Bitcoin is a decentralized digital currency. It relies on free open-source software and on a peer-to-peer network rather than relying on a central bank or government issuer. By using Bitcoin, you can exchange value with anyone in the world, almost instantly and with little or no fee.
Bitcoin is a currency much like any other, albeit digital. It can be saved, spent, invested, and even stolen. The rise of Bitcoin, the most widely circulated cryptocurrency, began in 2009 by someone (or someones) using the alias Satoshi Nakamoto. It came to prominence earlier this year when its value suddenly jumped 10-fold from $2 to $266 between February and April, with a peak market valuation of more than $2 billion.
The simple answer is: just like physical currency exchanges. You're essentially buying one currency with another. The relative value of a nation's physical currency is a reflection of the country's economic and financial health, especially since we moved off of the gold standard. The U.S. dollar, for example, is worth more than that of the Mexican peso due to the discrepancies between the two countries' economies-therefore you can buy lots of pesos for very few dollars (the dollars being relatively more valuable). The same holds true for Bitcoin, except that its value comes not from an industrial economic base but from the work performed by your computer. That means it can be traded like a commodity, no different than pork bellies or Florida oranges.
That said, exchanges like Mt. Gox act as intermediaries for currency transactions, converting wealth from Bitcoin to US dollars to other national currencies, back to dollars or Bitcoin. And that's how you make money. By exploiting the constantly shifting relative values of various currencies, savvy investors can make a tidy sum simply from moving money around these markets, in a process known as arbitrage. But they can lose it just as easily.
Mine It: The easiest-but slowest-way into Bitcoin is to mine it. Set up a dedicated computer to do nothing but decrypt Bitcoin blocks, install some Bitcoin-mining software and let it do its thing. Again, doing so on a mid-range desktop could take upwards of a year or more to fully decrypt a single block. That's not going to be worth the time or effort. Basically, mining Bitcoin has gotten to the point that it's almost impossible to recoup your investment. So maybe you're better off not going it alone.
Gang Up: You can also join a mining pool. These Internet-connected computer clusters break the work of a block into pieces that are shared among the group. Once the block is decrypted, the resulting Bitcoin is doled out according to how much work your rig contributed. There are a number of variations to this basic model, however, depending on how the pool is set up. Bitcoin.it has an expansive listing of popular mining pools with explanations of how each operates, pays out, and taxes users for their participation.
Play the Markets: The fastest-but riskiest-method is to go straight to the markets. So, say, for Mt. Gox, the reputed "world's oldest and largest Bitcoin exchange." Then it's simply a matter of depositing funds into your account and carefully watching the market for opportunities to make money.
Bitcoin is a relatively new form of currency
that is just beginning to hit the mainstream,
but many people still don't understand why they
should make the effort to use it.
- It's fast
- It's cheap
- Central governments can't take it away
- There are no chargebacks
- People can't steal your important information from merchants
- It isn't inflationary
- It's as private as you want it to be
- You don't need to trust anyone else
- You own it
- You can 'mine' bitcoins yourself
Bitcoin is of interest to law enforcement, tax authorities, and legal regulators, all of which are trying to understand how it fits into existing frameworks. The legality of your bitcoin activities will depend on who you are and what you are doing with it.
Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the virtual currency in an attempt to control its use. We are still early on in the game, and many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal? The answer is yes.
Companies and Cooperation
FastPayBitcoin.com is a legitimate investment company (an investment platform and subsidiary of INVESTA MANAGEMENT CO CIK #: 0028639142), which is located at 13485 Boulevard Saint-Laurent Montreal, Canada Our profit comes from investing money on different BTC markets like Mtgox,. Bitstamp or European markets. This gets us very decent profits sowe are able to offer our clients high interest too. Due to the professionalism of our employees and the introduction of cutting-edge Btcoin market techniques, we manage to provide top-quality service at minimal costs.Our investors receive 730 to1000 percent profit at the same time as our profit increases proportionally to a total sum of investments.
FastPayBitcoin has a large production Bitcoin companies, long-term investment success has created a wealth of life for many members!
I wish to invest with FastPayBitcoin.com but I don't have an any e-currency account. What should I do?
We accept investments in both USD and Bitcoin using, Egopay, Payeer, Perfect Money, Solid Trust Pay, and Okpay itself!
You can open a free Bitcoin account here: www.bitcoin.com
You can open a free EgoPay account here: www.egopay.com
You can open a free Payeer account here: www.payeer.com
You can open a free Perfect Money account here: www.perfectmoney.is
You can open a free SolidTrustPay account here: www.solidtrustpay.com
You can open a free Okpay account here: www.okpay.com
To make a deposit you must first become a member of FastPayBitcoin.com. Once you are signed up, you can make your first deposit. All deposits must be made through the Member Area. You can login using the member username and password you received when signup.
Your account will be updated instantly, as you deposit. After you finish the deposit it will show in your account and plan. Withdrawals are paid within 4 hours.
No, we don't allow deposit from account balance. You can withdraw the money from your account balance and make new deposit from your e-currency account.
No, balances in USD can only be withdrawn in USD and balances in BTC can only be withdrawn in BTC!
No. If we find that one member has more that one account from same IP to misuse the referral commission system, the entire funds will be frozen.
FastPayBitcoin provides a good policy for members! We do not allow members of any damages, including a refund, all systems support all members of a 100% refund!