The ‘Bitcoin Island’
Isle of Man – having the informal status of ‘Bitcoin Island’ – is a self-governing dependency of the British Crown. The curious fact about this place is that it has replaced the usual cash with such virtual currencies as Bitcoin and its forks. Pretty soon it has become a hotbed for online cryptocurrency gambling. As of today, the online casino market is monitored by the Gambling Supervision Commission (GSC), which makes bitcoin gambling safe for users. As for the Isle of Man, it’s going to reinforce its gambling sector with the blockchain technology intending to boost its digital and FinTech operations. Just a reminder – blockchain is a decentralized database or ledger that encompasses a network of electronics and keeps the records of all cryptocurrency transactions on open access.
Such a gesture of the Bitcoin Island’s government incarnates the undertaken technological advancements leading to the economic growth. According to Brian Donegan from the Government Department of Economic Development, blockchain will be adopted on a pilot basis. He admits that this technology is not fully developed, but this fact nowise decreases its value. In addition to that, the CEO of start-up Credits, Nick Williamson, is positive about the Bitcoin Island’s adoption and further maintenance of blockchain.
How can gambling companies benefit from the blockchain technology? Well, it lets them find out how much profit is gained from each player. Online casinos all over the Web massively suggest using Bitcoins to bet, deposit, and withdraw funds. Such venues include BitStarz, Fortune Jack, and Betchain. Also, by means of blockchain, the casinos are likely to prevent fraud and eliminate heist thanks to the fairness of each transaction. Andre Wilsenach from the Alderney Gambling Control Commission is convinced that the blockchain ledger system will ensure easier access to information.
Another important detail is that no one is able to alter the records within this ledger. It’s crucial for online gamblers to know that they play fair games. Blockchain is the very technology that ensures the stability and fairness of cryptocurrency games. You never know what is really happening on the other side of your computer screen and how the online casinos determine winners and losers. Thanks to the blockchain, the owners of bitcoin casinos are able to guarantee their players that the game results are unknown. Moreover, blockchain is supposed to ensure the provision of timely and relevant details on a company’s performance. In terms of payments, they are conducted on a person-to-person basis with no intermediaries. Backed by this fact, players are more likely to trust the operators.
ICE 2017: Recap
ICE 2017 by ICE Totally Gambling took place last February at ExCel London. As reported by Jasmine Solana, the cryptocurrency field experts such as Eddy Travia, Matthew Warner, Adam Vaziri, and Patricia Lalanda Ordonez discussed the evolution of blockchain and the role it plays for the gambling industry. It was stated that not only had blockchain affected the gambling sector, its technology also found its echo the banking and insurance sectors.
Speaking about the business sector, the major advantage of blockchain is its ability to shift stocks and currencies without anyone’s intervention. Moreover, the blockchain transactions are lightning-fast and cheaper than the regular banking and e-currency operations. Because blockchain does not need any intermediaries, the lion’s share of hypothetically paid fees will not leave original holders’ wallets.
Summarizing the aforementioned facts, Isle of Man is currently tending to become the blockchain heart of Europe. Despite being utilized in Europe before, the technology of blockchain will surely enhance its positions in the gambling sector.