It seems now confirmed. Samsung S10 will have a built in crypto wallet! On february 20 the large mobile devices company revealed that its new device will have a crypto wallet built in. This will mean that the new users of this new smartphone model will have the possibility to store and send cryptocurrencies since phone unboxing.
We all know that everyone, even now, can easily install wallet apps on the smartphone and therefore getting the same goal. But this news is important because of mass adoption. This is a step ahead for the market of crypto currencies and for their massive adoption. So this is very encouraging and important news.
Obviously is to understand clearly if this kind of wallet system will be secure and safe for the user. The Samsung company, infact, says that this is the ideal way to store and spend coins in ordinary transactions and for small expenses but not for long term holding. Everybody know that the best way for long time holding is a cold wallet with keys in hardware wallet for example. With private keys we must be very very careful.
This wallet (from Samsung) stores private keys inside the device. But the company says that the keys are (or cloud be) stored/backupped inside the personal Samsung account. This would make you able (they say) to recover funds in case of change of mobile or lost. But if this means, as probably means, that the company may access to your keys, this is not a very good news for people who wants to have exclusive access to their private keys. In any case this kind of wallet must be used as day-by-day expenses and transactions and not at all for holding long term coins, in our opinion.
In addition, this new series of build-in cryptocurrencies wallets dont pose a threat to hardware wallet as for example ledger or trezor, being these the most secure way for storing values for long term holding in a cold fashion.