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Meet Up Q&A

Wednesday’s Meet-Up hosted at University of Strathclyde’s Business School had some really interesting questions from the crowd, so we wanted to share them:

 

  • What is the blockchain?
When people talk about “the blockchain” they are usually referring to the most famous blockchain’s Bitcoin’s blockchain. But blockchains can exist for all sorts of other purposes, and essentially it’s a distributed ledger to store information which is verified by consensus.
  • How do you value Scotcoin?

Scotcoin is valued on the price that people are willing to pay – just like any other traditional currency like UK£ or US$. People bid on prices and currencies go up and down in value. Scotcoin is listed on various worldwide exchanges, but the easiest way to get hold of Scotcoin is buying via our Exchange.

 

  • Why would people use digital currency as opposed to normal currency?

Traditional banking takes 3 days to clear and relies on manual checking by a third party (i.e. a bank) whereas digital currency is validated automatically within minutes on the Bitcoin blockchain so fraud is immediately obvious and there are low handling costs. Transaction fees are around 80p per transaction, whereas credit/debit card fees are often a percentage of the total purchase.

 

  • What’s your vision for how BTC and other digital currencies will be able to increase the speed of transactions to compete with regular credit cards?

Currently, the blockchain can only process a maximum of 12 transactions a second, whereas credit card processors can do up to 70,000 per second – so we have some work to do to increase the efficiency of the Bitcoin blockchain.

 

  • How do you see the upcoming hard fork in Bitcoin affecting you?

It won’t, we will go with majority consensus.

Important notice for Scotcoin holders with Bittrex accounts

IMPORTANT NOTICE FOR SCOTCOIN HOLDERS WITH BITTREX ACCOUNTS.

As from 18 March 2017 it has no longer been possible to trade Scotcoin on the Bittrex exchange.

We understand that holders of Scotcoin with balances on Bittrex have a maximum of 14 days to transfer their balances to their Counterparty wallet. We have spoken to Bittrex and it is unclear what happens after 14 days but The Scotcoin Project will be pleased to assist any Scotcoin holder with their transfer should they require it. This notice affects less than 2% of our user base.

Bittrex determines which currencies to list on its exchange and is influenced by the volume of transaction fees associated with the currency. Currencies which attract excessive speculation also attract excessive trading volumes and commissions.  The Scotcoin Project does not wish to be associated with such exchanges, currencies and speculators. We are currently working on our own crypto currency exchange and we hope to be in a position to make an announcement in the coming months.

Holders who are unsure of what action to take should seek professional advice.