Sun, February 25, 2024

Samsung May Become One of the Biggest Drivers of Bitcoin

South Korean technology giant and Crypto

The South Korean technology giant Samsung may become of the biggest drivers of Bitcoin and crypto adoption.

The world-famous company is willing to develop the crypto industry. Moreover, it has the capacity to play an important role when it comes to crypto adoption.

Several days ago, Samsung unveiled its latest Galaxy smartphones S20, S20+, and S20 Ultra models. It is important to mention that in 2019, the company sold almost 300 million phones based on the data provided by Statista.

Crypto owners would have the opportunity to use the latest smartphones for various purposes. According to Samsung, the company created a secure processor dedicated to protecting the PIN, password, pattern as well as Blockchain Private Key.

In 2019, Samsung introduced the so-called Blockchain Keystore, initially with support for Ethereum and other ERC-20 tokens. Moreover, in August 2019, Samsung added Bitcoin support to its Blockchain Keystore. As a result, owners of Galaxy S10 and Note 10 models are able to store the private keys to the Bitcoin wallets on the device.

Samsung and crypto industrySamsung and crypto industry

It is worth mentioning that control over a wallet’s private keys is regarded as one of the most overlooked aspects of Bitcoin and cryptocurrencies. However, security must be the top priority for the crypto owners.

Moreover, if users would store a cryptocurrency on a smartphone-based wallet, users would be in charge of their private keys. As a result, it removes reliance on external exchanges.

Samsung, as well as a micro-blogging platform Twitter, could help the crypto industry to overcome the problems connected with crypto adoption.

Moreover, Bakkt, a New York Stock Exchange-owner backed Bitcoin and cryptocurrency venture, announced several months ago. A consumer app for cryptocurrency purchases will become available in 2020.

Coffee chain Starbucks will become its first launch customer. Starbucks was one of the original backers of the crypto project, along with Microsoft and Boston Consulting Group.

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