Cryptocurrency gets name-dropped everywhere these days – from boardrooms to TikTok; but for newcomers, it still feels like a confusing mix of jargon, volatility, and FOMO. So what exactly is crypto?
This guide will give you the clearest possible overview of what crypto really is, why it matters, and how to approach it with confidence.
And since you’re reading this on the Scotcoin website, we’ll also touch on you how our crypto project is building a very different kind of crypto story.
WHAT IS CRYPTOCURRENCY EXACTLY?
At its core, cryptocurrency is digital money. Unlike traditional currencies like pounds or dollars (also known as FIAT), it’s not issued by governments or controlled by banks. Instead, it runs on something called blockchain technology – a public, decentralised system that records every transaction openly and permanently.
The first cryptocurrency, Bitcoin – the daddy of all crypto still – was issued in 2009 as a peer-to-peer alternative to money. It was created by a guy called Satoshi – a mathematician of whom precious little is known. His creation at the time birthed crypto.
At the time of writing each Bitcoin (BTC) is worth around $110,000. Famously back in May 22nd 2010 – now known as Bitcoin Pizza Day – Floridian Laszlo Hanyecz used 10,000 Bitcoin to buy two pizzas in what was the very first Bit coin transaction. The value now? Hundreds of millions of dollars.
Then came Ethereum, which introduced ‘smart contracts’- automated agreements that live on the blockchain. Today, there are thousands of crypto projects, each with different purposes ranging-from digital art (known as NFTs) to decentralised finance (DeFi) to social impact (social impact is where Scotcoin lives).
In short: crypto is money reinvented for the internet age.
WHY ARE PEOPLE GETTING INTO CRYPTO?
Crypto isn’t just about speculation. It offers real benefits:
- Accessibility: Send money globally, instantly without needing a bank.
- Transparency: Every transaction is recorded and visible.
- Innovation: From NFTs to DeFi, whole new industries are emerging.
CRYPTO IS NOT PERFECT
Despite all its potential, crypto has earned its fair share of criticism:
- Overhype: Viral coins and ‘to-the-moon’ culture distract from real value.
- Complexity: Gas fees? Seed phrases? It’s a steep learning curve.
- Scams: Rug pulls and fake projects make trust hard to earn.
- Environmental concerns: Energy use and sustainability are for many cryptos valid worries.
It’s no surprise that newcomers are asking a deeper question: Can crypto be a force for good?
ETHICAL CRYPTO
A new wave is emerging: one that values purpose over profit. Ethical crypto focuses on:
- Reducing environmental harm
- Creating real-world impact, not just financial returns
- Giving communities a stake in the system
WHERE SCOTCOIN SITS
If Bitcoin was the pioneer and Ethereum the playground, Scotcoin is part of the next evolution: crypto for good. In the case of Scotcoin, it’s built on transparency, fairness, and positive social impact not just financial speculation.
Crypto is more than just digital money – it’s a new system of ownership, trust, and possibility. But it also needs direction. Some projects – and we strongly believe this includes Scotcoin – show how cryptocurrency technology can serve people, not just profit.
Stick around. We’ll be publishing more simple guides to help you navigate the world of digital currency.
