“The future of cryptocurrencies in the African market, especially in online gaming and betting, looks promising”

Can you share your journey in the blockchain and cryptocurrency space and what led you to co-found Centbee?

My journey into the blockchain and cryptocurrency space started with a fascination for Bitcoin and its potential to be used as digital cash. Early on in 2011, I focused on practical applications of blockchain technology, such as pioneering blockchain payments for utility smart metering with my company, Bankymoon. This experience showed me the transformative power of blockchain in real-world scenarios.

Throughout my career, I have received many invitations to speak at global government, legal, corporate, and industry conferences, including TEDx, about blockchain and its transformative effects. These opportunities allowed me to share insights on the potential of blockchain technology and its applications in various sectors.

In 2017, I teamed up with Angus Brown to co-found Centbee. Our vision was to use Bitcoin SV (BSV) to create a mobile wallet that simplifies global money transfers and everyday transactions, making financial services more accessible and engaging for users worldwide. I believed that the idea of cryptocurrency had deviated from the inventor’s design, focusing too much on speculative investment rather than its use as digital cash. My goal was to build payment systems that leverage the low-cost transactional capabilities of Bitcoin.

How do you see the integration of blockchain technology transforming the iGaming industry in Africa?

Blockchain technology can revolutionise the iGaming industry in Africa by making transactions more secure, transparent, and efficient. It can build trust between players and operators by ensuring all transactions and game results are verifiable and cannot be altered. Additionally, the traceable and pseudonymous nature of Bitcoin makes Anti-Money Laundering (AML) systems more efficient, as it allows for better tracking of transactions and identification of suspicious activities. Blockchain can streamline payment processes, reduce costs associated with traditional methods, and provide instant payouts, enhancing the overall gaming experience for users.

What challenges do you foresee in implementing cryptocurrency payments within the African iGaming sector?

There are several challenges in implementing cryptocurrency payments in the African iGaming sector:

Navigating the diverse regulatory landscape across different countries can be complex.
Building trust among users who may be unfamiliar with or sceptical of digital currencies is crucial.
Technical implementation and knowledge is limited and fractured amongst different blockchain projects.
The fluctuating value of cryptocurrencies can be a concern for both operators and players.
The misunderstanding between different Bitcoin variants (BSV, BTC, BCH) and the broader crypto industry about the role of blockchain technology.

What role does regulatory compliance play in the adoption of cryptocurrencies in the iGaming industry or other industries?

Regulatory compliance is essential for the adoption of cryptocurrencies in any industry, including iGaming. Compliance ensures that businesses operate within legal frameworks, building trust with users and investors. In the iGaming industry, adhering to anti-money laundering (AML) and know-your-customer (KYC) regulations is vital to prevent fraud and illegal activities.

The original vision of Bitcoin, as devised by Satoshi Nakamoto, was to create a peer-to-peer electronic cash system that is traceable, governable, and low-cost. This aligns well with regulatory requirements because it allows for transparency and accountability in transactions.

By using the original version of Bitcoin, represented as BSV and not BTC, which adheres to this vision, businesses can enhance compliance with regulations, providing a secure and transparent method for conducting transactions. Unfortunately, the misunderstanding and misrepresentation of Bitcoin and blockchain by the broader crypto industry have tainted corporate and government understanding, making them reluctant to rush to permit or engage in blockchain technologies.

How can blockchain technology improve transparency and security in online gaming transactions?

Blockchain technology enhances transparency and security in online gaming transactions by providing an unchangeable ledger that records all transactions. This means all bets, payouts, and game results can be verified and cannot be tampered with, which builds trust among players.

Additionally, blockchain’s cryptographic security reduces the risk of hacking and fraud, making online gaming platforms safer. Smart contracts can automate and enforce the terms of bets and payouts, further enhancing trust and efficiency. Moreover, blockchain can offer provably fair gaming, ensuring that all games are fair and outcomes are not manipulated.

How do you envision the future of cryptocurrencies in the African market, particularly concerning online gaming and betting?

The future of cryptocurrencies in the African market, especially in online gaming and betting, looks promising. Cryptocurrencies can address many financial challenges on the continent by offering low-cost, secure, and instant transactions. As more people get access to smartphones and the internet, the adoption of cryptocurrencies in gaming is likely to grow.

It is crucial to understand the difference between the original digital cash system, as defined by its inventor, and the digital gold variants like BTC, as well as the countless copycat blockchains in the world. Without this understanding, the sector will proceed slowly and fail to bring value to billions of people around the world. With clearer and more supportive regulatory frameworks, integrating cryptocurrencies into mainstream gaming platforms will likely increase, making digital currencies a common payment method in the industry.