Harnessing the Power of 5G: Accelerating Crypto Adoption on Smartphones

Many individuals, businesses, and institutions have already adopted cryptocurrencies by accepting and using them as a means of payment, store of value, or investment.

However, the faster speeds of 5G networks can accelerate crypto adoption worldwide by helping cryptocurrency users connect to networks in seconds, powering faster and decentralised digital money transfers.

A cryptophone is a device with blockchain technology that combines a smartphone’s standard features with support for crypto, the metaverse and decentralised applications.

A cryptophone can allow users to store private keys securely, mine crypto, participate in the metaverse or run blockchain network nodes. They also offer a variety of features that make it easier for users to store and use their cryptocurrencies.

Here is everything you need to know about 5G, cryptocurrency and what businesses have already adopted it.

What is 5G?

Cellular providers began bringing 5G - the fifth-generation technology for broadband cellular networks - into effective action in 2019. It is the successor to the 4G networks, which currently provide connectivity to most smartphones. 

5G networks, like its predecessors, are cellular networks in which the service area is divided into small geographical areas. Radio waves connect all 5G wireless devices in a cell to the Internet and telephone network. 

The new networks have higher download speeds and higher bandwidth to deliver faster speeds than 4G, which can improve the quality of Internet services in crowded areas. Due to the increased bandwidth, 5G networks are expected to be used as general internet service providers, competing with cable internet.

In March 2019, the Global Mobile Suppliers Association (GSA) identified 19 vendors, who among them had confirmed the forthcoming of 33 different 5G devices. By October of that year, the number of announced 5G devices had risen to 129 from 56 vendors.

On March 4, 2019, the first-ever all-5G smartphone Samsung Galaxy S10 5G was released. On March 19, 2020, HMD Global announced the Nokia 8.3 5G, which it claimed had a wider range of 5G compatibility than any other phone released at the time. 

Many other phones released since 2019 support 5G, including the iPhone 12 and all later Apple models, and the Google Pixel 5 and 4a 5G. 

As of 2023, Huawei has the most significant market share of 5G equipment and has built around 70% of 5G base stations worldwide.

What is Cryptocurrency?

Cryptocurrency, also known as crypto, is a digital currency used as an alternative payment method or an investment. Cryptocurrencies allow people to buy, sell or trade securely without a central authority, such as a government or bank.

Cryptocurrencies are supported by blockchain, a technology which keeps track of who owns what. Blockchains prevent people from making copies of their holdings and attempting to spend it twice, addressing a problem faced by previous efforts to create digital currencies.

Individual units of cryptocurrencies can be referred to as coins or tokens, depending on how they are used. Here are eight cryptocurrencies:

• ● Bitcoin: The first, most valuable and most well-known cryptocurrency.
• ● Litecoin: An adaptation of Bitcoin intended to make payments more manageable.
• ● Ethereum: Used to carry out financial transactions more complex than those supported by Bitcoin.
• ● Cardano: A competitor to Ethereum.
• ● Solana: Another competitor to Ethereum that emphasises speed and cost-effectiveness.
• ● Dogecoin: It started as a joke but is now considered both the first ‘meme coin’ and the first’ dog coin’.
• ● Shiba Inu: Another dog coin but with more complex mechanics than Dogecoin.
• ● Stablecoins: A class of cryptocurrencies, including Tether and USDC, whose values are designed to stay stable with assets such as the dollar.

What Businesses have Adopted Crypto?

Since 2014, both Microsoft and Twitch have accepted many forms of cryptocurrencies (including Bitcoin, Ethereum and Dogecoin) to buy products from their respective online stores.

In 2019, Rakuten services like Rakuten Travel and Rakuten Mobile began accepting Bitcoin, Bitcoin Cash and Dogecoin. You can also load cryptocurrency onto your Rakuten wallet, on your smartphone, for use at participating retailers.

Tesla owners have been able to pay for select items on the automotive company’s online shop using Dogecoin since 2021. Starbucks began accepting Bitcoin and Ethereum for any drinks, food or items in the store that same year.

Also, in 2021, Time Magazine began allowing people to pay their subscriptions using Bitcoin.

5G networks are set to power the future of decentralised transactions as money can be transferred to the above companies, any others that accept crypto and individuals, in a safe and timely manner.