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<!DOCTYPE html>
<html>
<head>
<meta charset="utf-8" />
<meta name="viewport" content="width=480, height=752, user-scalable=no, initial-scale=1.0, maximum-scale=1.0, minimum-scale=1.0" />
<title>Vancouver Bitcoin</title>
<link href="img/favicon.ico" rel="shortcut icon" />
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</head>
<body>
<div class="navbar navbar-inverse">
<div class="navbar-inner">
<div class="container-fluid">
<a class="brand" href="/">VanBTC</a>
<div class="nav-collapse collapse">
<p class="navbar-text pull-right">
<a href="/login" class="navbar-link">Login</a>
</p>
<ul class="nav">
<li><a href="/about">Merchants</a></li>
<li><a href="/contact">Exchangers</a></li>
</ul>
</div><!--/.nav-collapse -->
</div>
</div>
</div>
<div></div>
<div class="container-fluid">
<div class="row-fluid">
<div class="span6">
<h1>What are bitcoins?</h1>
<p>
Bitcoins are units of digital currency that can be
transferred over the Internet. They get stored at a
unique address which is like an online wallet or
bank account that you can access with a
password. Registering a new address is free and
is as easy as signing up for an email account -- <a href="https://blockchain.info/wallet/new">try it.</a>
</p>
<p>
Transactions between bitcoin addresses are
recorded in a public record that's published on
the Internet and keeps track of what amounts are
stored at every address. Fifty new bitcoins are
generated by a mathematical algorithm every ten
minutes and are distributed to people who
contribute computing power to the network. The
<a href="http://bitcoin.org">software to participate in the network</a> is free so
anyone can run it.
</p>
<p>
Over time, fewer and fewer
bitcoins will be created until there are a total of
21 million of them by the year 2040. Each bitcoin
is divisible up to 8 decimal places, making
it possible to transact tiny amounts.
</p>
</div>
<div class="span6">
<h1>Why use them?</h1>
<p>
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.
</p>
<p>
You can use bitcoins to securely store
and backup your savings and gain access to them
from anywhere that has Internet. Bitcoins 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.
</p>
<p>
They enable you to send free,
immediate payments to your friends and family
from a 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.
</p>
</div>
</div>
<div class="row-fluid">
<div class="span6">
<h1>What can I buy with them?</h1>
<p>
<a href="http://bitcoinmagazine.net/where-to-spend-your-bitcoins/">This article</a> has some good suggestions.
The number of <a href="https://en.bitcoin.it/wiki/Trade">companies accepting bitcoins</a>
is growing quickly but in our opinion their immediate utility is
for personal value transfer rather than for
commerce. If it helps, think of them as a competitor to the likes
of PayPal and Western Union rather than VISA and Mastercard,
although they're eventually going to be competitive in
the retail payment industry as well.
</p>
<p>
We're working to get more stores accepting them in
Vancouver because 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 use their services
or not.
</div>
<div class="span6">
<h1>How is their price set?</h1>
<p>
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.
</p>
<p>
Bitcoins aren't backed by any underlying
commodity or insured by any authority. They
have an intrinsic value as a superior
form of currency due to their mathematically
guaranteed scarcity, security, ease of use,
distributed nature, lack of fees, divisibility, and
global recognition.
</p>
<p>
We offer to pay cash to local
merchants in exchange for bitcoins they receive
as payment. We also offer to sell bitcoins for cash
in person at various locations. We peg our rates
to <a href="http://cavirtex.com/">cavirtex.com</a> and don't take any commission.
</p>
</div>
</div>
<div class="row-fluid">
<div class="span6">
<h1>Where can I get some?</h1>
<p>
Contact one of our trusted in-person <a href="/exchangers">exchangers</a>.
There are also several bitcoin markets operating online. The largest one in Canada
is <a href="http://cavirtex.com/">cavirtex.com</a> 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 <a href="http://bitcoincharts.com">bitcoincharts.com</a>
</div>
<div class="span6">
<h1>Where can I learn more?</h1>
<p>
Come to our <a href="http://meetup.com/bitcoinvan/">monthly meetup group</a> or <a href="mailto:[email protected]">contact us</a> directly. I'm a local software
developer who's made a bitcoin payment app that's running in stores around town. I'd be happy to
send you some bitcoins and teach you more about them.
</p>
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