complemantary currencies and bitcoin

[mrozzsr]

Hello

Iam creating new project in UK.
See webpage presenting this project: http://www.crowdfunder.co.uk/scottie-supplementary-regional-currency
Iam thinking about backing it up by Bitcoin.
Can you give me any feedback about options, or explanations why to do it or no?

I will be very happy to get any comments.

Thank you

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[batesresearch]

So your idea is like Hull Coin / Liverpool Local Pound as such but instead of these for cities this is for a country but aimed more locally?

[mrozzsr]

Yes basically i want it to be used possibly only in Scotland.

[AT101ET]

I don't understand what would make this coin useful. What benefit would having a regional coin/currency bring?
Auroracoin was created as a substitute to Bitcoin and the Icelandic currency due to various restrictions the government implemented on it. In essence, you are doing the reverse seeing as Scotland use GBP (which is fairly accepted). If Aurora failed and actually was set out with purpose, how exactly do you think your coin will survive?

[johhnyUA]

Dude, believe to me. it's bad idea. Cryptocurrency very hard to understanding for ordinary customer. It has too much disadvantages (in eyes of ordinary people of course) against fiat money.

[d5000]

I don't see anything bad in this proposal, but what do you mean concretely by "backing it up with Bitcoin"?

If you want to use an amount of Bitcoin as a kind of "gold standard" to ensure a minimum value of your currency, you would have to purchase this amount of BTC and deposit it into a publicly known address that people could examine to ensure the "currency founders" have not moved it. That would be possible, for sure, but also very expensive, and your currency would be dependent on the volatile Bitcoin price. You could, however, complement it with other goods - e.g. real "pounds", or even inmaterial goods like disk space on a server.

What you could do instead, if you want to promote the use of Bitcoin with a certain "regionalist" flavour, is to design Bitcoin cards or coins (like the famous Casascious coins, essentially sealed paper wallets) with regional designs. In this case you need no accountable system - Bitcoin does it for you. But nobody could hinder people to use these coins or cards outside Scotland.

[d@nte]

Dude, believe to me. it's bad idea. Cryptocurrency very hard to understanding for ordinary customer. It has too much disadvantages (in eyes of ordinary people of course) against fiat money.

I think it depends on how you convey the information to them. Perhaps the main problem is not in the difficulty of understanding cryptocurrencies, I think the biggest problem is that most people do not know the basics of economics. If you try to explain the technology by bringing knowledge from these two fields, then these people may have a better understanding of this.

[mrozzsr]

Dude, believe to me. it's bad idea. Cryptocurrency very hard to understanding for ordinary customer. It has too much disadvantages (in eyes of ordinary people of course) against fiat money.

Yes i have already discuss it, and i have come to conclusion that it would be much easier to back it up by FIAT, as it will surely be better option (As my plan is to hold 1x scottie = 1x GPB what is hard to hold with bitcoin). Thanks for your opinion.

[Pab]

Hi
Take a look at article below
http://www.coindesk.com/cities-will-soon-chose-digital-currency-fiat-money/
Quite interesting,looks like we can expect kind of demand on regional currencys.Scotland regions may need his own currencys,i dont think backed by bitcoin will be the best.If you want more insight you try to search in google about Sardigna complimentary currency,it is very much in use there,tourist are buying his currency and spending,good idea if you will make exchange easy
Sardigna is lovely island on  Mediterranean Sea

[johhnyUA]

Dude, believe to me. it's bad idea. Cryptocurrency very hard to understanding for ordinary customer. It has too much disadvantages (in eyes of ordinary people of course) against fiat money.

I think it depends on how you convey the information to them. Perhaps the main problem is not in the difficulty of understanding cryptocurrencies, I think the biggest problem is that most people do not know the basics of economics. If you try to explain the technology by bringing knowledge from these two fields, then these people may have a better understanding of this.

Econimics? Maybe you mean technical issues? Cryptocurrency is very hard for understanding, because there many difficult terms like "public key", "private key", "seed", "blockchain" and others. Most of my friends (25-30 years old) can't understand it. What to talk about elder people?
I remember many national altcoins like Aurora. And they all have died.
Ordinary people don't have need in it.

[Hazir]

Econimics? Maybe you mean technical issues? Cryptocurrency is very hard for understanding, because there many difficult terms like "public key", "private key", "seed", "blockchain" and others. Most of my friends (25-30 years old) can't understand it. What to talk about elder people?
I remember many national altcoins like Aurora. And they all have died.
Ordinary people don't have need in it.

You confuse full understanding of something with ability to use it with no problem. Do you know how various electronic devices works? Can you fix your car?
Users, don't have to know every technical detail of tools they are using. You can be full fledged bitcoin user without knowing what public key is and how it is paired with public key.


As for the local Scottish currency issued by private individuals. I don't find it a good idea. In worst case scenario it will be closed like Liberty Dollar was.

[johhnyUA]

Econimics? Maybe you mean technical issues? Cryptocurrency is very hard for understanding, because there many difficult terms like "public key", "private key", "seed", "blockchain" and others. Most of my friends (25-30 years old) can't understand it. What to talk about elder people?
I remember many national altcoins like Aurora. And they all have died.
Ordinary people don't have need in it.

You confuse full understanding of something with ability to use it with no problem. Do you know how various electronic devices works? Can you fix your car?
Users, don't have to know every technical detail of tools they are using. You can be full fledged bitcoin user without knowing what public key is and how it is paired with public key.


As for the local Scottish currency issued by private individuals. I don't find it a good idea. In worst case scenario it will be closed like Liberty Dollar was.

I know basic principles of electronic devices and cars. And it much more easy than bitcoin basic principles. Some people can't accept one (and main) statement that there aren't any "wallets". Bitcoin wallets it's just a transaction which don't spend for now. (frozen in time transaction).
For my (some part of them) friends it's some kind of mindf*ck.

[d@nte]

Dude, believe to me. it's bad idea. Cryptocurrency very hard to understanding for ordinary customer. It has too much disadvantages (in eyes of ordinary people of course) against fiat money.

I think it depends on how you convey the information to them. Perhaps the main problem is not in the difficulty of understanding cryptocurrencies, I think the biggest problem is that most people do not know the basics of economics. If you try to explain the technology by bringing knowledge from these two fields, then these people may have a better understanding of this.

Econimics? Maybe you mean technical issues? Cryptocurrency is very hard for understanding, because there many difficult terms like "public key", "private key", "seed", "blockchain" and others. Most of my friends (25-30 years old) can't understand it. What to talk about elder people?
I remember many national altcoins like Aurora. And they all have died.
Ordinary people don't have need in it.

That is why I said that it is necessary to bring knowledge from the two fields, cryptocurrencies and economics. This means that it is necessary to explain how Bitcoin works, but it is necessary to explain also how Bitcoin plays its role in the economy, and to understand it people need to learn at least the basics of economics.

[johhnyUA]

Dude, believe to me. it's bad idea. Cryptocurrency very hard to understanding for ordinary customer. It has too much disadvantages (in eyes of ordinary people of course) against fiat money.

I think it depends on how you convey the information to them. Perhaps the main problem is not in the difficulty of understanding cryptocurrencies, I think the biggest problem is that most people do not know the basics of economics. If you try to explain the technology by bringing knowledge from these two fields, then these people may have a better understanding of this.

Econimics? Maybe you mean technical issues? Cryptocurrency is very hard for understanding, because there many difficult terms like "public key", "private key", "seed", "blockchain" and others. Most of my friends (25-30 years old) can't understand it. What to talk about elder people?
I remember many national altcoins like Aurora. And they all have died.
Ordinary people don't have need in it.

That is why I said that it is necessary to bring knowledge from the two fields, cryptocurrencies and economics. This means that it is necessary to explain how Bitcoin works, but it is necessary to explain also how Bitcoin plays its role in the economy, and to understand it people need to learn at least the basics of economics.

Dude, where do you living? In which country? In rich countries people don't want to learn something new only in one reason - they already living good and rich. In poor countries people don't have time (they working 24/7) and money to use bitcoin and altcoins. Sad but true.
Noone needs btc and crypto (exept civiliztion trash like rogues, anarchists, freaks and others)