Digital Currency Weekly Recap 12-6-2015

digital currency

Digital Currency Weekly Recap 12-6-2015


Pub in Scotland Accepts Scotcoin for Stone of Destiny

At The Arlington in historic Glasgow, Scotland, patrons can now purchase one of the pub’s specialty drinks using the nation’s very own cryptocurrency: the Scotcoin. The decision to accept the coin for purchases of the bar’s Stone of Destiny lager went into effect on St. Andrews Day, and makes the pub the first drinking establishment in the nation to accept the digital currency.

According to The Arlington’s Kenny Low, the move is designed to show support for the Scotcoin, and to demonstrate that his pub is committed to embracing the modern world. The bar remains the subject of local urban legend, and is still believed by many to be the current home of the original Stone of Destiny - the literal stone, not the drink.

That Stone of Destiny is a red sandstone block historically used in the coronation of Scottish and English monarchs. The urban legend surrounding the pub relates to an incident in 1950 that saw four Scottish students remove the Stone from its resting place in Westminster Abbey so that they could return it to its home in Scotland. Though the Stone of Destiny was reportedly returned to the Abbey some four months later, legend has it that the British received a cleverly-designed copy, and that the actual prize is hidden somewhere within The Arlington.

DogeTipBot Creator Mohland Says Farewell to Cryptocurrency

Josh Mohland, the creator of DogieTipBot, is returning the micropayments project to the cryptocurrency community, even as he seems to be bidding farewell to digital currency. Though his startup managed to raise nearly $450,000 last year from Blackbird Ventures, Mohland has indicated that the product’s early release wasn’t enough to help it achieve profitability. His focus has now turned to his work with the FinTech payment startup HoneyLedger.

Zainab Adeiza: Why Nigeria Lags in Digital Currency Response

The African nation of Nigeria is one of those developing countries that many tech observers assumed would be at the forefront of the digital currency revolution. After all, it is an enormous country with a population of more than 180 million people, tremendous natural resources, and a leadership role in West Africa. Despite those advantages, the nation continues to lag behind many others in its efforts to take advantage of the benefits offered by recent technological developments. In an interview with Coin Telegraph, Baze University’s Zainab Adeiza offered her thoughts as to why her country seems to be so hesitant to embrace technological innovation.

In her view, Nigerians are suffering from several disadvantages where cryptocurrency and other new technologies are concerned. To begin with, much of the population seems generally unaware of these new advancements, and many who are aware remain uninterested. She attributes that to the fact that many of the nation’s most educated people leave the country for opportunities abroad, and those who remain behind often just wish to “get by.” Finally, she raised the issue of corruption and a general unwillingness to do the things that must be done to attract the outside investors Africa needs to modernize and achieve greater prosperity.

Goldman Sachs Applies for Patent Related to SETLcoin

Financial giant Goldman Sachs has recently filed a patent request with the US Patent and Trademark Office for its new crypto-based securities-settlement system. The system in question utilizes the company’s SETLcoin as a token representing various securities during trades that are authenticated and verified using a peer-to-peer network ledger. The patent application is one more indication of Goldman Sachs’ continued commitment to digital currency and blockchain innovation.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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