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Samsung Galaxy S10: Cryptocurrency and Blockchain Phones in the market

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The leaked Samsung Galaxy S10 was first reported by Samsung news outlet Sammobile that appear to show the rumored Samsung blockchain key store cryptocurrency wallet app running on the new Samsung Galaxy S10. The current claims are that it is going to be supporting bitcoin, bitcoin cash, and ethereum.

source: sammobile.com

source: sammobile.com

source: sammobile.com

 

 

Samsung is actually the most important player in the smartphone market, currently controlling a little more than 20% of the global phone market. Including a native wallet in the latest Samsung Galaxy S10 is really cool but we cannot expect this to make an overnight bull run happen. Just this phone coming to the market insn’t going to make bitcoin explode. For a lot of people who aren’t into bitcoin and who don’t know anything about cryptocurrencies may not actually get into that application until maybe a couple of years down the line but again we need these steps in order to get to a big scale global adoption. What Samsung’s offering could be super powerful because it is the biggest market for a smartphone. Just having those wallets is going to be amazing. If that Ethereum wallet can interface easily with Ethereum based Dapps, it would be quite awesome.

 

Other cryptocurrency phones in the market:

Cirin Labs Finney:

An expensive phone which is probably only made for the die-hard cryptocurrency enthusiasts. The cost of the device is around $1000. The phone is based on Android and the software provides a few benefits like integrated cold storage wallet, secured exchanged access, encrypted communications, peer to peer resource sharing and transactions on the Sirin Labs network. The Dapp store is focused on interchain operability allowing compatibility with applications from Ethereum, EOS, NEO and other platforms. But right now, we don’t see it grow big. Right now the Cirin Labs Finney is really based on people who are big-time enthusiasts of blockchain.

 

Pundi XPhone:

Pundi XPhone is another no-name brand in a super competitive market. At a very high price, the company is really going to struggle to sell the Pundi XPhone to people unless the people who are die-hard crypto enthusiasts. The Pundi XPhone is more than just a wallet. Every phone is a node on the network optionally bypassing centralized telecom operators. There are data packets and connectivity which are organized in a distributed peer to peer manner. Things like peer to peer file sharing will happen over the function X blockchain. The phone has a good focus on Dapp compatibility with Ethereum, EOS, NEO and others. It’s quite a good phone but at the current time and situation, it is made only for the die-hard cryptocurrency and blockchain enthusiasts. But when we see Samsung do something similar such as the upcoming Samsung Galaxy S10 and there is nothing stopping them from doing that it will make it very hard for phones like PundiX to compete.

 

HTC Exodus 1:

HTC is a name that a lot of people recognize but currently, they have almost no portion of the global phone market. So they are an irrelevant player when it comes down to it. Basically, the HTC Exodus 1 is providing a secure mobile environment for blockchain transactions and wallets by introducing a safe encrypted digital space separate from the main operating system. With the integration of HTC’s Zion Wallet, the phone will serve as a hardware wallet. A great marketing effort by HTC, a lot of people did talk about this but this isn’t anything different from what Samsung is offering in the Samsung Galaxy S10 right now. So most probably HTC is not going take the market by storm because they are not a popular smartphone anyway while Samsung is already a popular smartphone.

If people are looking for something really cutting-edge in terms of technology and something new, they are going to go with the Finney or the XPhone from PundiX because even though they are niche products but there are people who are going to appreciate that niche product. They are going to struggle to compete with the big boys like Samsung’s Galaxy S10 and maybe Apple in future but it is not to say that they are not going to sell their phones.

 

Huawei’s Bitcoin Wallet:

Huawei added a bitcoin wallet to its app store which has got a lot of people excited. Huawei controls 15% of the global smartphone market but it is just a bitcoin wallet in the app store and Samsung is still bigger. If Samsung goes big on blockchain enabled phones such as Samsung Galaxy S10 and they can provide easy use of Dapps then it’s going to put some serious pressure on any of the above-mentioned competitors.

Samsung made a filing just after Christmas with the UK intellectual property office. The name of the trademark was the Samsung Crypto Wallet. So the rumors and the leaked images are almost what is certainly happening with the Samsung Galaxy S10. Samsung is going to do the unpacking announcement of the Samsung Galaxy S10 on 20th February and the handset will go on sale on 8th March. It is going to be pretty cool to have a native inbuilt wallet on a popular brand of phone and adoption could be really big here if people use it.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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#Bitcoin

Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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