Downloaded more than 120,000 times during its two year reign in the Apple’s iTunes App Store, the Blockchain app was the most popular and easiest way for people and companies to transfer bitcoins.

In early February, Apple removed the app from their store and were under attack from angry users threatening to move to Android phones. It is rumored that Apple’s own mobile application design company will implement their own form of bitcoins.

What Is A Bitcoin?

Bitcoins, a new type of currency, makes transferring money to other people easier because there are no service charges or international fees. Bitcoins are stored in a digital wallet which is either stored in the cloud or on a computer. It is basically a virtual bank account.

Why Use One?

For many people, bitcoins are exciting because merchandise can be purchased anonymously. Small businesses use them to avoid credit card fees while other people have bought them in hopes they will go up in value.

How To Get Them?

Bitcoins can be purchased through bitcoin exchange marketplaces. People can buy or sell bitcoins through different currencies.

Apple’s Removal

Perhaps Apple’s removal of the bitcoin app was foreshadowing to their recent hacking.

One of the flaws in the bitcoin design is that there is a 10 minute gap between purchasing or transferring bitcoins and its public record. This window leaves room for hackers to cash out their own accounts yet claim they never received any bitcoins. While people originally were enticed to bitcoins because of their anonymity, a completely online system of digital money that is not FDIC insured is not safe.

Although many bitcoin transactions are legitimate, many have been used in the sale of drugs, prostitution, and other illegal activities. With this anonymity, crime is increasing without evidence to convict anyone. Because of this, many financial regulators are enacting rules for virtual currency and it is only a matter of time before the government steps in.

Or perhaps Apple removed the app from their store because of their rumored creation of their own bitcoin app. Apple has been known to remove various apps during phone updates in order to implement their own Apple created apps. Newer operating systems have an Apple map instead of Google’s, and phones also now have their own flashlights built-in making flashlight apps obsolete.

Blockchain accused Apple of being overly aggressive with future competitors. If Apple does release their own form of digital currency or mobile payment system, Blockchain believes Apple is bullying other competitors by removing them from Apple’s marketplace.

“These actions by Apple once again demonstrate the anti-competitive and capricious nature of the App Store policies that are clearly focused on preserving Apple’s monopoly on payments rather than based on any consideration of the needs and desires of their users,” a spokesman for Blockchain said with CNN.

According to Apple, they removed the app because of an “unresolved issue,” but Blockchain is not buying it. Many bitcoin users are furious, stating they will move to the Android market.

Blockchain’s CEO, Nick Cary, believes Apple has made a mistake. “They’re on the wrong side of technology here.”

Blockchain has spent more $100,000 on developing the app, and though they believe Apple is making a mistake in their removal, perhaps Blockchain is worried all of their money will go down the drain.

And, with these new money laundering and fraud issues that have arisen in the past week or so, the world of bitcoins is fragile and the anonymity could possibly be on its way out.

The world of digital money is unchartered territory and its future is unknown. Apple is known for being on the cutting edge of technology—perhaps their app removal was not for their personal gain.