In 2021, as well as making regular advance and royalties payments to writers, Leamington Books will make some payments to authors in cryptocurrency.
The first payments made in crypto, will be the advances offered on crime books which we will publish - and this will be a payment made in SCOTCOIN.
SCOTCOIN is a cryptocurrency that is based in Scotland and managed by The Scotcoin Project.
SCOTCOIN is an industry standard ERC-20 token on the public Ethereum blockchain. SCOTCOIN was established in 2013 and is one of the first and most successful country-related alternative digital currencies.
SCOTCOIN is of course not limited to Scotland.
It can be used by individuals and businesses worldwide to transfer wealth, products and services.
In order to process transactions quickly and securely Scotcoin uses a standard ERC-20 token on the Ethereum blockchain.
When it comes to paying authors in cryptocurrency, Leamington Books will first ask the author to set up a cryptocurrency wallet. If the author is new to cryptocurrency we will help with this process, and the wallet we will recommend is called Metamask.
Once the cryptocurrency wallet is set up, we transfer the author's cryptocurrency to that wallet. The author is then free to do what they please with the currency. Authors can invest their SCOTCOIN in crypto projects, they can cash it in on a cryptocurrency exchange, or they can trade it for other cryptocurrency, potentially for profit.
Scotcoin is a community interest company, and is in no way connected to or affiliated with Leamington Books. Leamington Books holds cryptocurrency of several kinds including SCOTCOIN.
Leamington Books' message to the dubious regarding this offer of cryptocurrency is as follows: we are not asking for anything other than the opportunity to publish your crime fiction, and if you don’t wish to participate, then don’t. We would still love to see your crime submissions, but we won't force you to have any cryptocurrency if you don't want any, although we will not make any equivalent financial offer to publish your fiction, other than our normal terms.
Anyone wanting to trade their cryptocurrency for fiat currency such as Pounds Sterling or US Dollars will be able to do so on a regular cryptocurrency exchange, and will have to provide basic identity details to that exchange, as well as agreeing to abide by strict anti-money laundering regulations, pertinent to their own normal country of residence.
Trading in cryptocurrencies may seem strange and complex but Leamington Books will remain available to its authors, so long as they are publishing these authors' books. Leamington Books may offer technical support in obtaining your cryptocurrency but cannot advise you what to do with it.
What is most important is that authors will not be charged.
As with all cryptocurrencies, banks are not involved and the exchange of any cryptocurrency is done through a blockchain, and a public exchange, the mechanics of which may be complex, but the basic idea is simple: to decentralise the storage of data so that it can’t be owned, controlled or manipulated by anyone, be it a bank or an individual.