VANCOUVER, BC / ACCESSWIRE / March 21, 2017 / FIRST BITCOIN CAPITAL CORP. (OTC PINK: BITCF) - CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (BITCF or the "Company"), and history's first publicly trading bitcoin business, is pleased to announce the launching of BITCOIN UNLIMITED FUTURES now trading under the symbol XBU.
Other Bitcoin exchanges are now preparing for the highly anticipated hard fork of Bitcoin into two coins, with the original to remain named as Bitcoin symbol BTC and the forked coin as an altcoin to be named Bitcoin Unlimited, symbol BTU. Unlike Bitcoin, Ethereum emerged from its hard fork with the original coin renamed Ethereum Classic and their newly forked coin retaining the name of the original.
Many Bitcoin traders are anxious to begin trading in BTU. As a way to capitalize on this anxiety, and allow a mechanism to predict the BTU's future value, CONQX issued on the Bitcoin Blockchain 9,000,000 tokens known as "Bitcoin Unlimited Futures" symbol XBU. When/if BTU comes into existence, it will not be convertible or equal to XBU, however, once both BTU and XBU are trading on COINQX, they will be exchangeable by willing participants based on customers bids and asks matching.
After the hardfork is complete, XBU will continue to trade with the intention for it to survive as a third option to Bitcoin and Bitcoin Unlimited. Those currently owning BTC on CoinQx are not required to do anything regarding the upcoming hardfork, as the hardfork should only affect miners, so that owners of BTC should ultimately find the additional Bitcoin Unlimited coin in their account equal to the amount owned during the hardfork, barring any unforeseen complications.
First Bitcoin foresees the split of BTC into two coins to be not unlike that of a spin-off of a subsidiary from a public company. Owning BTC before, during, and after the split will help to ensure receipt of the additional forked coin. Whereas FINRA sets record dates and ex dividend dates for such events, no authority or procedures exists to assist owners of BTC to know when to buy, hold, and sell their coins. In this regard, the Company is planning to launch a numbering system for cryptocurrencies similar to CUSIP, as well as establishing an SRO to help the emerging industry deal with such issues.
First Bitcoin director, Patrick Dugan, commented on the pending fork, "Most likely Bitcoin Unlimited ( BU) would serve as a check to force market demands to come to the fore in Bitcoin Core, or conversely, BU could adapt Segwit. As someone who provides financial services and depends on the throughput of the Bitcoin blockchain for operations, I can say that more ruckus is preferable to the status quo."
While this newly issued coin is not directly related to the original Bitcoin or its pending hardfork, it is indirectly related by the fact that it was issued on the Bitcoin Blockchain similar to Tether, symbol USDT. As a consequence, XBU is already exchangeable on the DEX against other similar currencies, such as $USDT, $BTC, $PRES, $TESLA, $GARY, $BURN, $HILL, and $MAID via http://omnichest.info/mdexmarket.aspx?market=1, and will soon be tradeable against additional currencies at www.coinqx.com.
About the Company:
First Bitcoin Capital 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 the following digital assets:
A list of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company can be accessed here: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS.
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.