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Cryptocurrency

Samsung unveils Galaxy S10 Blockchain-Friendly Smartphone

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Samsung will market the Galaxy S10 a blockchain-friendly smartphone. To explain, the S10 will offer “blockchain-enabled mobile services” and cryptocurrency key storage, Cryptoslate claims.

To clarify, Samsung’s Galaxy S10 press release mentions storage for keys to “blockchain-enabled mobile services” as a security feature. In addition, the release describes a “next-level ecosystem” and a “next-generation processor.”

However, Samsung apparently designed and built the Galaxy S10 for cryptocurrency users and crypto-asset owners. For instance, the S10 features an ultrasonic fingerprint scanner and defense-grade Samsung Knox security.

Will Samsung’s blockchain-friendly smartphone put cryptocurrency wallets out of business?

Thus, the Galaxy S10 could function as both a smartphone and a cryptocurrency wallet. Therefore, I think Samsung could put cryptocurrency hardware wallet manufacturers like Ledger S.A. out of business.

In detail, all Ledger’s wallets do is store crypto assets and connect to the internet. If the Galaxy S10 does that there will be no need to spend money on a hardware wallet. Instead, crypto-geeks will upgrade to a Galaxy S10.

Under these circumstances, Samsung could foster mass adoption of crypto adoption with the Galaxy S10. Moreover, Samsung’s marketers could believe that a mass market for cryptocurrency or crypto assets is about to appear.

However, news stories and Samsung’s press release do not say if cryptocurrency will be integrated with the Samsung Pay digital wallet. Samsung Pay is a near-field communication (NFC) digital wallet and payment app similar to Apple Pay and Google Pay.

Does hyperinflation explain the appearance of Samsung’s blockchain-friendly smartphone?

My guess is that Samsung executives noticed the growing demand for cryptocurrencies in countries like Venezuela.

To explain, some Venezuelans keep their funds in cryptocurrency because altcoins are hard for government thugs to steal. In fact, Venezuelan economist Carlos Hernándezwrites Bitcoin (BTC) kept his family from going hungry, in a New York Times op-ed.

“I keep all of my money in Bitcoin,” Hernándezwrites. “Keeping it in bolívars would be financial suicide.” To clarify, the bolivar is Venezuela’s worthless national currency.

Altcoins like Bitcoin, Dash (DASH) and Ethereum (ETH) are increasingly popular in Venezuela because out of runaway hyperinflation. Under those circumstances demand for the Galaxy S10 could skyrocket in Venezuela.

For instance, a Venezuelan who flees to Colombia or the United States could keep all of her assets in cryptocurrency. Then store the keys for that cryptocurrency on Galaxy S10. Moreover, the refugee could easily send the cryptocurrency back to her family in Caracas.

Will Stablecoins drive the demand for Samsung’s “blockchain-friendly” smartphone?

Stablecoins like CarbonUSD (CUSD) could further increase the demand for blockchain- friendly smartphones.

Significantly, a stablecoin is a blockchain storage mechanism for fiat currencies like the US Dollar. In detail, stablecoins like the Dai (DAI) are cryptoassets that contain fiat currency. However, stablecoins trade on cryptocurrency exchanges just like Bitcoin.

In addition, conversion mechanisms could allow for instant conversion of stablecoins to fiat currencies. In fact, it is theoretically possible to create smartphone app that could instantly convert stablecoins like CarbonUSD into fiat currency.

Thus, it could be possible to spend stablecoins at the grocery store, vending machines, or the gas station through an app like Samsung Pay. Hence, a person could access his cryptocurrency any place he could get a smartphone signal. Notably, Dash, Pundi X, and Plutus Tap N’ Pay are testing cryptocurrency point of sale solutions.

Thus, blockchain-friendly smartphones like the Galaxy S10 could increase the demand for stablecoins. In particular, people from inflation-plagued countries like Venezuela could turn to stablecoins to keep their assets safe.

Cryptoassets are now legal in Hong Kong

The growing popularity of cryptoassets will also drive sales of the Galaxy S10. For example, Hong Kong’s Securities and Futures Commission (SFC) will regulate and license crypto trading.

Specifically, the SFC is allowing professional investors to invest in crypto, The South China Morning Postreports. In addition, the SFC is requiring special licenses for professional investors that put over 10% of their funds in crypto assets.

In addition, the SFC is creating a formal regulatory mechanism for crypto trading platforms called the “sandbox.” To explain, the sandbox is a closely-watched trading environment regulators can use to watch and research crypto.

Samsung (OTCMKTS: SSNLF) will build more blockchain friendly smartphones because traders will want to access their crypto all the time. Hence, they will need a device stores that stores crypto asset keys like the Galaxy S10.

Are  Cryptocurrency and Crypto-Assets going mainstream?

I think the appearance of the Galaxy S10 proves crypto is about to go mainstream.

Samsung has scheduled the Galaxy S10 for release in select markets on 8 March 2019. In addition, Samsung is taking pre-orders for the Galaxy S10 through its website. Samsung reports that the Galaxy S10 will start at $899.99 and be available in several colors.