Scottish Independence: Is Bitcoin the Solution to Currency Problems?

[CryptoCurrencyInc.com]

Scottish Independence: Is Bitcoin the Solution to Currency Problems?
http://www.ibtimes.co.uk/scottish-independence-bitcoin-solution-currency-problems-1448294

[hilariousandco]

A Scottish retailer will only use bitcoin for three days this week in a bid to test out whether the cryptocurrency has the potential to take over from pound as the country's new currency in the event of independence.

CeX, the second-hand electronics, DVD and video game store, has turned its Glasgow Sauchiehall store into a "pound-free zone" for the next three days, only accepting bitcoin as payment for any good bought - as well as only paying customers in bitcoin.

Jeeze, I didn't know they were going completely cashless, just that they'd started accepting and paying in bitcoin. At first I thought it'd be a terrible idea for business accepting only bitcoin, but they do have an ATM in store, so customers can use that, but still, will most be arsed to?

As for Scotland using as a currency? Too early for that sort of risky leap.

[waldox]

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

[Ron~Popeil]

If Scotland adopted bitcoin their population would explode. Even I with my pitifully small amount of bitcoin would love the idea of living in a bitcoin only economy.

[LostDutchman]

Scottish Independence: Is Bitcoin the Solution to Currency Problems?
http://www.ibtimes.co.uk/scottish-independence-bitcoin-solution-currency-problems-1448294

No.

[practicaldreamer]

SNP bringing BTC into the Independance debate would be political suicide.

Plus, I don't think that at this stage it would be viable anyhow - not by a long long way.

The BTC revolution will be a multilateral, grassroots and rapidly snowballing kind of a revolution I reckon.

[pening]

Anyone asking this question, or taking the proposition seriously, hasn't understood why there is a currency problem for an independent Scotland.

They will need to borrow, and do so heavily as a proportion of GDP, in order to offer the services and state benefits they think they can afford. 

[m5j0r]

As a supporter of the cryptocurrency idea I actually don't think there's any reason to ever switch to cryptocurrencies at a level this high.
There are good reasons for both and both should exist.

And fractional reserve banking _does_ have it's eligibility.

They do need to do their economic calculations though. Just like any government.
Even thinking about big steps before having any sense of realism established is .. well typically goverment style..

[Bibop]

Seems to risky and dramatic change

[Davis14]

That seems like that could kill them. (I love bitcoin but its to volatile for a government to use it especially a new one.)

[practicaldreamer]

SNP wants to retain monetary union with the rest of the UK. Mark Carney says that if an independent Scotland does retain GBP then it will necessarily be at the expense of (some degree of) fiscal (as well as monetary) independence.
  Likewise with the Euro.

IOW - when we talk about "independence" in todays world what are we talking about ? Merely political independence ? Because economic independence seems a misnomer/contradiction in terms.

For my part, if I was pushed to suggest a currency solution for an independent Scotland I reckon I'd go for the Euro - whilst gradually phasing in BTC as a reserve currency/currency of choice for payments of imports and exports.

How about that ?

[Malin Keshar]

There are no unique solution to any problem, there are steps that solve or relief some aspects of the problem.

For me bitcoin is a step, a big one, for currency problems, not is far away to be the solution. For me bitcoin solves more problems related to reliable reserve that anyone with internet access can have and can't be seized by the gov(to get gold and silver you need to pay way more taxes), make international transfers easy and accessible to all(not everyone can have one account in each country of the world), make international payments for micro jobs feasible, and provide an ALTERNATIVE(not replacement!) with lower fees to credit card and paypal services, although with some headaches, like dealing with the price fluctuation.

I don't think that BTC is better for everyday buying, taking into account that every transaction has 0.0001 fee, the variation in prices and the necessity of technology beyond of the normal users are used from both sides of the deal.

Well, the day I see that there is really chance of cryptos totally over FIAT, I will start to believe the ones that say btc is criation of the Illuminati to be the currency of the world's unified government

[MrWDunne]

Its not ready to be a national currency yet. Or is it? It could be a self fulfilling prophecy. They adopt it, and it overnight pushes it to new heights where it is ready to be used in such ways.

Then again, 7tx/s is too much of a limit.

[Sealed]

The currency issue, regarding independence for Scotland, is indeed interesting. The SNP is all for the euro, as it sees Scotland joining the EU as part of its plan.

[Sealed]

However, for a country such as Scotland which historically has had a lot of experience in banking, and still actually prints its own banknotes (issued by at least two private banks to my knowledge) it would seem that even starting with their own currency would not be a stupid idea.

[Sealed]

Joining the EU appears to be counter-intuitive thing to do for a nation that wants true independence, as EU membership increasingly involves overriding national sovereignty.

[Sealed]

Simply using the pound creates issues with monetary policy, as the pound is created by the Bank of England. Independence from the UK politically is one thing, but remaining joined at the hip by using the pound would ensure that the Bank of England still retains control over such issues as money supply, quantitative easing etc.

Of course, the idea of a nation adopting Bitcoin is premature right now, although totally feasible down the track I believe.

[gjgjg]

Has anyone heard any more disscussion about Scotland's currency if a Yes vote goes ahead? I head that England wont allow the same use of GBP as they currently have if they do get independence.
I know its pretty unlikely, but if they found themselves pushing ahead with it and BOE gives them unfavorable terms, then BTC is the only 'ready to go' currency option for them really (asides the Euro which isnt that appealing for Scotland, I understand). Would be interesting to say the least!

[s.mouse]

Has anyone heard any more disscussion about Scotland's currency if a Yes vote goes ahead? I head that England wont allow the same use of GBP as they currently have if they do get independence.
I know its pretty unlikely, but if they found themselves pushing ahead with it and BOE gives them unfavorable terms, then BTC is the only 'ready to go' currency option for them really (asides the Euro which isnt that appealing for Scotland, I understand). Would be interesting to say the least!

They'll more than likely just use the Euro, though they could also create their own currency. Using a crypto currency at this point is very unlikely.

[oceans]

The possibility of them voting Yes is one thing but to consider doing this as well could all be too risky for them I am thinking. It's OK to consider it but when it comes to something this big, they may have to look a little further than I feel they are doing before taking a leap too far.