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Scotland is a country known for its kilts and bagpipes. It is also a place where like in many parts of the world, money is changing.

Enter Scotcoin, a cryptocurrency that offers Scots a door to the future of currency and an innovative way of purchasing goods and services.  Scotcoin is a cryptocurrency that offers an effective alternative to the pound Sterling.

Established in 2014 by Derek Nisbet, an Edinburgh-based venture capitalist, the aim is to provide the people of Scotland with an alternative cryptocurrency option, that can be utilized as an alternative medium of exchange.

The Scots have always been curious about cryptocurrencies. Over the years, numerous proposals to implement alternative forms of money have been proposed amid talk of the country one day separating from the United Kingdom.

Temple Melville, co-owner of the information technology consultancy Caldorosso, is the major holder of Scotcoin. He says that Scotcoin’s 2014 origins ensued from the desire to have a Scottish currency which could be used in the event that Scotland was ever cut off from the Pound Sterling

Arguably, the referendum was defeated because no credible plan was put forward for what the monetary or currency landscape would be, post (Scotland’s) Independence.  And in a bit of irony, Scottish National Party’s George Kerevan called on the government to begin experimenting with digital currencies, saying that it might help reduce Scotland’s reliance on the Pound.

Melville notes that while Scotcoin commenced with only about 500 holders, there are now over 3,500, with more stakeholders being added every day. He says that one of the biggest challenges currently in securing businesses and locations that accept digital currencies and Scotcoin in particular.

The role of the  Scotcoin Project is to inform, educate and facilitate the use of Scotcoin. Transactions with Scotcoin are fast, secure and cheap and are able to be used in the same way that one would use Pounds and the Pence. And of course, the underlying technology that powers Scotcoin is the Blockchain.

There are currently one billion Scotcoins in existence. To ensure its success, the Scotcoin Project is establishing a robust network of retailers across business sectors who are open to accepting the currency. There have also been several initiatives to ensure that the public is aware of and have access to the coin. And in a philanthropic move, Scots are able to earn Scotcoin for assisting with the project and by promoting Scotcoin value.

Paul Forrest, Chairman of Glasgow-based MBN Solutions, a leading recruitment advisory forum for a number of business sectors including Blockchain and other sectors, says that the uncertainty in the markets created by the newest United States presidency, together, with the likely impact of Brexit, combine to create an uncertain ride in the financial market.  “This has led to rising values of commodities like gold, despite the uncertainty. Bitcoin has followed suit.  And some expect Scotcoin to perform in the same way.”   

He goes on to note that there are many other issues at play here.  Notwithstanding is the desire by many Scotcoin enthusiasts to see Scotland embrace its own currency (hence the oft-quoted link between Scotcoin and independence). There are also issues relating to the partitioning of the national debt and the likely impact an independent currency would have on the cost of living, thus creating a minefield of uncertainty in terms of the proper direction of this cryptocurrency.  

Concludes Forrest: “Scotcoin is a not-for-profit and can reasonably be expected to explore its ins and outs ahead of mass adoption. It can then apply any lessons learned if the time comes for Scotland embrace its own mainstream alternative currency.”

 

Scotcoin Snapshot

Available on Shapshift: No

Launch Date: 2014

Market Cap: $1,317,780

Available Supply: 1,000,000,000

Consensus Algorithm: SHA-256 Proof of Work.

Scotcoin on CoinCap: http://coincap.io/SCOT

NEM Website: http://scotcoinproject.com/

NEM on Twitter: https://twitter.com/ScotcoinProject/