You can watch Alex Salmond's three-minute resignation speech here.

Joe Pike, political reporter for Border TV, tweets, external: Room is transfixed. Salmond's tone soft, his eyes watering. His advisers show no emotion. #indyref

Aileen Campbell, SNP MSP for Clydesdale, tweets, external: Gutted about @AlexSalmond 's resignation - he took us to the brink of independence and gave us all the chance to decide.

When asked by the BBC's James Cook if his dream of independence is now dead, Mr Salmond says: "I think a referendum is a once in a generation process - that's my opinion."

He goes on to say that he does not envisage another constitutional referendum in the "future we can see".

SNP MSP or Glasgow Bob Doris tweets, external: It has been a privilege 2 serve under Alex Salmond. He has brought gr8 confidence 2 our nation &social progress 2 Scotland in face of UK cuts.

SNP member of the Scottish Parliament for Glasgow Cathcart, James Dornan, tweets, external: Devastated to hear @AlexSalmond going to step down as SNP Leader. Without a doubt the finest politician of his generation. Thanks Boss.

Douglas Fraser
Business and economy editor, Scotland

.@AlexSalmond to remain First Minister until SNP elects new leader, scheduled for mid-November SNP conference, then vote of MSPs.

Asked if he was adding to the upset for friends and party members on a day that was already difficult for them, he responded: "I have consistently argued... that this was not about an individual or a political party - or any political party - this was much bigger than that."

"I see no sign of the divided country that some people were forecasting - 99% of people know we have elections and referendums to have a result."

He says it's been an "invigorating process".

The number of tweets about the Referendum dropped to under 40,000 between 3pm and 4pm. The figure is down 7% on the previous hour.

Top tweet , externalin the last hour is from Alastair Ross: "BBC is reporting Labour leader Ed Miliband will not sign up to the PM's plan to give more powers to the Scottish Parliament #indyref" It was retweeted 510 times.

Comedian Russell Brand tweeted , externalhis latest video: "Were the cards stacked against independence? 'How Westminster Fear & Media Bias Shafted Scotland' is today's Trews." It is currently the most shared video.

You can join the conversation via #indyref, external, tweet @BBCPolitics, external or go to the BBC News page on Facebook, external.

James Cook
Scotland Correspondent, BBC News

Alex Salmond says when he asked David Cameron about the timetable for more powers, the prime minister said it was a meaningless process.

Lorna: I was heartbroken by the No vote and the acceptance by 55% of a pig in a Westminster poke. However, Alex Salmond's stepping down has left us leaderless and at the mercy of the spivs of the city.

Andy in Darvel: Alex Salmond has put in a good shift, fair play. Is there grounds though for holding Scottish elections early now?

Alex Salmond is continuing to take questions from journalists at Bute House in Edinburgh.

"I am immensely proud of the campaign which Yes Scotland fought and of the 1.6 million voters who rallied to that cause by backing an independent Scotland.

"I am also proud of the 85% turnout in the referendum and the remarkable response of all of the people of Scotland who participated in this great constitutional debate and the manner in which they conducted themselves.

"We now have the opportunity to hold Westminster's feet to the fire on the 'vow' that they have made to devolve further meaningful power to Scotland. This places Scotland in a very strong position."

"Until then [November] I will continue to serve as first minister. After that I will continue to offer to serve as member of the Scottish Parliament for Aberdeenshire East.

"It has been the privilege of my life to serve Scotland as first minister. But as I said often during the referendum campaign this is not about me or the SNP. It is much more important than that.

"The position is this. We lost the referendum vote but can still carry the political initiative. More importantly Scotland can still emerge as the real winner."

"For me right now there is a decision as to who is best placed to lead this process forward politically.

"I believe that in this new exciting situation, redolent with possibility, party, parliament and country would benefit from new leadership.

"Therefore I have told the National Secretary of the SNP that I will not accept nomination to be a candidate for leader at the Annual Conference in Perth on 13-15 November.

"After the membership ballot I will stand down as first minister to allow the new leader to be elected by due parliamentary process."

"I have no intention of retiring from Scottish politics - there are a large number of things you are able to do when you're not first minister or leader of a political party."

When asked his reasons for standing down, Mr Salmond says: "I had to make a judgement as to whether I'm best placed to take that opportunity forward - and I think others are.

"And the party I'm sure will make a wise choice and take party and country forward. The most important thing is not about First Minister."

@Soulstorm99 tweets, external: This dark day for Scotland just keeps getting darker. Thanks for everything, @AlexSalmond. #indyref

Mr Salmond says there there are a "number of eminently qualified and very suitable candidates for leader".