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Samsung Starts Accepting Cryptocurrencies

samsung

Litecoin started its campaign months ago that hoped to boost its adoption. Though there were small businesses that started accepting Litecoin, it’s clear that these efforts aren’t enough. And in fact, cryptocurrencies have a long way to go to be considered synonymous with money.

It’s a goal for different cryptocurrencies to be widely adopted. Though there are now Bitcoin ATMs and even some places where you can pay for services and products using cryptocurrencies, every prominent company that starts accepting cryptos builds the case for the entire industry. This time around, Samsung starts accepting cryptocurrencies.

Samsung announced that it is going to accept certain cryptocurrencies at least in three Baltic countries. It has been made possible by its partnership with the payment platform CopPay.

The three Baltic countries include Latvia, Estonia, and Lithuania. This information was first released on July 20th and shops will be located in Riga, Tallinn, Kaunas, and Vilnus.

Cryptocurrencies Accepted

The tech giant will be supporting a few cryptocurrencies for now. Bitcoin, Litecoin, Ripple, Ethereum, Dash, and Steem are the cryptocurrencies that are going to be accepted by Samsung at this point. What this will do is to give individuals the chance to make purchases without even using money. And Samsung is a prime example that other big companies can also follow as well when it comes to adopting new technologies.

More Countries To Be Added?

Though it first started in these first three countries, there is a chance that other countries will be added to the list in the near future. Samsung has already been in the news as well for its intention to be involved in the blockchain market. It has been reported that it is open towards developing ASIC miners in order to compete against Bitmain. Bitmain today is currently the most dominant company when it comes to mining.

Its partnership with CopPay is quite perfect for both. CopPay is also looking to expand its customers as well as the retail stores that it can partner with. And since they have sealed a deal with Samsung, this could mean that the company is going to get more popular.

Other Companies Accepting Crypto

Star Jets International and also CheapAir are just some other companies that have already started accepting cryptocurrencies today. Though many are still anticipating whether a company the size of Amazon is going to start adopting cryptocurrencies, there is hope that there are other companies that are going to follow the example of Samsung.

There are different issues why companies hesitate to accept cryptocurrencies. For one, there are a good number of cryptocurrencies. In addition to this, you have to deal with the reality that there are the huge price swings in the market. And it is due to this volatility that many companies fear accepting cryptos.

There is definitely progress within the crypto industry now. Regulators are working towards defining what cryptocurrencies are. In addition to this, it is also true that there are those countries that are slowly accepting the industry. And given these things, it could be a matter of time to see more prominent companies to accept cryptos as payment.

 

John Jayme

John is a crypto investor, enthusiast and copywriter. He is in charge of daily news and other emerging trends in blockchain technology.

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