Frequently Asked Questions
What is this? Essentially you are buying Bitcoin (BTC) and transferring it to another site where it is sold automatically at a 15% premium. Basic arbitrage.
What is Bitcoin? Here is a very detailed, yet entertaining video explanation of what Bitcoin is and how it works.
Why would someone pay a 15% premium plus fees for Bitcoin? Xcoins is the only site selling Bitcoin to PayPal customers.
It this trading? It is not. You are simply making transfers between financial institutions. If you have made a transfer before, you can take advantage of this method.
Does this involve mining? Not at all.
Do I have to sell the BTC peer to peer? No, the selling is done automatically through Xcoins.
Will you manage my money? Absolutely not! You manage your own money through this process.
How much should I start with? You can start with $20 or more.
Is my money secure? It is as secure as making any online purchase. The merchants in this loop have taken all necessary precautions to protect your funds.
How fast can I get started? It takes 2-3 business days to link all points of the loop and verify your identity to comply with the Anti-Money Laundering (AML) and Know Your Customer (KYC) laws outlined by the US Government in the PATRIOT Act, Section 326, and enforced by FinCEN.
How quickly can I make a loop? Depending on your funding methods and how quickly the BTC is sold, you can make a loop each business day. Larger amounts are prioritized with Xcoins. During periods of high lending volumes on Xcoins you could see your fund sit for a day or two in a worst case scenario.
If I invest $xxx, how much can I expect to see and when? I have created a spreadsheet to calculate a rough schedule based on Coinbase as a funding method. Input your data into the yellow cells and it will make those calculations for you. On the 2nd and 3rd tab you will find the loops broken out along with dates.
Can I pull my money out? You can pull your money out at any point during the process and have it sent back to your bank account. Withdrawals from Paypal and Coinbase can take 1-5 business days to receive the funds. Withdrawals from Xcoins to Coinbase are instant.
Do I have to pay taxes? Unfortunately, if you live in the USA, the land of the slaves, you must pay your government masters every time you make money so they can keep you under control along with the rest of the world. You can find the tax information and forms here.
What do you get out of this? I enjoy improving the quality of life of people I come into contact with and helping them achieve their goals and financial freedom. Xcoins also offers an affiliate program. For this reason I have included my affiliate link in the instructions.