Scotcoin is getting its day in the sun as RT News put out a story highlighting the cryptocurrency’s viability in a post-Brexit Scotland.
The Russian-owned alternative news source interviewed Willie Fleming, the director of the Scotcoin Project, about the Scottish cryptocurrency.
“Scotcoin is a cryptocurrency much like many other cryptocurrencies, similar to Bitcoin, one designed specifically for use by the Scottish people”, says Fleming.
Scotcoin as alternative to traditional money transfers, and Bitcoin
Fleming outlined the advantage provided to everyday Scots, showing how using Scotcoin for day-to-day transactions, as well as larger transfers, significantly reduces costs.
“The advantages are that it’s an awful lot cheaper to do a transfer, to do a transaction in Scotcoin than it is in any method other than hard cash. You’d change a minimum of 2.5% on a credit card or debit card. With Scotcoin yes, there is a fee, but it’s much, much smaller than that, and for any transaction over about a pound then you’re better off using Scotcoin. If you want to transfer money by Western Union or something like that, they’ll charge you up to 8%. It’s a ripoff, and that’s a ripoff we can help avoid.”
Meanwhile, Bitcoin, while still cheaper and more streamlined than traditional financial systems, has become less viable for micro transactions. Average confirmation times have risen past 30 minutes, and average fees to include a transaction on the next block have risen from almost $ 0.10 to about $ 0.15 over the last 10 days.
Scotcoin could find its voice in post-Brexit turmoil
The United Kingdom’s exit from the European union has caused the future of Scotland to become uncertain. US bank JP Morgan expects the Scots to declare independence of their own, as well as establish their own currency in response to Brexit. While chances are Scotland will seek to join the EU, the Eurozone is not without financial troubles of its own, as European banks may be needing a substantial bailout soon, making the adoption of a non-euro currency more desirable. Cryptocurrency seems to be an attractive offering, as Bitcoin has since become more stable than the British pound.