Daily Archives: March 10, 2015

Bitcoin, the world's leading cryptocurrency, has had a roller coaster ride over the past 12 months.

Despite wild fluctuations in the exchange rate, scams galore and the involvement of many a shady character, the process of mining is still a lucrative exercise.

This documentary, produced by Vice, gives a rare glimpse inside a Chinese bitcoin mine. Situated in northeastern Liaoning province, the mine turns over $US1.5 million worth of bitcoin a month.

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What is a cryptocurrency?

A cryptocurrency is a digital medium of exchange that uses encrypted software to operate a market for transactions. That market is overseen by those using the network, based on rules coded in to algorithms. It's a transparent, peer-to-peer operation, similar to the file-sharing protocol BitTorrent which is widely used for the illegal sharing of movies, TV shows and music.

How are cryptocurrencies propagated?

Cryptocurrencies are created, or mined, based on a mathematical formula. In the mining process, computers are tasked to solve complex mathematical problems and rewarded with virtual coinage. Over time, the equations become progressively more difficult to solve, slowing down the supply of new cryptocurrency units.

Can anyone become a miner?

Theoretically it is possible to start mining at home. But as the mathematical challenge becomes harder, more computational grunt is required. For this reason, miners often pool resources to buy access to supercomputers or server farms (networked arrays of smaller computers).

See more here:
Inside the secretive world of a Chinese bitcoin mine

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