Show Menu

Ideas
Top Tips On Amassing More Instagram Followers
Whether you are looking to do so for business interests or for personal reward, gaining more real Instagram followers is something which is actually pretty simple to do and highly effective in terms of growing your popularity.


News
Trump orders U.S. government to get rid of Kaspersky products
Trump administration has just ordered U.S. government agencies to stop using Kaspersky Lab products. The order is based on a concern that the Moscow-based cyber security firm might be under Kremlin's influence, and as such, is a national security issue.


Ideas
Is it still possible to make money with Bitcoin?
I have lately seen questions in Quora and elsewhere, asking if Bitcoin is dead when it comes to making money with it, or is it still possible to make money with it.


News
Putin bans VPNs in Russia from Nov 1
According to a statement from Russia's news agency RIA, Russia is introducing a new ban to its citizens, the plan is to prohibit the use of VPNs.


What is Scotcoin?

What is Scotcoin?

2017-01-25 04:02:57

If you have heard about Bitcoin, and chances are that you have, you can already make an assumption about what it might be. But let's look into it a bit. What, why, and where?

Countries around the world are moving towards becoming cashless, or at least towards becoming mainly cashless, and it is also a big goal of Scotland.

"The move to a digital technology is a natural evolution that all our societal technologies are going through. We still have a monetary culture that focuses on the system. Now different payment systems and different structures are emerging such as Scotcoin which make for more of an ecosystem of moneys." -- Duncan McCann, researcher at New Economics Foundation.

So what is Scotcoin?
Scotcoin is digital cash like Bitcoin, but meant (mainly) for the people in Scotland, and gives them a good alternative to the pound Sterling. It's an online currency that compared to bank transactions, is more like cash.

Established in 2013 it is the first country-related alternative digital currency. The size of Scotcoin economy is limited, and there can always only be maximum of 1 billion Scotcoin, which means that the Scotcoin economy is unable to hyper-inflate, unlike usual monetary systems.

Difference with banks?
According to a survey by Cartridge Save brits don't like government to be able to track their every transaction. So while they might, or might not, like the country to go cashless, they definitely don't like that the government has an overview of all of their banking activities. And that's where Scotcoin is different. Using Scotcoin is not like using a bank account, it's more like using your cash in this sense since it's all anonymous. No account numbers, you don't have to share your info with a bank or anyone else.

Will Scotcoin become a widely used digital currency in Scotland and/or around the world, only time will tell. But for now, it's definitely a good-looking project.

If you want to read more about countries' efforts to go cashless, check out this article.





Copyright © techdonk.com 2007-2017 All Rights Reserved.
TechDonk.com

TechDonk.com is an online magazine created for all technology buffs out there. We strive to offer you as much interesting and useful content as we humanly can.

Be sure to bookmark our page and visit us often!
writing joe?

If you'd like to join TechDonk team, we'd like to hear from you. We can't offer you any pay at this point, but you get your name mentioned and your articles read. For more information -

Click here
Our Partners

TechDonk is part of a bigger network of sites that include Beer Bro, Okai, My Favs and Redeem Your Sins, among other sites.

Learn more about our partners

Technology Blogs
Technology blog
connect with techdonk

Want to connect with us? Follow us in twitter http://twitter.com/Tech_Donk or join our Facebook page.

 image