Cryptocurrency has been dealing with the bear market that 2018 put it into, and many consumers are trying to figure out a way out.
Analysts believe that an arrival of institutional investors from Wall Street will ultimately be the cure, while the Intercontinental Exchange has decided to launch Bakkt as a subtle connection between traditional finance and cryptocurrency. However, one analyst named Joseph Young has an idea.
Young said, “Humble opinion: if Samsung integrates crypto to Galaxy S10, I think it may have a bigger impact than ETF and Bakkt combined. Partially because no one really knows what kind of exposure ETF / Bakkt will bring meanwhile millions of people use Samsung phones daily.”
Twitter opinions seemed mixed. Some users brought up the fact that built-in apps had only been used by them personally a few times, so it is important to consider the way that this concept would be implemented.
While having an app does not mean that it will be used, the retail investors that would have crypto at their fingertips would substantially increase.
Humble opinion: if Samsung integrates crypto to Galaxy S10, I think it may have a bigger impact than ETF and Bakkt combined.
Partially because no one really knows what kind of exposure ETF / Bakkt will bring meanwhile millions of people use Samsung phones daily.
— Joseph Young (@iamjosephyoung) January 24, 2019
Along with comments on Twitter, his concept was taken to Reddit. One user, Kashpantz, reposted a screenshot of the original tweet, wondering aloud if that could be helpful. Some of the replies made fun of Samsung or the lack of use of the programmed apps.
However, they pointed out an important factor – unless the smartphone user uses cryptocurrency, it is unlikely that they would be willing to pay for at all.
Still, aside from the comments on these two platforms, the concept is interesting. There have already been phones released that encourage cryptocurrency and blockchain. Could availability be a factor? If not, is there a way to create an app that would educate consumers about how to use Bitcoin and cryptocurrency in a way that they would end up using cryptocurrency on their phone.
Furthermore, with how many apps people download nowadays, there is a major risk of being hacked if any cybercriminal decided to use one of those apps as a gateway for malware.
Statistics show that the majority of people that don’t use cryptocurrency are uninformed about the industry as a whole. Perhaps, it isn’t enough to make crypto readily available on the phone. Instead, the better option may be to educate consumers first, or to have a crypto wallet that acts as a tutorial.