Difference between revisions of "Bitcoinica"
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Revision as of 04:56, 21 April 2012
An exchange that enables leveraged speculation in its contract-for-difference (CFD) market against the Bitcoin to USD (BTC/USD) exchange rate.
The service charges no trading fees but instead earns from the trading spread -- similar to how forex trading functions.
Leverage
Caution is recommended for those not familiar with leverage and/or forex trading.
The default margin requirement level is 2.5:1[1]. The level may raised to 5:1 (or higher) using the self-service settings function.
Leverage from funds added using bitcoins can purchase an even larger Bitcoin (long) position[2]. Similarly, funds added using USDs can be used to sell (short) bitcoins without already having bitcoins.
Depositing Funds
Bitcoins
- Bitcoin transaction. Deposit transactions are credited after six confirmations.
Redeemable Codes
Credited and available for use instantly.
- Bitcoinica Redeemable Code (BTC).
- Mt. Gox Redeemable Code (BTC).
USD
Redeemable Codes
- Bitcoinica USD redeemable codes
- Mt. Gox USD redeemable codes are accepted for deposit.
Internationial Wire
- Funds (USD) may be wired to Bitcoinica's bank account in Singapore.
- Funds through AurumXChange Company are then deposited as a Bitcoinica USD redeemable code.
Cash deposit
Deposits at thousands of banks can fund a Bitcoinica USD redeemable code (fee applies).
Liberty Reserve
Liberty Reserve USD and other e-currencies can be converted to a Bitcoinica USD redeemable code at through AurumXChange.
EUR
SEPA Euro transfers can be used to fund a Bitcoinica USD redeemable code through AurumXChange.
GBP
GBP wire transfers to a U.K. bank can fund a Bitcoinica USD redeemable code through AurumXChange.
Other E-Currencies
E-Currencies including Liberty Reserve, HD-Money, Pecunix, PerfectMoney, and others are accepted at AurumXChange and can be converted to a Bitcoinica USD redeemable code.
Withdrawing Funds
Bitcoins
- Bitcoin transaction.
Redeemable Codes
- Bitcoina Redeemable Code (BTC)
- Mt. Gox Redeemable Code (BTC)
USD
- Bitcoinica USD redeemable codes can be redeemed at AurumXChange. USD funds may be used for a bank wire transfer or to load or reload funds for the AurumXChange MasterCard.
- Mt. Gox Reemable Code (USD).
- BitInstant. For transferring funds to other exchanges.
EUR
Bitcoinica USD redeemable codes can be redeemed at AurumXChange and then withdrawn as a bank wire transfer in the SEPA Eurozone.
GBP
Bitcoinica USD redeemable codes can be redeemed at AurumXChange and then withdrawn as a bank wire transfer to a UK bank.
History
The service was launched on September 8, 2011[3]. On March 1st, 2012 the site suffered a significant financial loss when a web hosting had an internal security breach that gave the attacker access to a wallet in which Bitcoinica stored funds. More than 43K bitcoins were stolen by the attacker. The operator provided a statement that reserves were sufficient to cover the loss[4].
Announced on April 20, 2012 was that Bitcoinica had "reorganized" and was now operated as Bitcoinica LP and had become a registered Financial Services Provider[5].
External Links
- Bitcoinica web site
References
- ↑ Bitcoinica changes default leverage to 2.5:1 for everyone
- ↑ Bitcoinica - Leveraging Your Bitcoins To Buy ... More Bitcoins
- ↑ Bitcoinica - Advanced Bitcoin Trading Platform
- ↑ Bitcoinica lost 43,554 BTC from Linode compromise, suspicious TXIDs publicized
- ↑ Bitcoinica is now a registered Financial Services Provider!
