Samsung is Emerging as a Major Bitcoin, Cryptocurrency and Blockchain Player

Known as the creator of the Galaxy smartphone range, the South Korean technology giant Samsung is slowly becoming the major player in the crypto industry. And it is expected that it might become one of the biggest drivers for the adoption of bitcoin, blockchain, and cryptocurrency as it is accelerating their adoption rate.

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The power of bitcoin, cryptocurrency, and blockchain technology is constantly coming into the hands of people with the help of Samsung while the bitcoin investors and traders are focusing on the upcoming halving event.

According to the data from Statista, The South Korean technology giant currently has a 19% global smartphone sales ratio and it sold almost 300 million smartphones last year. It has now disclosed its latest Galaxy smartphone range with its new flagships the S20, S20+, and S20 Ultra models.

These latest smartphones are 5G enabled and have been built on the Galaxy S10 ranges. Galaxy S10 has the ability to boost bitcoin adoption. While announcing the new S20 Galaxy phones, Samsung posted on its website and said:

“We created a secure processor dedicated to protecting your PIN, password, pattern, and Blockchain Private Key. Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private.”

Samsung’s Blockchain KeyStore

Last year the Samsung’s Blockchain Keystore was released that initially had support for Ethereum and ERC-20. However, in the month of August, the support for the world’s leading asset bitcoin was also added.

The Samsung Blockchain KeyStore is basically a secure and convenient place for cryptocurrency. People who are currently using Samsung devices with its Blockchain KeyStore have this advantage to store their private keys to their crypto and bitcoin wallets on their devices.

The most important aspect of Bitcoin and cryptocurrency is to have control over the private keys of wallets because there are several crypto exchanges hacks occurring and as a result, people cannot store their coins into the wallets. Therefore, it is necessary to have control over the private keys.

If users have stored their coins on a smartphone-based wallet then they get the complete control over their private keys and therefore, they less rely on the crypto exchanges.

Michael Ellis

Author: Michael Ellis

Michael is an avid cryptocurrency enthusiast and writer. He is the main writer for Cryptocoin Stock Exchange.

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