Going from CS to bioinformatics

Answering some common questions I get from computer science/software people about going into bioinformatics:
* "I'm a computer science major. Is it possible for me to get into bioinformatics since I don't really have a biology background?"
* "I'm really interested in both bio and CS. If I major in bio and masters in bioinformatics, can I still get back into CS later?"
* "How could a CS/software person move into this field? Can I be part of a team without formal bio knowledge?"
And this was not a question, but a comment:
* "Sounds like a cool field, I just wish pay in this field was as good as mainstream tech companies. This fusion of Bio and CS is so much more interesting and fulfilling than other crap"