Migration FAQ’s

What do I need to do to migrate my existing Scotcoin into new Scotcoin?

There is a form you need to fill in here: https://scotcoinproject.com/migration/ You will need an Ethereum wallet to receive the new ERC20 Scotcoin tokens. If you already have a hardware Ethereum wallet please provide details of your wallet address for credit on the form provided. Your tokens will be credited to this address. If you do not have an Ethereum wallet you will have to open one and provide us with your wallet address. The following information may be helpful but if you are unsure on how to open a wallet you should seek professional advice. There are various ways to create an Ethereum wallet and the most straightforward is Metamask. MyEtherWallet is also exceptionally popular. We have walkthough videos for both of these projects showing how to open a new wallet on our YouTube channel at https://youtube.com/c/ScotcoinProject.

Whatever solution you choose, the destination wallet must be compatible with ERC20 tokens. Be very careful when sending ERC20 tokens to a smart contract, exchange or DEx that may not fully support the token.

FOR THE AVOIDANCE OF DOUBT, PLEASE BE AWARE IT IS YOUR RESPONSIBILITY TO ENSURE YOU PROVIDE US WITH YOUR CORRECT WALLET ADDRESS AS TOKENS SENT TO A WRONG ADDRESS PROVIDED BY YOU CANNOT BE RE-SENT.

Is there a cost to me?

There is a tiny amount of Bitcoin (BTC) which is the cost of sending your V2 to the receiving wallet. You have to do this to be entitled to receive your new ERC20 Scotcoin.

What are characteristics of the new Scotcoin?

It is an ERC20 token on the Ethereum mainnet. Receiving it incurs no cost. Sending requires what is called Ethereum “Gas”. This is a small amount of Ether typically around a few cents. The typical “send” time is 17 seconds as opposed to 10 minutes, and the energy used will be much lower than with the Bitcoin based blockchain. It will be available to trade on exchanges in due course and acceptable in multiple outlets.

I can't see my new Scotcoin, how do I add to my wallet?

Click "Add a custom token" and use this address 0x28ed4FD6DeDB226B16b92CE6997f7CdfDf0c519B

Whether I choose the telephone app wallet or a PC/Mac based equivalent what happens when I want to replace the machine?

Whenever you log into your Ethereum wallet you will be asked for your password. This is distinct from the 12 words which you will get when you create the wallet. You can create a new wallet at any time and recover it by using the 12 words.

Can I import coin to my wallet held on exchanges such as etoro?

Yes, from an Etherum wallet to an Ethereum wallet there is no problem. Etherum currently has a distinct wallet, but there are moves to “merge” blockchains in the future. Make sure your target destination is compatible with and understands ERC-20 tokens.

When exchanging coins what commission is charged?

Exchanges generally charge different amounts – but not much. There is no charge, other than the implicit Bitcoin transaction fees, when you use V2 to buy the new token.

What is the merit of V3 over V2?

The biggest merit is that ERC20 tokens have become the industry standard and as such can be readily accepted by pretty much any exchange or outlet. Other advantages include significantly faster blocktimes and lower transaction fees.

Can I have more than one wallet to manage my Scotcoin?

Of course. You just need to setup a new wallet. The transfer from one to the other will still require there to be some ETH in the wallet, as there is a small cost to doing this.

Can I manage Scotcoin in a wallet on behalf of another party?

If they have given you their passphrase and password, then yes. However, you should be very careful since sharing pass phrases gives full control over the coins in that wallet. Ideally you should never share your pass phrase.

Can I gift Scotcoin?

Definitely. The person you are giving to would require a wallet but there is nothing to stop you doing whatever you want with your Scotcoin. Refer to our YouTube channel for guides on how to set up a wallet.

Will Scotcoin still be available to purchase via the Scotcoin website or will an exchange be the future only option?

We will continue to sell our new coin through our existing website.

What amount of the total Scotcoin allowance is sold? Is this allowance changed by moving to V3?

Part of the reason for moving to the new coin is to give us coin to be able to donate and use for charitable purpose – there was effectively no V2 available to do this. There will only be a very small percentage released annually for sale.

Will a visual tracking feature (value against time graph) be available to monitor the value of Scotcoin helping buyers to predict when to buy/sell?

This is not something we would supply. However, exchanges generally have such - and other - tools.

When will FreeWallet become obsolete?

Freewallet will not become obsolete. Obviously if you migrate your V2 coins, you will have no further need for Freewallet. On the other hand, if you decide NOT to migrate, then you will need to retain it. However, the market driven by the Counterparty DEx has become extremely illiquid due to XCP being delisted on nearly every major exchange. Do your research.

With the crypto bubble apparently “burst” why should I pursue Scotcoin?

The "burst" was some time ago at the end of 2017. In general terms there has been a steady claw back. Scotcoin is not however merely for commercial use. Our intention is that it will be also be used for charitable purposes as well as day to day purchases hence making it more attractive than merely a gambling token.

Can Scotcoin share a visual timeline of events with its customers?

We are in the middle of migrating which has an initial 3 month period and which will attract the bonus You will always be able to migrate (just not including the bonus after the initial 3 months WHICH FINISHES 31st OCTOBER 2020) Thereafter the next milestone is the Initial Exchange Offering which is scheduled prior to 30th June 2021.

Will there be favourable sale/buy rates if higher quantities are involved?

There will always be “off market” purchases and sales to be done. We have operated an informal system for the last few years which has worked reasonably well.