CRYPTOCURRENCY FAQ
Here you can find answers to some of our most Frequently Asked Questions and our Statement regarding the Financial Conduct Authority (FCA).
If you have any further questions please feel free to contact us directly.
Scotcoin and The Scotcoin Project
Following in-depth discussions with the FCA and our legal advisers, we are advised Scotcoin does not need to be FCA registered as a cryptoasset exchange or as a custodian wallet provider.
If at any time in the future we are required to be registered with or authorised by the FCA or any other financial regulatory agency, then we will immediately take steps to do so.
Scotcoin was established in 2013 and subsequently set up a CIC (Community Interest Company) in 2015. It is one of the first and most successful country-related alternative digital currencies. Scotcoin 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.
Scotscan.io is where you can go to set up your very own Scotcoin address in the format of @Scot. Sign up there by choosing your own address. It’s a brief process. Once signed up you will be able to send, receive and store Scotcoin. Transfers are almost instantaneous and fee-free.
You can also go to either The App Store or Google Play and search ‘Scotscan’ as a route to setting up your Scotscan address.
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 individuals, suppliers, businesses and organisations using Scotcoin.
Create a Scotcoin address – in the format X@scot – for your business and publish the address. Clients and customers then send payments to your address. Once you have confirmed the payment, you can distribute the goods or services.
Start using Scotcoin, follow us on social channels including 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 420 million hold some form of crypto wallets. These figures are rising exponentially all the time. Interest will continue to rise as adoption and use continues to rise.
The value of a cryptocurrency does not rely on issuance of money by governments or Central banks – hence no quantitative easing and falling value over time.
With your crypto-wallet (e.g. Metamask)
A crypto wallet (e.g. MyEtherWallet) enables you to store and transfer ERC20 Scotcoin.
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 is a Community Interest Company registered in Scotland (SC427322). It fulfils the treasury, distribution and marketing function for Scotcoin - a cryptocurrency operating in the ethical and third sector with an initial focus on the provision of food, clothing and shelter for those most in need in their communities.
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 cryptocurrency and fiat currency will continue to complement each other.
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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.
Scotcoin is an ERC20 token. All previous versions are no longer supported and we are no longer migrating to the ERC20 token. The next major milestone for Scotcoin is listing on an exchange which we anticipate in the foreseeable future. The listing process has to take account of prevailing market conditions at the time.
Peer To Peer
Always Available
Low To No Fees
Scotcoin Verifications going live
HACKEN AUDIT DELIVERS TOP RATING FOR SCOTCOIN
The code audit for the Scotcoin smart contract has been carried out by Hacken (hacken.io). The audit resulted in the award of a top rating placing Scotcoin at the very top of Hacken’s grid system.
The classification is described as ‘well secured.’
Hacken themselves are a leading global cyber security company with a focus on blockchain security. Hacken Cyber Security services is part of the Hacken Group, which Includes CER.live, HackenAI, HackenProof. CER.live is the cybersecurity data provider for CoinGecko (www.coingecko.com)
Temple Melville, CEO of The Scotcoin Project CIC, said: “I am delighted that our code has been so well endorsed. Hacken are a top 10 code auditor, and we are delighted we were able to secure their services. The way is now clear for us to move forward towards our IEO .”
ETHERSCAN VERIFY
Etherscan has verified Scotcoin, an ERC20 token, under the name ‘SCOT’.
Temple Melville, CEO of The Scotcoin Project CIC, commented: ‘We have huge respect for Etherscan and the work they do. They are established as the market leading BlockChain Explorer, Search, API and Analytics Platform for Ethereum. To have secured the name ’SCOT’ Is a very special moment for us on our ongoing journey with Scotcoin.’
Everyone is delighted with the news, obviously, including head of security, Brian Mackay who added: ‘This will make the Scotcoin v.3 ERC-20 token a more trusted asset, appearing on the well-known Etherscan database of tokens on the Ethereum Main Net.’
