Bots Inc (BTZI)

[lesgetrich]

BTZI has indicated what they expect...

BOTS, INC. TO REPURPOSE THE FIRST BITCOIN CRYPTOCURRENCY “BIT” AND USE IT TO PAY AN INCOME PRODUCING ASSET AS DIVIDEND TO SHAREHOLDERS

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.

We won't know the details until the dividend is formally announced but I expect you'll be asked to sign up for a digital cryptocurrency wallet and exchange. Bots now owns both a wallet and exchange as a result of the First Bitcoin acquisition. They will probably issue instructions for how you can open a subscription with them. The wallet and exchange together perform the same functions for cryptocurrency as your brokerage now performs for your stocks. I'm not sure how Bots will know how many coins to issue for your dividend and where to send them unless they work through your brokerage or you take some action to inform them.

I addressed this issue several weeks ago in my post # 106100. Here's a reprint...

Based on what I've read, all shareholders would be required to download or subscribe to a digital wallet to hold your tokens and to a digital exchange to trade them. Bots has acquired CoinQX exchange, which includes a trading platform and wallet to store your tokens. This would operate completely independent from your current broker and brokerage account.

Think of these tokens as shares of stock which is the way the SEC is viewing them and the exchange as the equivalent of the OTC, except in this case the exchange will also be storing your tokens (like your broker). I imagine Bot's will release a digital bot (program) to automatically subscribe shareholders to the new exchange and help them manage their wallet and trades. You'll be able to buy and sell your BIT tokens or trade them for other cryptocurrencies.

I imagine to keep your wallet open you would need to click on a link in your bot and keep your computer running so that it can record token transactions (it may also require a minimum amount of disk space). Bots could make money by charging a transaction fee on trades and perhaps selling advertising on the exchange and the bots. You would make money from creating new tokens (which will reward you with a fee) the frequency of which will be based on the number of tokens you own.

Moreover, Bots plans to distribute cryptocurrency ATM's which will also utilize the exchange to turn cash into tokens and vice versa. There are millions of people in this country and elsewhere who don't have access to the traditional banking community (think payday loans and check cashing businesses). They could make use of a cryptocurrency ATM as a banking substitute, potentially saving them millions in loan sharking interest payments.

One of the main beauties of this strategy is that it, along with the Universal Income Token (UIT), introduces thousands (and eventually millions) of people to owning and trading cryptocurrencies, which ultimately increases the value of those currencies for everyone.

Again, this is just my opinion based on what info has been released so far. The actual implementation may be very different from what I described.

Also, keep in mind that as the owner of millions of shares of cryptocurrencies, Bots will realize an increase in their assets as the value of these currencies increases.