While Bitcoin has been embraced by millions of enthusiasts around the world, it’s a little known fact that about 927 people own the majority of Bitcoins in circulation today. But since the cryptocurrency is pseudoanonymous, it’s quite hard to tell who these people are and where they’re from. Though Bitcoin use is now increasing thanks to more online shops and some brick-and-mortar store accepting the use of the digital currency, there’s not a place in the world that has yet to claim itself as the world’s Bitcoin capital, but this may change Jersey can fulfill its ambition of becoming the “Bitcoin Isle”.

Robbie Andrews, co-founder of bit.coin.je, an organization formed to promote and campaign for the currency, aims to make Jersey the first Bitcoin Isle by offering services that would will help people better understand what Bitcoin is and how it can help grow their business.

“At the moment there is a big push for a digital industry in Jersey to grow and if you asked any technologist what is the one technology that fits between technology and finance, it would be a crypto-currency like Bitcoin,” Andrews stated.

Andrews’ dream of turning Jersey into the world’s first Bitcoin Isle is supported by Treasury Minister Senator Philip Ozouf, who believes the island posesses the available infrastructure and digital expertise to turn this dream into reality.

“[This] is a sector that could hold significant opportunities for Jersey. Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field. Innovation will be central to Jersey’s future prosperity. We are keen to support local businesses by helping to create a well-regulated and responsive environment for investment in the sector,” Ozouf said.

Bitcoin is good business

The Tiffin tearoom on St Helier’s waterfront already accepts Bitcoin payments, and owner Giles Day is reaping the benefits of doing so. Day told the BBC that Bitcoin allows him to process transactions securely and get paid faster than with credit card payments.

“It is fast, reliable and a very secure payment method. It is the way of the future. It is what the digital and finance industry will be using and those two industries are key to Jersey.

“With a credit card, we get charged and it takes a while to get the money. We get Bitcoins into our account straight away, without any charges,” Days explained.

The ultimate goal for Bitcoin in Jersey is to make people see how it can change people’s way of life. Andrews believe that Bitcoin has the potential to change financial transactions as dramatically as how email changed the way we communicate with others, especially those who live in other countries. He envisions that one day, people will be able to pull out their phones to pay for bus fare, buy the paper, pay for meals, clothes and every other necessity.

The Bitcoin wall

Though Andrews’ vision is commendable, the biggest obstacle lying in its path is the government, and its unquenchable need to control and regulate everything.

Governments and financial institutions are concerned about the decentralized nature of Bitcoin, allowing it to operate without a single entity controlling it. The pseudoanonymity offered by Bitcoin also doesn’t sit well with officials either, as it can be easily used for money laundering, funding terrorism, or the acquisition of illegal goods on the Internet.

Existing laws on currencies do not apply to Bitcoin as the cryptocurrency is not considered to be a real currency. Andrews believes that there is a need to make new legislation specific to Bitcoin or other digital currencies if the government wants to capitalize on it. The only problem with laws being created for digital currencies is that it may lead to the centralization of Bitcoin, a clear violation of its core principle.

photo credit: © Ahmed Amir via photopin cc