CoinQX Exchange, a wholly-owned subsidiary of First Bitcoin Capital Corp (OTC PINK: BITCF), a publicly-traded digital currency business, has announced 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 BTU’s future value, the company issued 9,000,000 tokens on the Bitcoin Blockchain 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 exist 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 a Self Regulatory Organization (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 company’s exchange against other similar currencies such as $USDT, $BTC, $PRES, $TESLA, $GARY, $BURN, $HILL, and $MAID.
Bitcoin Capital Corp currently owns and operates the following digital asset businesses:
- www.CoinQX.com cryptocurrency exchange, registered with FINCEN.
- www.iCoiNEWS.com real-time cryptocurrency and bitcoin news site.
- www.BITminer.cc providing mining pool management services.
- www.bitcannpay.com Open Loop merchant services for dispensaries.