Bitcoin Forum

Scottish Independence: Is Bitcoin the Solution to Currency Problems?
http://www.ibtimes.co.uk/scottish-independence-bitcoin-solution-currency-problems-1448294

Jeeze, I didn't know they were going completely cashless, just that they'd started accepting and paying in bitcoin. At first I thought it'd be a terrible idea for business accepting only bitcoin, but they do have an ATM in store, so customers can use that, but still, will most be arsed to?

As for Scotland using as a currency? Too early for that sort of risky leap.

bitcoin will make the government accountable for every dollar, instead of printing to abandon
banks will have less controll of scottish government as they cant print and give money to the government

If Scotland adopted bitcoin their population would explode. Even I with my pitifully small amount of bitcoin would love the idea of living in a bitcoin only economy.

No.

SNP bringing BTC into the Independance debate would be political suicide.

Plus, I don't think that at this stage it would be viable anyhow - not by a long long way.

The BTC revolution will be a multilateral, grassroots and rapidly snowballing kind of a revolution I reckon.

Anyone asking this question, or taking the proposition seriously, hasn't understood why there is a currency problem for an independent Scotland.

They will need to borrow, and do so heavily as a proportion of GDP, in order to offer the services and state benefits they think they can afford. 

As a supporter of the cryptocurrency idea I actually don't think there's any reason to ever switch to cryptocurrencies at a level this high.
There are good reasons for both and both should exist.

And fractional reserve banking _does_ have it's eligibility.

They do need to do their economic calculations though. Just like any government.
Even thinking about big steps before having any sense of realism established is .. well typically goverment style..

Seems to risky and dramatic change

That seems like that could kill them. (I love bitcoin but its to volatile for a government to use it especially a new one.)

SNP wants to retain monetary union with the rest of the UK. Mark Carney says that if an independent Scotland does retain GBP then it will necessarily be at the expense of (some degree of) fiscal (as well as monetary) independence.
  Likewise with the Euro.

IOW - when we talk about "independence" in todays world what are we talking about ? Merely political independence ? Because economic independence seems a misnomer/contradiction in terms.

For my part, if I was pushed to suggest a currency solution for an independent Scotland I reckon I'd go for the Euro - whilst gradually phasing in BTC as a reserve currency/currency of choice for payments of imports and exports.

How about that ?

There are no unique solution to any problem, there are steps that solve or relief some aspects of the problem.

For me bitcoin is a step, a big one, for currency problems, not is far away to be the solution. For me bitcoin solves more problems related to reliable reserve that anyone with internet access can have and can't be seized by the gov(to get gold and silver you need to pay way more taxes), make international transfers easy and accessible to all(not everyone can have one account in each country of the world), make international payments for micro jobs feasible, and provide an ALTERNATIVE(not replacement!) with lower fees to credit card and paypal services, although with some headaches, like dealing with the price fluctuation.

I don't think that BTC is better for everyday buying, taking into account that every transaction has 0.0001 fee, the variation in prices and the necessity of technology beyond of the normal users are used from both sides of the deal.

Well, the day I see that there is really chance of cryptos totally over FIAT, I will start to believe the ones that say btc is criation of the Illuminati to be the currency of the world's unified government

Its not ready to be a national currency yet. Or is it? It could be a self fulfilling prophecy. They adopt it, and it overnight pushes it to new heights where it is ready to be used in such ways.

Then again, 7tx/s is too much of a limit.

The currency issue, regarding independence for Scotland, is indeed interesting. The SNP is all for the euro, as it sees Scotland joining the EU as part of its plan.

However, for a country such as Scotland which historically has had a lot of experience in banking, and still actually prints its own banknotes (issued by at least two private banks to my knowledge) it would seem that even starting with their own currency would not be a stupid idea.

Joining the EU appears to be counter-intuitive thing to do for a nation that wants true independence, as EU membership increasingly involves overriding national sovereignty.

Simply using the pound creates issues with monetary policy, as the pound is created by the Bank of England. Independence from the UK politically is one thing, but remaining joined at the hip by using the pound would ensure that the Bank of England still retains control over such issues as money supply, quantitative easing etc.

Of course, the idea of a nation adopting Bitcoin is premature right now, although totally feasible down the track I believe.

Has anyone heard any more disscussion about Scotland's currency if a Yes vote goes ahead? I head that England wont allow the same use of GBP as they currently have if they do get independence.
I know its pretty unlikely, but if they found themselves pushing ahead with it and BOE gives them unfavorable terms, then BTC is the only 'ready to go' currency option for them really (asides the Euro which isnt that appealing for Scotland, I understand). Would be interesting to say the least!

They'll more than likely just use the Euro, though they could also create their own currency. Using a crypto currency at this point is very unlikely.

The possibility of them voting Yes is one thing but to consider doing this as well could all be too risky for them I am thinking. It's OK to consider it but when it comes to something this big, they may have to look a little further than I feel they are doing before taking a leap too far.

I don't think they will vote for independence, though it will be interesting to see what happens to their economy and currency situation if they do.

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No matter how much I love bitcoin, I still think it wont be the foundation of future currency. :P :P

What do you think it will be then? I'm sure a future digital currency will be inspired by bitcoin in some way.

it's like the magic hand we've been waiting 4...

Exactly. Using Bitcoin is tantamount to a government forfeiting their power. Why would they possibly do that?

The most we can hope for is a proliferation of Bitcoin, not dependency upon it.

I think there are no real currency problems. The issue is greatly exaggerated by the opponents of independence to instill FUD. Even if an independent Scotland is evicted from the Pound, there will be a transition period. The British Pound could also see continued informal use. So that's no real threat for the average citizen.

Apart from that Scotland could profit from adopting an open currency system which allows competition between more than one form of legal tender. So embracing cryptocurrencies is not a bad idea at all. But the adoption of CC's is not a topic to use for political campaigning (yet), because as adoption is still low so is political relevance for most people. It is more likely to confuse the majority.

So the adoption of an open currency system makes sense as a possible debate only after a pro-independence vote.

Swap all the money in Scotland for bitcoins right now and you'd end up with early adopter geeks having more coins than the whole of Scotland. Which is ridiculous, so it will not happen.

http://www.youtube.com/watch?v=W6vDzf-wSbk

Scotland should follow the example set by their close neighbor i.e. the Isle of Man and give bitcoin a serious look. Not necessarily for it to be the main currency but they should embrace it for what it could mean to their economy by being bitcoin 'friendly'.

Ireland has seen an explosion in businesses setting up shop there due to them creating a friendly environment for these businesses, Scotland could do the same by embracing all crypto currencies.