San Juan, PUERTO RICO, Nov. 09, 2020 (GLOBE NEWSWIRE) -- BOTS, Inc. (OTC: BTZI) (The "Company") an emerging innovator of products, technologies, and services for the rapidly growing cyber-security, digital robotics automation, and A.I. for manufacturing industry announced today that its wholly-owned subsidiary, First Bitcoin Capital LLC, is in discussions with a major law firm in order to enforce our Bitcoin ATM Patent against those operating Bitcoin ATMs, to collect royalty payments. While in these negotiations, we are reaching out to individual operators to reach an amicable arrangement without litigation while offering those operators to join a consortium of Bitcoin ATMs.
As Bitcoin prices surge to their highest levels since 2018, reaching over $15,000.00, we expect transactions in this lucrative market to increase significantly. An article published in Marketwatch.com partially explained the why: The recent rally for the progenitor to the cryptographic currency craze comes as PayPal Holdings announced plans to accept cryptocurrencies and allow its use for merchant payments. PayPal's announcement is an ever-expanding recognition of the legitimacy of digital currencies.
BTZI announced on October 29, 2020, that it acquired a subsidiary from First Bitcoin Capital Corp (OTC: BITCF), which includes the rights to U.S. Patent No. 9,135,787 - "Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Using the Same." Known as the "Bitcoin ATM patent," this patent is related to the purchase and sale of cryptocurrencies utilizing a Bitcoin ATM or kiosk that allows customers to purchase Bitcoin or other cryptocurrencies by using cash, debit, or credit cards. Many of the elements of that intellectual property (I.P.) will be "standard-essential claims," which are critical for the Bitcoin ATM networks to operate.
All Bitcoin ATM manufacturing companies could be forced to use the patented technology to manufacture and sell their Bitcoin ATMs as well as companies and individuals that own and operate Bitcoin ATM networks locally and nationwide.
"Per transaction royalty payments will be negotiated for a several-year term. Some agreements, especially with the manufacturers, could cover previous years and/or a significant number of coming years," says Paul Rosenberg, BOTS Inc CEO, "as those terms have not been finalized yet."
The Company has already begun negotiations with a major law firm with a very successful track record in enforcing patent rights when working on a contingency basis.
According to CoinATMradar.com, as of November 2020, there were over 9400 Bitcoin ATMs installed in the USA. Average Bitcoin ATM kiosk processes 130-180 transactions monthly. This translates into $14- 18 Million as potential income for the Company per year.
Like traditional Bank ATMs, a Bitcoin ATM is a kiosk with internet portals through which customers can engage in a transaction of buying and selling cryptocurrencies. The difference is that traditional Bank-owned ATMs allow customers to withdraw and deposit cash or checks, whereas Bitcoin ATMs allow customers to buy and sell cryptocurrencies using cash or credit cards.
Most Bitcoin ATMs are comprised of a monitor, Q.R. scanner, bill acceptor, face recognition camera, and dispenser (as described in our patent.) On the backend, these components are connected to a platform and Internet to make the buying and selling of cryptocurrency, mainly Bitcoin- quickly, easily and secure.
However, Bitcoin ATMs are different from Bank ATMs in that they are not connected to customer's bank account. In contrast, they are connected directly to a cryptocurrency exchange or Bitcoin mining farm via the Internet.
"The very first Bitcoin ATM was placed in 2013 at a coffee shop in Vancouver, Canada. It took six years to turn this single machine into a multimillion-dollar industry worldwide. At the same time, future growth could easily dwarf this embryonic progress."- added Paul Rosenberg.
BOTS, Inc. is also developing a Worldwide Bitcoin ATM network, similar to the Bank ATM networks to allow customers to buy and sell cryptocurrency on any Bitcoin ATM kiosk regardless of who operates the kiosk.
The Company will be offering a fractional ownership program allowing owner-operators of the crypto ATMs the opportunity to profit from using this future global ATM network.
BTZI is the founder of the First Worldwide Bitcoin ATM consortium or network, blockchain-powered computer network that will enable Bitcoin ATM customer wallets issued by a Bitcoin ATM operator that will be a member of the network to be used to perform Bitcoin ATM transactions through ATMs that belong to another operator of the network. This is especially convenient when traveling abroad, where Bitcoin ATMs may be widely available. A network is a common way of delivering buying or selling cryptocurrency services that increase the network value by linking many operators together. For example, the value of a cellular telephone network to customers increases with the number of customers that can be reached via the global network. Similarly, Bitcoin ATM networks will link together Bitcoin ATMs in various locations, giving the customers of each operator greater access to their crypto accounts.
