Samsung is quietly becoming a major player in Bitcoin, Crypto and Blockchain

Samsung is developing Blockchain based on Ethereum

Samsung - South Korea's technology giant and the creator of the Galaxy smartphone line, could soon become one of the biggest drivers of accepting Bitcoin (BTC), cryptocurrencies and Blockchain.

While Bitcoin traders and investors are focusing on the upcoming halving event, a potential U.S. crackdown on Bitcoin, and massive cryptocurrency trading volumes, Samsung is giving the power of Bitcoin, Cryptocurrency and blockchain are in the hands of everyone.

Last week, Samsung - the company accounted for 19% of global smartphone sales and last year sold nearly 300 million phones according to data from Statista, announced its latest Galaxy smartphone line with S20, S20 + and S20 Ultra.

These new 5G-enabled smartphones are built on the Galaxy S10 - support for Bitcoin, cryptocurrencies and blockchain, which was revealed last year and boasts a built-in Bitcoin and cryptocurrency wallet.

"We have created a secure processor dedicated to securing PINs, passwords, patterns and private key blockchains," Samsung wrote on its website, announcing the new Galaxy S20 phone. “Combined with the Knox platform, security is transmitted to every part of the phone, from hardware to software. Therefore, private data remains private. "

Samsung's so-called Blockchain Keystore was introduced last year, initially with support for Ethereum and ERC-20 tokens, and then also added Bitcoin in August.

Owners of smartphones that support Samsung's Blockchain Keystore can store private keys into their Bitcoin wallets and cryptocurrencies on the device.

Controlling the private keys of cryptocurrency wallets is often referred to as one of the most overlooked and important steps of Bitcoin and cryptocurrencies, with many of the biggest cryptocurrency exchange hacks. happens because people don't store their tokens in their wallets, but they hold private keys.

If Bitcoin and cryptocurrency are stored on smartphone wallets that allow users to control private keys, then that will eliminate the dependence on external exchanges.

Acceptance of Bitcoin and cryptocurrencies has not met expectations in recent years, with some predicting that cryptocurrencies will be widely used by 2020 after Bitcoin's massive price hike in 2017.

However, the development of technology and user experience from companies like Samsung and the major social networking platform Twitter can help the Bitcoin and cryptocurrency industry be driven in adoption.

Meanwhile, Apple iPhone maker has been keeping an eye on the space when one of its executives said last year that it was "monitoring" the cryptocurrency, however, Tim Cook - CEO of Apple, later denied expectations that it could follow Facebook to create its own cryptocurrency.

Elsewhere, a closely watched Bitcoin adoption development is coming very fast.

Bakkt - a Bitcoin futures trading platform owned by Intercontinental Exchange (ICE), announced in October last year that it plans to launch a consumer application to buy cryptocurrencies by 2020.

The famous American coffee brand Starbucks will be their first launch partner, and the company is also one of the original backers of the cryptocurrency project, along with software giant Microsoft and Xi. Boston Consulting Group.

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According to Forbes
Translated by ToiYeuBitcoin


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