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ANNOUNCING NEW UPDATES TO BASIC INCOME TOKEN (COIN: BIT) AS A DEFI TOKEN
SAN JUAN, PUERTO RICO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- BOTS, Inc. (OTC: BTZI), an emerging innovator of products, technologies, and services for the rapidly growing digital robotic automation and manufacturing industry, announced today that it had completed initial stages of repurposing FIRST BITCOIN (COIN: BIT), having Livecoin.net crypto exchange recognize its new name as "Basic Income Token" while retaining "BIT" as the digital currency's symbol. We are awaiting CoinMarketCap and Coingecko's recognition of the name change. While First Bitcoin Capital was the first to develop a coin utilizing the symbol BIT, others have sprung up using this same symbol; therefore, readers of this news should be careful to avoid any confusion by matching the name with the symbol.
Basic Income Token was designed to provide individuals and communities access to a cryptocurrency that enables a savings program, micro-payments, and to earn interest or stake their BIT holdings utilizing the DeFi (Decentralized Finance) protocols. Initially, we only provided a limited amount of staking via Proof of Stake (POS) mining to enhance mining merely by keeping holders' bit wallets opened to earn more coins. We are upgrading staking by adding a Dapp that will allow holders of BIT to deposit their coins via our website to earn greater interest utilizing the Ethereum blockchain, increasing earnings up to .18% per day without the need to mine. This new approach will not stop holders from POS mining. In the near future, we intend to provide greater access to BIT through the Ethereum based Uniswap decentralized apparatus.
International Bankers magazine described DeFi as "decentralized finance—that is, the application of financial services using decentralized technology such as blockchain. DeFi projects aim to provide financial services that do not require centralized entities or financial intermediaries, or middlemen to operate.
"At present, 'trust' within the global financial system is largely represented by systemically important financial institutions and regulatory bodies. Have they been successful in instilling sufficient trust? That's debatable at best. Errors, delays, and security vulnerabilities have certainly not been infrequent. Nor have these entities been shy when it has come to taking their own pieces of the pie in exchange for providing this purported layer of trust. And what's more, there have been depressingly few signs over the years and decades of their willingness to be more innovative, cost-effective, or efficient.
"It is with such limitations in mind that the DeFi revolution has gathered steam. DeFi is about creating a network of financial services that seamlessly function without the need for intermediaries that could hold an unfair and inefficient controlling stake in the operation of the system. 'The simplest way to describe DeFi is as an open financial network,' Peter Johnson, ex-Morgan Stanley banker and now a partner at fintech (financial technology) venture-capital firm Jump Capital, recently told Fortune magazine. 'If you want to send, lend or borrow money, you don't need to join a private network like PayPal or Fedwire or a bank.'"
BIT's purpose is to provide long-term daily income, a communication network already built into the system, access to better education and healthcare services, and a range of other social benefits to the global community.
Due to the recent Bitcoin price surge to a three-year and all-time high -many cryptocurrencies followed the trend. The market price of BOT's 10 billion BIT holdings has also doubled in the last two months since acquiring same from First Bitcoin Capital Corp (OTC: BITCF). Although trading takes place daily on very light volume, at more than 1 U.S. penny per coin, this could amount to a very significant sum should price per coin hold up and volume begins to increase dramatically. The Company can give no assurances that the price per coin will remain at or above its current levels, nor can we assure that volume will increase.
Recently Forbes reported that mayors in Los Angeles, Atlanta, and other cities have all joined a coalition calling for basic cash payouts to everyone with no conditions attached. The coalition is called Mayors for a Guaranteed Income. It was founded by Michael Tubbs, the 29-year-old mayor of Stockton, California. Tubbs told that publication while the coalition will jointly advocate for basic income, each city will also work to host their own basic income trials. Universal basic income trials may be coming to nine cities in the United States, and it's caught the attention of Elon Musk. Tesla and SpaceX CEO has spoken out before about the need for a universal basic income. In November 2016, Musk told CNBC that "here's a pretty good chance we end up with a universal basic income, or something like that, due to automation
The move comes as the United States grapples with both the coronavirus fallout (authorizing a $600 payment for low to average income Americans yesterday) and new conversations about racism sparked by the death of George Floyd. Tubbs told Forbes he was motivated to announce the coalition due to these events: "If it's not Covid-19 this year, it'll be an earthquake next year, a hurricane the year after or fire. Folks need to build economic resilience in our cities now."
The announcement was praised by Bernice King, the youngest child of Martin Luther King, Jr., via her Twitter page:
"Wow. A universal basic income (guaranteed annual income) was what my father recommended as a primary way to eradicate poverty. This is a powerful step forward."
About BOTS, Inc.
Headquartered in San Juan, Puerto Rico, BOTS, Inc., a publicly-traded OTC Markets innovator trading under the symbol (BTZI) – is a diversified company developing and servicing blockchain and robotics solutions for its clientele. The Company is committed to driving 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).
Shareholders, potential investors, and others should note that we announce material events and material financial information to our shareholders and the public using our website and the social media addresses listed below, as well as in our SEC filings, press releases, public conference calls, and webcasts. We also use social media to communicate with our subscribers and the public about our Company, services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage shareholders, the media, and others interested in our Company to review the information we post on the U.S. social media channels listed below. This list may be updated from time to time.
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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 the 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.
Paul Rosenberg, CEO