Pennies to Pounds

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In case you are a hermit (and even hermits have mobile phones a la Sue Perkins) and haven’t heard, Bitcoin is closing in on $20,000 or around £14,600.

If you’ve been actually following what’s going on, you may have come across a strange phenomenon. If you put in a very low transaction fee to send Bitcoin or crypto currency, after a while you discover a) it hasn’t gone and b) there is no trace of it ever having existed. It’s been mysteriously disappeared.

This is clearly because the transaction numbers keep going up – at last count over $27 BILLION a day – but also because the mem pool where transactions awaiting confirmation are stored keeps growing as well. The miners have decided, it would appear, that they don’t intend to work for pennies (as the ethos and basis of micro transactions at the outset would have you believe). They will now only work for pounds and quite a few at that. From empirical evidence you need to put a fee in of around $8 to get a transaction even INTO the mem pool. After all .0005BTC is now worth at least $9.50, and that will only get you to the back of the queue. Want it down in the next 10 minutes? You can pay as much as $30. And yes, I have actually seen a transaction where the required fee was more than $30 – that’s £23 plus.

The same applies to other crypto transactions. That is why we at Scotcoin are going to our own permissioned blockchain. Quicker, faster, cheaper.

It’s also why we are going to be putting up our exchange price very shortly. Not only is the transaction fee burgeoning but so is the Bitcoin price, making us cheaper and cheaper relatively speaking as each day goes by.

Don’t forget, existing holders of Scotcoin will be well treated when we move to our own permissioned blockchain.

 

UK Treasury to regulate crypto currencies

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KYC - AMLWe’ve been saying it for months, and now you know what we said was true.

The United Kingdom Treasury has announced plans to regulate the trading and transfer of cryptocurrencies with a view to cracking down on money laundering and tax evasion. The regulations have not yet been specifically stipulated, but will certainly include anti-money laundering (AML) and know your customer (KYC) requirements.

The regulation is intended to take force before the end of 2017, or just at the beginning of 2018. The increased regulations, in line with the directives in the EU, are intended to limit the amount of anonymity possible for cryptocurrency traders.

So there you have it. We at Scotcoin are ahead of the curve and putting in place everything needed to comply with all regulatory requirements. We are very confident in our position and delighted to be confirmed as on the side of the good guys.

Buy here https://exchange.scotcoinproject.com

SCOTCOIN COMPLETES £80,000 FUNDING ROUND

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The Scotcoin Project CIC (“Scotcoin”) announces it has raised £80,000 in its latest funding round.

The funds will be used to increase awareness of the Scotcoin crypto currency and promote its usage as both a store of value and as an emerging means of acquiring goods and services, online and instore.

Further announcements are expected to be made early in 2018.

What is a blockchain?

Blockchain or distributed ledger technology is often referred to as the power behind Bitcoin but its uses extend into many different areas such as real estate, identity verification and smart contracts.

Earlier this year the world’s first real estate transaction using crypto currency has completed using Scotcoin.

Scotcoin Director Willie Fleming explains: “We have some of the best tech graduates and foremost cryptocurrency leaders right here in Scotland, and people have a lot of goodwill towards Scotcoin as they know we’re reinvesting in tech jobs right here at home.”

The Scotcoin Project is a community interest company that reinvests its profits into educating people on digital currencies and blockchain technology across Scotland and further afield. Scotcoin now has investors throughout the world that includes North and South America, Europe and Australasia.

Fintech investment in Scotland

Scotcoin is working closely with Scottish fintech companies, Scotesq and Cloudsoft to deliver ground breaking new blockchain solutions for Scotcoin and other asset classes across the globe. These new applications will include a regulatory compliant verification solution and a secondary market application that will improve the liquidity and transferability of Scotcoin and other asset classes.

Note for Editors:-

Scotcoin is a cryptocurrency established in 2014 by Derek Nisbet, a Scottish fintech entrepreneur.  It currently operates on the Bitcoin blockchain using the Counterparty protocol and has a market value of $25 million USD placing it in the top 200 of global crypto currencies as measured by the USD value.

In 2016 all intellectual property associated with Scotcoin was acquired from Nisbet by Scottish fintech investors, David Low and Temple Melville.

The investors’ desire is for the Scottish Government to adopt Scotcoin as the country’s unofficial crypto currency. It is acknowledged that currency is not a devolved responsibility whilst Scotland remains part of the UK. Scotcoin could only become an official currency if Scotland was independent of the UK or current legislation was changed.

For press enquiries please contact:

[email protected] / 07384 327 503

Jamie Dimon’s company changes its mind

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J.P. Morgan is considering whether to provide its clients access to CME’s new Bitcoin product through its futures-brokerage unit.

Oh Jamie…

The irony of the announcement, of course, is that Jamie Dimon has been the most outspoken critic of Bitcoin on Wall Street, calling it a ‘fraud’ and saying that anyone who invests in Bitcoin is ‘stupid’. Dimon also said he would fire anyone caught investing in it – a promise which he has yet to fulfill.

The strongly negative leanings of some Wall Street pundits have been matched by the positive outlooks from others. However, whether Jamie gets in or not, Bitcoin futures will likely become a reality in early December, powerfully increasing adoption.

So guess what? Like Bill Gates who famously didn’t get the internet to start with, as ever the smart people realise when they have to change their minds.

As a result, wealth managers around the world are being bombarded by Bitcoin requests, according to a new report by Bloomberg. The spectacular rise in value of the cryptocurrency has caused a run on the investment, with a huge number of investors seeking positions in the new asset class.

Mainstream adoption for Bitcoin, which until this year was still widely considered a black market currency, has grown at remarkable rates. The explosive price increases have led to new vehicles for investment such as Bitcoin futures on the Chicago Mercantile Exchange (CME) and others.

There’s a statistic I like about Bitcoin. There will only ever be 21 million. And as of right now, there are 35 million millionaires in the world. In other words, not every millionaire can have a Bitcoin. In any event saying you have .1 of a Bitcoin doesn’t mean anything to anyone (even though it’s worth about £650). How much better to say, “Hey, you know what? I have 45,000 Scotcoin!” That MEANS something.

bitcoin cryptocurrency

What will shape future demand for Cryptocurrencies?

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bitcoin cryptocurrencyIn the past year, we have seen an explosion in the value of the global cryptocurrency market. Bitcoin’s price has increased by 850%, Ethereum’s by 2900%; and the market capitalisation of the cryptocurrency market has increased from around $13 billion to over $200 billion. Such a rapid increase reflects uncertainty surrounding the value of global currencies and increasing faith among investors in cryptocurrencies as an investment vehicle. While financial institutions and regulators now accept that crypto is here to stay, future demand will depend on widespread adoption and the response of policymakers. Read more

Cryptocurrency FAQs

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What is block chain and what is cryptocurrency? Is there a difference?

Blockchain is the enabling technology that underpins cryptocurrency. Cryptocurrency is money based on trust in cryptographic, mathematical proofs.

 

Why has block chain and cryptocurrency become so popular?

Crypto currencies are not inflationary. They are cheaper to transact and do not rely on third party involvement – it is straight peer to peer . Negative perceptions of future monetary trends have accelerated acceptance.

 

How many people are currently involved in cryptocurrency and will interest keep rising?

Approximately 16 million Bitcoin wallets and at least the same again in other crypto currencies. These figures are rising exponentially all the time. Interest will continue to rise as adoption and use continues to rise.

 

How safe is block chain?

Blockchain is based on incredibly complex cryptography. Mathematically it is safer than the chances of finding one specific grain of sand not just on earth but in the entire universe.

 

What is the difference between cryptocurrency and the money in my wallet?

The value of a crypto currency does not rely on issuance of money by governments or Central banks – hence no quantitative easing and falling value over time of your wallet’s content.

 

Will Cryptocurrency overtake money as we know it?

Indications are that it may eventually – growth will be exponential then explosive. Actual cash transactions are already disappearing fast.

 

What is an e-wallet?

A piece of software that allows you to transact your crypto coins – it does NOT store them. A crypto wallet (e.g. freewallet.io) enables you to store and spend them.

 

Where can I spend my cryptocurrency?

Dell, Microsoft, Overstock, Expedia etc, all accept Bitcoin. Scotcoin will shortly be accepted in over 2000 places in UK. It was recently used to buy a flat.

 

How can I use my cryptocurrency?

With your crypto-wallet (e.g. freewallet.io)

 

Do I need to pay CGT on any gains made?

Yes HMRC treats any gains from any source in exactly the same way. Around 1000 people in the USA paid tax on their Bitcoin earnings last year.

 

Can I leave cryptocurrency in my Will?

Yes, make sure your beneficiaries get your pass phase(s) at the appropriate time. Lose the pass phrase and you lose the wallet and its contents. THERE IS NO RESET.

 

 

bitcoin vs scotcoin

Bitcoin versus Scotcoin

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bitcoin vs scotcoinI’ve been busy recently with all the work going on in respect of our new private blockchain. Bitcoin of course has continued to rise (and may I say, I told you so every time it “crashed” it was going back up).

But the rise in Bitcoin has had a profound effect which is now changing the very nature of Bitcoin. The last two transactions I have wanted to do have resulted in a charge equivalent to nearly USD 5. That rules Bitcoin out as a currency, and certainly for any transaction less than around $1000. Your cup of coffee at $4 looks rather different when it becomes $9 by the time you pay for it.

Bitcoin transaction charges

How has this happened? It’s all a result of the continuing rise and success of Bitcoin. Not that long ago Bitcoin was way under $1000 – but let’s just take $1000 as the price. The other issue here is the sheer rise in the number of transactions over time – as Bitcoin has continued to soar in value, the absolute number of transactions has as well. The standard charge for a transaction in Bitcoin was (and is) 0.0005 Bitcoin. That equates to 0.50 cents per transaction at $1000 per Bitcoin. True you could pay a higher fee for a quicker transaction or a lower fee if you were not too bothered about when it was confirmed.

Now, with Bitcoin over $7000, although the standard charge is around $3.50, the problem is when you try to do this, the screen will tell you it will take 99 blocks to confirm. What? 99 blocks? That’s up to 17 hours – at least. Everyone wants it quicker so they pay 0.0006 or $4.20. That’s only 15 blocks. OK what about 0.0007, that’s $4.90, and should get you confirmed in 2 to 5 blocks. Great for Miners but absolute rubbish if you are a trader.

Beating Bitcoin charges – Scotcoin’s answer

Sadly, at the moment, Scotcoin has to suffer the same problem as we are part of the Counterparty protocol, running on the Bitcoin Blockchain. One of the reasons for changing to our own private blockchain is to get beyond this bottleneck. I’m not giving too much away to say we have tested transactions in mere seconds on our new blockchain and at a tiny fraction of the costs associated with Bitcoin. There’s still a long way to go to say that this will pertain at full scale capacity, but our transaction speed is already going to be a huge magnitude better than the 7 transactions per second on Bitcoin.

So please bear with us as we do our best to improve the world’s experience of digital currencies. We will get there and you will love it.

Scotcoin moving up

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We will very shortly be issuing a series of press releases which will begin to outline our exact plans for the future of Scotcoin.

EDITED:

NEWS UPDATE HERE

 

You can buy Scotcoin here: https://exchange.scotcoinproject.com

Scotcoin moves to private blockchain

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PRESS RELEASE: 23 October 2017 – SCOTCOIN TO MIGRATE TO ITS OWN PRIVATE BLOCKCHAIN

The Scotcoin Project is pleased to announce that it has awarded the contract to manage the migration from the Counterparty blockchain to its own private blockchain to Scotesq, a fintech company based in Edinburgh, Scotland.

The new blockchain will remove intermediate currency risk allowing participants in the ecosystem to move directly between Sterling and Scotcoin.  The new blockchain will also comply with Financial Conduct Authority ‘Know Your Customer/Anti Money Laundering (KYC/AML)’ obligations.

The investors’ objective and desire is for the Scottish Government to approve Scotcoin as the country’s unofficial cryptocurrency.

Willie Fleming of The Scotcoin Project said:

“We are proud to announce this important milestone in the development of the currency.  Regulation is coming to the crypto world, an evolution we both embrace and welcome.  The adoption of KYC/AML responsibilities will assist Scotcoin in gaining the legitimacy and respect necessary for Scotcoin to play its rightful role in Scotland and Europe’s economy.”

David Low of Scotesq said:

“We are delighted to work with The Scotcoin Project on this important development of the Scotcoin ecosystem which will ensure all work associated with the migration will stay in Scotland.”

Notes for media:-

Scotcoin is a crypto currency established in 2014 by Derek Nisbet, a Scottish fintech entrepreneur.  It operates on the Bitcoin blockchain using the Counterparty protocol and has a market value of 10 million USD placing it in the top 200 of global crypto currencies as measured by the USD value.

In 2016 all intellectual property associated with Scotcoin was acquired from Nisbet by Scottish fintech investors, David Low and Temple Melville

The investors’ desire is for the Scottish Government to approve Scotcoin as the country’s unofficial cryptocurrency.  It is acknowledged that currency is not a devolved responsibility whilst Scotland remains part of the UK.  Scotcoin could only become an official currency if Scotland was independent of the UK or current legislation was changed.

Media Contact: Willie Fleming – 07494 540764  [email protected]

BUY SCOTCOIN @ Exchange.ScotcoinProject.com

Promotional graphics

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Scotcoin Accepted Here 

The Scotcoin Project team is working on getting Scotcoin accepted by a wide variety of vendors – we want retailers to be able to display our logo so you know you can spend your Scotcoin in their shop. 

Our marketing team was equally split on the different logos though – so in the true spirit of Scotcoin being a coin for the people, we want you to choose your favourite. 

 

  • The first logo has a blue background, with a white Scotcoin icon in the middle, and white text around it. 
  • The second logo has a white and blue background, with a blue Scotcoin icon in the upper half, and white text below it. 
  • The third logo has a white background and blue boarder, with a blue Scotcoin icon in the middle, and blue text around it. 

 

Which graphic do you prefer? Please vote in the poll below to help us decide!

 

Which promotional graphic do you prefer?

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