Temple Melville, Scotcoin’s majority holder, discusses the future of a cryptocurrency designed for the Scottish people. In late 2015, a major pub in Glasgow started accepting Scotcoin payments for pints.
Scotcoin, a cryptocurrency created by Derek Nisbet, meant to serve as a currency for Scotland as an alternative to the British Pound, rose into prominence before Scotland’s referendum for independence from the United Kingdom. Rather than fading away after the “no” vote, Scotcoin has continued to rise in the cryptocurrency charts since.
Cointelegraph spoke to Temple Melville, majority holder of Scotcoin, about the past, present, and future of the regional cryptocurrency.
Cointelegraph: What prompted the creation of Scotcoin?
Temple Melville: The history is that a man called Derek Nisbet, in the run up to the Scottish Referendum in 2014, saw the need for a Scottish currency, as distinct from a UK or English currency, and created Scotcoin as a Country based crypto currency. Of course, crypto knows no borders, and there has been lots of take up outside Scotland. Subsequently, he moved the coin to Counterparty, where it remains to this day
CT: What target user was originally in mind?
TM: Originally the idea was that, rather like Iceland, everyone within the country would get an amount free and be able to use them. Iceland's experiment lost it's way because there were/are practically speaking hardly any places to actually use their coin. This is something we are determined to avoid, and have a heavy programme aimed at bringing users and takers of Scotcoin on board. For example, we have an ongoing roll out with pubs, clubs and restaurants as well as some fast food outlets. There will be a range of shops and sporting venues that will take Scotcoin, and we are looking in time for the Scotcoin economy to be in the $50-100 million area annually. So anyone who would like to help make it grow is very welcome to talk to us!
CT: How was the initial response?
TM: Very positive. The Scots are very passionate about their country and have shown enormous belief and forward thinking in relation to Scotcoin
CT: How much of Scotcoin's hopes were tied to the independence referendum?
TM: Initially, I don't think it was quite as simple as that. There was always going to have to be a mainstream fiat currency, and people have said that one of the reasons the Referendum was lost was because the currency that Scotland would use after Independence was never explained. Scotcoin might have filled a small part of that requirement, a bit like the WIR system in Switzerland, but it was not intended to be a substitute for fiat currencies
Now we have the chance to use Scotcoin for the good of the whole of Scotland.
CT: What has momentum been like recently? The price and market cap seem to have gone up after the referendum, not down.
TM: Yes, but I don't equate the two together. It's the efforts that early adopters have put in that have educated, explained and moved Scotcoin along. Momentum has been good and quite a few "apostles" have and continue to come forward. This is a long term project that requires effort and dedication
CT: Where do you realistically see the project going from here?
TM: For example, we have an education program to have meetings in every constituency in Scotland where attendees with get a wallet with some Scotcoin in it. They will be able to use it, online and in locations. There are already a few people who will take Scotcoin in exchange for services, and our hope is that adoptees with give a discount over fiat money - perhaps as much as 20% " off". There is a huge diaspora of Scots all over the world, and we are already reaching out to them. We are hoping to be represented at NY Tartan week, and we already have dates booked in Singapore to talk to ex pat Scots
The BBC used to be famous for the three words that Lord Reith said it should represent. It should " educate, inform and entertain". We at Scotcoin hope to "educate, promote and distribute."