the App Store ecosystem. While Apple has the right to enforce their guidelines and policies, blocking an app simply because it doesn’t align with their profit motives is questionable. It raises questions about the level of control Apple has over the apps on their platform and the potential for them to stifle innovation and limit user choice.
Apple’s decision to block Coinbase Wallet is a concerning move that goes against the principles of decentralization, financial freedom, and fair competition. By attempting to take a cut of transactions, Apple is undermining the essence of cryptocurrencies and hindering their widespread adoption. This decision raises concerns about their control over the App Store ecosystem and their ability to restrict innovation and limit user choice. It is important for users and the cryptocurrency community to advocate for open and decentralized platforms that do not impose unnecessary fees or restrictions on transactions.