Category Archives: Cryptocurrency

BitCoin, LiteCoin, etc.

Cryptocurrency Here To Stay – But Will Bitcoins Remain?

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The Los Angeles-based IP specialists Gibson Dunn & Crutchers recent seminar on virtual currencies indicated the digital currency is here to stay, although bitcoins may not be the cryptocurrency de jour.

Gibson Dunn partner Judith Alison Lee, based in the firms DC office said digital currency would remain a recurring trend. Lee is also the co-chair of the International Trade Practice Group within the firm, also explained, We think this type of technology, this method of payment, has so many advantages over fiat currency. Its unlikely to completely go away.

According to Lee, the company holds interest in other applications of blockchain, bitcoins underlying technology. Lee believes blockchain has uses outside of cryptocurrency, and it may be applied to other scenarios as soon as by the end of this year.

We think that some of the most interesting applications, from a legal perspective, are the potential use of blockchain technology for smart contracts, securities, property registers, IP and the storage of other data, she stated following the webinar.

In regards to the future of virtual currencies, Lee confirmed with certainty that 2015 will be highlighted by continued growth and increasing popularity among large businesses.

With increasing popularity, however, Lee believes criticisms will also increase, as many opponents of bitcoin will continue to point to volatility, illegal usage, and security breaches to turn potential adopters away.

Furthermore, Lee feels that with more popularity will come increasing regulation in regards to the digital currency in the near future. We do think there is going to be increased regulation at both the federal and state level especially in New York, where you have a very active and aggressive regulator, she claimed.

Another participant of the webinar, Arthur Long, specifically mentioned regulation throughout New York State, as well as for the entire nation.

A partner of the New York office, Long touched base on the BitLicence proposed by the state. New York really wants to reach out and firmly establish control over virtual currencies. Long also mentioned that he has suspicion that other states will attempt to exert the same control through similar approaches.

Long stated: I expect, however, that the pace of state regulation will differ by jurisdiction, and we will not see rapid implementation of 50-state schemes like New Yorks. That said, New Yorks will be influential, and given the reach of the scheme, it will likely require many out-of-state companies to be licensed in New York.

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Cryptocurrency Here To Stay – But Will Bitcoins Remain?

What bitcoin will be in 2019: Study

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Holden, who authored the new study, predicted that bitcoin's active user base will rise to about 4.7 million by 2019 from about 1.3 million in 2014.

That growth, however, will not directly translate to an increase in the value of bitcoin transactions. In fact, the Juniper report predicts a major drop in the total sum of transaction values for 2015, followed by a gradual increase through 2019. The paper attributes this fall in part to temporary trader concerns over the cryptocurrency's future.

And there are several major impediments for bitcoin and other cryptocurrencies' (generally known as altcoins) ascension to the mainstream, Holden said. He pointed to three things keeping the technology within a relatively narrow world: The prices of these digital assets have gone through significant volatility since their inception, exchanges have suffered thefts and mysteriously missing funds, and becoming an active consumer or retail user requires some tech know-how.

Read MoreBitcoin just got serious

"These all make it exceedingly difficult to bring bitcoin, to bring altcoin, into the mass market," he said, adding that technologies like Apple Pay should be the focus of most retailers.

Still, the volatility issue will likely decline, Holden said.

Juniper's analysis expected that some kind of regulation would occur on cryptocurrency exchanges in the short to medium term, which should calm the price movement somewhat, he said.

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What bitcoin will be in 2019: Study

Bitcoin to near 5M active users by 2019: Study

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Holden, who authored the new study, predicted that bitcoin's active user base will rise to about 4.7 million by 2019 from about 1.3 million in 2014.

That growth, however, will not directly translate to an increase in the value of bitcoin transactions. In fact, the Juniper report predicts a major drop in the total sum of transaction values for 2015, followed by a gradual increase through 2019. The paper attributes this fall in part to temporary trader concerns over the cryptocurrency's future.

And there are several major impediments for bitcoin and other cryptocurrencies' (generally known as altcoins) ascension to the mainstream, Holden said. He pointed to three things keeping the technology within a relatively narrow world: The prices of these digital assets have gone through significant volatility since their inception, exchanges have suffered thefts and mysteriously missing funds, and becoming an active consumer or retail user requires some tech know-how.

Read MoreBitcoin just got serious

"These all make it exceedingly difficult to bring bitcoin, to bring altcoin, into the mass market," he said, adding that technologies like Apple Pay should be the focus of most retailers.

Still, the volatility issue will likely decline, Holden said.

Juniper's analysis expected that some kind of regulation would occur on cryptocurrency exchanges in the short to medium term, which should calm the price movement somewhat, he said.

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Bitcoin to near 5M active users by 2019: Study

My Big Coin Pay, Inc. Announces Letter of Intent to Merge With Shot Spirits Corporation

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SOURCE: My Big Coin Pay, Inc.

LAS VEGAS, NV--(Marketwired - Mar 3, 2015) - Privately held My Big Coin Pay, the corporate parent of the online cryptocurrency payment platform and virtual wallet website http://www.MyBigCoin.com, announced today that it has entered into a letter of intent to merge with Shot Spirits Corporation (OTC PINK: SSPT), as part of an alternative public offering or "APO" transaction. Subject to regulatory approval and the fulfillment of contractual obligations, if successful, the merged company will be named My Big Coin Pay and is expected to trade on the OTC Pink Marketplace. The current management of My Big Coin Pay will become the management of the surviving public entity.

According to the Letter of Intent, My Big Coin Pay has thirty (30) days to complete the contemplated merger. My Big Coin Pay must, according to the Letter of Intent, work with Shot Spirits Corporation to provide "current public information" through the OTC Pink Marketplace and obtain the necessary regulatory approvals for the merger. The Letter of Intent further contemplates that a definitive agreement with respect to the contemplated merger must be executed within thirty (30) days. The contemplated definitive agreement, subject to revision, provides that upon completion of the merger, the shareholders of My Big Coin Pay will own approximately 90% of the common stock of the surviving entity, while the shareholders of Shot Spirits will own approximately ten (10%).

John Roche, Chief Executive Officer of My Big Coin Pay, said, "This Letter of Intent marks a significant step in the process of becoming a publicly held company." He added, "My Big Coin Pay is another step closer to being accessible within the micro cap public market, and creating an opportunity for investors to get involved in what we believe is an exciting, emerging technology that seeks to create a viable commercial platform for cryptocurrencies. We will be focusing all of our efforts over the next 30 days on meeting our obligations to close this transaction." The execution of a definitive agreement and closing of the merger is targeted for late March, 2015, subject to customary closing conditions, regulatory approval as well as shareholder approval from both companies.

About My Big Coin Pay, Inc.

My Big Coin Pay, Inc. is the corporate parent of the online cryptocurrency payment platform and virtual wallet website http://www.MyBigCoin.com. MyBigCoin is a privacy-centered digital currency developed for use with My Big Coin Pay's emerging peer-to-peer and commercial digital currency exchange platforms. My Big Coin Pay seeks to collaborate with payments industry leaders to develop unique, high-value, cryptocurrency-based payment solutions. My Big Coin Pay, Inc. is a privately-held company based in Las Vegas, Nevada.

Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although My Big Coin Pay, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, My Big Coin Pay is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability meet the conditions necessary to complete the proposed APO transaction.

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My Big Coin Pay, Inc. Announces Letter of Intent to Merge With Shot Spirits Corporation