Casino enthusiasts will no longer have to fear another Mt. Gox implosion because a Hong Kong-based exchange is changing the landscape of online cryptocurrency trading by introducing extreme transparency within its system.
Became publicly available on July 2, Coinport is a new exchange that uniquely offers transparency mechanisms, which include executable proof-of-reserve tests available to its own customers using data that refreshes every 30 minutes. It also has its matching engine open-sourced on GitHub, and all its data, except for user privacy, are made available for browsing and downloading.
Founder Daniel Wang cited the recent fiasco with Mt. Gox, which was the largest Bitcoin exchange then, and emphasized the importance of the customers’ faith as reasons for his implementation of the extreme transparency measures.
“When I look at the existing Chinese exchanges, they are very big right now, their transactions are maybe over 10,000 BTC in China, but I doubt the numbers are true,” he said. “They have a common problem, the problem is about trust.”
Wang added that a smooth performance on a daily business is necessary, but a solid system that is fail proof is more preferred in the event a problem or something unfortunate occurs one day, just like what happened to Mt. Gox.
With Coinport’s trading services now available, Bitcoin casino players can experience trust and transparency when they buy and sell Bitcoin on this platform, together with four altcoins—namely, Litecoin, Dogecoin, Blackcoin, and Darkcoin—which are all already making significant presence in the Bitcoin casino sector.
The transparent services of this new exchange are open to clients from all parts of the globe, and are expected to generate more interest in Bitcoin, especially in the region.
Wang believes that China will begin to embrace Bitcoin as soon as the developing countries like the US, UK, and Canada deem the virtual currency as legal property and currency.
Meanwhile, the same can be expected for the Bitcoin casino industry in Asia as more potential users will start to trust the digital currencies via Coinport’s transparency. In fact, the addition of this new exchange will further strengthen the trading capabilities of existing worldwide users who also enjoy placing bets on the variety of provably fair Bitcoin games online without having to worry about their invested bitcoins vanishing into thin air.