‘Scotcoin’ – What is it and Why Does it Matter to the Scottish Economy?

We live in times of fundamental and sweeping global change. Politics has been rocked the world over by both Brexit and Trump’s election in the US; the economies of global superpowers have teetered on the brink; humanity’s careless approach to the environment is in the process of being overhauled through growing awareness of Global Warming.

However, perhaps the biggest deliverer of change in our modern world is within technology. Technological innovation continues to snowball, and its effect can now be seen in the minutiae of everyday life.

And although the development of items such as smartphones are responsible for changing the way people communicate and go about their daily life, technological development is responsible for overhauling entire industries.

Techspeak

In order to understand ‘Scotcoin’ we need to have an understanding of the overarching technologies.

‘Blockchain’ and ’cryptocurrency’ have recently become a part of the lexicon. But what do they mean?

The words themselves represent technologies that are dramatically changing the way the world operates – in particular how business is done around the world.

Blockchain

Blockchain technology enables data and financial transactions to take place in such a way that the transfer is immutable – in other words, it cannot be changed. This makes blockchain a more secure form of technology, in that transfers are direct and less susceptible to hackers or fraudsters.

Cryptocurrencies

Cryptocurrencies are digital ‘assets’ – essentially online money. They operate separately from Global finance – (i.e. they have no central authority, and traders of cryptocurrencies completely bypass banks).

‘Bitcoin’ is the world’s most popular cryptocurrency. It has taken the online world by storm and shown that there is a future in digital currency. The exponential growth of the currency last year shows the excitement surrounding it. And although its value has since fallen dramatically too, this is the natural course for any traded asset which has seen a fast and dramatic uptake.

However, in an age where interest rates are low and bank finance is hard to come by, people are turning to alternative finances.

Cryptocurrencies are already in huge demand, and businesses and governments around the world are becoming savvy to the potential long-term benefits of building digital cryptocurrency infrastructures.

Scotland – Land of a Brave New Currency?

Scotland may soon have its own official Cryptocurrency – Scotcoin. This could provide a positive boost to the Scottish economy in uncertain political and economic times.

If Scotcoin is given the seal of approval by the Scottish government, this will be welcome news to online trading platforms. Given the fact that peoples’ knowledge about Crytocurrencies is on the rise, it could be a good time to trade with these virtual assets.

How do you feel about trading with virtual money? Do you think Scotcoin will catch on?