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Author Topic: Will the Scottish people choose Bitcoin rather than a "Scottish Pound"?  (Read 215 times)
James_CRYPTOSTAR.MONEY
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April 30, 2019, 08:04:27 AM
Last edit: May 01, 2019, 11:03:59 AM by James_CRYPTOSTAR.MONEY
 #1

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.
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April 30, 2019, 09:11:09 AM
 #2

Meh, this is ridicculus.almost all of us thinks that someday bitcoin will be very important but not now, not for scottish pound, not for any nations for now

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April 30, 2019, 09:37:47 AM
 #3

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.
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April 30, 2019, 09:44:53 AM
 #4

Nah. Bitcoin being a local currency this early on is obviously going to be a huge disaster. It doesn't take a genius to realize that. Bitcoin is simply too volatile as of now, and Lightning Network isn't even ready for mass adoption yet.

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April 30, 2019, 09:52:28 AM
 #5

The Scottish people will not option in for bitcoin as a national currency why because as a government they will design their own central currency which will be control by the central bank of the country, its ridiculous to think a country will adopt a decentralized currency as a national currency. Bitcoin is already a global currency which is use by most members of the world as a secondary currency.
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April 30, 2019, 09:53:45 AM
 #6

Bitcoin has been accepted yet it's not yet been adopted as a national currency because most countries see it's volatility as a risk. A well-developed country like Scotland would surely focus on its currency. Bitcoin as a replacement of a local currency needs a lot of time and might consider a lot of things in different aspects of each country's community situation.

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April 30, 2019, 10:07:00 AM
 #7

I have not read that article, but the Scotish people are the most curageous people in the world. 
I have seen "Braveheart" 20 years ago, and I was very impressed with the courage of the Braveheart.

They will accept the Bitcoin, they are very curageous and very wise.
   
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April 30, 2019, 10:10:17 AM
 #8

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 just don't think we've come to make such a choice yet. Yet cryptocurrencies are not accepted globally. In fact, it is spreading day by day, but there is a lot to come to an adequate level.

Therefore, no one needs to make a choice. However, in each country, some of the individual investments began to shift to crypto. This is especially intense in economically weak and developing countries. And I guess, Scotland is not one of them.

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April 30, 2019, 11:36:17 AM
 #9

No govt in their right mind would choose a decentralized crypto as their fiat currency. People need to drop this dumb narrative that Bitcoin will someday become a national currency and will replace fiat, it's not gonna happen, ever!

As for the Scottish people, I think they'll either create their own currency or use the Euro (€). Bitcoin is out of the question.
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April 30, 2019, 11:38:38 AM
 #10

Bitcoin needs to gain trust and reputation first before countries would recognize it as a local currency. Every country's attention is more on their local currency before cryptocurrency. Bitcoin still needs to establish a strong foundation first because people aren't completely educated about what cryptocurrency is.

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April 30, 2019, 11:50:46 AM
 #11

Once again.
There is nothing about trust to Bitcoin here. The economy of a country simply won't work with a currency, that can suddenly deflate 10% per day (or the same thing with inflation). In such conditions export of the country would be more expensive and less competitive on a global market and the economy will stop working.
Making BTC the main currency is an extremely retarded idea.
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April 30, 2019, 12:04:57 PM
 #12

I have not read that article, but the Scotish people are the most curageous people in the world. 
I have seen "Braveheart" 20 years ago, and I was very impressed with the courage of the Braveheart.

They will accept the Bitcoin, they are very curageous and very wise.
   
Lol. You think they would adopt BTC because they are brave people? Hilarious. People need to understand that BTC was never meant to be the primary currency of any particular country and was meant to serve as an alternate payment currency.

The bigger problem here is that more and more people only see it as an investment asset and not as a currency.

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April 30, 2019, 12:51:51 PM
 #13

I would not see it as a wise decision if the Scottish vote for bitcoin and drop the use of their currency. Bitcoin for me is an option to help the financial system and so, not for every body's use. What way can the old people, illiterates use it when they are not able to use computers or hitech phones, even little children  Huh

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gentlemand
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April 30, 2019, 12:58:35 PM
 #14

There's already been a Scotcoin. Funnily enough it didn't get very far.

None of this will ever happen. But if it did the obvious choice is the Euro as their eventual aim would be to return to the EU. If it's their own currency then I'd certainly be looking to park my value somewhere else.

No one's going to be using Bitcoin as an actual currency no matter what.
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April 30, 2019, 01:14:04 PM
 #15

Remember, there already was a referendum and while full independence almost got its show, the majority still voted to remain in the UK, but mainly for the security of the single market within EU. Visited the highlands and was painfully obvious (or deliberately made to look obvious) how much Scotland relied on EU funding to restore buildings, maintain those remote islands, crops, farming, etc.

So maybe this fresh referendum means something (so their membership of EU no longer relies on a belligerent UK) but why would they then opt for currency the EU dislikes? Nothing about adopting Bitcoin makes sense for a freshly independent nation who WANTS a single market.

They don't want any of that decentralised and censorship resistant honey. Can we ditch the Bitcoin-panacea-for-all nonsense already?

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April 30, 2019, 01:19:30 PM
 #16

Remember, there already was a referendum and while full independence almost got its show, the majority still voted to remain in the UK, but mainly for the security of the single market within EU. Visited the highlands and was painfully obvious (or deliberately made to look obvious) how much Scotland relied on EU funding to restore buildings, maintain those remote islands, crops, farming, etc.

The mention of a currency change screwed them last time if I remember rightly. And it will again. They should make no mention of it other than vague plans. People do not like having the certainty of their money thrown up in the air. They care about that far above and beyond any politics.

It reminds me of my local MP who came out as anti hunt just before her re election in an area that's rabidly pro hunt. Funnily enough she lost.

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April 30, 2019, 01:34:22 PM
 #17

We’re not going to see any country adopt bitcoin as its national currency in our lifetime. It’s just my opinion but I think it’s unlikely. It doesn’t matter though, one bitcoin will still grow in value a lot.

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April 30, 2019, 03:07:29 PM
 #18

Scots would surely use their own currency other than bitcoin because at this point, bitcoin is pretty much unknown to most people in there, or perhaps not just fitting on their current financial framework. This is just one of the many cases in which we hope bitcoin would be noticed by officials and the people as well, though we know that it wouldn't happen due to a multitude of reasons at hand.

In the end though, we know that most Scots would still want to take part on whatever the Brits are onto, so there's that.

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April 30, 2019, 03:36:21 PM
 #19

They will not choose the bitcoin. The bitcoin market is currently too small to be adopted by a nation that is not an economic power house of the world, this is due to the high volatility of the market, and the scalability of bitcoin network needs improvement too. This can be adopted as a national currency in the future, it won't be a bad idea if any government invest in bitcoin market to boost their economy.

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April 30, 2019, 05:37:09 PM
 #20

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're just going to make a Scottish Pound for the country, there might be some people within Scotland who will put their money into crypto for the duration of the transition, but it won't be a long-term thing for most of the Scottish citizens. As I said in the other thread about this, there is no reason for most people to want to switch to crypto in comparison to their existing payment platforms. It would be a relatively dramatic shift for their economy as well, so that would likely further dissuade them. Not to mention the extreme volatility that Bitcoin experiences, which could potentially throw their finances into jeopardy. I don't think that the Scots are considering Bitcoin as a national currency in the slightest, as cool as it would be to see them do it.
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