Where does Galaxycoin store precious metals?
For security reasons we obviously cannot reveal the exact locations but we can tell you precious metals are distributed in several global locations. Gold and silver is locked up in secure locations under 24 hour surveillance and carries insurance policies.
How are my digital crypto-coins represented?
There are three categories representing digital currency, fiat currency and assets in a wallet. Galaxycoin (GXY) is primarily used for basic daily trading and can be purchased using Bitcoin, GalaxyGold (GYXG) and GalaxySilver (GXYS) are actual physical precious metal assets. Galaxyshares (GXYR) is an investment coin. We may add more assets in the future. All precious metal assets are represented in grams.
What is the value of Galaxycoin (GXY)?
Galaxycoin (GXY) is currently pegged to the US Dollar. The current peg price is 1GXY = 0.5USD. The reason we pegged GXY to USD is for stability. Galaxycoin is not a get rich quick scheme because the value of GXY will not fluctuate like most crypto currencies. You are simply using our trading platform to hold USD. As a service your GXY is held in escrow and can be liquidated as USD fiat at any time.
What happens if I make a transaction outside of normal business hours?
Transactions typically have enough confirmations to approve within one hour and you can trade your assets 24 hours a day 7 days a week.
Can I change my KeyStore password?
Currently no you cannot change your KeyStore password. We will add a feature in the future so you will have the ability to change your KeyStore password. This will require users to create a new KeyStore file.
If I loose my KeyStore file do I still have access to my assets?
Yes. Remember you printed your paper wallet. The paper wallet has your private unencrypted plain text key which allows access to your assets. We do not have a function yet but we plan to add a function that allows regeneration of a KeyStore file using your paper wallet and the ability to send funds using your paper wallet. We recommend making a backup of your KeyStore file on a second USB and save this along side your paper wallet.
Can I trade my coins / assets?
Absolutely you can buy and sell precious metals by trading them between Galaxycoin accounts. You can also do the same using Galaxycoin (GXY). Transactions with Galaxycoins are just like every other cryptocurrency but are backed by real assets.
Can I use my Galaxycoins to buy bitcoins?
At the moment we are not traded on any exchanges but are working on adding Galaxyshares (GXYR) to at least one exchange in the near future.
Can anyone join Galaxycoin.io?
Yes anyone can hold an account but in order to be approved you will need to provide some information. You will be provided with an online private wallet and invited to the assetchain. This is a controlled private assetchain. It is not like Bitcoin where anyone can participate, modify code and join the network. A new user must sign up for a wallet account and provide credentials for liquidation purposes.
Can I use Galaxycoins at a restaurant or shopping mall?
If the vendor accepts it by all means you can use it. Simply scan their Galaxycoin address and send them assets or Galaxycoin.
I know nothing about cryptocurrency. How can you help?
We provide phone and chat support 9AM-4PM M-F as well as quick email responses. For new clients we will explain how everything works. If you want to test things out you can always set up a new account and purchase a small amount of Galaxycoin. For corporpate entities who want to try out the platform we offer a testnet that allows you to trade assets with no value. This way you can get familiar with using our services.
Are there transaction fees?
Yes depending on what you are transferring, fees will automatically be deducted from your account. See Pricing.
Does Galaxycoin.io mine cryptocurrency?
No we mine real gold and silver and provide a managed secure blockchain network for our client base.
How does your software work?
Our core software is based on blockchain with many modifications in order to manage asset ownership. User can create accounts online. Transactions and liquidation are done using our wallet.
How do I buy Galaxycoins?
We accept Bitcoin (BTC), Ripple (XRP), direct deposit and certified check. The easiest way for you to buy is using BTC and XRP.
We have many things to maintain such as software, escrow, insurance, secure storage and customer support. These services are for your convenience in order to safely hold assets as crypto-currency. We also appreciate donations to keep build our platform and team.
How fast can I buy Galaxy Gold or Galaxy Silver?
Buying is easy. First you will need a wallet account, then you can buy precious metals or Galaxycoin. Purchasing minimums and maximums are automatic when you initiate a new buying transaction. Customers with good track records will be allowed to purchase larger amounts.
Can I lose money?
All Galaxycoin cryptocoins are pegged to gold and silver. If the value increases then your making money, if it decreases then your loosing money. These are real assets that you own. If gold or silver falls in price this does not mean you need to panic. Markets usually balance out and most clients who choose to own Galaxycoin assets are in it for the long run. If you experience capital gains from holding an asset, upon liquidation you will be responsible for paying applicable capital gains taxes. The same holds for losses you can file a loss on your tax returns. If your holding Galaxycoin its pegged to the US dollar. In this case the value is with respect to fiat dollars.
How to I liquidate?
Receiving bullion takes 15-20 business days and we do our best to make this process as fast as possible. Metal liquidation is in 20 gram increments. Currently only United States citizens with a valid US address will be allowed to liquidate Galaxycoin assets. All other clients can only hold and trade Galaxycoin and virtual assets. Be aware that local, country or federal taxes will apply and moving precious metals across any borders has some restrictions.
Where can I view the Galaxycoin public ledger?
Wallet account backups?
There is no need for transaction backups. Galaxycoin provides all the necessary backups and software maintenance. Your transactions are permanantly stored in our blockchain which is distributed across multiple locations and partners.
Is there an Android / iOS Galaxycoin app?
Currently all Galaxycoin operations can be performed using any standard web browser. We recommend Google Chrome or Firefox. Be sure to have the latest version installed. Currently there is no mobile app for Galaxycoin.io investments.