so will the AT&T iPhone 5 work on Verizon's network?
No. Verizon's 3G network is EvDO, which is not supported on the HSPA/GSM variant, and Verizon's LTE network is not tunable with the AT&T IP5.
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The Verizon 4S requires a SIM card in it to function,
My wife and daughter have the 4S. There is no SIM installed, and they work perfectly well.
The SIM slot in the 4S is for GSM/HSPA roaming only.
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Annoying but true...payng 649 for unlocked from Apple.com only gets you a GSM phone...even true for the 4S..which DID HAVE cdma chip in it..Apple disabled the chip when selling the unlocked version.....i just dont know why.
Because CDMA networks require the equivalent to a SIM to be built-in to the phone (this manifests itself as the MEID). Since GSM uses SIMs instead, there's no need to provision phones intended to operate on GSM/HSPA networks with MEIDs. Without one, CDMA won't work. QED.
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A somewhat related question.
When purchasing an unsubsidized full price unlocked phone from from apple it says that it will only work on a gsm network. Is there a technical reason for that? Or is it just Verizon and Sprint saying, only phones sold through us can work with out networks?
It's because GSM/HSPA phones aren't provisioned with MEIDs, which is equivalent in function to the SIM for CDMA networks, but is built-in to the phone.
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Can I use my Verizon iPhone 5 on AT&T simultaneously? We live in a dead spot for Verizon coverage, but we have LTE coverage everywhere else. AT&T tower is a mile away. Could I use AT&T's network on my iPhone 5 when I'm at home, and use Verizon's LTE network everywhere else?
Sure. Of course, you'll be paying more, and you'll need to swap SIMs a lot.
I'd suggest instead that you get the Verizon network extender. In the long run, it'll cost you less.
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I've NEVER owned or used a cell/mobile phone. So this cell phone usage and service plans is all new to me. I was considering getting an iPhone 5 to use basically for phone service and specifically for emergencies. Since I'm bedridden I can always use my Wi-Fi network here at home to access the internet so a data plan nor LTE is as important to me as for everyone else. So does this mean if I get a Verizon iPhone 5 I could probably use it with Straight Talk whenever they come out with the nano sim cards to allow me to save money on the cost of a service plan?
For you, I think the advantages of a mobile phone are rather lost. If you're concerned about being able to make calls in an emergency, you might consider the Verizon Home Phone Connect. We've got one of those, and it works well, has the same reliability as a cell phone (including battery back-up), but has a plan that's intended to compete with VoIP offerings - $20/mo for unlimited domestic calling. Another advantage is that you just plug in whatever landline phone you're currently using.
Get one of those and a WiFi iPad. Net monthly cost, $20 + whatever your internet connection is already costing you. The HPC is either free with a 2 year contract or $120 (last I checked).