Bitcoin Forum

The SNP voted to drop the British Pound after independence (they will have to win a referendum first). Will the Scottish people accept this or will they use Bitcoin?

https://cryptostar.money/blog/scots-want-to-abandon-the-pound-will-they-choose-bitcoin/ (https://cryptostar.money/blog/scots-want-to-abandon-the-pound-will-they-choose-bitcoin/)

-- Update 1 May 2019 --
Thanks for lots of feedback. Lots of good points about currency independence and volitility. I have addressed them here.

https://cryptostar.money/blog/will-scotland-choose-bitcoin-part-an-academic-analysis/ (https://cryptostar.money/blog/will-scotland-choose-bitcoin-part-an-academic-analysis/)

TLDR: Small nations will often sacrifice currency independence. Bitcoin volatility will go down.

Meh, this is ridicculus.almost all of us thinks that someday bitcoin will be very important but not now, not for scottish pound, not for any nations for now

Yeah, bitcoin is far too taboo for it to be declared as a national currency by any of the developed nations. Where it will likely happen first is with a developing nation experiencing hyperinflation. Those in developed nations have gotten spoiled by decades of relatively stable fiat currencies. However, in developing nations there is no luxury of being snotty about such matters.

Nah. Bitcoin being a local currency this early on is obviously going to be a huge disaster. It doesn't take a genius to realize that. Bitcoin is simply too volatile as of now, and Lightning Network isn't even ready for mass adoption yet.

The Scottish people will not option in for bitcoin as a national currency why because as a government they will design their own central currency which will be control by the central bank of the country, its ridiculous to think a country will adopt a decentralized currency as a national currency. Bitcoin is already a global currency which is use by most members of the world as a secondary currency.

Bitcoin has been accepted yet it's not yet been adopted as a national currency because most countries see it's volatility as a risk. A well-developed country like Scotland would surely focus on its currency. Bitcoin as a replacement of a local currency needs a lot of time and might consider a lot of things in different aspects of each country's community situation.

I have not read that article, but the Scotish people are the most curageous people in the world. 
I have seen "Braveheart" 20 years ago, and I was very impressed with the courage of the Braveheart.

They will accept the Bitcoin, they are very curageous and very wise.
   

I just don't think we've come to make such a choice yet. Yet cryptocurrencies are not accepted globally. In fact, it is spreading day by day, but there is a lot to come to an adequate level.

Therefore, no one needs to make a choice. However, in each country, some of the individual investments began to shift to crypto. This is especially intense in economically weak and developing countries. And I guess, Scotland is not one of them.

No govt in their right mind would choose a decentralized crypto as their fiat currency. People need to drop this dumb narrative that Bitcoin will someday become a national currency and will replace fiat, it's not gonna happen, ever!

As for the Scottish people, I think they'll either create their own currency or use the Euro (€). Bitcoin is out of the question.

Bitcoin needs to gain trust and reputation first before countries would recognize it as a local currency. Every country's attention is more on their local currency before cryptocurrency. Bitcoin still needs to establish a strong foundation first because people aren't completely educated about what cryptocurrency is.

Once again.
There is nothing about trust to Bitcoin here. The economy of a country simply won't work with a currency, that can suddenly deflate 10% per day (or the same thing with inflation). In such conditions export of the country would be more expensive and less competitive on a global market and the economy will stop working.
Making BTC the main currency is an extremely retarded idea.

Lol. You think they would adopt BTC because they are brave people? Hilarious. People need to understand that BTC was never meant to be the primary currency of any particular country and was meant to serve as an alternate payment currency.

The bigger problem here is that more and more people only see it as an investment asset and not as a currency.

I would not see it as a wise decision if the Scottish vote for bitcoin and drop the use of their currency. Bitcoin for me is an option to help the financial system and so, not for every body's use. What way can the old people, illiterates use it when they are not able to use computers or hitech phones, even little children  ???

There's already been a Scotcoin. Funnily enough it didn't get very far.

None of this will ever happen. But if it did the obvious choice is the Euro as their eventual aim would be to return to the EU. If it's their own currency then I'd certainly be looking to park my value somewhere else.

No one's going to be using Bitcoin as an actual currency no matter what.

Remember, there already was a referendum and while full independence almost got its show, the majority still voted to remain in the UK, but mainly for the security of the single market within EU. Visited the highlands and was painfully obvious (or deliberately made to look obvious) how much Scotland relied on EU funding to restore buildings, maintain those remote islands, crops, farming, etc.

So maybe this fresh referendum means something (so their membership of EU no longer relies on a belligerent UK) but why would they then opt for currency the EU dislikes? Nothing about adopting Bitcoin makes sense for a freshly independent nation who WANTS a single market.

They don't want any of that decentralised and censorship resistant honey. Can we ditch the Bitcoin-panacea-for-all nonsense already?

The mention of a currency change screwed them last time if I remember rightly. And it will again. They should make no mention of it other than vague plans. People do not like having the certainty of their money thrown up in the air. They care about that far above and beyond any politics.

It reminds me of my local MP who came out as anti hunt just before her re election in an area that's rabidly pro hunt. Funnily enough she lost.

We’re not going to see any country adopt bitcoin as its national currency in our lifetime. It’s just my opinion but I think it’s unlikely. It doesn’t matter though, one bitcoin will still grow in value a lot.

Scots would surely use their own currency other than bitcoin because at this point, bitcoin is pretty much unknown to most people in there, or perhaps not just fitting on their current financial framework. This is just one of the many cases in which we hope bitcoin would be noticed by officials and the people as well, though we know that it wouldn't happen due to a multitude of reasons at hand.

In the end though, we know that most Scots would still want to take part on whatever the Brits are onto, so there's that.

They will not choose the bitcoin. The bitcoin market is currently too small to be adopted by a nation that is not an economic power house of the world, this is due to the high volatility of the market, and the scalability of bitcoin network needs improvement too. This can be adopted as a national currency in the future, it won't be a bad idea if any government invest in bitcoin market to boost their economy.

I think they're just going to make a Scottish Pound for the country, there might be some people within Scotland who will put their money into crypto for the duration of the transition, but it won't be a long-term thing for most of the Scottish citizens. As I said in the other thread about this, there is no reason for most people to want to switch to crypto in comparison to their existing payment platforms. It would be a relatively dramatic shift for their economy as well, so that would likely further dissuade them. Not to mention the extreme volatility that Bitcoin experiences, which could potentially throw their finances into jeopardy. I don't think that the Scots are considering Bitcoin as a national currency in the slightest, as cool as it would be to see them do it.

"...which ensures that the savers funds are safe." A fan of crypto, but you do know how much money people have lost with Bitcoin, right? With the bubble burst and high volatility, it can hardly be touted as a safe haven for savers. A highly speculative investment? Yes. A novel medium of exchange? Yes. But a secure piggy-bank, or a stable investment, it is not.

Have a good day,
The Cyberius team

was this even more stupid question?

Who the hell you think will choose a virtual money than a physical one and been in their life all their time?

And besides bitcoin wasn’t created to kill the fiats,instead this is existing to help and create new area to be an option for payments and transactions,so stop fooling yourself about comparing both because  its not appropriate

This might get into the national debate on choosing the currency. Bitcoin has gained good reputation as well got disadvantages with its decentralized feature. Already there were more suggestions for different countries facing economic inflation. Till date no country has given importance as a national currency even when when the respective country money value has gone worth nothing.

that is a silly question and even sillier article from a clickbait article that OP is advertising.

obviously the first silliness is that bitcoin is not yet big enough or ready enough to be used as a country's currency but the second silliness which may not be obvious is that there is not even any talks of something like that happening, OP is just trying so hard to relate two unrelated things together and write something about it on his website and gain some traffic to it by advertising it here!

I think they may not adopt bitcoin as their official currency because it seems they don't have  that mind as I have not see them promoting this themselves.  I don't think we are also mentured enough now to began using cryptocurrencies or bitcoin as mode of payment for a whole country.  Many retails and wholesales business has not even start to used bitcoin talk more of a whole country to used it.

The Scottish people are one of the most stubborn and rude people in this world. They will not settle for any other currency than one that they can control. It is all about their own independence for them, so they will not want any currency, where the value is determined by "external" factors.

You will most probably see their own BraveCoin if they went the Crypto currency way or you will see a new Fiat currency being introduced. I visited their country and I have never seen so many snobs in one place.  ::)  

I agree. However, I won't brand it taboo because that would mean that it would be something that would make it sort of illegal to use or to invest with. I think, it's just the trust of the community that affects how people view cryptocurrencies, or Bitcoin, for that matter. As much as it is beginning to make a name for itself in the world market, I am not sure if it has risen to the capacity wherein its competent and reliable enough to be used as a national currency. People in every locality or country have trusted their local currencies for many years due to many reasons like it being backed by the government. That would surely and truly make people at ease to use it or invest in it, unlike Bitcoin or cryptocurrencies, which is some sort of a hit or miss type situation. Not very many people are willing to risk it, especially if the point of conversation is money.

Thanks for lots of feedback. Lots of good points about currency independence and volatility. I have addressed them here.

https://cryptostar.money/blog/will-scotland-choose-bitcoin-part-an-academic-analysis/ (https://cryptostar.money/blog/will-scotland-choose-bitcoin-part-an-academic-analysis/)

TLDR: Small nations will often sacrifice currency independence. Bitcoin volatility will go down.

It was suggested at the time of the independence referendum in 2014

Unfortunately it was never taken seriously by a wide audience.

It would be interesting to know how if it had it would have affected both the wealth in Scotland and the reputation and price of bitcoin.

I don't think it will be suggested this time round simply as it would be to much of a leap for the Scots at this moment in time. There's not enough understanding and way to much mistrust.

I think It will happen but where is anyone's guess.

Iceland? Nigeria? Malta? Venezuela?

The country that does it first has the most to gain and yes possibly the most to loose.

I'm sure it's a saying that fortune favours the brave!

   

Bitcoin will not become their main option because it is not stable yet and there’s a lot of people there that still don’t know the importance of bitcoin. They must still look for a fiat money where they can have more liquidity, they’ve beel looking for it years ago i believe and yet they still refure to go for bitcoin.

for the time being bitcoin is something very good as an investment and as a currency is a little risky to be accepted by thousands of people, I believe that even if governments allowed bitcoin to be used as a means of payments worldwide, volatility would be a major obstacle to the people. so we have to take the time to see what it will look like in the future. this answer your question