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Scotcoin needs Bitcoin

Scotcoin needs Bitcoin!

Scotcoin needs BitcoinWe’ll buy your bitcoin for Scotcoin

Despite our new blockchain not needing Bitcoin, we will all need some Bitcoin in order to effect the migration from our present Counterparty Protocol.

It’s not very much per wallet but in order to send the existing coin to its new wallet, Bitcoin will be needed.

We are in the process of identifying those wallets where there is currently no Bitcoin. It is our intention that those that do not have any bitcoin in them will be sent enough to effect the migration.

To this end, we are making a special offer to people who HAVE some Bitcoin. If you buy Scotcoin for Bitcoin, we will give you a 15% discount to the present price on the exchange. The Bitcoin price will be at the GBP price as shown on Preev.com

If you would like to take advantage of this offer, please contact [email protected]tcoinproject.com

Pennies to Pounds

In case you are a hermit (and even hermits have mobile phones a la Sue Perkins) and haven’t heard, Bitcoin is closing in on $20,000 or around £14,600.

If you’ve been actually following what’s going on, you may have come across a strange phenomenon. If you put in a very low transaction fee to send Bitcoin or crypto currency, after a while you discover a) it hasn’t gone and b) there is no trace of it ever having existed. It’s been mysteriously disappeared.

This is clearly because the transaction numbers keep going up – at last count over $27 BILLION a day – but also because the mem pool where transactions awaiting confirmation are stored keeps growing as well. The miners have decided, it would appear, that they don’t intend to work for pennies (as the ethos and basis of micro transactions at the outset would have you believe). They will now only work for pounds and quite a few at that. From empirical evidence you need to put a fee in of around $8 to get a transaction even INTO the mem pool. After all .0005BTC is now worth at least $9.50, and that will only get you to the back of the queue. Want it down in the next 10 minutes? You can pay as much as $30. And yes, I have actually seen a transaction where the required fee was more than $30 – that’s £23 plus.

The same applies to other crypto transactions. That is why we at Scotcoin are going to our own permissioned blockchain. Quicker, faster, cheaper.

It’s also why we are going to be putting up our exchange price very shortly. Not only is the transaction fee burgeoning but so is the Bitcoin price, making us cheaper and cheaper relatively speaking as each day goes by.

Don’t forget, existing holders of Scotcoin will be well treated when we move to our own permissioned blockchain.

 

UK Treasury to regulate crypto currencies

KYC - AMLWe’ve been saying it for months, and now you know what we said was true.

The United Kingdom Treasury has announced plans to regulate the trading and transfer of cryptocurrencies with a view to cracking down on money laundering and tax evasion. The regulations have not yet been specifically stipulated, but will certainly include anti-money laundering (AML) and know your customer (KYC) requirements.

The regulation is intended to take force before the end of 2017, or just at the beginning of 2018. The increased regulations, in line with the directives in the EU, are intended to limit the amount of anonymity possible for cryptocurrency traders.

So there you have it. We at Scotcoin are ahead of the curve and putting in place everything needed to comply with all regulatory requirements. We are very confident in our position and delighted to be confirmed as on the side of the good guys.

Buy here https://exchange.scotcoinproject.com

Jamie Dimon’s company changes its mind

J.P. Morgan is considering whether to provide its clients access to CME’s new Bitcoin product through its futures-brokerage unit.

Oh Jamie…

The irony of the announcement, of course, is that Jamie Dimon has been the most outspoken critic of Bitcoin on Wall Street, calling it a ‘fraud’ and saying that anyone who invests in Bitcoin is ‘stupid’. Dimon also said he would fire anyone caught investing in it – a promise which he has yet to fulfill.

The strongly negative leanings of some Wall Street pundits have been matched by the positive outlooks from others. However, whether Jamie gets in or not, Bitcoin futures will likely become a reality in early December, powerfully increasing adoption.

So guess what? Like Bill Gates who famously didn’t get the internet to start with, as ever the smart people realise when they have to change their minds.

As a result, wealth managers around the world are being bombarded by Bitcoin requests, according to a new report by Bloomberg. The spectacular rise in value of the cryptocurrency has caused a run on the investment, with a huge number of investors seeking positions in the new asset class.

Mainstream adoption for Bitcoin, which until this year was still widely considered a black market currency, has grown at remarkable rates. The explosive price increases have led to new vehicles for investment such as Bitcoin futures on the Chicago Mercantile Exchange (CME) and others.

There’s a statistic I like about Bitcoin. There will only ever be 21 million. And as of right now, there are 35 million millionaires in the world. In other words, not every millionaire can have a Bitcoin. In any event saying you have .1 of a Bitcoin doesn’t mean anything to anyone (even though it’s worth about £650). How much better to say, “Hey, you know what? I have 45,000 Scotcoin!” That MEANS something.

bitcoin cryptocurrency

What will shape future demand for Cryptocurrencies?

bitcoin cryptocurrencyIn 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

Cryptocurrency FAQs

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 wallets 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 transactyour 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.

 

 

bitcoin vs scotcoin

Bitcoin versus Scotcoin

bitcoin vs scotcoinI’ve been busy recently with all the work going on in respect of our new private blockchain. Bitcoin of course has continued to rise (and may I say, I told you so every time it “crashed” it was going back up).

But the rise in Bitcoin has had a profound effect which is now changing the very nature of Bitcoin. The last two transactions I have wanted to do have resulted in a charge equivalent to nearly USD 5. That rules Bitcoin out as a currency, and certainly for any transaction less than around $1000. Your cup of coffee at $4 looks rather different when it becomes $9 by the time you pay for it.

Bitcoin transaction charges

How has this happened? It’s all a result of the continuing rise and success of Bitcoin. Not that long ago Bitcoin was way under $1000 – but let’s just take $1000 as the price. The other issue here is the sheer rise in the number of transactions over time – as Bitcoin has continued to soar in value, the absolute number of transactions has as well. The standard charge for a transaction in Bitcoin was (and is) 0.0005 Bitcoin. That equates to 0.50 cents per transaction at $1000 per Bitcoin. True you could pay a higher fee for a quicker transaction or a lower fee if you were not too bothered about when it was confirmed.

Now, with Bitcoin over $7000, although the standard charge is around $3.50, the problem is when you try to do this, the screen will tell you it will take 99 blocks to confirm. What? 99 blocks? That’s up to 17 hours – at least. Everyone wants it quicker so they pay 0.0006 or $4.20. That’s only 15 blocks. OK what about 0.0007, that’s $4.90, and should get you confirmed in 2 to 5 blocks. Great for Miners but absolute rubbish if you are a trader.

Beating Bitcoin charges – Scotcoin’s answer

Sadly, at the moment, Scotcoin has to suffer the same problem as we are part of the Counterparty protocol, running on the Bitcoin Blockchain. One of the reasons for changing to our own private blockchain is to get beyond this bottleneck. I’m not giving too much away to say we have tested transactions in mere seconds on our new blockchain and at a tiny fraction of the costs associated with Bitcoin. There’s still a long way to go to say that this will pertain at full scale capacity, but our transaction speed is already going to be a huge magnitude better than the 7 transactions per second on Bitcoin.

So please bear with us as we do our best to improve the world’s experience of digital currencies. We will get there and you will love it.

The Scotcoin Pizza… Mark this date!

Scotcoin PizzaAt our MeetUp in Dundee last night, intrepid blockchain enthusiasts joined our cryptocurrency development team for a momentous occasion.  We now have 250 regular guests at these events and we discuss all manner of things blockchain, Q&A for newbies, and it’s a chance to meet the team behind the Scotcoin Project and find out more about it.

The bitcoin pizza and its value today

Back on 22 May 2010,  an extremely fortunate pizza vendor sold two pizzas, for 10,000 Bitcoins. Nowadays, those 10,000 Bitcoins are worth $34,500,000! 

Ten thousand coins were then worth about $40 (£30).  A British user agreed to buy the pizza for this pizza-munching developer, and even at the time the buyer got a good deal out of it: The Brit paid only $25 (£19) for the two pizzas to be delivered to the developer.  The day has gone down in history as being World Bitcoin Pizza Day and so we’d like to record the first ever pizzas sold in Scotcoin too.

The Scotcoin Pizza and how Scotcoin is valued

Leading Italian restaurant Don Michelle in Perth Road, Dundee supplied the pizzas and are now accepting Scotcoin for pizzas at just 1,000 Scotcoin per pizza.  Restaurateur Patric Lochi “I am delighted to be involved with the Scotcoin Project. Quite apart from the iconic Bitcoin Pizza Purchase, we have just started using Scotcoin for our on-line offerings – Just Eat here we come!”

The details for posterity:

Date:                      19 September 2017

Price per pizza:     1,000 Scotcoin/£7

Supplier:                Don Michelle, Perth Road, Dundee

Our live feed from the event is available here:  http://productfor.ge/SDC0917

With thanks to Ronan Sandford for organising the venue, Don Michelle for the pizzas, Product Forge for the live broadcasting and everyone who came along!

Keeping Scotcoin Scottish

When Scotcoin was created, our aim was to directly impact and assist those living in Scotland. Whilst digital cryptocurrency  such as Bitcoin has sought to make a huge impact on a global scale, we felt that there were huge opportunities to use this type currency effectively at a local level.

In recent years, many people have openly expressed displeasure at the handling of our financial systems. In fact, many Scottish citizens have been left feeling powerless and disenfranchised as a result. The goal of Scotcoin was and still is, to give the people of Scotland an alternative. However, as we all know, there is a tendency for Scottish innovation to be colonised by international investors. We have thought this over and have arrived at a strategy to prevent this from occurring.

Unproductive Speculative Behaviour

Recently, the issue of Scottish property not being used to benefit Scotland has featured heavily in the media. In addition to Scotland fighting for more control over its governing powers, the land registry has become a prominent issue. As it stands, there are far too many areas of derelict property in Scotland whose owners are benefitting from tax exemptions. This constitutes unproductive speculative behaviour, which is something that we do not want to see happening to our digital cryptocurrency.

Although the present team involved with Scotcoin differ from the original, we do know that large Scotcoin accounts are held by Scottish investors. The original distribution was to people with provable Scottish addresses. The hard fact is that Scotcoin is worth more if it is in active circulation. Hoarding coins will do little to increase the rate of widespread adoption. Therefore, by hoarding coins you are actively impeding the growth rate making a poor investment decision.

Encouraging Widespread Adoption

In the long term, a far better strategy would be to hold on to a few and trade the others in small amounts. By having the coins well-distributed, they become more available for everyday trading. As we’ve mentioned, this kind of consistent use is a far better way to gain value than restrictive trade on crypto exchanges.

To do this, we need merchants to accept Scotcoin. By doing so, you not only gain an efficient purchasing system but you will also be helping to increase the value of the coin.

In the short term, we are willing to buy back coins from retailers. We hope that this will provide a semblance of security in the minds of would-be merchants, that there will be no cash flow problems caused by accepting Scotcoin.

It has always been our aim to use Scotcoin to benefit the people of Scotland. In our previous post, we talked about our passion for helping small businesses thrive by providing start-up loans. However, for these to have significant value we need merchants willing to accept the coin. Setting up a wide network of traders and bringing the coin into mainstream trading will provide the people of Scotland with a viable alternative to the pound sterling.

For further information on how you can get involved or to answer any queries, contact us.