Scotcoin: A Digital Currency for Scotland

Scotcoin is a cryptocurrency designed specifically for use by the people of Scotland. Along with auroracoin, which is a coin for people of the island country of Iceland, it is one of just two digital currencies which are being given out for free to every citizen within a specific country. Out of a total of 1 billion coins just 20 million can be mined, leaving 980 million to be handed out to the people of Scotland. The adult population of Scotland is 3.5 million, which means that each adult resident can claim 280 free Scotcoins. In order to claim the free coins you just need to provide your email address, your physical address within Scotland, and to connect via a social media account in order to provide confirmation of your identity.

Why Does Scotland Need a Digital Currency

There are a couple of reasons why the makers of Scotcoin hope that the people of Scotland will agree with their assessment that the country needs a national peer to peer currency.

The main reason is the fact that they may end up losing the currency which they are currently using. For hundreds of years Scotland has been part of the United Kingdom of Great Britain and Northern Ireland; but there has always been a nationalist streak in the country which yearned for independence from their more powerful southern neighbours in England. The Scottish National Party, which has long campaigned for independence, is now the largest political party in the country, and a referendum on Scottish independence has been called for later in 2014. Although the vast majority of Scots want to keep the Great British pound even if they do become an independent nation, the Bank of England has indicated that this may not be possible. There is also a significant chance that a Scottish bid to join the European Union would be blocked, meaning that they couldn't use the Euro either. This would leave the country needing to create a new, and perhaps unpopular national fiat currency. Scotcoin aims to provide an alternative.

Of course another reason is that Scotland simply couldn't afford to pay for bank bailouts of the kind that London provided to the Royal Bank of Scotland in recent years, and a move away from all-powerful centralized banking towards peer to peer financial services may well appeal to the people of Scotland.

Technical Specifications

  • Total Coins: 1 Billion
  • Mined Coins Total: 20 Million
  • Transaction Fees Paid to Miners
  • 0.01 Coins per block

Categories: E-Currency | cryptocurrency

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