From its sleek, futuristic design to its class-leading set of cameras, the Samsung Galaxy S10 is arguably one of the best smartphones of the year. There are many impressive new features that make the S10 a compelling buy, including the ultrasonic fingerprint sensor, hole-punch display, massive storage options, and wireless PowerShare functionality.

One of the most unique and remarkable features of Samsung’s latest flagship device is the fact that it ships with a built-in cryptocurrency wallet. Rumors were already circulating about the inclusion of this feature prior to the phone’s release and when it was announced in March 2019, Samsung delivered.bitcoin-cryptocurrencyBut what exactly does it mean for a smartphone to have a built-in cryptocurrency wallet? Let’s take a look at how it works and what makes it such an achievement.

Features

Aside from support for most Ether and Ethereum (ETH) based currencies, the S10’s crypto wallet also ships with four decentralized apps. This includes a merchant payment service called CoinDuck and a crypto collectibles app known as Crypto Kitties. There are also two popular crypto-based services called Enjin and Cosmee.

Enjin is a gaming platform that works as a digital currency for gamers. It was founded in South Korea and is said to have gained support for contactless cryptocurrency payments. Finally, there’s Cosmee, a decentralized app (Dapp) that lets users earn cryptocurrency rewards for writing reviews on beauty products.

In order to get the wallet on your S10, you’ll have to download it from the Samsung Galaxy Store. For now, only users in Germany, South Korea, and the U.S.A. are able to use the wallet. Samsung said that they will eventually expand the feature to 130 countries worldwide.

The S10’s wallet currently doesn’t support Bitcoin – but Samsung plans to change this in the future. The main reasoning for this is that limiting support to just Ethereum means there’s a lower risk of bugs or security flaws in the software.

Competitors

Samsung isn’t the only company to have launched a smartphone with blockchain-related capabilities. HTC has their Exodus phone, which can only be bought with cryptocurrency and has similar features to the S10. There’s also the Finney phone from Sirin Labs, which features a dual-screen design and a rather hefty $1000 price tag.

How it Works

After downloading the app from the Galaxy Store, you’ll be prompted to either import an existing wallet or create a new one. If you opt for the latter option, you’ll be asked to create a 6-digit PIN and confirm a 12-word seed (recovery) phrase. After this is done, you’ll be asked to repeat three of those words to confirm you have it stored securely.

Once this is complete, you can start exchanging tokens. There isn’t much support for market prices and coin information, so you’ll have to obtain this elsewhere. Coins.live offers a solid crypto tracker for many coins, allowing you to stay up to date with what’s happening in the crypto market.

The Future of Crypto and Smartphones

With companies as large as Samsung banking on crypto in smartphones, it’s worth questioning whether there’s a future for this technology. Aside from HTC and Sirin’s take on the concept, crypto company PundiX is set to release their XPhone sometime in 2019 with similar capabilities.

If crypto is to hold its position in the financial market, it would make sense to include an efficient and secure means of accessing and storing it on our smartphones. With Apple’s flagship smartphone for 2019 still in the works, it’s exciting to see whether they’ll include a similar feature, as other phone makers will inevitably follow suit if they do.

It’s evident that Samsung has invested a significant amount of resources into making this feature happen. That said, only time will tell whether their efforts pay off.