The Biggest Problem of Cryptocurrencies Is Mistrust, Says FortuneJack CEO Boris Kiknadze

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by Andy Watson · 10 min read
The Biggest Problem of Cryptocurrencies Is Mistrust, Says FortuneJack CEO Boris Kiknadze
Photo: Coinspeaker

In this interview, Boris Kiknadze, the FortuneJack CEO, entrepreneur, philanthropist and crypto enthusiast, shares his opinion about the present and the future of crypto gambling and the blockchain industry in general.

The crypto industry is actively developing this days which ensures high chances for cryptocurrencies to replace fiat money one day. However, there is still a lot to be done in this direction. In the recent interview, the CEO of FortuneJack Boris Kiknadze has explained the common tendencies in this industry and told a lot about crypto gambling in general and their project in particular.

What is your professional background and how/when did you get into crypto?

I consider myself to be a crypto-entrepreneur and philanthropist. I’ve been around blockchain technology since taking the first steps in business. I’ve worked in various Non-Governmental Organisations, Private Companies, Government, Charity, and Startups.

I am a founder of numerous social enterprises in Georgia, such as Wehelp.ge, MusicPro, BeActive, and Soap for Hope. First, I got involved with fintech with pawwwn.com, the startup I co-founded, which was establishing innovative management systems for pawn shops and microfinance organizations, using smart-contract and blockchain technologies.

At this moment, as you’ve already guessed, I hold the position of CEO of FortuneJack Casino.

Tell us about why you decided to start FortuneJack?

FortuneJack is a company derived from the innovation, extensive knowledge, and experience accumulated throughout the years of operating in the gambling industry.

FortuneJack is a true pioneer of crypto gambling, founded in 2013 and operating from the times when only a minority of the worldwide population had any information about cryptocurrencies. We’ve always taken pride in ourselves for being the true crypto trailblazers, going to places no one has ever been before, and being the first in the game.

Although it was a real challenge to implement the widespread usage of crypto for gambling purposes, we achieved our goals brilliantly, and we continue to influence and promote the use of virtual currencies in everyday life. We believe that blockchain is the technology of the future; that is why we started FortuneJack – nobody wants to stay in the past.

Where is your team located and why did you choose that jurisdiction?

FortuneJack is a global brand, with people working for us all around the globe. But, the primal team and most of the management are located in Tbilisi, the Republic of Georgia, a beautiful sunny country in the East of Europe. For crypto enthusiasts, Georgia is famous for being one of the top 3 countries in the world when it comes to crypto mining and blockchain adoption.

Gambling is also insanely popular in this region, and people are well accustomed to the concept. So, compared to our fierce competition, we are a true underdog story. We managed to start small and reach the very top of the game thanks to our self-belief, determination, and incredible talent for our team. Today, FortuneJack is one of the biggest crypto-casinos in the world.

What are some of FortuneJack notable achievements or milestones?

First and foremost, we are proud to state that FortuneJack is one of the first crypto-casinos in the world. We harnessed the breakthrough technology in its infancy and managed to create something exceptional.

The next step to take was the expansion of payment options, and today FortuneJack boasts nine coin types on the website, with plans to add more.

As we speak, FortuneJack has lately hit the milestone of employing more than 2500 games on the website. Recently we’ve achieved another goal, with the implementation of our very own sportsbook. A service that allows players to bet coins on basically any sports game taking place on this planet.

FortuneJack is the avid supporter of Provably Fair games, and we consider it to be a considerable triumph, to witness the 47% increase of player participation in PF games on our website. We believe this shift towards Provably fair games to be a significant achievement because for traditional casino players, sometimes it’s not easy to figure out the Provably Fair system, which is heavily linked with blockchain, but we managed to educate our community.

Last, the least is the fact that we just closed out the year 2019 with an astonishing feat of officially recording 1,000,000 registered users on FortuneJack.com. Aside from the day of birth of our website, this is our biggest triumph yet.

What are the benefits of using FortuneJack as opposed to other crypto/bitcoin casino platforms?

FortuneJack is a shining example of the concept of crypto gambling. Being one of the first in the game has enabled us to gain experience like none other in the industry. Everything we do is the result of great mastery and expertise. We offer the most diverse selection of entertainment in the casino business. Our promotions and bonus systems are second to none, and we prove that every single week with something unique and intriguing being offered to our players. We offer the best odds and opportunities to win, and we are proud of our flawless reputation when it comes to trust and fairness.

FortuneJack is the epitome of crypto-startups. We believed in the potential of blockchain from the very beginning, and we maintain our vision that Cryptocurrencies are the future of not only gambling but the whole economy and business.

What can you tell us about FortuneJack’s product roadmap? What upcoming features are you most excited about rolling out?

At FortuneJack, the eternal plan is to keep growing, both innovatively and geographically. We are planning on a massive regional expansion, and we have our eyes set on reaching Turkish and Russian markets this year. FortuneJack is also slated to expand in other African and Asian markets so we can maximize our reach within the world.

Very soon, we’ll offer our players the rebranded and upgraded FortuneJack website. It’ll be stunningly designed and hopefully will sweep our loyal fanbase of their feet. We’re also planning on the production of more Provably Fair games. Our team is already producing in-house titles, and we’re planning on exponentially growing the number of our PF games by the end of 2020. FortuneJack will also be refurbishing its Loyalty program to fit all the criteria of our star players and most avid supporters.

For me, the thing I most look up to is our plan to promote social good. The team of FortuneJack will be participating in various philanthropic activities throughout the near future, remember I told you about how being a trailblazer is crucial for us and our ambitions? We are never going to stop exploring new ways.

What are the biggest challenges of building a crypto casino for crypto users?

Back in 2013, we had to get the gamblers accustomed to this new technology. Most people never even heard about such things as the cryptocurrencies. It was an alien concept, so you can say that our journey was quite challenging from the get-go.

Since currencies like Bitcoin are not yet entirely accepted by banks and governments, lots of countries have incredibly restrictive regulations. Some nations embrace the concepts of blockchain, and some are downright refusing to have anything to do with them.

One thing that damages the trust in coin-casinos is undoubtedly the extreme volatility of cryptocurrency prices. Currencies like Bitcoin sometimes fluctuate uncontrollably within the hours of the day. This instability causes lots of gambling enthusiasts to turn their backs on blockchain solutions.

Probably the most challenging aspect of the operation of a successful crypto casino is the maintenance of a good reputation. Because of the reasons and arguments I already stated above, crypto-casino has to be extremely exceptional in terms of fairness and should maintain a flawless relationship with both crypto and gambling communities. But, as we are on the market for over seven years now and you are interviewing me, I think we did quite a good job in that.

What other projects and/or blockchain developments are you most excited about?

Considering the crypto-gambling industry, I’m personally most excited about the advancements of provably fair technology. Hopefully, more casinos will embrace this breakthrough concept to eliminate any possibilities of fraud. I believe that PF games are the future and the tool to expand the reach of bitcoin casinos all around the world.

I’m a big supporter of clean and affordable energy, and blockchain is the technology that enables total implementations, especially in impoverished countries. Companies such as: “The Sun Exchange” and “Brooklyn Microgrid” are the bright examples of incredible blockchain startups. Also, I’m incredibly hopeful that more healthcare companies will adopt the mentioned tools. People will be able to gain affordable care, with companies like CoverUs that enable patients to profit from sharing their medical data and, in return, afford more healthcare.

I’m also incredibly excited to see the upcoming developments of TRON and NEO coins in 2020 and beyond.

Do you have any blockchain and/or crypto predictions for 2020 and beyond?

I believe that most of the world is now somewhat familiar with the concept of blockchain and cryptocurrencies. Many can see the potential of this new technology, and more companies are building themselves around these concepts.

I believe this new decade will bring us increased adoption and utilization of virtual coins, and all the major industries will soon be switching their full attention to the innovative nature of blockchain.

Tokenization should quickly become mainstream, and that’s why it’s important to keep observing the market consistently. As time goes by, I believe that the perception of the majority towards cryptocurrencies will change, and virtual money will genuinely start to overtake the fiat currencies. Banks and governments might not be holding all the power within their reach considerably soon.

What are the biggest obstacles for mainstream adoption of crypto?

The biggest obstacle and problem of cryptocurrencies has always been the mistrust of the general population. It’s straightforward to understand. People have been living with physical currencies throughout history, and it’s tough to change the habit that spans across the centuries. New technology always takes time to adapt and considering how many detractors blockchain has, I believe that it’s still progressing at an amazingly fast pace. Once the trust of people is finally gained, there will be nothing that can stop crypto-revolution.

How will your company fare if there is not another crypto bull run in the next decade?

I don’t see it happening anywhere shortly, but it’s always important to be ready for anything in life. Our company is exceptionally stable and robust, and immensely few external factors can affect our work. On the contrary, as mentioned before, I believe that we’ll only witness increased adoption of crypto in all the industries. We have been around for quite a while, so we have seen a lot of ups and downs of crypto and still managed to be on top of the game. We were, are, and always will be ready for any surprises in the future.

What is your most controversial opinion relating to blockchain and/or cryptocurrency?

I’m an avid enthusiast of blockchain, and my opinion might be biased. Still, I believe that very shortly cryptocurrencies will make cash completely redundant, in terms of replacing them even in the most vigorous rooted banking societies of the world. We’ll have to wait and see if my prediction comes to life.

Altcoin News, Big Data News, Bitcoin News, Blockchain News, Cryptocurrency news
Andy Watson
Author Andy Watson

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