BitcoinRebate is a innovative concept blending arbitraging and penny auctions together.
To allow arbitraging, it is connected to a infrastructure network called ZipConf which enables instant transfers between wallet to exchange and in between the exchanges, by hooking that infrastructure to a arbitrage bot we can get better prices on our Bitcoins hence offer better penny auctions.
The penny auctions works in this way, there is a amount of bitcoins that's sold at a certain price usually between 1-3% discount so say that we are selling 1 BTC then the price you could buy it at is 0.97 or something; you can then bid to get to buy this Bitcoin, the one that bids the highest for this deal get it; the once that lose, losses their bids, so say that you bid 0.001 BTC.
If you win you gain 1-0.97-0.001= 0.029 BTC in profit. If You lose then you lose your bid of 0.001 BTC while someone else get's the bitcoins.
Please note that the amount of Bitcoin auctioned depends on the market opportunities we are able to exploit, so it may vary according to market conditions and our performances.
You can actually earn bitcoins with bitcoinrebate.com, give it a try now!
http://bitcoinrebate.com For any question don't hesitate to ask, and all kind of feedback are welcome
Thank you very much for your time
Alberto Armandi
