Scottish ‘Brexit Research Paper’ Looks to Bitcoin

[Posternut]

The Brexit debacle had caused quite a stir for Britain but has also leaked into the minds of people in other countries in the UK as well. Scotland is one of these regions that has people talking about leaving the EU’s monetary system. A recent paper written by Dr. Craig Dalzell discusses the possibility of Scottish independence, and the country’s possible economic strategies should its citizens decide to leave the EU.

https://news.bitcoin.com/scottish-brexit-paper-looks-bitcoin/

[spartacusrex]

FFREEEEEDDDOOOMMM!!!

https://geopoliticalfutures.com/why-warnings-over-brexit-were-wrong/

Honestly - bit disappointed in Scotland..

We gave them the vote, and they said no to independence.

Then we voted for independence, and now they want another vote.

Truth is England / Scotland / Wales go back a millenia.

UK + EU go back 50 years.

Different things.

[smho_16]

Even if they go back a millenia or go back 50 years its in their full right to choose what they think its good for them. I support any country full freedom to choose what is best for them. What good have they seen from the EU except no border trading but as a compense they were giving a lot of money every week to the EU for God only knows why. Well done UK , well done, lets get back to any country currency and stop the common currency which destroyed some big economies in the Eurozone, like Italy and Spain. Italy used to be rich, now they are suffering from crisis. Its all because of the Euro and nothing else. Viva bitcoin, viva the freedom!!!

[eternalgloom]

Well, I hope this doesn't just stay in the realms of academia and that there's just a slight possibility that they would choose Bitcoin as an official currency for Scotland.

[spartacusrex]

I think using Bitcoin itself as the currency, for now, would be problematic. Too volatile. Maybe in 50 years.

But having a national currency backed by Bitcoin in some way (as an asset along with other assets like gold), would be cool.

[helloeverybody]

I doubt much will come of this. Scotland and the UK have never used the euro and both you pound sterling so they wouldnt be coming out of a european monetary system. Perhaps if Scotland did go independent then there may be problems but even then i think they would still be entilteld to use the pound as much as the rest of the uk would.  It would be very interesting if they did decide to use a bitcoin style chain to use as their backing source for any currency that they decided to use after independence though. Id say this would be a long way off though, they would have to get another referendum first which isnt looking promising.

[eternalgloom]

I think using Bitcoin itself as the currency, for now, would be problematic. Too volatile. Maybe in 50 years.

But having a national currency backed by Bitcoin in some way (as an asset along with other assets like gold), would be cool.

Oh, hadn't really though of it that way, now that would actually be a pretty good idea in theory, but wouldn't Bitcoin be too volatile to do that?

[coinsocieties]

I do not think that bitcoin will be the answer to their problems.  The only issue that I can see is that there is no paper form of the currency and there really can not be a paper form.  If there ever becomes a paper form, there will be a good chance that the paper or coin form will become inflated because people will copy it or the powers that be may make more to help their economy.  Just my opinion though.

[MingLee]

I think using Bitcoin itself as the currency, for now, would be problematic. Too volatile. Maybe in 50 years.

But having a national currency backed by Bitcoin in some way (as an asset along with other assets like gold), would be cool.

This would probably be the best option for most countries looking to get into Bitcoin and have it integrated within their economy in some way, as it accounts for a majority of the volatility with Bitcoin and doesn't affect everything too much. Putting Bitcoin as a primary currency for now is a bad idea, definitely, so using it like gold is probably a better idea.

[rizzlarolla]

Err, one problem. 5 million new users?

Core 1mb blocks are full. Core recommended fees at time of writing = 100 sat/byte, or $0.21 for a median transaction.
No room for new users with Core.

[DeathAngel]

Don't get too excited, we see stuff like this all the time that leads to nothing. Remember the capital controls in Greece, it was supposed to be bullish for bitcoin but nothing happened.

[unamis76]

However, Dalzell says the unknown verification system of cryptocurrency — unlike legacy financial institutions — may undermine the value of money if used in Scotland.

So the author is implying that verification systems on Bitcoin are worse than the ones on regular banking? I wonder where on Bitcoin has he seen money evaporating mysteriously...

But having a national currency backed by Bitcoin in some way (as an asset along with other assets like gold), would be cool.

Not sure of this... The idea isn't bad, but we'd risk going into that country coin craze again...

Don't get too excited, we see stuff like this all the time that leads to nothing. Remember the capital controls in Greece, it was supposed to be bullish for bitcoin but nothing happened.

I don't think Greece's issues were supposed to be bullish on Bitcoin... It's more like "big whales were supposed to be bulish after what's happened on Greece"

[European Central Bank]

crazy idea. a bunch of people still pay with paper checks. they wouldn't have a hope in hell of figuring out a cryptocurrency. there has to be a place for it somewhere but not at the forefront of an entire nation.