The idea of having Bitcoin or any Cryptocurrency for that matter come as part of a standard package on your brand-new smartphone, may seem foreign to you at the moment. However, Huawei has plans to roll out its very own Bitcoin wallet BTC.com as a standard offering in their Applications library.
The Purpose Behind Adoption Of BTC.Com
The president of the Huawei group, Alejandro de la Torre stated that the main motivation of this decision for the organization was the clear need within the burgeoning Chinese economy for cashless payments. At the current moment, cashless payments in China are growing, at present a niche has grown within the markets for Cryptocurrency payments to become. This is especially true given the current evidence of preference within the consumer market to pay via apps.
BTC.com is the very first digital-currency offering that has been made available by Huawei; this new set of apps will only be made available on the Honor and more current models of the Huawei. Older models will have the updated app collection synced to their devices at a later stage.
Potential Issues With The Model
Huawei has reported that the main area of impact for the BTC.com offering will be had within the Chinese consumer market, as in China Huawei holds the lions share of the mobile phone market. Yet, there are a couple of possible roadblocks in that the Chinese government has banned access to applications and categories on the Google Play Store and the iTunes Store. Therefore, there could be issues with consumers being able to download the BTC.com application or for them to encourage their friends to download the application as well.
The Chinese authorities have also banned Initial Coin Offerings and other Cryptocurrency products;
However, there is not currently a ban on citizens having individual Cryptocurrency coins for their own private ownership. Huawei has partnered with Bitmain Technologies – the creator of the BTC.com application, Bitmain technologies is normally well known for creating applications that assist in the pursuit of mining Cryptocurrencies, as well as being one of the main players within the mining of Cryptocurrency offerings.
The BTC.com wallet will be offering both bitcoin cash and bitcoin options for users; which Huawei hopes will entice Cryptocurrency shy individuals to the market. Another hope is that through the use of the BTC.com wallet, Huawei will be able to cement its popularity within Europe that it has been steadily growing over the past couple of years.
This most recent announcement from Huawei was stated just shortly after Huawei had informed the media that they would soon be releasing technologies that would assist in providing technical aid to applications that are managed through Blockchain technology. Huawei is currently working to become the market leader for the adoption of Blockchain technology within smartphones and therefore, hopefully, gain mass approval and adoption of the technology in a multitude of spheres.
Huawei is partnering with Sirin Labs to achieve their current goals, in the meantime, Sirin Labs has also announced that they are currently working towards producing the very first Blockchain managed smartphone which is due to be launched towards the end of 2018.