Why More Countries are Exploring Digital Currencies

Last week, reports emerged indicating that Russia had entered into talks over the development of a new national digital currency which would operate alongside the ruble. Now, the Bank of Tokyo-Mitsubishi UFJ has confirmed that it has been undertaking its own experiments with digital currency. Both parties are huge players in the world economy. For most people, this begs the question, what is it about cryptocurrency that currently has the world abuzz?

Quite simply, digital currency stands for innovation in payment methods. Whilst at first, many regulators treated cryptocurrencies with scepticism, now they are open to the possibilities that they represent. Many governments around the world are now in agreement that resources must be dedicated to understanding and researching blockchain and its possible implementations.

Our product, Scotcoin, is a digital currency. We hope that in time it can be used to revolutionise the way we make payments in Scotland. It is decentralised and as such, is continually being improved upon. So, why should you use Scotcoin? Well, let us tell you a little bit more about our vision and the benefits of using our product.

Our Vision

It is our hope that Scotcoin will become an effective alternative to the pound sterling. The way we make transactions is changing. You only need to glance at a news outlet to see how payment methods are becoming more and more entwined with technology. With Scotcoin, we want to ensure that this occurs in Scotland in the right way; in the safest and most secure way. This is the reason why we operate on a secure and continually innovating counterparty platform.

In the future, you will be able to use to Scotcoin with the same ease as using pounds and pence. The number of Scotcoins is fixed at 1 billion. So, the higher the demand for the coin then the higher the value.

If you wish to purchase Scotcoin, check out our full list of vendors.

The Benefits of Scotcoin

Security

We operate on the counterparty platform which operates on the same blockchain as Bitcoin. For those of you who are new to the world of digital currencies, this statement may mean nothing. However, we hope to provide more material to discuss why this is significant in the future. For now, quite simply, it means that our product is always being improved upon by the best minds in the world. As the blockchain is continually evolving, security is continually strengthened.

Only recently Judd Bagley of Overstock.com, one of Bitcoin’s first ever retailers stated that ‘the distributed nature of the network that verifies the integrity of the transactions and associated account balances makes a successful attack mathematically impossible.’

Peer to Peer Transactions

Unlike other payment transfer methods, Scotcoin removes the need for a bank or a building society to facilitate the transaction. In fact, it is more like using cash. As there is no bank or building society involved, there are no account numbers. Therefore, you do not have to share your information. You can ensure your anonymity.

Also, whilst banks are restricted to set operating hours, Scotcoin is not. Banks close at the end of the day, often causing delays in digital payments. Scotcoin transactions can take place all day, every day. They are completed almost instantly.

Very Low Processing Fees

With Scotcoin, you will be charged little or no processing fees for carrying out a transaction. Merchants, in particular, may find that they are losing valuable funds in processing fees for debit/credit cards or even PayPal transactions. At present, a merchant can typically expect to forfeit between 2.7-3.5% per PayPal transaction. You will face nowhere near this level of fee when using Scotcoin, meaning you keep more of the money that you’ve earned.

Digital currencies are changing the way we make transactions. Scotcoin is part of this positive change in Scotland. For further information on how you can become part of the innovation, see our merchant’s page or contact us. We want to make payments easier for everyone in Scotland. Help us achieve our goal.