Scotcoin FAQs

The FCA has determined that as we will no longer be selling to the public when we move to an exchange, we do not require to be FCA registered.

We will continue to comply with the MLRs, including the requirement at regulation 60A, to inform our customer before establishing a business relationship or entering into transaction with them, that our crytoasset activity is not:

1. Within scope of the jurisdiction of the Financial Ombudsman Service, or
2. Subject to protection under the Financial Service Compensation Scheme, or
3. Within the scope of the jurisdiction of, or subject to the protection under, any of the schemes referred to in this statement.

Scotcoin was established in 2013 and is one of the first and most successful country-related alternative digital currencies.Scotcoin is proud of its Scottish roots but it is not limited to Scotland. It can be used by individuals and businesses worldwide to transfer wealth, products and services.In order to process transactions quickly and securely Scotcoin uses an industry standard ERC-20 token on the Ethereum blockchain.

In order to use Scotcoin you must set up a Wallet on your smartphone, tablet or desktop device.

We will be moving to an exchange in the near future where you will be able to buy and sell as you please. If you are interested in details of availability please email [email protected]

Visit our growing directory of people, businesses and organisations using Scotcoin.

Create a Scotcoin Wallet for your business and publish the address. Clients and customers send payments to your wallet. Once you have confirmed the payment, you can distribute the goods or services.

Start using Scotcoin, follow us on Twitter and Facebook, spread the word to friends, family and business associates.

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

Approximately 60 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.

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.

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

With your crypto-wallet (e.g. Metamask)

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

The Ethereum blockchain hosts the Scotcoin smart contract. Every Scotcoin transaction is secured by the power of the network.

A Cryptocurrency is a digital currency where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Cryptocurrencies operate independently of a central bank. Scotcoin is a Cryptocurrency.

The Scotcoin Project promotes Scotcoin and helps individuals and businesses to implement its use. Click here for more information.

Contact us for more information.

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.

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.

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

Dell, Microsoft, Overstock, Expedia etc, all accept Bitcoin. Cryptocurrencies are beginning to see widespread adoption all over the world with ever increasing numbers of merchants accepting a range of coins.

Yes HMRC treats any gains from any source in exactly the same way. Always seek advice from a professional if you are unsure of your tax implications.

Our migration period including bonus has now ended. You will always be able to migrate (just not including the bonus). The Covid -19 pandemic has meant we have had to change our plans slightly and so the next major milestone is anticipated to be that there will be an IEO in the latter half of 2021.