Samsung started supporting Bitcoin and other cryptocurrencies on their phones on the Galaxy S10 in 2019. The built-in Samsung Blockchain wallet allows users to manage and exchange various digital currencies, not just Bitcoin-Ethereum, ERC token, Tron, and TRC token are compatible with Galaxy phones. But Samsung plans to double the use of cryptocurrencies this year and supports hardware wallets like Ledger Nano S and Ledger Nano X. Considering the years of cryptocurrency to date, and this is not a surprising decision.
Bitcoin and Ethereum both rose to all-time highs, and most other digital currencies followed suit, many of which have reached all-time highs. Other blockchain-related phenomena, such as the growing popularity of decentralized financial applications, the involvement of NFT and various institutions, have also supported the development of Bitcoin and cryptocurrencies this year. All of this has spurred people’s enthusiasm for cryptocurrencies and increased demand from retail investors, who can immediately conduct encrypted transactions via mobile phones.
Hardware wallets like the Ledger model above provide additional security for storing cryptocurrencies, and Samsung wants users to manage their cold wallets from their Galaxy devices.
Samsung announced Tuesday that a software update would allow users to access and process transactions on their Galaxy phones by importing virtual assets stored in a cold hardware wallet into Samsung’s blockchain wallet.
As long as you are running Android 9.0 or higher, most Galaxy phones support this feature.
Samsung states that availability may vary by models and conditions. Some phones may not be equipped with Samsung Blockchain Keystore but can still be used with hardware wallets by physically connecting to them; visit this link to check compatibility.
As shown in the image above, cryptocurrency hardware wallets like the Ledger Nano models look like USB sticks. They can be connected to a computer during encrypted transactions, allowing users to safely store their coins on the device instead of keeping them on exchanges or online wallets. Hardware wallets make it impossible for hackers to steal digital currencies because they need physical access to the devices. Even if they get physical access, they must know the device password to unlock it.
Samsung phones have built-in security to protect encrypted transactions. It’s all part of Samsung’s Knox security platform, which has been the primary function of the Galaxy flagship store for many years. Samsung explained: “The private keys that are used for cryptocurrencies and DApps are encrypted and stored in an isolated area of the main operating system, which is Samsung’s blockchain Keystore.” providing the PIN or fingerprint of the asset owner. ”
Users interested in managing their encrypted assets on Galaxy devices and exchanging Bitcoin and other supported currencies on their Galaxy phones should also check out the Samsung blockchain page.