Scotcoin is a cryptocurrency that aims to be Scotland’s official digital currency. Find out how it works today in our review.
What is Scotcoin?
Scotcoin, found online at ScotcoinProject.com, is a cryptocurrency project that describes itself as “Scotland’s digital currency.” It’s not a government project, nor is it officially endorsed by any major Scottish organization. Instead, it’s made by a team of developers who want to create a cryptocurrency uniquely designed for Scotland.
The Scotcoin project was launched by Edinburgh-based venture capitalist Derek Nisbet all the way back in 2013. Nisbet was motivated by Scotland’s independence movement. He realized the potential for an alternative currency in Scotland – like a digital currency with no connection to the British pound sterling.
Like other cryptocurrencies, Scotcoin is designed with fast peer-to-peer transactions, low processing fees, and international payments in mind.
Scotcoin is listed on CoinMarketCap, where it’s priced at around $0.005 per token as of December 2017. The token first launched in May 2014 at a price of $0.0001 USD. Today, the market cap for Scotcoin sits around $5 million USD, with a circulating supply of 1 billion SCOT.
As you may remember, the Scottish independence referendum took place in 2014. 55% of Scottish voters chose to remain in the United Kingdom. However, Scottish independence is far from dead – especially with Brexit changing the future of the UK. Many Scots envision a future with less reliance on the UK.
Although Scotcoin was originally launched in 2013/2014, all intellectual property associated with the project was purchased by a new team in 2016. In December 2017, that team announced it had just raised £80,000 in funding. That money will be used to promote the use of Scotcoin across Scotland.
With that in mind, let’s take a look at how Scotcoin works.
How Does Scotcoin Work?
Scotcoin claims to be the future of money. It’s “digital cash and gives the people of Scotland an effective alternative to the pound sterling.” The ScotcoinProject.com website also specifically states that “Scotcoin is Scotland’s crypto-currency.”
Technically speaking, Scotcoin runs on the bitcoin blockchain using the counterparty protocol.
You can interact with Scotcoin using one of several Scotcoin wallets. FreeWallet is an open source mobile wallet that supports Scotcoin and Bitcoin. There’s also Indiesquare Wallet or the Counterwallet. You can view more information about Scotcoin wallets and how to use them here: http://scotcoinproject.com/wallets/
What can you actually do with Scotcoin? There’s a list of merchants here. Some of the major merchants include The Arlington Bar in Glasgow as well as service providers like Virtually Sorted, CloudScot, and Leith Business Centre. You can also visit the Scottish Maritime Museum in Irvine and Dumbarton with Scotcoin, hire a car through Affordable Car Hire, or buy Glasgow Rocks professional basketball tickets, among other products and services.
Scotcoin, understandably, focuses on Scotland. However, the development team doesn’t want to just restrict itself to Scotland. They want to create a currency that’s usable worldwide (kind of like how the USD is usable in more than just the United States).
Who’s Behind Scotcoin?
Scotcoin was created by Edinburgh-based venture capitalist Derek Nisbet. In 2016, all intellectual property associated with Scotcoin was acquired from Nisbet by Scottish fintech investors David Low and Temple Melville.
The Scotcoin Project CIC is an officially registered company in Scotland. It’s listed under company number SC437322 and VAT registration number 254267596.
In December 2017, Scotcoin made headlines for raising 80,000 in its latest funding round. The funds will be used to raise awareness of the Scotcoin cryptocurrency and to promote its usage as both a store of value and as a way to acquire goods and services.
Scotcoin is also working closely with Scottish fintech companies Scotesq and Cloudsoft to deliver blockchain solutions for Scotcoin and other asset classes worldwide. Those applications will include a regulatory compliant verification solution as well as a secondary market application that will improve the liquidity of Scotcoin.
The company has told users to expect further announcements in early 2018.
Scotcoin is one of the oldest national digital currencies on the internet. The currency was originally launched in 2013. In 2016, all intellectual property associated with the cryptocurrency was purchased by a new ownership team. In December 2017, that team announced it had collected 80,000 in a funding round. Development seems to be actively underway, and the coin has a growing list of merchants that accept Scotcoin (most notably, you can buy beers at Glasgow’s Arlington Bar using Scotcoin).
Today, Scotcoin can be purchased online for less than a penny. To learn more about the ongoing project, visit online today at ScotcoinProject.com.