Frequently Asked Questions

What is Scotcoin?

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 the Counterparty platform. Counterparty uses the power of the established Bitcoin Blockchain.

What is a Scotcoin Wallet?

Where can I buy Scotcoin?

You can buy Scotcoin using the Counterparty Decentralized Exchange (DEx) or directly from us, which helps finance the project and feed our hungry developers.

Where can I spend Scotcoin?

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

Where can I trade Scotcoin?

Visit the Trade Scotcoin page for a list of Exchanges.

How can my business accept 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.

How can I help The Scotcoin Project?

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

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.

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.

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 wallets content.

What is an e-wallet?

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

How can I use my cryptocurrency?

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

Can I leave cryptocurrency in my Will?

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.

What is Counterparty?

Counterparty is a financial platform for creation peer-to-peer financial applications on the Bitcoin Blockchain. Every Scotcoin transaction piggybacks onto a Bitcoin transaction where its details are recorded. Using Counterparty allows Scotcoin to benefit from the vast network that validates each Bitcoin transaction.

What is Bitcoin?

Bitcoin is an established digital asset and payment system.

Why is there a Bitcoin account in my Scotcoin Wallet?

Every Scotcoin transaction costs a tiny amount of Bitcoin as it uses the Bitcoin Blockchain. This amount is much less than Paypal, Western Union, Bank Transfers or Credit and Debit Card charges. This means you must keep a small balance of Bitcoin in your Scotcoin wallet. Therefore you will see a Bitcoin balance (BTC) in your Scotcoin Wallet.

What is the Bitcoin Blockchain?

The Bitcoin Blockchain is a public ledger of all Bitcoin transactions. The Bitcoin Blockchain is used to validate every Scotcoin transaction through the Counterparty platform.

What is a Cryptocurrency?

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.

What is The Scotcoin Project?

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

Where can I find out more about Scotcoin?

Contact us for more information.

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 safe is blockchain?

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.

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.

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.

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.

What is KYC/AML?

KYC = Know Your Customer – in other words before Scotcoin can deal with you, we need to know you are who you say you are. This ties in with AML (Anti Money Laundering) Regulations which the FCA expect financial institutions to follow.  Scotcoin is pioneering bringing this legislation to cryptocurrency as we believe it is the only way to make using cryptocurrency mainstream.

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