Let’s get down to brass tacks – if such things exist anymore.
If you want to buy something, you have to PAY for it. If you have to send the money to someone either you have to pay for that “ send” or the seller has to pay for the “receive.” Credit card fees, Moneygram, Western Union, Paypal and on and on, they all cost somebody money. How much? I actually have no idea as there are so many remitters charging so much money that it is actually impossible to calculate.
We see Scotcoin not just as giving an advantage to Scots and Scottish SMEs but crucially as an international trading tool for Scots, for Europe, for the world.
Simply the overseas workers worldwide sent more than $600 BILLION home in 2016. That’s not businesses – that’s individuals. Fees vary enormously, but in terms of fees it’s unlikely to be less than 2.5% overall. World trade in FAKE products is estimated at $500 BILLION a year, and at a very rough guess (although there are supposed to be reliable statistics) around $2 trillion a year is sent across borders. So let’s have a nice round $3 trillion.
2.5% of that is $75 BILLION. I have no idea how many transactions that represents, but lets say 1billion. That means each transaction cost is $75 on average.
Now just suppose you could drop that to $2 per transaction. You’d save a total of $73 billion a year. SAVE $73 BILLION a year.
So what are we at Scotcoin doing about it?
We see Scotcoin not just as giving an advantage to Scots and Scottish SMEs but crucially as an international trading tool for Scots, for Europe, for the world. We use SCOT as a brand name, not necessarily as a “restrictor”. Scotland has always been at the forefront of financial innovation and expertise, and today is no different.
Scotcoin is for Scotland but it’s for Europe too. And America, the Far East and all points North South East and West.