First Bitcoin Capital Releases Unaudited Financial Statements for Year Ending 2018; Nears Completion of 2018 Audit; Discusses Facebook’s Libra Coin
TEL AVIV, ISRAEL / ACCESSWIRE / June 20, 2019 / FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF) (“the Company”) is pleased to announce that it has released its financial results for 2018.
For the year ending 2018 First Bitcoin’s assets increased from US$1,279,832 to $1,955,062. Also in 2018 income and asset gains were mostly a result of increases in consulting revenues together with receiving a convertible note with a face value of $1,000,000 in exchange for the Company’s mineable cryptocurrency “BIT” which can be followed via coinmarketcap.com.
When the audit is completed, expected within 2-3 weeks, we do not anticipate these results to differ but can give no assurances that the company’s auditors will arrive at the same numbers.
First Bitcoin has endeavored to complete a third year of audited financial statements with the intention to list on the CSE and resume trading on a higher market in the USA as soon as our PCAOB auditor completes their 2018 audit of First Bitcoin’s financial results.
Our financial statements can be viewed here:
FACEBOOK’s LIBRA coin discussion:
Facebook Inc. announced Tuesday it will roll out its highly anticipated digital crypto currency in 2020, intended to be used to make payments worldwide over the web as well as on its social-media platform.
Wall Street Journal published recently: “What is Libra? Libra is a new cryptocurrency-a digital currency that uses cryptography, a method of protecting information, to verify transactions-that Facebook will launch next year. People who use Facebook’s Messenger service, WhatsApp, or who download a stand-alone app will be able to access it through a digital wallet. It is an alternative to bitcoin that is powered by blockchain. However, Facebook hopes it will be used by a much wider base.
Blockchain is a type of digital ledger that is distributed across a large network of computers, run by powerful mathematical computations. It is like a giant spreadsheet that is shared widely. Every time someone updates the spreadsheet, for instance by logging a financial transaction, every other user can see the change. That theoretically provides transparency and prevents any single central source from controlling the flow of information-or money.
So Libra is like bitcoin?
Yes and no. Both are essentially digital versions of cash designed to allow users to directly exchange value online, but there are major differences.
Facebook is looking to build a payments network by creating an online ecosystem on which users can buy things and pay each other. Bitcoin was conceived as a payment mechanism, but its network has had trouble processing a large number of transactions quickly. Instead, bitcoin has evolved into a kind of digital gold used to store value rather than exchange it.
Why is Facebook getting into this?
Facebook says its currency will make it possible to provide basic financial services to millions of people around the world who don’t have a bank account, or who can’t afford to send money overseas. It could help small businesses that can’t get access to credit, too.
The Company signed up as a member of growing Libra online community and will evaluate this new blockchain technology and potential applications and integrations with Company’s existing projects.
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTCMARKETS:BITCF) (NASDAQOTH: BITCF) (CRYPTO:BITCF) began developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange – www.CoinQX.com (in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and BlockChain-centered Company, we provide our shareholders with diversified exposure to digital cryptocurrencies and BlockChain technologies.
The Company began developing it’s own blockchain and cryptocurrency called First Bitcoin (COIN:BIT) in 2016. Recently the Company updated the BIT wallet and added more functionality. Users are able to generate BIT through the processes of POW and POS mining. The First Bitcoin cryptocurrency has a current supply of 20,707,629,255 BIT. It is currently trading on LIVECOIN.net
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 website and filings.
SOURCE: First Bitcoin Capital Corp.