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Author Topic: Will the Scottish people choose Bitcoin rather than a "Scottish Pound"?  (Read 279 times)
DigitalCyberius
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May 01, 2019, 04:30:55 AM
 #21

"...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,
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Johnzky
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May 01, 2019, 04:53:44 AM
 #22

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/
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
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May 01, 2019, 05:05:34 AM
 #23

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.

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Herbert2020
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May 01, 2019, 06:15:22 AM
 #24

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!

Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
arpon11
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May 01, 2019, 06:18:20 AM
 #25

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/
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.
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May 01, 2019, 06:25:34 AM
 #26

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.  Roll Eyes  

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May 01, 2019, 06:55:31 AM
 #27

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.

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.
James_CRYPTOSTAR.MONEY (OP)
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May 01, 2019, 11:03:16 AM
 #28

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/

TLDR: Small nations will often sacrifice currency independence. Bitcoin volatility will go down.
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May 01, 2019, 12:52:35 PM
 #29

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!

   
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May 01, 2019, 01:16:41 PM
 #30

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/

-- 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/

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

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May 01, 2019, 01:37:09 PM
 #31

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

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