BITCOIN SERVICES I COM USD0.001 (OTCMKTS:BTSC) traded up another 7% to end the week, and the stock is closer to 10% over the last two days. Volume has also been notable peaking at 697k this morning.
BTSC previously announced its own plans to create a proprietary blockchain software, intending to highlight online marketplace, file storage and identity management applications relative to cryptocurrency. During Q1 of 2017, BTSC began mining Dash. The company also created a new subsidiary this year, Crypto Capital Corp., for the purpose of developing a cryptocurrency wallet that would enable users to securely store multiple digital currencies in one wallet. At present, BTSC is focused on both mining bitcoin and developing its blockchain software. BTSC originally unveiled plans to develop a blockchain software of its own in June 2016, noting its intention to emphasize online marketplace, file storage and identity management applications of the currency. The company reiterated these plans in October 2016 before turning its attention toward mining digital currency at the beginning of 2017.
BITCOIN SERVICES I COM USD0.001 (OTCMKTS:BTSC) bills itself as a company engaged in the mining of Bitcoin as well as Blockchain software development. Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new Bitcoins are released.
According to BTSC press materials, “Our business operations are Internet based to the consumer and consist of two separate streams, as follows: (1) bitcoin mining, and (2) blockchain software development. The principal products and services are the mining of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet.”
BTSC is focused on bitcoin mining which is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second. The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins.
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As we have mentioned previously, BTSC has not made any real strides operationally but does have some nice ideas for the space. BTSC is riding the Bitcoin craze which has recently crossed over into the land of Narnia as it reached $7,000 per coin. The fact that Bitcoin Services hasn’t risen in line with bitcoin (as it has done throughout the entirety of 2017 so far) suggests nothing more than market oversight and investors can start to see some jump, which was evident here this week.
BITCOIN SERVICES I COM USD0.001 (OTCMKTS:BTSC) has a market cap of $31.94M and 462.84M in outstanding shares. The company still needs to issue press to help with transparency because there has not been anything substantial in some time. Sign-up for continuing coverage on shares of $BTSC stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $BTSC, either long or short, and we have not been compensated for this article.