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Meet Up Q&A

Wednesday’s Meet-Up hosted at University of Strathclyde’s Business School had some really interesting questions from the crowd, so we wanted to share them:

 

  • What is the blockchain?
When people talk about “the blockchain” they are usually referring to the most famous blockchain’s Bitcoin’s blockchain. But blockchains can exist for all sorts of other purposes, and essentially it’s a distributed ledger to store information which is verified by consensus.
  • How do you value Scotcoin?

Scotcoin is valued on the price that people are willing to pay – just like any other traditional currency like UK£ or US$. People bid on prices and currencies go up and down in value. Scotcoin is listed on various worldwide exchanges, but the easiest way to get hold of Scotcoin is buying via our Exchange.

 

  • Why would people use digital currency as opposed to normal currency?

Traditional banking takes 3 days to clear and relies on manual checking by a third party (i.e. a bank) whereas digital currency is validated automatically within minutes on the Bitcoin blockchain so fraud is immediately obvious and there are low handling costs. Transaction fees are around 80p per transaction, whereas credit/debit card fees are often a percentage of the total purchase.

 

  • What’s your vision for how BTC and other digital currencies will be able to increase the speed of transactions to compete with regular credit cards?

Currently, the blockchain can only process a maximum of 12 transactions a second, whereas credit card processors can do up to 70,000 per second – so we have some work to do to increase the efficiency of the Bitcoin blockchain.

 

  • How do you see the upcoming hard fork in Bitcoin affecting you?

It won’t, we will go with majority consensus.