In the past year, we have seen an explosion in the value of the global cryptocurrency market. Bitcoin’s price has increased by 850%, Ethereum’s by 2900%; and the market capitalisation of the cryptocurrency market has increased from around $13 billion to over $200 billion. Such a rapid increase reflects uncertainty surrounding the value of global currencies and increasing faith among investors in cryptocurrencies as an investment vehicle. While financial institutions and regulators now accept that crypto is here to stay, future demand will depend on widespread adoption and the response of policymakers. Read more
What is block chain and what is cryptocurrency? Is there a difference?
Blockchain is the enabling technology that underpins cryptocurrency. Cryptocurrency is money based on trust in cryptographic, mathematical proofs.
Why has block chain and cryptocurrency become so popular?
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.
How many people are currently involved in cryptocurrency and will interest keep rising?
Approximately 16 million Bitcoin wallets and at least the same again in other crypto currencies. These figures are rising exponentially all the time. Interest will continue to rise as adoption and use continues to rise.
How safe is block chain?
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.
What is the difference between cryptocurrency and the money in my wallet?
The value of a crypto currency does not rely on issuance of money by governments or Central banks – hence no quantitative easing and falling value over time of your wallet’s content.
Will Cryptocurrency overtake money as we know it?
Indications are that it may eventually – growth will be exponential then explosive. Actual cash transactions are already disappearing fast.
What is an e-wallet?
A piece of software that allows you to transact your crypto coins – it does NOT store them. A crypto wallet (e.g. freewallet.io) enables you to store and spend them.
Where can I spend my cryptocurrency?
Dell, Microsoft, Overstock, Expedia etc, all accept Bitcoin. Scotcoin will shortly be accepted in over 2000 places in UK. It was recently used to buy a flat.
How can I use my cryptocurrency?
With your crypto-wallet (e.g. freewallet.io)
Do I need to pay CGT on any gains made?
Yes HMRC treats any gains from any source in exactly the same way. Around 1000 people in the USA paid tax on their Bitcoin earnings last year.
Can I leave cryptocurrency in my Will?
Yes, make sure your beneficiaries get your pass phase(s) at the appropriate time. Lose the pass phrase and you lose the wallet and its contents. THERE IS NO RESET.
The Scotcoin Project (TSP) is pleased to announce today that the Intellectual Property and all economic rights relating to Scotcoin have been bought from Scotcoin founder and first mover Derek Nisbet. The rights have been bought by Scottish businessmen Temple Melville and David Low for an undisclosed sum. The package consists of all rights to the name, use, trademarks and domain names relating to Scotcoin and The Scotcoin Project.
TSP has been granted the rights to develop Scotcoin as the cryptocurrency for Scotland and will be unveiling a number of initiatives over the next twelve months designed to increase the understanding, acceptability and usage of Scotcoin as a store of value and means of payment for an increasing range of goods and services.
Project Director Willie Fleming said “Today marks an important step in the evolution of Scotcoin. We are profoundly grateful to Derek Nisbet and applaud his vision. Now it is our job to carry on the work of making Scotcoin a viable alternative to sterling and educating Scots and the wider world about the advantages of strong cryptography, the blockchain and specifically Scotcoin. The Brexit vote underlines how important cryptocurrencies now are and how essential that we in Scotland have our very own – Scotcoin – to fall back on in times of uncertainty.”
Scotcoin is Scotland’s own cryptocurrency, freely tradeable and useable worldwide, securely sitting on the Bitcoin Blockchain.
About the Scotcoin Project
The Scotcoin Project is an educational organisation that has applied for Community Interest Company status. It is dedicated to informing and educating the Scottish people and their friends about the Blockchain and cryptocurrencies. Its mission is to promote and assist with the creation of additional economic activity within Scotland through the use of Scotcoin as the nation’s cryptocurrency.
For further information contact Willie Fleming on 07494540764 or email [email protected]