Is Bitcoin Legal or Not? Take it from Apple and Malwarebytes

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By Athena Yenko | February 7, 2014 4:58 PM EST

Apple Inc. (AAPL) removed popular Bitcoin programme Blockchain from its App Store, Bloomberg reports.

Blockchain is an application for iPhones which is use to send and receive Bitcoins. Users view their Bitcoin balance online in online wallets through Blockchain.

Bitcoin, being virtual in nature, is a currency which is risky because it only exists as software and transactions were done via computing devices. It is like having the idea of money without having a tangible thing to represent that idea. Hence, some governments like China and India raised the issues about Bitcoin's legal status. Consequently, since Apple apps should attain a legal status, Bitcoin became risky for Apple.

Nicolas Cary, chief executive officer for Blockchain said that they only received an email from Apple saying that the app had been removed.

"We've been there two years. What did they just discover that is now unresolved?," said Mr Cary.

Malwarebytes chief executive Marcin Kleczynski, meanwhile, announces that customers can now pay for their purchases using Bitcoins by keying their email address and paying via Coinbase.

In an exclusive interview with SCMagazineUK.com, Mr Kleczynski said that he believes that transaction using Bitcoin is actually more secure than credit cards because transaction with Bitcoin does not need giving personal information.

Mr Kleczynski admitted that the move for his company was risky though.

"There are tons of little reasons [for accepting Bitcoins]. It's a trade-off but we're testing the waters. There are definitely threats but we don't think that they are insurmountable. It's not really a gimmick - it's another avenue to make currency."

Mr Kleczynski, who buys Bitcoin himself, said that growth will be slow but he is hoping for "hundreds" of payments after the launch.

As for veteran security researcher Graham Cluley, there is nothing wrong in a company which accepts Bitcoin as payment for products.

"That's not to say that they're wrong to offer bitcoin payment for their product", Mr Cluley said.

"Lets put it this way, I imagine that they were influenced more by appearing 'cool' and 'down with the kids' rather than because they genuinely believed a significant proportion of their income would come through Bitcoin purchases," Mr Cluley told SCMagazineUK.com.

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