We answer some of the questions that frequently pop up during our Gravity webinars
So, you've learned about Gravity philosophy, our mission, and features that our ecosystem is currently offering you, but there are still a few questions niggling at the back of your mind. No problem! Today's blog covers some of the questions that frequently pop up during our Gravity webinars.
Q: How much do I need to know about Bitcoin to use Gravity?
A: In the early days of the Internet, and still, most of us don't know anything about its underlying protocol. We can use it without understanding the underlying technology.
We believe the same is true for Bitcoin, which is why we do our best to avoid industry terms as much as possible. We want to ensure that Gravity gives you the best experience of using BSV without drowning you in jargon or setting a high bar of technical understanding.
Our aim is to allow new people to join our platform, use our services, without even having to know that Bitcoin is the secret sauce making it all work.
Q: What Cryptos can you hold in Gravity? Is it only Bitcoin?
A: We support two Bitcoin node implementations: Bitcoin Core (BTC) and Bitcoin Satoshi Vision (BSV or BitcoinSV). We believe BitcoinSV is the true version of Bitcoin, as it’s the only one that conforms to the original design. We also offer cold storage for those types of Bitcoin.
The reason we only focus on Bitcoin is because we see cryptocurrencies as speculative assets without any inherent value. In fact, we don’t believe that Bitcoin is a cryptocurrency at all! You can read more about our position here.
Q: What are the buy/sell trading fees for Gravity?
A: There is no flat rate for trading fees on Gravity, rather, these are fluid and are determined at the time of trade based on a number of factors, including, but not limited to: the volume/value of the transaction, the real-time market conditions, liquidity (market-depth) and availability. While we aim to provide a fee of as close to 1% as possible, this should be viewed as more of an averaged fee across all transactions, as individual transactions may be charged slightly more or even sometimes less than the 1% goal.
Q: What are the deposit / withdrawal fees?
A: We do not charge fees for deposits of fiat. There is a flat rate of £2 or €2 for withdrawal of fiat funds. Deposits and withdrawals of bitcoin (cryptocurrency) do not incur any fees other than standard network charges for the processing of the transaction.
Q: I've been using other products in the BSV ecosystem such as Trezor, Electrum, and Ledger as Cold Storage. Does Gravity remove the need for these products?
A: Yes! With Gravity, we're eliminating the risks of having to be your own crypto bank. At the same time, you should only put your funds with an institution if you're very sure you can trust them. You want to know their intention is to put your interests first, that they're committed to upholding the best technology.
Gravity's cold storage solution offers you the best of these. It's included as a free offering within our product because we want to make sure that all of our clients' assets are safe. For you, it means that you can access your funds at all times, even though we keep it in cold storage.
If you already have funds in a Ledger, Trezor, or any other hardware wallet, you can send it directly to your Gravity account.
Q: Tell me more about Gravity Cold Storage?
A: Gravity stores all digital assets in cold storage by default. This means that as soon as digital assets are received, they are moved 'offline'. Acting as custodians of your digital assets, this process allows us to provide the greatest level of security of your assets. There is nothing special you need to do, this is our standard offering. Please note, that due to being held in cold storage, transactions don't happen instantaneously as provided on some other platforms. Manual processing is required to ensure the coins move safely, and we process these in batches throughout working hours.
Q: How can I access my account if I've forgotten my password / 2FA?
A: We offer a reset password function, however, you'll need to have access to both your registered email and your 2FA code for security reasons to complete this process. In the event of your phone being broken, mislaid or stolen, we provide an alternative identification verification (requiring a video of yourself to be filmed) in order to manually reset your account.
A: Gravity serves as custodian of your assets, meaning that we manage your wallet for you, eliminating the need for you to have a key-phrase or seed phrase for your Gravity wallet.
Q: Can we deposit money into Gravity from payment systems like Monzo and Revolut?
A: Yes! When you set up a bank account with Gravity, you'll get an individual account. If you open a Euro account on Gravity, for example, you'll get access to a unique IBAN that you can link your verified bank account to. Once you have this set up, you can deposit money into it, trade, make withdrawals, and make payments. In future, you'll be able to do anything that you can do with a personal bank account: You will even be able to get your salary paid into your Gravity account.
Q: Can you transfer funds from wallets like Cloud token/Exodus/Trezor etc. to Gravity?
A: Gravity gives you wallet addresses for two Bitcoin node implementations, so as long as you’re depositing one of those three (BTC or BSV) you can send it to your Gravity account.
Q: Why have I been asked for my source of funds?
A: To comply with anti-money laundering (AML) and know your customer (KYC) rules and regulations, financial firms have to check that customers are who they say they are, and keep record of certain information, including a client’s income, occupation, source of wealth, the economic purpose of transactions, and the source of funds of any transaction.
Failure to produce documents to verify this information may result in a temporary suspension or permanent closure. If your account is closed by us, your funds will be returned to you.
Q: How will you verify the source of funds? What paperwork needs to be provided?
A: The documentation we request will be determined for each situation, based on the type of info we need to verify, the nature of the relevant transaction, national and personal considerations, etc.
Q: Will we be able to use Gravity to spend and shop?
A: Right now, you can withdraw your Bitcoin to any address. In the future we plan to launch a Gravity debit card that will allow you to shop online and in brick-and-mortar stores - just like any other bank account!
Q: Is there a mobile app for Gravity?
A: Though the Gravity app is already in the pipeline, we don’t currently have an app. However, that hasn't stopped us from designing a fully responsive platform that works seamlessly on your mobile phone, PC and tablet browser.
Q: Will the app be available on Android?
A: We've had an internal discussion on this and decided to start with iOS and then add on additional operating systems. There will be an Android app later down the line.
Q: How does Gravity store our funds?
A: All of your crypto funds in your Gravity account are kept in cold storage. This is a standard feature that's included for all accounts, at no additional charge. With 2FA (two-factor authentication) as another standard feature, it's the best cold storage you can get.
Q: Are you planning on adding stablecoins to your platform?
A: Yes, launching our own stablecoin is in our Gravity product roadmap. We’re already in the process of obtaining our E-money licence and we’re also looking at getting our Consumer Credit licence that will enable other services. Once we've launched our stablecoin, rest assured that it will be perfectly in line with government regulations and digital asset laws.
One of the main benefits of having a stablecoin on our platform is the cost savings and flexibility it will afford you when it comes to foreign exchange, for example, switching between Sterling and Euro.
Q: I am not a resident of the UK or Europe. When will I be able to sign up and join the Gravity Introducers Programme?
A: While we are looking to expand to more countries outside, the timeline greatly depends on a number of regulatory hurdles. Be sure to follow @gravityeco on twitter for further updates.
Q: Is Switzerland on your roadmap or is it too small of a market to penetrate for Gravity?
A: Switzerland is definitely on our roadmap, and it’s simply the regulatory hurdles that are keeping us from supporting Swiss residents at present. The same goes for Germany and The Netherlands. Once we have Switzerland covered, you’ll be able to deposit directly with Swiss Franc.
Q: Will you make Gravity connectable to Danish banks and the Danish Kroner (DKK)?
Gravity does not support the Danish Kroner as a direct currency, however, a transfer done from a Danish bank (using SEPA payments) will work.
Q: When will you launch your B2B services?
A: We are on track to launch that in the next few months. We are selecting companies for the Beta testing phase. If you know of a company that would be interested, you can let us know by popping us a mail at email@example.com.
Q: Does Gravity protect against government seizure of money from accounts in the event of a general bank failure?
A: Gravity's fiat monetary services are managed by the major banks that you’re familiar with, which puts us in the same position in the case of a bank failure (for now).
To ensure we provide you with the best possible protection, Gravity is applying for an E-money licence which will include the same consumer protection benefits as other services under this label. Our long-term goal is to get our own banking licence, which will include all of the compensation schemes you expect from a bank.
Q: Does Bitstocks have a banking licence?
A: Not yet, but we’re working on it!. We are just about to submit our electronic money licence and we’re an EMD (Electronic Money Distributor) agent of a Regulated Payment Services provider in the UK. This means we can already offer all of the services that an E-money licence would allow us to. Shortly we will have our own E-money licence, and once we have that, a full banking licence will be our next move.
Q: Does Gravity offer insurance for our deposits?
A: Not currently, but we will be able to start offering these services once we have the right licences in place, which is already in the works. Once we have these, we’ll be able to look into other compensation schemes and ensure our users’ deposits are covered.
Q: Does your Introducer Programme pay out for all Gravity products?
A: Yes, it does. As an Introducer, you earn 20% of all transaction fees of anyone that you've introduced to the platform. Right now, we have Investments and Introducers as our main products, but we will be adding many other products to the ecosystem over time, including debit cards, and shared accounts. So, it's definitely in your interest to introduce people that you believe can benefit from our services. Every single product we add to the Gravity ecosystem extends your potential earning revenue. So in other words, as we grow, your income will grow.
Q: How much do you expect the price of BSV to go up over the next 12 months?
A: We can't speculate on price. But, because we believe Bitcoin SV is the true version of Bitcoin, we have high hopes for the long-term growth of the project. Again, our primary focus is not on price, but the utility of the protocol. We believe that the price will start reflecting the underlying utility over time.
Q: Will we be able to use Gravity's debit card worldwide without paying fees, like with Revolut?
A: This is one of the main reasons we'll be adding a stablecoin to the ecosystem: so you can spend your money in a number of different fiat currencies, without actually holding a balance in that fiat.
Q: How is Gravity different from crypto.com?
A: In one sense it's quite similar: we allow you to buy and sell very easily. Right now it also has very similar functionality. The key difference is in where we see the Gravity ecosystem going in future. You'll be able to do all of your banking via Gravity, where crypto.com focusses on buying and selling for the sake of speculation.
Also, their fees are a lot higher than we have on Gravity, particularly when buying BSV through the Faster Payments system. Gravity's UK platform lets you make near-instant bank transfers, as opposed to having to use your credit or debit card and paying a high transaction fee in the process.
Crypto.com allows you to earn interest on your crypto weekly, but we have Gravity Introducers which is far more of an organic secondary stream of income! One that also helps you to empower your family and friends as well as build your own financial sovereignty.
Q: If I'm holding BSV in my Gravity account, how do I send it to a hardware wallet or to a friend as payment for something?
A: Gravity allows you unrestricted withdrawals of your fiat and cryptocurrency, and it all happens seamlessly from within the application. You simply go into the account where you're holding the funds, select BSV within the assets you hold, choose 'withdraw' and follow the process from there. Whether you're sending BSV to someone else or to your own hardware wallet, you'll need to have their wallet address. From Gravity's side, crypto withdrawals are free of charge, which means you only pay the network fee for the transaction.
While withdrawals are unrestricted, your account's 2FA adds an extra layer of security.
Q: Why do you support BSV as the true version of Bitcoin, while most other platforms are focused on BTC?
A: It comes down to functionality, or ‘utility’ of the coin. While the cryptocurrency sector is obsessed with speculation on price, we look at the role that a particular coin can play in the real world.
Bitcoin SV is the only node implementation that is built on the original Bitcoin’s design which enables applications like an Internet of Money, applications dependent on microtransactions, and even political applications like voting! Bitstocks will be your gateway to these utilities.
Q: Where do I sign up for Gravity?
A: You can sign up at gravity.bitstocks.com and onboard directly from your phone.
Q: Why did you suspend or close my Gravity account?
A: If you violate any of the terms and conditions of Gravity, you risk having your account either temporarily suspended or permanently closed.
A common violation is to misuse Gravity for MLM (Multi-Level Marketing) type transactions or associations. As we comply with FCA guidelines, we only accept funds from parties who have been screened by our Compliance onboarding systems. Put another way, the source of funds for a Gravity user needs to be themselves and not any third party.
Q: I’ve signed up for a Gravity account. What's next?
A: Welcome to Bitstocks’ Gravity! The next step is to work out how you want to manage your money. Although the platform doesn’t offer you financial advice, we provide you with the tools that enable you to invest in BSV or BTC. You can also join our Introducers Programme to build up an ongoing income from introducing your friends and family to the platform.
Over time we will be adding new services, similar to what you get with digital banks like Monzo and Revolut.
To answer your question, “what’s next?”, I’d say to think of Gravity as you do of any other digital bank service and use it accordingly.
Have any of your questions remained unanswered? Make sure you book your spot in our next webinar, hosted by Gravity Product Manager, Emmanuel Alamu or Tweet us your suggestions with the tag #MyGravity!