Goldbloc, Your frequently asked questions

Find answers and help on our gold-backed cryptocurrency

 

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Top Goldbloc questions

What is Goldbloc?

Goldbloc is a gold-backed crypto currency initiative that is still in the testing stage. IndexGold plans to develop the concept further.
You can find out how to buy Goldbloc here, and you can see our Goldbloc markets page here.

Will I be able to use my Bitcoin and other crypto currencies to buy Goldbloc?

Unfortunately not straight away. As much as we would like to accept non-fiat currencies for our bullion we are still unable to do so. This is down to banking regulations and our desire to not disrupt our very efficient supply chain.

How much does it cost to buy Goldbloc?

Please see our Fees page for the latest fees.

Which currencies can I use to buy Goldbloc?

The same currencies you can currently use to invest in gold, in our usual way, British pounds, US dollars and Euros.

How can I mine Goldbloc?

Goldbloc is 100% premined. Before you all get your knickers in a twist about this just read why – Goldbloc is a gold-backed currency and creating coins in the traditional manner would put the integrity of the gold-backed coin at risk. This would be akin to creating gold out of thin air.

You will be able to mine Goldbloc, assisting with the verification of transactions, in exchange for 0.25% of the transaction value, taken as a mining fee. Initially mining will be performed exclusively by The Real Asset Co – see “Is it open-source?” for more details.

We are a phone call or an email away if you want to contact us.

How much gold will back the supply of Goldbloc?

We have premined enough Goldbloc to cover all of the gold that has ever been mined. However this, for obvious will not all be available.

The Real Asset Company will only release Goldbloc onto the blockchain as the gold appears in the vault. i.e. all Goldbloc on the blockchain is fully backed by gold in our Malca Amit vault. You can verify our gold holdings by looking in the audit section, once you are logged into your account. The Real Asset Company ensures that precious metals owned on its platform are fully backed by bullion in secure independent vaults. Platform holdings and vault holding must maintain a 1:1 ratio. On our website The Real Asset Company publishes confirmation of all client holdings in the Internal Audit section. Simply log in to your account to visit this section.

The Internal Audit allows you to verify that your holdings exist as part of a greater proven amount held on our platform. You can check that the balance of an asset displayed in your Portfolio page is listed against your holding code in the relevant audit page. In this audit you can then check that the totals listed against client holding codes add up to the grand total held by all clients. You can then verify that The Real Asset Company does indeed hold these amounts with each storage provider by again clicking the Proof of Custody button in the relevant audit page.

By clicking Proof of Custody you can see confirmation from the vault provider showing the amounts held with them on behalf of The Real Asset Company’s clients. This confirmation typically takes the form of a statement from a vault operator confirming how much The Real Asset Company holds on behalf of our clients. This acts as an independent inventory audit if you like, which we hope offers peace of mind that you have bought precious metals that really exist and that are professionally stored or vaulted on your behalf.
Via the block explorer all dormant and active Goldbloc will be visible and auditable for all. Once you have purchased Goldbloc you can then verify your holdings by visiting goldbloc.org.

For more information about other ways to invest in gold read our guide to gold investment.

Is Goldbloc decentralized?

Yes – see “How can I mine Goldbloc?”

What happens to Goldbloc that I take delivery of the gold that backs it?

If you decide to take delivery of your Goldbloc you will have to send your coins to an address provided by The Real Asset Co. Once the coins have been received by us they will be sent to a proof-of-burn address, ensuring they are not respent.

How much gold will back Goldbloc?

Each Goldbloc coin is backed by one gram of gold.

How much will Goldbloc be divisible by?

6 decimal places. For example, the smallest unit will be 0.000001 GBC, worth one hundred thousandth of a gram.

Why is Goldbloc different to any other cryptocurrency?

Goldbloc has been built in a very similar manner to other cryptocurrencies however it is 100% fully backed by gold.

Goldbloc is built using the most recent release of the Bitcoin source code ensuring that it is amongst the most stable cryptocurrencies in current circulation.

How do I know that Goldbloc is backed by gold?

You can verify our gold holdings by looking in the audit section, once you are logged into your account. The Real Asset Company ensures that precious metals owned on its platform are fully backed by bullion in secure independent vaults. Platform holdings and vault holding must maintain a 1:1 ratio. On our website The Real Asset Company publishes confirmation of all client holdings in the Internal Audit section. Simply log in to your account to visit this section.

The Internal Audit allows you to verify that your holdings exist as part of a greater proven amount held on our platform. You can check that the balance of an asset displayed in your Portfolio page is listed against your holding code in the relevant audit page. In this audit you can then check that the totals listed against client holding codes add up to the grand total held by all clients. You can then verify that The Real Asset Company does indeed hold these amounts with each storage provider by again clicking the Proof of Custody button in the relevant audit page.

By clicking Proof of Custody you can see confirmation from the vault provider showing the amounts held with them on behalf of The Real Asset Company’s clients. This confirmation typically takes the form of a statement from a vault operator confirming how much The Real Asset Company holds on behalf of our clients. This acts as an independent inventory audit if you like, which we hope offers peace of mind that you have bought precious metals that really exist and that are professionally stored or vaulted on your behalf.
Via the block explorer all dormant and active Goldbloc will be visible and auditable for all. Once you have purchased Goldbloc you can then verify your holdings by visiting goldbloc.org.

How can I buy Goldbloc?

You can buy Goldbloc by creating an account with The Real Asset Co and making an order on the market page. This will allow you to place an order to buy Goldbloc at a price you specify or to fill an order placed by another Goldbloc holder, wishing to sell them.

Read about how to buy Goldbloc here

How can I sell Goldbloc?

You can sell Goldbloc in the same way that you buy them, by creating an account with The Real Asset Co and placing a sell order with your desired price. This will be filled by a person willing to pay that price.

Will there be a silver backed Goldbloc?

Not straight away. We plan to launch our gold backed crypto first and ensure that this is as fantastic as we hope before stepping into silver backed cryptos.

What can I use it for?

If you wish to accept Goldbloc as a currency, or are a crypto payment processor, wishing to process Goldbloc crypto payments. Please contact us: support@indexgold.com

Can I take delivery of my gold backing Goldbloc?

Yes, if you have 100 or more Goldbloc you can take delivery of them. This will require a handling fee. Please contact out support team.

Is Goldbloc open-source?

Yes, Goldbloc is released under the open-source MIT license. Initially the currency will only be available on The Real Asset Co website, however, source code and download-able wallets will be released in the new year. Once the source code and wallets have been released you will be able to mine Goldbloc and third-parties will be able to integrate it with their websites and services.

How can I create a wallet?

You can create a Goldbloc wallet by creating an account with The Real Asset Co. Once you buy some Goldbloc you will be given a unique address for your wallet. You can use this address to verify your balance and track your transactions using the blockchain explorer.
Once Goldbloc has been made available for download you will be able to create a wallet on your own computer or via a third-party exchange. This will involve downloading the wallet software to your computer. A guide will be made available for this at the time.
Initially your coins will be stored by The Real Asset Co in a wallet allocated for you. You will be given a unique address that you can use to view your trade history using the blockchain explorer.

Why do I pay storage fees on Goldbloc?

In the first year, there are no storage fees for Goldbloc. Following this there will be as unlike other cryptocurrencies, Goldbloc is backed by physical gold. This gold has to be stored somewhere secure and this costs a substantial amount of money. The storage fees taken for Goldbloc are used to store the gold backing the currency.

Are there Goldbloc transaction fees?

The fee for transactions on the Goldbloc network is 1.25% of the transaction value. This fee is divided between the miner, who will recevie 0.25%, and The Real Asset Co, who will receive the remaining 1%.

How many Goldbloc exist?

160,000,000,000, that’s one for every gram of the 160 thousand tonnes ever mined.

Where are Goldbloc coins stored?

Initially your coins will be stored by The Real Asset Co in a wallet allocated for you. You will be given a unique address that you can use to view your trade history using the blockchain explorer.

Can I deliver my own gold onto the Goldbloc blockchain?

Not at this time.

Where is my Goldbloc gold stored?

All precious metal investments made using The Real Asset Company are stored in professional market vaults using specialist vaulting companies. These are vaults recognised by the international exchanges of the wholesale markets and the London Bullion Market Association (LBMA). These vault providers operate outside of the banking system, and their only business is the storage and transport of precious commodities. Our preferred vaulting partners are Via Mat International, who also work with the Hong Kong Mercantile Exchange.

When you buy gold online with us, the second you click ‘buy’, gold bullion already in professional storage is allocated into your name. You can then use the Internal Audit section to verify your gold investment, and see the statement from the vaulting firm. We always ensure that the client gold holdings on our platform are fully backed by gold bullion bars in the vaults. Our platform reconciles itself every few seconds, so the Internal audit section is a live ledger of precious metals held by clients on our platform.

For more information about the importance of storing gold and silver bullion in professional market vaults read our guide to gold investment. If you have any further questions about the security of the precious metals available on our platform, please contact us.

Why do you need my details?

To complete the registration process we require you to upload a copy of your passport and recent bank statement. We apologise for the inconvenience, but ask you to understand that UK regulatory obligations mean we have to carry out certain standard checks. If you have not already, log in and complete the My Account section if you want to withdraw funds.

We are a phone call or an email away if you want to contact usRegister for free, claim your free ounce of silver, and see why our platform is the best way to buy precious metals online.

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Further questions

Can international investors buy Goldbloc with The Real Asset Company?

Yes. Investors from any country can buy gold online on our platform. This applies to silver investment and the other metals too.

International investors just need to be able to fund their account using US dollars, British pounds or euros. Outside of these three currencies our bank will accept most other currencies when sent to one of our dollar, sterling or euro accounts, and will convert your foreign currencies into one of the currencies we support.

If you would like to see us support other currencies (eg – Canadian dollar or Swiss franc), please contact us. Where there is sufficient demand we can offer new currencies.

Our service was designed to allow individuals from around the world to invest in gold, of buy silver bars, securely and efficiently 24/7.

For more information about using our service as an international investor email us or speak to our Support Team on +44 (0) 207 283 1953. You can also instant message us on Live Chat during UK working hours.

How do I deposit to fund my account?

After you log in, and visit the Deposit Funds page, then select the currency of the account you wish to deposit from. Then click the Request transfer details button, and you will be provided with the details of our dedicated client account. You can then arrange a transfer of the amount you choose to this account. Please remember to reference your deposit correctly, to ensure that when your funds clear in our bank account, your account can automatically be credited.

For more information read our 5 steps to buying gold bullion, or for further questions contact us.

At what price can I buy Goldbloc with The Real Asset Company?

The Real Asset Company provides an open and efficient marketplace for investors to buy Goldbloc.  The spreads in our markets are super efficient, allowing you to buy more bullion for your money. You can typically buy Goldbloc online in our marketplace for 0.25% above the spot gold price. Check our live markets for the price you can buy gold at.

In our marketplace investors are able to set their own prices to buy and sell, which then go into the market and contribute to the price discovery process. Investors can trade directly with each other and this participation makes our marketplace open and transparent for buying and selling. The result of this is a narrower spread and better prices for everyone. The fact that everyone can take part in our market means that you are not restricted to trading at the gold prices, or silver prices, that we think are best.

Beyond this we charge a simple transaction fee to buy gold bars. We think this makes us the most efficient way to invest in gold online.

You say that the Goldbloc gold is allocated, what are the benefits?

We believe allocated storage of precious metals is the safest and most transparent storage method to offer, because it means that you are the direct owner of the asset, not The Real Asset Company or any other third-party.

When a commodity asset is allocated, you become the defined and recorded owner of the commodity. The manager of the asset or the vault operators we use do not have any direct claim on the metal. You enjoy full legal title.

Allocated storage holds it greatest benefit to our customers by the fact that it protects their holding. Accounting terms mean that an allocated asset possesses a different status to an unallocated asset on our company balance sheet. Your asset holding does not show up on the balance sheet of The Real Asset Company or the vault operator we use. It is an off balance sheet item, which is always the property of its customers.

The client monies held with Barclays Bank are held in designated client money accounts and thus not on our company balance sheet. Therefore they also cannot be treated as The Real Asset Company assets. By implementing the allocated storage method on behalf of our customers, we ensure that your holdings are protected.

For more information about the importance of allocation to gold and silver investment read our guide to gold investment.

Where is the gold backing Goldbloc stored?

All precious metal investments made using The Real Asset Company are stored in professional market vaults using specialist vaulting companies. These are vaults recognised by the international exchanges of the wholesale markets and the London Bullion Market Association (LBMA). These vault providers operate outside of the banking system, and their only business is the storage and transport of precious commodities. Our preferred vaulting partners are Via Mat International, who also work with the Hong Kong Mercantile Exchange.

When you buy gold online with us, the second you click ‘buy’, gold bullion already in professional storage is allocated into your name. You can then use the Internal Audit section to verify your gold investment, and see the statement from the vaulting firm. We always ensure that the client gold holdings on our platform are fully backed by gold bullion bars in the vaults. Our platform reconciles itself every few seconds, so the Internal audit section is a live ledger of precious metals held by clients on our platform.

For more information about the importance of storing gold and silver bullion in professional market vaults read our guide to gold investment. If you have any further questions about the security of the precious metals available on our platform, please contact us.

How do I know my bullion holdings really exists?

The Real Asset Company ensures that precious metals owned on its platform are fully backed by bullion in secure independent vaults. Platform holdings and vault holding must maintain a 1:1 ratio. On our website The Real Asset Company publishes confirmation of all client holdings in the Internal Audit section. Simply log in to your account to visit this section.

The Internal Audit allows you to verify that your holdings exist as part of a greater proven amount held on our platform. You can check that the balance of an asset displayed in your Portfolio page is listed against your holding code in the relevant audit page. In this audit you can then check that the totals listed against client holding codes add up to the grand total held by all clients. You can then verify that The Real Asset Company does indeed hold these amounts with each storage provider by again clicking the Proof of Custody button in the relevant audit page.

By clicking Proof of Custody you can see confirmation from the vault provider showing the amounts held with them on behalf of The Real Asset Company’s clients. This confirmation typically takes the form of a statement from a vault operator confirming how much The Real Asset Company holds on behalf of our clients. This acts as an independent inventory audit if you like, which we hope offers peace of mind that you have bought precious metals that really exist and that are professionally stored or vaulted on your behalf.

For more information about the investment process using our platform use our ‘How to guides’. To learn more about why we believe we are expertly qualified to deliver a highly professional and secure precious metals investment platform read our ‘About Us’ section. If you have any further questions about the security of the precious metals available on our platform, please contact us.

Where are my gold holdings stored and how can I check?

All precious metal investments made using The Real Asset Company are stored in professional market vaults using specialist vaulting companies. These are vaults recognised by the international exchanges of the wholesale markets and the London Bullion Market Association (LBMA). These vault providers operate outside of the banking system, and their only business is the storage and transport of precious commodities. Our preferred vaulting partners are Via Mat International, who also work with the Hong Kong Mercantile Exchange.

When you buy gold online with us, the second you click ‘buy’, gold bullion already in professional storage is allocated into your name. You can then use the Internal Audit section to verify your gold investment, and see the statement from the vaulting firm. We always ensure that the client gold holdings on our platform are fully backed by gold bullion bars in the vaults. Our platform reconciles itself every few seconds, so the Internal audit section is a live ledger of precious metals held by clients on our platform.

For more information about the investment process using our platform use our ‘How to guides’. To learn more about why we believe we are expertly qualified to deliver a highly professional and secure precious metals investment platform read our ‘About Us’ section. If you have any further questions about the security of the precious metals available on our platform, please contact us.

Is my gold bullion insured?

All precious metal investments made using The Real Asset Company are stored in professional market vaults using specialist vaulting companies. These are vaults recognised by the international exchanges of the wholesale markets and the London Bullion Market Association (LBMA). Our preferred vaulting partners are Malca Amit and Via Mat International, who also work with the Hong Kong Mercantile Exchange and New York Stock Exchange. These professional vault operators conduct regular audits and insure the contents for us.

These storage providers are the best at what they do, and their exemplary security records and economies of scale mean that they are also able to insure themselves, and therefore you, at an extremely competitive cost. You benefit from a far smaller insurance cost per unit, than those incurred with private custody and other forms of storage. The cost of insurance cover for your gold investment is included in our very efficient storage fees. The Real Asset Company is then responsible for ensuring that the insurance cover possessed by the vault operator is at least equivalent to the value of all the commodities held on behalf of The Real Asset Company Clients.

For more information about the investment process using our platform use our ‘How to guides’. To learn more about why we believe we are expertly qualified to deliver a highly professional and secure precious metals investment platform read our ‘About Us’ section. If you have any further questions about the security of the precious metals available on our platform, please contact us.

How do I withdraw funds from my account?

To complete the registration process we require you to upload a copy of your passport and recent bank statement. We apologise for the inconvenience, but ask you to understand that UK regulatory obligations mean we have to carry out certain standard checks. If you have not already, log in and complete the My Account section if you want to withdraw funds.

As soon as you have completed the My Account section and we have verified your documents, you will need to register a linked bank account. Log in and enter the Withdraw Funds section to do this. When our Support Team has verified your bank account details, you can withdraw funds. There are withdrawal fees to send money off the platform to your linked bank account; withdrawal fees are displayed in our Extraordinary Costs section.

For more information about the investment process using our platform use our ‘How to guides’. To learn more about why we believe we are expertly qualified to deliver a highly professional and secure precious metals investment platform read our ‘About Us’ section. If you have any further questions about depositing or withdrawing funds speak with our Support Team who can be contacted by email or on +44 (0) 207 283 1953.

Why do you ask me to register a bank account?

We ask you to register a bank account with us to ensure funds are legitimately withdrawn back to you only, and to prevent money laundering on the platform. We are here to provide efficient and secure investment in gold, silver and other precious metals, and have structured our business to prevent money laundering.

All bank details you enter are transmitted securely using an SSL certificate; the industry standard. The details are stored securely in our separated database and encrypted using a secure, private key. Your personal information is secure and private when you use our platform. Your bank details are verified by our Support Team.

For more information about using our platform try our ‘How to guides’. If you have any further questions about registering a bank account or security generally speak with our Support Team who can be contacted by email or on +44 (0) 207 283 1953.