SAN JUAN, PUERTO RICO, July 27, 2020 (GLOBE NEWSWIRE) — SAN JUAN, PUERTO RICO, July 27, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — BOTS, Inc. (OTC: BTZI) (EXCHANGE: M06.SG), an emerging innovator of products, technologies, and services for the rapidly growing digital robotic automation and manufacturing industry announced today that it is in the process of repurposing and renaming FIRST BITCOIN (COIN:BIT) into the “Basic Income Token” while retaining “BIT” as the digital currency’s symbol.
There is a growing demand for a socialistic Universal Basic Income scheme in the United States of America heralded by former presidential candidate Andrew Yang, however, our hybrid public benefit/capitalistic concept is to deliver an asset to our shareholders that produces income simply by keeping their wallets opened. The more wallets that remain open, the more secure the cryptocurrency becomes. This “income” will self-generate BITs 24/7 via Proof of Stake Mining (POS) protocol. Once we have hundreds of our 10s of thousands of shareholders keeping their wallets open, the blockchain becomes exceptionally secure while automatically generating BITS via Proof of Stake Mining.
Bots, Inc. and First Bitcoin Capital (OTC:BITCF) are working closely together to ensure a seamless transition of this major asset consisting of billions of BITs. Once the name of BIT is changed to Basic Income Token, Bots Inc. intends to distribute 1 BIT for each share of Bots Inc. to be held on a record date to be set for distribution as soon as August 30, 2020.
This asset is only one cryptocurrency of a larger inventory of more than 100 unique digital cryptocurrencies acquired from and previously owned by First Bitcoin Capital Corp. The most significant of the transferences of these cryptocurrencies to Bots Inc., included, but was not limited to, the majority ownership of First Bitcoin (COIN:BIT), a cryptocurrency based on a unique blockchain similar to an improved version of Litecoin. This unique coin trades on Livecoin.net with BIT included on the premier website for tracking of cryptocurrencies via https://coinmarketcap.com/currencies/first-bitcoin/
Additionally BOTS, Inc. in conjunction with First Bitcoin Capital has generated the interface required to manage issuance of units of a newly minted cryptocurrency based on Bitcoin’s blockchain utilizing the Omni protocols which are also used by Tether (COIN:USDT) in an effort to alternatively fulfill Yang’s vision, defined as follows: “Universal Basic Income (COIN:UBI) commemorates the presidential candidate Andrew Yang’s plan for distributing $1000 per month per citizen so that each world citizen is entitled to 1000 UBI per month upon request from Bots, Inc.”
In a recent article published in nature.com, “Pandemic Speeds Largest Test Yet of Universal Basic Income” Economists welcomed the chance to see whether giving people cash, to spend however they choose, would improve their livelihoods. Spain’s government has started what might just be remembered as the world’s biggest economics experiment. On 15 June, spurred by the coronavirus crisis and its economic fallout, Spain launched a website offering monthly payments of up to €1,015 (US$1,145) to the nation’s poorest families.
The program, which will support 850,000 households, is the largest test yet of an idea called universal basic income (UBI) — in which people are given a cash payment each month to spend however they choose. It has been oft-discussed but never satisfactorily tested, and economists around the world are watching closely to see what the impact of the scheme on livelihoods will be.
The move comes at a time of unprecedented economic turmoil brought on by the coronavirus pandemic. Spain was one of the hardest-hit countries in the early days of the pandemic. The nationwide lockdown curbed the spread of the virus, but came at a staggering financial price. Millions of people lost their jobs as the economy shrank rapidly, putting many of the most vulnerable citizens at risk.
“If there’s ever an opportunity to try to push for some sort of income floor that can be paid out in cash to people, this is the time to do it,” says Damon Jones, an economist at the University of Chicago in Illinois.
Bots, Inc. has become the first publicly traded company to announce the launch of a corporate initiated Universal Basic Income Token (UBI). Interested parties may signup to receive an invite linked here: https://www.bots.bz/ubi
“Those whom request this monthly UBI distribution will be required to cover Bots’ nominal Bitcoin transference costs and both Bots and First Bitcoin Capital will share in a 1% transference fee to be earned in kind. We will develop unique bots that are equipped to handle the inclusion of each requesting world- citizen wishing to use our automation in order to handle the sign ups and transfers” stated newly elected Company Chairman, Simon Rubin.
The creation of “UBI” which is under the management of Bots Inc and First Bitcoin Capital can be witnessed here: https://omniexplorer.info/asset/829
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTC:BITCF) is the largest shareholder of Bots, Inc. as a result of exchanging the majority of its assets therefor, but 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 its own blockchain and cryptocurrency called First Bitcoin (COIN:BIT) in 2016. Prior to transferring the majority of this asset to Bots, Inc., 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 (COIN:BIT) cryptocurrency has a current supply of 20,707,629,255 BIT. It is currently trading on LIVECOIN.net with its explorer at www.explorer.bitcf.net.
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About BOTS, Inc.
Headquartered in San Juan, Puerto Rico, BOTS, Inc. – publicly traded on the OTC Markets under the symbol (BTZI) and on Börse Stuttgart under ticker (M06.SG) – is a diversified company developing and servicing blockchain solutions and robotics for its clientele. The Company is committed to drive the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology and Robotic Process Automation (RPA).
Bots, Inc. has been featured in media nationwide, including CNBC, Bloomberg, TheStreet.com. For more information, visit http://www.bots.bz
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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.