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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
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.
About this update from First Bitcoin Capital Corp.
[{"type":"text","content":"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,...