Samsung unveiled its newest flagship phones, Galaxy S10 and Galaxy S10+, earlier this month. For the crypto community, Samsung’s latest offerings are extremely significant as the company has integrated a crypto wallet in the phones that supports ether (ETH) and ethereum-based ERC20 tokens, although the support for world’s leading cryptocurrency bitcoin (BTC) has not been added. With this move, Samsung might have taken a lead on Apple but there are some red alerts for the company in this step that might make it too dangerous and risky for the brand.
Samsung has taken the leap of faith and has decided to provide support for the volatile and uncertain world of cryptos. This move has placed Samsung ahead of Apple in the smartphone race and the move is also pretty significant for the crypto world as well. The traditional financial market often dismisses cryptos as nothing of much value but Samusung’s move will help cryptos stay in the market for the long run. With this move, Samsung has given its loyal users across the world access to cryptos.
The crypto world is maturing at a rapid pace. It is being used in a number of industries and more being added every day but the crypto business is a risky one owing to lack of regulation. Cryptos are handling trillions of dollars over the internet with many potential loopholes. Scams are prevalent and many investors have lost significant investments owing to fraudulent activities. Cryptos are the favorite mode of transaction for the underbelly of the internet: dark web where those involved in illegal activities can get
With Samsung providing support for cryptos, it is only natural to question the personal security of the users
and their usage of cryptos. However, Samsung has taken steps to ensure user security and legal usage of cryptos. The company has made its crypto wallet cold storage, meaning it is not connected to the internet. This makes it somewhat secure than the hot wallets that are connected to the internet. SIM-swap attacks are one of the most dangerous attacks when it comes to hot wallets. The founder of Morgan Creek Digital, Jason Anthony Williams, fell victim to this attack and lost a large amount of money in cryptos. As he stated while talking to BlockPublisher:
“I had no access to my email because after they SIM swapped my phone, they were able to change all of my email passwords and most of us have combinations of hot wallets, exchanges that we domicile our crypto on.”
Overall, the crypto world is pretty nascent. There is a lot to learn but the good thing is it is developing rapidly. If Apple decides to join the crypto world as well, a huge user base from across the world will get exposed to cryptos. This will help make crypto adoption more mainstream.