Scottish Independence: Is Bitcoin the Solution to Currency Problems?

[Giggs]

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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[bornil267645]

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

[Skeksis]

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

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

[bornil267645]

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

[Verse]

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

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.

[IIOII]

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.

[Ektra]

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.

[septocal]

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

[RustyNomad]

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.