Cryptocurrencies have been a divisive topic of conversation since they first began with the creation of Bitcoin in 2009. What started as an experiment has turned into a worldwide phenomenon that has changed the financial and FinTech worlds.
There are still a couple of industry experts that refuse to accept that Bitcoin and other cryptocurrencies are making a dent in the financial industry, but we expect them to change their mind any day now.
Goldman Sachs introduced a team dedicated solely to cryptocurrencies last year, and that marked the beginning of a new era. Big companies and small businesses have begun to accept cryptocurrencies as a way to ride the popularity that crypto has been experiencing.
Microsoft, Tesla, Expedia, Dish, Gyft, KFC, and many other worldwide corporations have already joined the cryptocurrency club. As of last week there is another huge corporation that joined the latter and began to accept cryptocurrencies as payment.
Samsung has begun accepting cryptocurrency in three Baltic states. They will accept payments with crypto coins like Bitcoin using the online platform Cop Pay. The announcement was made July 20 and it marked an important milestone for Samsung and Crypto altogether.
Through the platform Samsung will accept seven different types of cryptocurrencies, BTC (bitcoin), ETH, DASH, NEM, STEEM, XRP and LTC. This can all be used at payment in Samsung stores located in Tallinn, Riga, Vilnius, and Kaunas.
These cities located in the Baltic countries of Estonia, Latvia and Lithuania will be the first ones to accept cryptocurrencies to buy smartphones, tablets, laptops, televisions and much more with cryptocurrencies.
Samsung also stated the company will began to accept payments with cryptocurrencies in their online store as well. This positions Samsung as one of the biggest companies worldwide to accept Bitcoin.
Partnering with Cop Pay is a major key if they wish to gain traction in the virtual currency game as the online presence that Cop Pay has is massive. Cop Pay operates in various countries in Europe including the Baltic countries and Portugal.
Even though they did not express it concretely, if the adoption of cryptocurrencies in the Baltic countries previously mentioned is a success, expect Samsung to implement the use of payments with crypto in other countries around the globe.
This is not the first foot Samsung has placed in the crypto world. Last January the company announced that they will be researching and investing in the cryptocurrency mining industry creating chips for this purpose.
The demand for Bitcoin mining and other cryptocurrency mining attracted the South Korea based corporation as a way to compete with other tech giants and began to reap the benefits involved with crypto.
Because of their involvement with the creation of chips used for cryptocurrency mining, Samsung announced that they experienced a 58% in profits just on the first trimester. Unlike some US firms, Samsung predicts mining demand will remain strong.
Besides investing in creating chips for mining Bitcoin and other cryptocurrencies, Samsung is using another aspect unique to cryptocurrencies. Samsung has started using blockchain technology as a means to facilitate international shipping and manage worldwide assets.
Blockchain technology has been accepted by more corporations than Bitcoin as its practicality and function is matched by no other company. Walmart has also started to use Blockchain to have a better control on its international shipping.
Samsung estimates that by using Blockchain technology it will save millions of dollars each year. The only thing that Samsung is missing to fully immerse itself in the world of crypto is to begin accepting them in North America.
One of the things that makes Bitcoin so unique is that you don’t require grand amounts of money to be a part of the community. Small businesses can do all of the things that Samsung has just began doing.
This is a great way for small businesses to gain steam in today’s hyper competitive market. Samsung is already doing a great job in experimenting with Bitcoin and if other huge corporations don’t follow their examples they will be eaten by small businesses, rightfully so.
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