Hiya folks, today I want to tell you all about my favourite crypto currency Scotcoin and the Scotcoin Project CIC.
If you’re new here hello and welcome, if you’ve been following my journey hiya welcome back! When I first started my crypto journey I was clueless about everything – wallets, Bitcoin, blockchain were all like a foreign language. I’m not much more clued up now but I know I’m sticking with Scotcoin!
I first came across Scotcoin in early January 2019, it was the first crypto I ever owned and is still the one I hold the most of (not counting Es coin which is a whole nother post!) I had just discovered Bitcoin and Altcoins and as I read on fascinated I wondered if there were any coins for countries, I found Irishcoin (Ireland’s crypto) and thought ooh is there a Scottish one? And there only bloody was! I started reading up on it – there wasn’t much info and most of it was quite dismissive but I went on the website read what they were all about and knew I’d found the first crypto I could invest in as I actually understood the Scotcoin Project’s vision and believed in the coin’s future enough to get some skin in the game!
I spoke to a man called Willie who talked me through downloading the recommended wallet (freewallet.io), explained about the necessity of keeping my private key safe and helped me to buy my first ever crypto – so on 29 Jan I became the proud owner of 100 Scotcoin and a few satoshi (Bitcoin) I was ‘stacking sats’ baby! Every month I bought some more through Willie and I also started to put my public key into faucets so I could withdraw the crypto I had claimed to my wallet.
When I’d been buying Scotcoin for a few months there was a period of time when I couldn’t get hold of Willie so I ended up back on the Scotcoin Project website trying to find some answers. There I met a lovely man called Temple who said he could help me buy Scotcoin (there is an exchange but i didn’t want to try to understand it at first as there’s only so much my wee head can take and I was still very early in my journey!) he also invited me to one of the monthly ‘meet ups’ being held around Scotland where Scotcoin holders get together so they can brainstorm, catch up and have a pint. I haven’t made it yet but I hope to in 2020.
I like things to be as uncomplicated as possible so once I’d conceived my goal of becoming a Scotcoin millionaire I asked Temple if I could set up a STO (standing order) to buy Scotcoin, I believe I’m the first person to do that, he said it was ok so I set it up and it has worked brilliantly- I don’t have to think about it or miss out because I didn’t remember to organise it. I also bought myself extra for my birthday and Christmas getting me ever closer to my target.
I believe so strongly in Scotcoin that I am launching an online shop in early 2020 at online marketplace Token Markets which will accept Scotcoin and Bitcoin for the items available for purchase (more about that tba). Scotcoin is already accepted there along with other Altcoins and Bitcoin. Please read the following review and if you agree with me that Scotcoin is going places or you want more information about it or the Scotcoin Project CIC please comment below and I would be happy to help. I have become an affiliate for Scotcoin so if you follow my link lovely Temple will give me some more lovely Scotcoin and I will appreciate that, thank you!
As a Community Interest Company – The Scotcoin Project CIC is dedicated to educating people about cryptocurrency and blockchain technology. It aims to distribute Scotcoin to the people of Scotland, inform Scotland’s people about their new digital currency, keep wealth locally and grow the Scottish economy, lead marketing initiatives for businesses who accept Scotcoin, educate the public, businesses and agencies about Scotcoin, crypto currency and blockchain technologies, incentivise and stimulate local trading initiatives, provide technical support for users and merchants, advocate for social enterprise and environmental causes, support local social, feeding, housing and caring initiatives, lead and encourage debate on building a stronger, cohesive and more equitable economy in Scotland, encourage and support local business startups, build a network of businesses who will trade amongst themselves in Scotcoin, champion personal privacy and strong encryption. The Scotcoin project will achieve these objectives though educational and promotional initiatives throughout Scotland and beyond.
Scotcoin was the brainchild of Derek Nisbet, a venture capitalist based in Edinburgh, motivated by Scotland’s uncertain future following the independence referendum back in 2014. It currently operates on the Bitcoin blockchain using the Counterparty protocol and has a market value of $8million USD which means it’s in the top 250 of crypto currencies as measured by the USD value.
In 2016 all intellectual property associated with Scotcoin was acquired from Nisbet by Scottish fintech investors David Low and Temple Melville. Their desire was for the Scottish Government to adopt Scotcoin as the country’s unofficial crypto currency although it was acknowledged that currency is not a devolved responsibility whilst Scotland remains part of the UK or unless current legislation was changed.
Scotcoin is one of the longest lived country crypto currencies having been around since 2013, the number of holders now stands at around 3500 (including moi!) and in over 50 countries. Scotcoin recognised quite early on that Governments and regulatory bodies would not allow millions to be transferred around the world without knowing where it came from, who sent it and who it is for. Therefore they insist that new holders of Scotcoin are AML (Anti-money laundering ) and KYC (Know your customer) checked. As a progression of that, Scotcoin will be moving to its own permissioned blockchain which will cover all present and future regulatory requirements.
Scotcoin’s ecosystem will be directly connected with the charity sector. They intend to occupy the social good works ecosystem. According to an article published in Sept 2018, Scotcoin has been offered to the Scottish Government and discussions are ongoing. They plan to establish a common weal fund that will be used throughout Scotland to assist where the powers that be may not be able to step up to the mark. They hope that everyone in Scotland will benefit from the fund and expect that it will help the Scottish economy to progress in the future. Scotcoin’s goal is to engage with organisations like Social Bite, The Big Issue and the IPPR who help people that have problems to get back on their feet again.
Scotcoin’s principal objectives are to migrate to its own private blockchain where all participants are identified and regulated, achieve conversion directly from fiat to Scotcoin without the involvement of any intermediate currencies, implement the business plan to increase circulation of Scotcoin to as many individuals and businesses as possible in Scotland, implement the business plan to increase the number of outlets willing to accept Scotcoin in exchange for goods and services provided, establish an efficient secondary market for trading in Scotcoin. They will be assembling a high powered advisory body to help with these aims. The Scotcoin project is working with Strathclyde University to help them to establish a cryptocurrency for its learning modules. Their intention is to use this to conduct financial research into the behavioural aspects of virtual currency usage.
My Scotcoin Timeline
2013 – Derek Nisbet founded Scotcoin, a cryptocurrency that could be mined like Bitcoin.
2014 – Several airdrops took place resulting in approx 800 holders who mostly received 1 million SCOT (after proving they had a Scottish postcode) just for being members of the right Facebook group!
Following the referendum which the original Scotcoin had been set up to take advantage of, interest tailed off, take up decreased and there was a lack of miners to validate the blockchain. A lack of technical knowledge among Scotcoin holders was also unhelpful and after increasing hacking attempts and a lack of miners, Nisbet moved Scotcoin to a new version using the Counterparty protocol – the Counterparty protocol ‘piggybacks’ on the Bitcoin blockchain, this confers security and did away with the need for dedicated Scotcoin mining, instead a ‘transaction tax/miner’s fee’ payable in Bitcoin was charged each time Scotcoin was transferred between wallets.
A search of various forums around that time produced comments ranging from “Scotcoin is a scam!” to unfavourable comparisons with Iceland’s Auroracoin. Scotcoin’s price rises and falls in line with Bitcoin’s price volatility but before and after the referendum on Sept 18 it fluctuated considerably but did not crash which impressed one writer at CCN enough for him to say that “it indicated that people were not investing in Scotcoin solely on speculation that the Scots would vote to secede and no nationalist cryptocurrency has been able to gain widespread acceptance, but Scotcoin still has a chance”
2015 – The migration process was not well advertised and the time window was very limited which unfortunately led to many holders losing their coins further lowering confidence in Scotcoin. At this point two existing holders Temple Melville and Willie Fleming began investigating a possible takeover, imbued with a certainty that the brand was worth saving they sought out other major investors and hammered out a better business approach. They successfully bought out Derek securing both the IP and what coin he had. David Low is a prominent Glasgow businessman and they secured one other investor.
2016 – In an interview with project director Willie Fleming in July, a CommonSpace journalist asked how Bitcoin traders could increase the value of a Scotcoin – “individual people can increase the value of Scotcoin by everyday usage to pay for goods and services, the more people who use Scotcoin, the more valuable it will become” “the value of anything is only what we perceive it to be therefore it is up to the people who will use Scotcoin to determine the value of it”
“We aim to make Scotcoin cheaper and easier to use than Sterling – as it stands, it is currently half the price to bank with Scotcoin’s than it is to use the majority of credit card providers”
Willie also stated that as an incentive to encourage more trade using Scotcoin, the project would be offering Scottish startups business loans of up to one million Scotcoin’s (at the time of the interview this was the equivalent of around £2000) as well as making startup offices available for rent to anyone wishing to trade in Scotcoin.
Asked if Scotcoin would be listed in foreign currency exchange retailers in the near future, Willie revealed plans for a Scotcoin cafe to be opened in Glasgow where customers would be able to spend their Scotcoins and/or exchange them for sterling. He also mentioned the Arlington Bar (Woodlands Road, Glasgow) which sells home brewed beer for Scotcoin.
2017 – On Sept 19 at Don Michelle (a leading Italian restaurant in Perth Road, Dundee) customers were able to purchase pizzas for 1000 Scotcoin (£7) each.
In August, it was reported in the Herald newspaper that Corby entrepreneur Peter McGowan bought a two bedroom apartment in Bridge Street, on Glasgow’s south side for 10 million Scotcoin (roughly £60,000). It was a world first which brought Scotcoin a lot of media attention at the time. The seller was David Low, owner of Scotcoin’s IP and a close friend and colleague. Both had invested in Scotcoin after its launch in 2014.
2018 – Scotcoin is offered free of charge to the Scottish government to make it the country’s official currency. If accepted the idea was to give the equivalent of £10,000 in Scotcoin to every under 25 year old in Scotland and if it was rejected then a Community Interest Company would be set up instead. David Low said about the offer “We believe in the future of digital coinage and the Scotcoin, it’s up to the Government to decide if they do or not.”
2019 – January saw Scotcoin cancelling its current KYC and AML blockchain solution contract because it all went Pete Tong! After a reshuffle, new partnerships were formed and a new contract for development put in place. In March the story broke about “The Missing Man and his Missing Millions” about a man who ‘died’ in India taking the private keys to USD105M in Bitcoin to the grave! The lesson taken was that crypto couldn’t be trusted when it should have been that private keys shouldn’t be entrusted to just one person/place, remember – NOT YOUR KEYS NOT YOUR COIN! In April there were no fools here when Scotcoin got verified on Blockspot.io (a Blockchain Data Platform that collates information on as many coins as possible and displays independently verified material about how the coin is performing)
May was a very busy month during which Scotcoin gave Social Bite a wee hand up with a cheque towards social housing. Rockvilla Pizza (a cashless pizzeria in Possil Road, Glasgow) held an international auction of Scotcoin pizza in honour of Bitcoin Pizza Day, all the proceeds of which went to Bobath Scotland (a cerebral palsy charity in Glasgow). Temple did an interview with John Beattie on Radio Scotland and Caroline Wylie (PR for Scotcoin) updated the Scotcoin Project’s blog with Scotcoin’s development progress.
In July, Scotcoin hosted one of their monthly ‘meet ups’ at the Avalon (Kent Rd, Glasgow) where they were joined by Prof Christine Bamford from Women’s Coin to talk about gender equality and how they are working together to promote equality of opportunity using digital currencies.
August came and all the hard work was recognised when Scotcoin was awarded ‘The Most Community-Focused Digital Currency Platform 2019-Scotland’ at the CV Magazines Corporate Excellence Awards 2019. Congratulations Scotcoin! Sept brought a tv interview for Temple where he explained about Scotcoin and Scotcoin CIC as well as introducing his new book “Bitcoin, Blockchain and what the difference means to you” which I am halfway through and will be reviewing at a later date.
October was the month in which Caroline shared a story about a meeting in a pub which showed that although not many people had heard of Bitcoin, Facebook’s coin Libra was the subject of much conversation and we all know how big Facebook is these days. Scotcoin also celebrated their 5th anniversary with a discount code allowing customers 50% off the purchase price of Scotcoin (I used this offer to buy my biggest amount of Scotcoin to date in December as an early Christmas present to myself!) the code is 50offat5
In November, Scotcoin urged people to put on their big girl/boy pants and take charge of their own data and finances by getting to grips with blockchain technology and taking responsibility for ourselves. Carrying on that theme into December an article by CoinSutra explained the difference between Bitcoin and Ponzi schemes.
All in all 2019 was an extremely busy and beneficial year for Scotcoin and Scotcoin Project CIC ending with a casting call from Frank McGowan (Bad Pony Media) for an advert about Scotcoin being filmed in January 2020 with people talking about their first times (eg first kiss, first job etc) I hope to be included, if you fancy it just follow the link below. If you are interested in getting involved or buying some coin email email@example.com and quote “Purple Lion” for extra coins!
I hope you enjoyed my review of Scotcoin and Scotcoin CIC, if you have any experiences of your own you’d like to share or any questions please comment below and I’d be happy to help.