Project Update: May 2018

Beta testers required

Beta testers required to test our brand new blockchain – we’re looking for regular internet users, no special skills required.  The idea is to get as many people as possible testing the system for glitches, snafus and anything which is confusing…  Then report back!

Whilst the testing will be done in a virtual sandbox with no real money being exchanged, we’re happy to pay you in Scotcoin for your time and input.

Beta testers

Potentially those residing further from the test servers may experience longer transaction times, so we would like to measure this.

Please wait...

 

Happy World Bitcoin Pizza Day!

Back on May 22nd, 2010,  an extremely fortunate pizza vendor sold two pizzas, for 10,000 Bitcoins. Nowadays, those 10,000 Bitcoins are worth $34,500,000! 

Ten thousand coins were then worth about $40 (£30). A British user agreed to buy the pizza for this pizza-munching developer, and even at the time the buyer got a good deal out of it: The Brit paid only $25 (£19) for the two pizzas to be delivered to the developer.

From then on, Bitcoin users worldwide have celebrated on this day – so we have a little challenge for you… Your challenge is to swap your Scotcoin for something unusual today and tell us all about it – a beer? a bike? chocolate?

We want to know – leave your comments below… And you too, could go down in internet history!

florida cryptocurrency

Bitcoin starts to become mainstream – we’ve won!

florida cryptocurrencyThe news is that Seminole County tax collector Joel Greenberg will use Bitpay to accept tax payments in cryptocurrencies.

This represents a tipping point in the financial world unlike anything that has ever been seen. Greenberg says he wants to make his customer ‘s experience “faster, smarter and more efficient” and to bring government services “ out of the 18th Century into the 21st.”

He also said it would reduce identity fraud and increase the transparency and accuracy of payments.

Seminole is the first government agency to accept crypto, although Arizona and Georgia have both proposed laws to enable acceptance.

If what Greenberg says is true (and it is) then using Cryptos rather than fiat for these sort of payment makes absolute sense. It makes one wonder why it has taken so long for someone to break ranks and take the plunge.

It looks as though bitpay will do the necessary KYC checks and effectively sanitize the payments. This was always going to have to happen and all those who said otherwise were living in cloud cuckoo land.  We at Scotcoin – as we continually say – embraced the certainty of KYC and AML requirements long ago.

In case you haven’t heard it, William Gladstone, on seeing Michael Farraday’s electricity experiment, asked, “ But after all what use is it?”

Farraday smiled grimly: “ Why, sir, there is every probability that you will soon be able to tax it!”

And so it will prove….

“Designed to be not transparent” Really?

William Suberg , in CoinTelegraph, has reported an interview on CNBC.

In it, he quotes Bank of America (BoA) as reiterating its decision to stop customers buying Bitcoin with its credit cards. The bank’s official called cryptocurrency “troubling,” according to CNBC.

BoA’s CTO Kathy Bessant described cryptocurrencies as “troubling” and as being  “designed to be not transparent” and thus hinder banks’ attempts to catch “bad guys.”

“As a payment system, I think it’s troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort, in fact [it’s] designed to be not transparent,” she told the program.

For Bessant, cryptocurrencies still represent the opposite of financial transparency.

“The way we sort of quote-unquote “catch bad guys” is by being transparent in the financial moment of money. Cryptos is the antithesis of that,” she added.

So there you have it. The Banks don’t like cryptocurrency because (as above in bold) there isn’t the transparency between sender and receiver. And guess what, if you know that, you can tax them.

We at Scotcoin have long said that Crypto and digital currencies would become regulated. That is what we have been working on for over two years and despite everyone telling us they “couldn’t” be and “wouldn’t” be, we now find ourselves at the very cutting edge of where this world is.

You can see in our other posts how much better we are going to be than Bitcoin. We look forward with confidence to this Brave New World.