Since the advent of Bitcoin and numerous other Altcoins, not many have believed that these cryptocurrencies could actually one day replace the fiat. The reason behind people not opting to put their belief in these currencies are more than a few. The lack of regulatory framework, the number of scams and fraudulent schemes in the crypto space and lack of general knowledge about these cryptocurrencies have been the main reasons why crypto is nowhere near to getting adopted by the masses on a large. A mass adoption can be brought about by creating applications which encourage the use of cryptocurrencies. Such has been the effort made by Samsung, to embed a Bitcoin Wallet within its newest smartphone, the leaked images have indicated.
The leaked images of the latest Samsung Smartphone Galaxy S10, all set to be released in the early weeks of march this year, have hinted that it will be incorporating a Samsung Blockchain Keystore cryptocurrency wallet app in the brand new smartphone. The Blockchain keystore is secure platform for the users to store their cryptocurrencies. The application also provide the feature to the users through which they can easily switch to this wallet from their pre existing one or create a new one. It will also grant users control over their keys, pretty much in the same way Apple pay and Google pay do.
The Samsung Blockchain Keystore will provide support for Ethereum (ETH), as it is mentioned, but it was also reported that bitcoin, ethereum-derived ERC20 tokens and bitcoin cash will also be supported through the application. If the goal of this application is to enable masses to start using crypto in daily life, the wallet should be more inclusive of the existing top tokens with the possibility of adding more. Keeping in view the fact that Samsung Smartphone are wildly popular, the inclusion of this wallet into the phones, can expose millions of users to cryptocurrencies.
The lack of knowledge about use of cryptocurrencies has been a major hurdle in the way of mass adoption of cryptocurrencies. This kind of exposure among the masses can actually catapult Bitcoin and various other cryptocurrencies into mainstream adoption. The factors that have been holding it back, unfortunately, are more than just lack of knowledge on a global scale.
The hype of cryptocurrencies grew in the end of 2017, when the value of Bitcoin, rose close to $20,000. The high price, attracted many investors and Bitcoin made the spotlight along with many other cryptocurrencies. However, since then the market has been abysmal. The value has since the been dropping, the market even bearish now, more than ever which has turned away the people trying to make a profit. There have been more than a few ups and downs, nevertheless the charts have been volatile and unstable. Such instability makes cryptocurrencies an unattractive financial or investment tool. Hence, the reluctance of adopting crypto to make financial transaction in place of the fiat currencies.
All that being said, the inclusion of crypto wallet in Samsung smart phones and other commonly used devices and platforms such as facebook and whatsapp can realistically act as a catalyst for mainstream crypto adoption. In addition major trading corporations such as amazon should also incorporate the feature which allows buyers to make payments in Bitcoin and other cryptocurrencies.
Bitcoin may have lost its value, and many investors have bailed out due to the bear market, but the thing to kept in mind is that cryptocurrency were probably never meant to be an investment tool, rather they were to be a more secure and transparent way of carrying out transactions and make payments. Its mass adoption will only become more certain if the general population actually learn about the advantages it offers over fiat, so it might be that major platforms enabling cryptocurrencies payments can actually restore the actual purpose it was meant to serve.