The idea of a Samsung and Bitcoin team-up has been heard before but it seems something will become a reality soon. The South Korean tech giant was recently reported to introduce a bitcoin app. As with related apps, it will be a wallet for your cryptocurrencies. Samsung is also planning on a blockchain phone, as well as, a cryptocurrency software. The company is said to have already applied for trademarks which means the product will be announced soon. Nothing is certain yet but we’re looking forward to the Samsung bitcoin app installed on a Samsung blockchain cryptocurrency phone.
The mysterious phone could be launched alongside Galaxy S10. There is a possibility it will be one of the variants but at this point, we’re only interested in the bitcoin app.
Early information tells us the cryptocurrency service or app will have two parts. One will be a cold wallet and another one a crypto wallet. The cold wallet will be for saving cryptocurrency, public, and private keys. This also allows signing private keys for those cryptocurrency transactions.
The crypto wallet is used for transfers, as well as, viewing one’s account information and transaction history.
The Samsung bitcoin app is expected to be very secure. Samsung devs can make the wallet app safe from hackers by ensuring the cold wallet is always kept offline. The app isn’t just for Bitcoin as other cryptocurrencies can also be used like Bitcoin Cash, ERC20, and Ethereum.
Samsung will not have access to the data and accounts that will be created with the app. They will be saved on the blockchain network with anonymity. It will be difficult to recover a password because if you need to, you will have to enter the standard 12 to 24-word phrase.