$BITCF’s COINQX Publishes Frequently Asked Questions Regarding Its AltCoin (ALT) ICO Active Crowdsale
VANCOUVER, BC / ACCESSWIRE / April 3, 2017 / First Bitcoin Capital Corp (OTC PINK: BITCF) answers the below listed frequently asked questions in order to assist interested parties to better understand the nature and procedures to participate in its first Initial Coin Offering (ICO) sometimes also referenced to as an Initial Token Offering (ITO).
The timing of our first ICO precedes the new game changing events in Japan. Bitcoin has now gained the recognition of a mainstream currency along the lines of the world’s fiat currencies. The historic event follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on the first day of April 2017. “The new law defines Bitcoin and other virtual currency as a form of payment method, not a legally-recognized currency. Bitcoin will continue to be treated as an asset unless there are future revisions or directives to Japanese tax law.” With the new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to cryptocurrency exchange platforms. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.
The recognition of Bitcoin and other cryptocurrencies as legal payment instruments is good news for the global cryptocurrency ecosystem. Adoption of cryptocurrency is expected to increase among people, which will certainly, in turn, drive demand and price.
First Bitcoin Capital Corp releases the following FAQ regarding its newest cryptocurrency, ALT:
Altcoin (ALT) gives you the joint benefits of open blockchain technology while speculating on the booming cryptocurrency markets by ALT being aptly named for best branding to capture maximum market share.
How does AltCoin work and What are its Specs? AltCoin exists on The Bitcoin Blockchain through the Omni Protocol. The Omni Protocol is open source software that interfaces with blockchains to allow for the issuance and exchange of cryptocurrency tokens, in our case, “AltCoin”. The AltCoin is being offered via an ICO purchasable via Tether (USDT) the most popular Omni protocol currency that trades on par with and is 100% backed by USD. The process of buying and transferring Tether will be more fully explained below with links to exchanges where available. For those unfamiliar with trading on crypto exchanges, GoCoin may be the most convenient solution to acquiring USDT with USD.
How do I acquire AltCoin during the ICO?
Once owning Tether in your private wallet and while the ICO is running you simply need to send from your Omni Wallet at omniwallet.org -Tether (USDT) to the AltCoin issuer address as follows:
Just copy and paste that address into the send to address and as long as the ICO is running the sender’s Omni Wallet will automatically be credited with Altcoin (1 for 1 currently) plus a 20% bonus. This bonus will decease until the ICO is closed at which time post ICO received Tether will be manually returned to the sender if intended for the ICO. To check the current bonus percentages and verify that the ICO continues to be open, visit:
Can I acquire ALT outside the ICO?
AltCoin has already begun trading on the Cryptopia Exchange where ALT trades in the secondary market. In other words, someone who bought in the ICO already sent some ALT to that exchange where those ALT now trade against Bitcoin (BTC). At time of this writing, the ALT is trading at a premium over the ICO. We expect ALT to be listed on many more exchanges as soon as the ICO is completed to be paired with many different fiat and cryptocurrencies.
Can Omni Protocol coins already be traded against ALT?
Tether has pathed the way, making it technologically simple for ALT to be traded and paired with USDT and other currencies on those exchanges already trading USDT. Markets can now be initiated and paired with ALT against other Omni protocol currencies such as OMNI, TESLA, PRES, HILL, USDT, GARY, BURN, BOND, XBU via: http://omnichest.info/mdexmarket.aspx?market=149.
How Can I monitor ALT issuances to learn the total issued and what will be that total?
It will not be known until the ICO is completed at the end of April 2017 how many AltCoins have been issued and that will depend on the popularity of this new coin. To monitor the total coins issued and transferred into the secondary markets, please see: http://omnichest.info/lookupsp.aspx?sp=149. In order to help find Altcoin (ALT) in the Omnichest numbering system search #149 while Tether (USDT) is searchable via #31. To monitor the Crowdsales of the ICO see Issuer’s Omni Wallet here: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS.
Once the ICO is complete there will be no further ALT issued or created, meaning that the fewer the ICO buyers the more scarce the currency.
Use of proceeds?
The USDT proceeds received by the Issuer, www.Coinqx.com, a cryptocurrency exchange (where ALT will soon be listed) and a subsidiary of First Bitcoin Capital Corp (stock symbol BITCF) will be used to build out www.Altcoinmarketcap.com where AltCoin (ALT) will be accepted so that owners of ALT will be able to use this new currency to advertise their goods and services. The USDT received will also be used for building walls of support in secondary trading of ALT and otherwise develop the issuer, its affiliates and for speculative trading in ALT and other cryptocurrencies. Should the proceeds not be sufficient to bring AltCoinMarketCap.com into full production, the Issuer and its parent company are dedicated to utilizing other resources to turn this website into the go to place for all things cryptocurrency. We plan to roll out AltCoinMarketCap.com before closing of this ICO.
Why Does Issuer earn 10% of each Issuance of ALT?
The 10% premium that the Issuer receives is earned in exchange for creating and issuing ALT and will be used and held for both short and long term capital gains. From our research, this is a very low amount and competitors often are more generous to themselves leaving a smaller percentage to be owned by the public.
Is AltCoin a Security?
ALT is not a security. The holders of AltCoin will be paid neither interest payments nor dividends nor will they own any property directly or indirectly in any asset or income source. ALT is merely a tokenized cryptocurrency not unlike Bitcoin. Each ALT acquired by speculators and end users will be the sole and separate personal property of the person or entity receiving ALT.
What is the relationship between AltCoin and AltCoinMarketCap.com?
While the intended use of ALT is as a forward-service receipt for ad-clicks purchased from AltCoinMarketCap.com based on the traffic that site may generate, it also may be used by holders in any legal transaction between willing participants. We estimate that the cpc for advertising on this new site will be low at first yet rise over time. Why will AltcoinMarketCap be a better Advertising Venue than, say, its obvious competitors CoinMarketCap.com or other sites? What these competitors lack is social activities and participation by the public. AltCoinMarketCap.com will engage the cryptocurrency enthusiasts allowing them to up vote and down vote coins based on their good and bad qualities as well as including social media attributes allowing interaction between those who login which will attract the public as they witness these events. The site name, data base and social interactions have been designed to place www.Altcoinmarket.com at the top of the search engines for key terms such as Altcoin, etc.
How does Tether work?
Tethers also exists on blockchains through the Omni Protocol. The Omni Protocol is open source software that interfaces with blockchains and allows for the issuance and redemption of cryptocurrency as managed tokens, in their case, “tethers”. Tether Platform currencies are 100% backed by actual fiat currency assets in their reserve account. Tethers are redeemable and exchangeable pursuant to Tether Limited’s terms of service. The conversion rate is 1 tether USD₮ equals 1 USD. The Tether Platform is fully reserved when the sum of all USDT in circulation is greater than or equal to the balance of fiat currency held in their reserve. Through its Transparency page, anyone can view both numbers in near real-time making Tether a stable and safe medium of exchange to acquire AltCoin in its ICO. For a more detailed technical explanation of how the Tether Platform works, please download the Tether white paper.
What real-world currencies does Tether support? Tether initially supports US Dollars (USD), Euros (EUR), and soon Japanese Yen (JPY). Represented by ₮, tether platform currencies are denoted as USD₮, EUR₮, and JPY₮.
Who can use Tether? Tether enables businesses – including exchanges, wallets, payment processors, financial services and ATMs – to easily use fiat currencies on blockchains. Some of the largest businesses in the digital currency ecosystem have integrated tether. ALT using this same technology, it is probable that AltCoins will likewise be integrated should they become a popular cryptocurrency. View current industry supporters. Individuals can also create a Tether wallet or use tether-enabled platforms to transact with tethers.
How does Tether protect me from cryptocurrency volatility?
Because they are anchored or ‘tethered’ to real-world currencies. However, ALT is only initially tied to Tether through the ICO, so that when the ICO closes ALT should witness wild fluctuation not unlike those experienced by BTC, ETH, XMR, DASH, etc. Due to the potential scarcity, dependent on ALT’s ICO popularity, the fluctuations of ALT could be more dramatic but should eventually stabilize so it could be used in commerce. Tethers are new assets that move across the Bitcoin blockchain just as easily as other digital currencies. Tether currencies are not money, but are digital tokens formatted to work on blockchains. Tethers hold their value at 1:1 to the underlying assets with the typical price of one USD equal to one USDT on various exchanges. Rarely does USDT trade at a premium or discount from the USD, except on exchanges where trading is sporadic.
How do I know my Tether is secure? Tether is built on top of the revolutionary and cryptographically secure open blockchain technology and adheres to strict security and global government laws and regulations. All tethers are pegged at one-to-one with matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by actual assets in the Tether master reserve account. As a fully transparent company, Tether.io publishes a real-time record of all value held and transferred in and out of their reserve account. Tethers can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying asset) pursuant to Tether Limited’s terms of service.
Where can I use Tether? Tether is currently in Beta although it has already ascended to one of the world’s top cryptocurrencies with volume in the tens of millions daily. They want to make Tether usable anywhere, where you can use digital currencies and in many places where digital currencies are not currently accepted. AltCoin maybe the first ICO to accept USDT, and does so exclusively.
Are Tether and ALT transparent?
Yes. Both the ALT and USDT are built on the same platform, to be fully transparent always and is regularly audited. Unlike ALT and other cryptocurrencies very tether is backed 100% by its original currency.
How much does Tether cost to use? Tether has almost zero conversion fees, charges no commissions and offers top market exchange rates. Sending between Tether.to wallets is always free. When sending from your Tether.to wallet to an external tether-enabled wallet, Tether.io says they will absorb all Blockchain fees. Fees occurred when sending tethers outside of their wallet are outside their control.
Do I have to go through the KYC process? Going through the Tether “know your customer” (KYC) form and approval process is required to issue and redeem USD₮, EUR₮, and soon JPY₮, however this is not required to acquire USDT on many exchanges or to open an Omni Wallet where USDT and ALT may be received, sent and owned together and seen in the same wallet along with BTC and other Omni protocol assets. There is no KYC process for acquiring ALT using your USDT.
In what countries and states does, Tether have limited functionality? Tether is committed to operating in a secure and transparent way, while adhering to all government compliance and regulations .For this reason Tether does not operate in countries and U.S. states that do not regulate virtual currencies. Current countries with limited functionality:Afghanistan, Albania, Algeria, Angola, Cambodia, Democratic People’s Republic of Korea, Ecuador, Guyana, Indonesia, Iran, Iraq, Lao People’s Democratic Republic, Myanmar, Namibia, Nicaragua, Pakistan, Papua New Guinea, Sudan, Syrian Arab Republic, Uganda, Yemen, Zimbabwe.
Current U.S. states with limited functionality: Delaware, Georgia, Hawaii, Idaho, Kentucky, Ohio, Tennessee, Virginia, Washington, Wisconsin, Wyoming
List of exchanges where Tether can be purchased:
Certain statements contained in this FAQ 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 business plan represent the Company’s views as of the date of this 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 release of this “FAQ”. Such forward-looking statements are risks that are detailed in the Company’s filings, which are on file at www.OTCMarkets.com.
The statements about Tether (USDT) are based on representation made by Tether and while we accept those statements as true, we cannot take responsibility for any loses that speculators and investors may incur (while buying, selling, trading or transferring Tether (USDT)) that is beyond our control. Our only responsibility is to deliver ALT against our receipt of USDT during the time the ALT ICO is running, and to return USDT to those whom inadvertently send USDT to us after the closing of the ICO.
SOURCE: First Bitcoin Capital Corp.