The company decided to move the ownership of its common shares that are now trading in the cryptocurrency markets onto the Bitcoin Blockchain and simultaneously reduce authorized shares from 21 billion back down to 500,000,000 shares. The reduction in authorized capital of First Bitcoin Capital Corp does not reduce the number of shares currently issued and outstanding.
Crypto shareholders were given two options, either to keep their mined shares under the symbol BIT or convert those shares to a different, managed, new blockchain.
Those that converted to the new blockchain still own shares of BITCF under the unified symbol BITCF, however those that did not elect to move to the new blockchain continue to hold BIT which then became a simple cryptocurrency with no relationship to the shares of company other than sharing the first portion of the company name, "First Bitcoin.”
The transference of shares from BIT, on its unique, existing Litecoin type blockchain, to BITCF on the managed Bitcoin Blockchain was conducted through BIT’s primary crypto-exchange, C-CEX.com and was automatic for all those who held their BIT at C-CEX. The replaced BITCF Crypto shares began trading as BITCF so that it is now easier for the markets to understand that the crypto and traditional shares include the same rights, title and interest.
Those who wished to continue to trade BIT with it being reduced to a mere cryptocurrency were allowed to remove their shares from C-cex.com did so and now trade their coins via BIT’s secondary exchange, Livecoin. Those miners who wished to participate in the conversion of BIT to BITCF cryptos had the opportunity to move their BIT to C-cex.com before the deadline. Deposits and withdraws were allowed at C-CEX until the movement to the new blockchain had been finalized.
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 originally done mining BIT.
This move also creates a new asset for the coffers of BITCF so that all pre-mined 20 billion BIT are now 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 XBU, XB, GARY, HILL, BURN, WEED, PRES, LOYAL, FUEL, TESLA, etc., as well as the more popular MAID, OMNI, Tether (USTD) should we accumulate or acquire sufficient amounts of these last three mentioned.