Jon Matonis is e-money researcher, regular contributor to Forbes and Board Member of the Bitcoin Foundation.
He is speaker at the Gaming in Holland Conference on June 11 in Amsterdam.
1: Bitcoin for Dummies
Q: Can you explain in 2 sentences what Bitcoin is about?
A: Bitcoin is a 4-year-old peer-to-peer electronic cash system based on an open source cryptographic protocol. The processing of Bitcoin transactions is secured by servers called Bitcoin miners without the need for a central authority or third-party intermediaries.
Q: Is it true there is a lot of Bitcoin activity in Holland. Is eGaming a cause of that?
A: Netherlands is actually the 9th highest ranking country in terms of bitcoin node activity. That is mostly due to a strong interest in digital cash systems and the fact that some core developers are from Holland.
3: History of emoney in Holland
Q: Actually, David Chaum based DigiCash out of Amsterdam 15 years ago. How is Bitcoin different from Digicash?
A: Although Digicash is the closest real-life comparison, Bitcoin is different than Digicash in the fact that processing and protection from “double spending” is decentralized. Under Chaum’s Digicash system, the cash had to be sent to a central mint and re-issued to guarantee against double spends. It is believed that a decentralized architecture provides greater resiliency in the long term.
4: Q: How is Bitcoin very suitable for eGaming. And eGaming in regulated markets?
A: Bitcoin is ideally suited for eGaming because it embodies all of the properties of a real-life casino chip (immediacy, non-reversibility, bearer nature). Regulated eGaming markets will have to associate the payments with gamer identity so it may lose some its privacy and untraceability features.
Thank you Jon.