Sizzling Stats Surface for Bitcoin Hardware Wallet Industry Reaching $500 Million in Next 5 Years
In the last 5 years, the market for crypto hardware wallets has grown by over 300% and this is just the beginning, claims a recent report by market research store Research and Markets.
Hardware wallets are the physical devices that store private keys for cryptocurrencies offline in an encrypted device. Private keys in these wallets are required while spending cryptocurrencies, and the wallets enable traders to store the keys safely while protecting the information.
Investments in cryptocurrency increased from USD 18 billion in January 2017 to more than USD 800 billion in January 2018. With this rise in investments, people started saving their cryptocurrency from an exchange with their own private keys. With more than 250,000 bitcoin transactions taking place every day, on average, hardware wallets are anticipated to become essential to provide security to the holdings.
The report says:
“The hardware wallet market was valued at USD 128.69 million in 2018 and is expected to reach USD 495.9 million by 2024 at a CAGR of 24.93% over the forecast period (2019 – 2024).”
Hardware Wallet In S10?
Samsung denies rumors that the S10 contained a baked-in hardware wallet. Well, the wallet definitely exists. It’s just missing a few features you might expect of a crypto wallet. Specifically, it doesn’t support bitcoin — only ether and ERC20 tokens — which would be akin to your broker at Charles Schwab or Fidelity telling you that your 401(k) lets you invest in silver, copper and other metals but not gold.
The wallet comes with innate support for ether, TrueUSD, Basic Attention Token, Augur’s REP, Chainlink, the Paxos Standard, Maker, USD Coin, BNB and ZRX, among others. You can also add a “custom token” like you can for other Ethereum wallet services such as MyCrypto and MyEtherWallet.
NFC In Hardware Wallets
By utilizing NFC, payment is allowed even if either the payee or payer is not connected to the Internet, depending on the type of payment request. This design is especially useful for tourists who are not willing to pay high roaming fees or are at places where the Internet reception is unreliable or not present at all.
The report adds:
“Similar to Apple, BitPay added NFC support to its PoS (Point of Sale) software, allowing users to pay a bill with the aid of the Android wallet with only a single tap, in 2015. However, in the case of BitPay, NFC is a mere way to transmit the data traditionally provided by a QR-Code, containing the amount, payment address, and a transaction memo. The Android app does not transmit a complete Bitcoin transaction over NFC.”