Q: What is a bitcoin?
A: Bitcoin is a digital currency which shares many of the properties of money, namely, scarcity, fungibility, and a means of exchange. The pattern of digital bits and the mathematical conventions in place enforce these aspects. Bitcoin is far more similar to a digital version of gold than it is to a sovereign fiat currency. For more robust information regarding Bitcoins, we suggest reading We Use Coins
Q: What backs bitcoin?
A: Bitcoins do not need to be hard-linked to anything else. The need for a distributed, anonymous, and decentralized currency drives initial adoption. The value of Bitcoins will be driven by supply and demand; in essence, it is backed by what people are willing to trade for it; the same as gold.
Q: What are they used for?
A: Currently it is used mostly for investment, and trading for goods online. If a person accepts bitcoins for goods or services, you can “pay” using bitcoins instead of cash. You can also “split” bitcoins, as not everything will cost a full bitcoin. Also, each bitcoin has a monetary value, just as each ounce of gold has a specific monetary value.
Q: Are there advantages to bitcoins?
A: Of course! It is secure, anonymous and it removes the middle man resulting in very little transaction fees.
Q: What does this site do?
A: When you send a bitcoin, it will only be accessible on the computer it is sent to, and nowhere else. flexcoin acts as a centralized location to store all of your bitcoins, so that you can send them anywhere from any web connected device. It eliminates the need to be connected to the PC you originally received the bitcoin on.
Q: Does this work like the bitcoin client?
A: Yes. It works just like it, except that you can access all of your bitcoins from any web connected device.
Q: I heard I can send bitcoins to an e-mail address? Is this true?
A: Yes it is, Flexcoin offers individuals a way to send bitcoins to a non-technical individual via e-mail. Best of all it’s free.
Q: I want a new incoming bitcoin address? Why can’t I make one?
A: You can, just make a new account. Remember flexcoin to flexcoin transfers are free.
Q: How do you get bitcoins?
A: There are a few ways to get bitcoins: trade goods or services for them, purchase them from other users, or mining (to name a few).
Q: Does this work on an iPhone or Android or other smartphone?
A: Yes! it’s completely tested with mobile to do this.. bookmark the https://bank.flexcoin.com as a homepage icon… you’ll see the flexcoin icon there for iPhones!
Q: Can you mine from this site?
A: No. flexcoin is not a mining pool. We are the bitcoin bank, we distribute discount payments to our users based on their bitcoin balance.
Q: What are your fees?
A: We use the following fee schedule Flexcoin to Flexcoin = FREE Flexcoin to E-mail = FREE Bitcoin to Flexcoin = FREE Flexcoin to Bitcoin = 0.01 BTC or one half of one percent of the transaction amount (whichever is greater) Cold Storage Transaction Fee (outbound) = 0.02 BTC or one percent of the transaction amount (whichever is greater) Cold Storage Transaction Fee (inbound) = 0.01 BTC or one half of one percent of the transaction amount (whichever is greater)
Q: Are you a ponzi scheme?
A: No, we are not a ponzi scheme.
Q: Will you loan out my bitcoins?
A: No, we will not loan out anyone’s bitcoins.
Q: Where will my bitcoins go?
A: Bitcoins deposited with flexcoin will be stored on our secure servers. They will remain in your account, and your account only, unless you authorize a transaction with them.
Q: If you’re not loaning out my bitcoins, then how are you a bank?
A: Try not to think of us as a traditional bank – we’re not. We don’t take in bitcoins and loan them out on the other side to turn a profit. We’re the world’s first bitcoin bank. There are many different ways we can generate a payout for our account holders. However it’s generally made from minor fees on flexcoin to bitcoin transfers. There are no fees for flexcoin to flexcoin transfers and there are also no fees for bitcoin to flexcoin transfers. Much of the fees on flexcoin to bitcoin transfers are handed back to you in the form of a discount payment. Another reply to this that technically we’re not a licensed bank, we’re a bitcoin bank. We do not and will not accept any national currency.