According to its most ardent supporters, cryptocurrencies have been on the brink of heralding in a new age of financial freedom since their inception a decade ago. Unfortunately, despite cryptocurrencies slowly gaining acceptance around the world, they still haven’t quite delivered on the promises that have been made.
The main problem is convincing people that they need cryptocurrencies. There was a time when this technology would have been revolutionary. But with NFC-enabled phones and mobile banking, where is there for cryptocurrencies to go? There’s not much to entice the average person into the world of cryptocurrencies and so mainstream success has remained elusive.
Of all the tentative steps that have been taken towards encouraging mainstream adoption of cryptocurrency, none has been as exciting as Samsung’s announcement that it will introduce a cryptocurrency wallet for its Galaxy phones. This was initially slated as a launch feature but is yet to materialize. However, it could potentially be game-changing for the cryptocurrency.
Samsung has confirmed that the wallet exists and have shown it on the Korean Galaxy Store. However, the wallet is not yet visible on the US or UK Galaxy Store, but the Galaxy Store, Samsung’s own curated alternative to the Google Play Store, does offer the popular Enjinn wallet for download. Enjinn supports just about every major token out there, in addition to allowing the user to add custom tokens. On the other hand, the impending Samsung Blockchain wallet only supports Ethereum and other ERC20-based tokens.
Having a cryptocurrency wallet available natively on the Galaxy S10 from release day would have been ideal. However, Samsung’s move could still have a dramatic impact on crypto’s ability to break into the mainstream.
Vote of Confidence
First of all, Samsung would be providing a ringing endorsement of the technology. The company is known for being innovative, and their services have improved dramatically over the last few Galaxy generations. A vote of confidence from Samsung would mean a huge amount for the market.
Including a wallet natively on smartphones instantly removes one of the biggest obstacles between a normal person and cryptocurrency. Opening bank accounts are something that we only do once in a blue moon. Most people who might be interested in cryptocurrencies are put off by the thought of having to set a wallet up.
Managing a cryptocurrency wallet is much easier than people realize, all you need to do is copy and paste wallet addresses – or scan QR codes. Including a wallet as standard on smartphones will demystify the technology and lead to more people giving it a go.
Including a native Samsung wallet app potentially opens up the possibility of using an app to pay for services on your phone in a similar way to PayPal or Google Pay. If Samsung begins accepting cryptocurrency payments on their app store, that would be a good start in encouraging more people to download and use the wallet when it’s released.
In the future, this could be used to give the Galaxy Store its own identity, making it more than a curated version of Google Play. Whether app developers would be attracted by blockchain/cryptocurrency integration remains to be seen, but it is potentially a very smart play from Samsung. Make sure you find yourself a good crypto news site to keep up with the latest developments and ensure you are ready to download the wallet on release day.
Samsung has refined its mobile approach over the years and the latest Galaxy flagships offer a superb experience. Samsung’s decision to implement a native blockchain wallet on their phones has created considerable buzz. It is disappointing that Samsung missed the launch date with its killer feature.
Remember, both Bixby and the on-screen fingerprint reader were delayed and missed their scheduled releases. Let’s just hope this isn’t another Bixby. A slow lurch to something passable will not be nearly as impactful as the launch of a refined product with a clear path for future crypto integration.