Samsung is the second largest maker of mobile phones in the world after Apple: It sold 300 million cellphones last year — which is good enough for a 19% market share.
And the company just decided to enter the cryptos world now by putting a cryptocurrency icon on the default page of its newest phones, samsung S20.
The 5G enabled smartphone S20 will be released on March 8 with a pre- installed cryptocurrency wallet, called BLOCKCHAIN KEYSTONE.
Not only will you be able to buy Bitcoin and other cryptocurrencies with a few finger taps, you will be able to securely store the private keys to crypto wallets on your mobile phone.
Samsung wrote an announcement for their new phones, saying:
"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."
Initially, users will be able to buy/sell 33 different cryptocurrencies, including Bitcoin and Ethereum.
Personally, i don't think this new crypto feature will materially impact samsung's market share... BUT , I do think it will dramatically impact the price of cryptocurrencies!!
Well think about it before making the mistake of underestimating the impact of pre-loaded crypto wallets, because this will probably jump start the fortunes of cryptocurrencies, very much like the fortune of Google when Apple added its search bar to iPhones.
The whole point is that the new Samsung S20 series is going to make it so easy, I expect crypto participation rates to skyrocket. And more investors means higher crypto prices.
so in the end, i can just ask myself this: if Apple decides to make a similar move.. then can you imagine what fortunes will crypto holders make ?? only time and patience can answer that.