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    Samsung’s Efforts to Keep Pace with Crypto Revolution

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    Last updated: April 23rd, 2019 at 15:07 UTC+02:00

    Many consider Bitcoin to be digital gold, with this modern gold rush motivating major tech firms to adapt to the new paradigm. Samsung is one such technology megalith taking the crypto plunge.

    gold vs bitcoin
    Source: IG

    The most important example of Samsung's crypto interest is the Samsung Galaxy S10's Crypto Wallet. The Wallet will support Ethereum and a number of ERC20 tokens right out of the gate. Surprisingly, users will have to wait on Bitcoin support, though it's unthinkable to believe that BTC will be forever excluded.

    Included with the Crypto Wallet are gateways for CryptoKitties and CryptoDuck. The former is the wildly popular cartoon cat trading game that emerged in 2017. Players can create unique cartoon cats, which are then traded for cryptocurrency. Values of greater than $100k have been recorded for the rarest cats. CryptoDuck is a payment application, which makes it much easier for users of tokens like Ethereum to actually spend their crypto on stuff. If you're unfamiliar with this, there are IG Markets trading courses for Android available so you can learn about cryptocurrencies and forex, as well as how to trade in these markets.

     Why Does Samsung Think Cryptocurrency is here to stay?

    Source: IG

    So, what has motivated Samsung to jump on board with cryptocurrency (though not yet in Australia)?

    One of the best reasons is that Samsung is an international company. Creating applications on which international currencies can be used on their devices makes it all the more possible that the Samsung device in a user's pocket will become the center of their digital life.

    Users in America have countless options for spending dollars, and they're certainly not limited to apps available on Samsung devices. However, no other phone has a Crypto Wallet straight out of the box. No matter where in the world a Samsung user lives, they'll be able to transact via Ethereum with any other person or entity elsewhere in the world.

    Another reason that Samsung is choosing crypto is simply because crypto is hot. Samsung is always looking for ways to distinguish itself from Apple and other mobile competitors. By courting cryptocurrency users, Samsung wishes to distinguish itself as a company with its finger on the pulse of modern digital life, especially since all of Apple's crypto wallets are third party. Samsung “gets it”, they would like us to believe.

    Samsung is also betting big on crypto because crypto is huge in South Korea, where Samsung is based. Of course, one might have hoped that Samsung would have partnered with a South Korean public blockchain, like ICON, but of course this is possible in the future. Samsung's addition of a crypto wallet speaks to mainstream adoption in SK, and this couldn't be better news for the crypto-buying public in the rest of the world. A major consumer exporter, what goes big in South Korea stands a good chance of being adopted by other international consumer economies.

    We can only hope that Samsung's move to add crypto functionality to their new flagship phone line will be imitated by other major consumer tech companies. Imagine the ripples that would travel through the market if Apple added a Bitcoin wallet to the next iPhone. A few years ago, that would have seemed like a fantasy. Today, it seems a whole lot closer to reality.

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