Adoption

Bitcoin Adoption May Be Happening Sooner Than Expected with the New Samsung Crypto Wallet

Today we’re going to look at the Samsung Galaxy S10’s Integrated Cryptocurrency Wallet.

Now according to Coinspeaker, there’s recently been a leak concerning the Samsung Galaxy S10’s Cryptocurrency Wallet. Last month, Samsung’s blockchain smartphone was reported to have filed many patents related to blockchain and cryptocurrency wallets. 

However, there was a lot of confusion as the company had refuted claims of offering a cryptocurrency cold wallet on its Galaxy S10 mobile. We’ve even covered this in a video earlier in December in 2018. While Samsung had denied these reports, their recent trademark applications suggested otherwise.

Although we don’t know too much about the Galaxy S10, Gregory Blake had leaked these images on Twitter, showing us that Samsung does indeed have a Blockchain KeyStore which is designed to securely and conveniently allow Samsung users to store their cryptocurrencies. It can apparently enable users to have full control over their private keys and cryptocurrency funds. Moreover, crypto users can also create new wallets from scratch and they can also import cryptocurrency tokens from their previous wallet.

 

The system, however, only works on blockchain networks with cryptocurrencies that Samsung is supporting. At this moment, it only lists Ethereum as the supported cryptocurrency. According to the SamMobile report, the Samsung blockchain wallet will also support Bitcoin Cash and Ethereum-derived token ERC-20 when it launches.

Now, there are a lot of questions concerning this leak. If the leak is true, then Samsung will be joining a number of other startups like SIRIN Labs and other phone manufacturers like HTC that are rolling out phones designed to support cryptocurrencies. Samsung is expected to confirm the feature at an event hosted on February 20, but unfortunately, they tend not to comment on rumors about their phones before they are officially announced.

While there’s a lot of speculation concerning the Samsung blockchain smartphone, for those who are interested in the specs, the screenshot from this source shows that the phone has a converted height to width ratio of 2283 pixels by 1080 pixels. The mobile device will also have two front-facing cameras. Coinspeaker noted that the Galaxy S10 features a 6.1 inch curved OLED display, an on-display fingerprint sensor, the Exynos 9820 processor (global), the Snapdragon 855 for North America, and either 128 GB or 512 GB of internal storage. The new smartphone is also expected to come in three different versions, ranging from the entry-level Galaxy S10 Lite to a high-end Galaxy S10 Plus. They will all varying size, specs, and price and will range from 700 pounds up to 1,400 pounds.

So what do you guys think of this?

I believe that if Samsung is creating a blockchain smartphone, it’s great further exposure and awareness for the cryptocurrency industry. Samsung is one of the largest smartphone manufacturers, and they bring with them a lot of credibility and industry experience. Furthermore, a mobile wallet is a really attractive option because it’s simple and convenient.

There are definitely mobile wallets that exist right now such as Electrum, Bitcoin Wallet, Jaxx, Coinomi Wallet, Airbitz, and Mycelium. While most of these wallets appear fairly simple for beginners especially Bitcoin Wallet, what Samsung brings with it, that these other companies don’t have is their reputation. Samsung is a very popular smartphone provider. I’d like to think that, with such a large company, they’d bring on board of a lot of expertise, experience, and they’ll instantly have a lot more trust from the general public. For many people who are very new to cryptocurrencies, they would be more inclined to store their tokens with Samsung’s Blockchain KeyStore, especially if it’s simple and integrated well into the phone. If Samsung enters into the world of blockchain and crypto, it will without a doubt have an impact on the industry, and will most likely help drive greater adoption.

There hasn’t been so much information released on the Samsung cryptocurrency wallet, so it’s hard for me to say whether the wallet will have strong and great security features that we’d like to see. CCN however, did recently report that Samsung Insights noted that a mobile phone is the most secure device to run a cryptocurrency wallet on because of the presence of a Trusted Execution Environment (TEE).

They mentioned here that unlike laptops, PCs or other devices, smartphones can operate independently of the memory and storage and therefore data stored in a trusted execution environment can’t be altered by an operating system. This is great because it eliminates any chances of having a security breach that could affect the data stored in the trusted environment.

In saying this, this is only in the event where Samsung creates a good mobile wallet. If there are bugs, and security issues, this could hit the cryptocurrency industry pretty hard. Samsung has had it tough here and there with their exploding phones in the past, so it’s a bit hard to tell what the situation will be like in this circumstance.

What are your thoughts on the situation guys?

With the leaked images, do you think there is a legitimate crypto wallet on the Samsung Galaxy S10?

And if there, do you think Samsung will do a good job at it?

Let me know what you guys think in the comments below.

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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.

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