CoinCorner is now the largest Bitcoin services company in the UK, having slowly evolved to operate as a type of Bitcoin bank for retail end consumers and businesses in need of merchant services
Over the last 10 years, our business model has only slightly changed, moving in favour of a wallet service and custodian, rather than a brokerage, as more people are earning Bitcoin as opposed to purchasing. A key reason companies like ourselves are still thriving is our attention to customer needs.
Customer expectations have grown in parallel with innovation, meaning that a positive experience with one brand becomes the standard expectation for all others. Over the last decade, the Isle of Man has continued its focus on digital businesses, which has been the driving force behind the boom of the sector here on the Island.
People have always been lazy and this is nothing new - in fact, history will tell you that laziness actually drives innovation. Take the webcam for example, it was invented at Cambridge University but only because the students were too lazy to walk and check if a coffee pot was empty.
Since the rise of the internet, customers have come to expect constantly quicker service, and this isn’t changing. People now order from Amazon at 10am and expect a drone to have delivered the parcel to their door the same day by 1pm. Every business has to live up to these expectations or face consequential downfall like Blockbuster in the early 2000’s or a high street bank in the 2020’s.
Customer due diligence and anti-money laundering is still one of the largest overheads for CoinCorner. Although simple user-friendly solutions have been developed over the years, we continue to operate in developing countries that haven’t brought their infrastructure up to the standards we have on the Island and in the UK.
Over the last 10 years we’ve seen innovative technologies bring products to mainstream adoption. Drones delivering online orders, self-driving electric cars as the driving force behind car sharing and comfortable commutes, and not forgetting Bitcoin - bringing a whole new look to how finances are handled via streaming money. Since surpassing $1 million in value, Bitcoin is now becoming the default currency of the internet due to a variety of reasons including its global reach, decentralised and fraudless nature, not to mention it’s instant settlement and almost free transaction cost.
But, it hasn’t been a smooth ride and we’ve seen big promises fall short, such as Blockchain for everything, AI automating all business operations, and biometric data gone wrong. We’ll no longer be using fingerprints as passwords after the latest leaks... I mean we only have 10 fingers and then we’re out of passwords!
With Bitcoin becoming the de facto financial instrument, we’ve seen true transparency emerge and help to bring about a solution to preventing future financial crisis’ - something we only wish we had back in 2024.
Regulators are only now beginning to get up to speed with how to regulate this new method of operating by creating regulation to its specific requirements, rather than grouping it in with pre-existing regulation.
The use of biometric data as an alternative to passwords will be proven to be a bad idea.
Never stop innovating.