Is Samsung Going to be the Bitcoin and Cryptocurrency Adoption Savior? Here’s the Latest
The crypto world rejoiced this week when the official press release for the new Samsung Galaxy S10 was released.
Besides the usual announcements of screen size and pixel quality, it was also announced that the device can store private crypto keys.
“Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services,” the announcement said.
With Samsung, being one of the top mobile device makers in the world, this was a huge deal and great sign for future crypto adoption in the mobile device world.
Besides the obvious, there are a number of ways through which Samsung is spearheading the adoption of crypto.
A New Hope
First, this new announced couldn't have come at a better time. We are currently in the middle of a crypto winter and this sign of progress will serve as a form of encouragement that the industry needs right now.
Also, the addition of a crypto key wallet will introduce crypto to those who do not know about it. Despite the progress made in the last few years, a large portion of the population doesn’t yet know about cryptocurrency and having wallet key storage featured on a Samsung device will help spread the word.
Also, one needs to keep in mind the sheer number of wallets that will now exist. Samsung’s last phone, the S9, sold about 30 million units worldwide and was considered a low seller. In comparison, the number of crypto wallets that exist worldwide is about 32 million. By launching a wallet, Samsung would likely double the number of crypto wallets that exist almost instantly.
There is also the matter of convenience. The storing of wallet keys, while important, needs to be made easier for users on the go. This is why CoinBase recently announced that they would be allowing cloud storage of private keys and passphrases. Samsung is doing the same by allowing wallet keys to be saved on something as easily accessible as a phone.
Forcing the Market Hand
Perhaps the biggest advantage of this new development at Samsung is the industry precedent that this will set. Samsung is a leader in the mobile phone industry and is in a bitter rivalry with Apple.
When one brings out a new feature, the other invariably makes sure their next release has similar features to avoid losing market share. For likely than not, Apple and other phone makers will begin adding wallet key storage to their next phones and once Samsung does add a mobile wallet and other crypto features, a wave of adoption will be felt around the world.