What is Sterlingcoin (SLG) Crypto Beginner’s Guide
One of the major pulls of cryptocurrency is the potential for its global implementation. Regulated currencies fall under the rules of banks and governments and can often be difficult to use in foreign transactions. However, many cryptocurrencies start out in one country but aim for an eventual global reach. Sterlingcoin is a cryptocurrency created for the United Kingdom and British Isles that hopes to reach beyond its home country.
What is Sterlingcoin (SLG)?
Created as a digital currency aimed for worldwide implementation, Sterlingcoin began in the United Kingdom by a small development team. Its intended use is a currency that can be utilized both digitally and offline with traditional merchants. The decentralized system makes it free of regulation from banks, governments, and corporations, offering financial freedom and privacy for users. The blockchain allows for a public ledger which helps to avoid fraudulent transactions and malicious use.
It offers a limited coin supply, which the developers believe supports a fairer financial platform for investors. It supports mining, and the value is determined by supply and demand as well as trading and mining opportunities.
As of right now, Sterlingcoin is attempting to establish itself as an online and offline currency by working with merchants who will take the coin in their stores. As of right now, three merchants in England have adopted the currency as usable tender within their shops.
Flawless, a custom clothing printer, is in Brighton. Mr. Snappy, a customized snap back store, and Aerosoul, a clothing and snapback store, both located in London, will also accept SGL. All three stores feature a website and offer international shipping, which is an essential factor in the use of cryptocurrency. This will help to encourage global accessibility for users who cannot visit these stores in person.
UK TAX RULES
While cryptocurrency is decentralized and unregulated, there are still some laws that apply to them. SGL is exempt from the United Kingdom’s VAT, or value related tax, although it does fall under some of the other tax laws. For example, businesses and corporations will not experience any tax exemptions. Capital gains and losses can only be used as gains for individuals, business, and corporations. Gambling gains are not taxable.
The Sterlingcoin is a Proof-of-Work currency that will become Proof-of-Stake once the PoW period ends. Transaction times are 20 minutes per 15 blocks, and block rewards are 50SGL. Once the currency reaches PoS, the minimum holding time will be one day with no maximum, and the coin offers a 5.5% annual interest rate.
Sterlingcoin was established in 2014 and while it has been slow in gaining popularity, it does have a loyal following. Unfortunately, it’s down to one developer, but they are still dedicated to the project and interactive on the Bitcoin Forum regarding the currency. New updates are in the works, and Sterlingcoin is hopeful that word-of-mouth and coverage in the crypto community will continue to expand its reach and allure more miners and stakeholders in the future.