What are bitcoins?

+ Bitcoins are units of digital currency that can be + transferred over the Internet. + They get sent to a bitcoin address and stored in a digital wallet + that you can access with a + password. Creating and using a new wallet and address is free and as + easy as email -- try it. +

+ +

+ Transactions between bitcoin addresses are + recorded in a public file and published on + the Internet. This file, or "block chain", keeps track of what amounts are + stored at what addresses. +

+ + About every 10 minutes, 50 new bitcoins are + generated by a mathematical algorithm and distributed to people who + contribute computing power to the network. The + software to participate in the network is free and open source so anyone can run it on their computer. +

+ Over time, fewer and fewer + bitcoins will be created until there are a total of + 21 million of them in circulation by the year 2040. Each bitcoin + is divisible up to 8 decimal places, making + it possible to transact very small portions of them. +

Why use them?

+ They're free, fast, secure, and global. Merchants + don't get charged for accepting them and you don't + get charged for transferring them, even + internationally. There are no fees, prerequisites, or + limits. You can register addresses anonymously and + create as many accounts as you like. They can + never be frozen because no central authority + controls them. Whether you're sending a fraction of + a cent or a million dollars, the network doesn't + discriminate. +

+ +

+ You can use bitcoins to securely store + and backup your savings and gain access to them + from anywhere that has Internet access. They tend to + appreciate in value over time because of their + limited supply so they make a good investment. + Unlike dollars and other national currencies, no + government or issuing authority can print more of + them. +

What are bitcoins?

- Bitcoins are units of digital currency that can be - transferred over the Internet. - They get sent to a bitcoin address and stored in a digital wallet - that you can access with a - password. Creating and using a new wallet and address is free and as - easy as email -- try it. -

- -

- Transactions between bitcoin addresses are - recorded in a public file and published on - the Internet. This file, or "block chain", keeps track of what amounts are - stored at what addresses. -

- - About every 10 minutes, 50 new bitcoins are - generated by a mathematical algorithm and distributed to people who - contribute computing power to the network. The - software to participate in the network is free and open source so anyone can run it on their computer. -

+ Bitcoins enable you to send free, + immediate payments to your friends and family + from your phone or laptop so you can pay a co-worker + back for coffee, transfer wages to family overseas, + or donate to organizations like WikiLeaks who have + been cut off by the major payment companies. +

- Over time, fewer and fewer - bitcoins will be created until there are a total of - 21 million of them in circulation by the year 2040. Each bitcoin - is divisible up to 8 decimal places, making - it possible to transact very small portions of them. -

Why use them?

- They're free, fast, secure, and global. Merchants - don't get charged for accepting them and you don't - get charged for transferring them, even - internationally. There are no fees, prerequisites, or - limits. You can register addresses anonymously and - create as many accounts as you like. They can - never be frozen because no central authority - controls them. Whether you're sending a fraction of - a cent or a million dollars, the network doesn't - discriminate. -

- -

- You can use bitcoins to securely store - and backup your savings and gain access to them - from anywhere that has Internet access. They tend to - appreciate in value over time because of their - limited supply so they make a good investment. - Unlike dollars and other national currencies, no - government or issuing authority can print more of - them. -

- Bitcoins enable you to send free, - immediate payments to your friends and family - from your phone or laptop so you can pay a co-worker - back for coffee, transfer wages to family overseas, - or donate to organizations like WikiLeaks who have - been cut off by the major payment companies. -

Where can I get some?

+ Contact one of our trusted in-person exchangers. +

+ There are also several bitcoin markets operating online. The largest one in Canada + is cavirtex.com and is run out of Calgary. They link up buyers and sellers and facilitate trades by + allowing you to deposit and withdraw Canadian dollars directly from your bank account. A list of other + online exchanges and their rates can be found at bitcoincharts.com. +

Where can I get some?

- Contact one of our trusted in-person exchangers. -

+ You can also use sites like Local Bitcoins, Bitcoinary, and Bitcoin OTC to find people to trade with directly if you want to take your chances with strangers. +

- There are also several bitcoin markets operating online. The largest one in Canada - is cavirtex.com and is run out of Calgary. They link up buyers and sellers and facilitate trades by - allowing you to deposit and withdraw Canadian dollars directly from your bank account. A list of other - online exchanges and their rates can be found at bitcoincharts.com. -

How is their price set?

+ Most merchants accepting bitcoin will use an + exchange rate from one of the online markets + to determine their equivalent + dollar value. The exchange rate is simply the last + price that some seller was able to charge some + buyer for bitcoins in the free market and is + governed by supply and demand. +

- You can also use sites like Local Bitcoins, Bitcoinary, and Bitcoin OTC to find people to trade with directly if you want to take your chances with strangers. -

+ Bitcoins aren't backed by any underlying + commodity or insured by any authority. They + have value as a form of currency due to their mathematically + guaranteed scarcity, security, ease of use, + distributed nature, lack of fees, divisibility, and + global recognition. +

How is their price set?

- Most merchants accepting bitcoin will use an - exchange rate from one of the online markets - to determine their equivalent - dollar value. The exchange rate is simply the last - price that some seller was able to charge some - buyer for bitcoins in the free market and is - governed by supply and demand. -

+ We peg our rates + to cavirtex.com. +

- Bitcoins aren't backed by any underlying - commodity or insured by any authority. They - have value as a form of currency due to their mathematically - guaranteed scarcity, security, ease of use, - distributed nature, lack of fees, divisibility, and - global recognition. -

What can I buy with them?

+ You can spend them locally at one of our participating merchants or check out + this article for some other good suggestions. + The number of companies accepting bitcoins + is growing quickly. We're working to get more stores accepting them in + Vancouver. We believe it'll be in + their best interest to avoid the transaction fees + charged by the credit card companies. Transaction + fees end up getting built into the prices we pay for + goods and services across the board so we're + indirectly subsidizing the big banks and credit card + companies whether we personally use their services + or not. +

- We peg our rates - to cavirtex.com. -

- -

What can I buy with them?

- You can spend them locally at one of our participating merchants or check out - this article for some other good suggestions. - The number of companies accepting bitcoins - is growing quickly. We're working to get more stores accepting them in - Vancouver. We believe it'll be in - their best interest to avoid the transaction fees - charged by the credit card companies. Transaction - fees end up getting built into the prices we pay for - goods and services across the board so we're - indirectly subsidizing the big banks and credit card - companies whether we personally use their services - or not. -

- -

Where can I learn more?

- Come to our monthly meetup group or contact one of us directly. -

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Where can I learn more?

+ Come to our monthly meetup group or contact one of us directly. +