BIT Moving to Bitcoin Blockchain as BITCF to Unify Trading Between Markets; OTC Markets Removes Caveat Emptor Symbol From its Publication of Quotes on BITCF
VANCOUVER, BC / ACCESSWIRE / June 15, 2017 / FIRST BITCOIN CAPITAL CORP. (OTC PINK: BITCF) (“Company,” “we,” “us,” or “our”) would like to announce that the most prolific cryptographic creator of tokens on the Bitcoin Blockchain has resolved to move the ownership of its common shares now trading in the cryptocurrency markets onto the Bitcoin Blockchain and simultaneously reduce authorized shares from 21 billion back to 500,000,000. The reduction in authorized capital of First Bitcoin Capital Corp. does not reduce the number of shares currently issued and outstanding.
Crypto shareholders will be given two options; either to keep their mined shares or convert those shares to the new blockchain.
Those that convert to the new blockchain will own shares of BITCF, however, those that do not elect to move to the new blockchain will continue to hold BIT, which will then become a simple cryptocurrency with no relationship to the shares of company other than sharing the first portion of its name, “First Bitcoin.”
The transference of shares from BIT, on its unique, existing blockchain, to BITCF on the Bitcoin Blockchain will be conducted through BIT’s primary crypto-exchange, C-CEX.com, and will be automatic for all those who are holding their BIT at C-CEX. The new BITCF Crypto shares will then trade as BITCF so that it will be easier for the markets to understand that the crypto and traditional shares include the same rights, title, and interest.
Those who wish to continue to trade BIT as a mere cryptocurrency will be allowed to do so via BIT’s secondary exchange, Livecoin, but must remove their BIT from C-CEX on the deadline to be set soon. Deposits and withdraws will be allowed at C-CEX until the movement to the new blockchain has been implemented. The company plans to implement this blockchain move within two weeks.
The company has determined that moving to the Bitcoin Blockchain makes the management of issuing shares more efficient and less expensive so that there is no mining cost to the company or its shareholders in the form of dilution. It is a safer system and allows for issuing new shares in the future instead of pre-mining to reserve shares in the treasury, as was done mining BIT.
This move also creates a new asset for the coffers of BITCF so that all pre-mined 20 billion BIT will soon be available for liquidity, dividends, mergers, and acquisitions without any further dilution to BITCF, which heretofore was caused by daily mining of BIT. BITCF riding on the rails of Bitcoin using the Omni Layer Protocol will allow BITCF to easily pay dividends in the form of its other Omni layered coins such as ALT, XBU, XB, GARY, HILL, BURN, WEED, PRES, TESLA, etc., as well as the more popular MAID, OMNI, Tether (USTD), should we accumulate or acquire more of same.
Reduction in Authorized Capital
In preparing to move the small percentage of company shares held by miners from our own blockchain to the Bitcoin Blockchain the company resolved today to reduce authorized capital from 21,000,000,000 to 500,000,000 shares which will become effective upon completing this move within the next two weeks.
OTC Market’s Skull and Bones Designation
After the company’s SEC counsel provided and opined on the required disclosures to OTC Markets, the caveat emptor was removed so that the company has returned to its former status of a current alternative reporting company.
About the Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange – www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges), we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time, the Company owns and operates more than the following digital assets under development:
www.CoinQX.com cryptocurrency exchange, registered with FINCEN.
www.altcoinmarketcap.com market capitalization for all cryptocurrencies with up and down voting by altcoin communities.
www.strain.ID cannabis strains genetic information depository on decentralized Blockchain.
www.iCoiNEWS.com real time cryptocurrency and Bitcoin news site.
www.BITminer.cc providing mining pool management services.
www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN – commemorative presidential election coins.
www.bitcannpay.com Open Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued: http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company’s filings, which are on file at www.OTCMarkets.com.
SOURCE: First Bitcoin Capital Corp.