SCOTCOIN INCREASES IN VALUE: Following a hike in the value of Bitcoin, Scotcoin too is enjoying an uplift in value… But how do it actually work? With respected financial journalists such as Ed Conway of The Times writing headlines such as “Bitcoin could turn capitalism on its head“, economists now predict that cryptocurrency has the potential to bypass governments and the digital media giants to become the new power behind big decisions not just in financial markets but in many different areas of life.
How is cryptocurrency valued?
Simply put, cryptocurrencies are worth what someone is willing to pay for them – just as any other asset is valued, such as house prices or stocks or traditional currencies.
In the case of cryptocurrencies the value is usually derived from exchanges (very similar to traditional stock exchanges) where bids are placed for buying and selling an asset and an average value is therefore established for that stock.
As a Bitcoin backed asset that uses the Bitcoin blockchain via Counterparty, the rising prices of BTC and XCP thus increases the value of Scotcoin. So with 1 BTC now costing over £2,000, the price of Scotcoin being based on BTC has gone up. Effectively your Scotcoin is now worth more!
What sort of an investment is Scotcoin?
So if you bought just £100 of Scotcoin just 2 years ago, it’s now worth over £20,000. The Scotcoin Project CIC as a non-profit company, will continue to spread the word about Scotcoin, increase the users, find new merchants willing to accept Scotcoin as a trade, and promote the use of cryptocurrencies in Scotland generally.
Where can I buy Scotcoin?
When The Scotcoin Project first launched, one of the main questions we got asked was: “How can I buy Scotcoin?” People didn’t necessarily want to set up trading accounts and buy Bitcoin then transfer it into Scotcoin, so we set up a very simple £ to SCOT exchange. You can access it here and buy directly from £ to SCOT: