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FAQ - Crypto Shares

FAQ

Frequently asked questions

FAQ

Below you will find Frequently Asked Questions and Answers. List will grow as needed:.

Who is Smart Chip Card Solutions Ltd.?
SCCS Ltd. is a privately owned company from Canada specialized in smart card software systems and solutions. See more at www.smart-chip-card-solutions.com

What is a SCCS Ltd. address and contact info?
SCCS is located at 5100 South Service Road, Unit 17, Burlington, Ontario, Canada, L7L 6A5. telephone 1-905-469-0855, e-mail: sales@buy-gold-bar.com, SCCS Ltd. is registered with Industry Canada as an corporation

Is SCCS Ltd. public company?
SCCS is privately owned corporation Governed by laws of Ontario, Canada

Is card necessary to buy and hold BUCS?
Yes, with first purchase new BUCS crypto investor should acquire a card or buy whole kit coming with card + reader + software + startup balance of crypto

How is new purchase entered into the card?
In 24 hour after purchase investor can log in into BUCS system software and every new transaction will get automatically updated. There is transaction log resembling bank transactions.

Is card secure?
We use special edition of smart cards made for SCCS only. Cards are NOT made in USA. They are encrypted with banking/military strong encryption. Card has an unique digital identity, CID (card ID number) and that is how it is recognized in the system. Besides that it is protected by 6 digit PIN. It can also be protected with fingerprint as well.

Does card come with account numbers or name of cardholder?
No. Cards come electronically personalized. Outside of card there are no numbers, names, picture or anything else. Identification is possible using system software only and only after rightful owner unlocks the card using 6 digit PIN or fingerprint.

Is it possible to hack into the card or system?
It is not. Card is in the cardholder's pocket, encrypted with PIN and fingerprint. Found or stolen card remains locked forever. Backend system encrypts everything, communications, transactions, registry. We shall never disclose any technical details about smart cards or backend. Let's just say that holdings are recorded into cards and backend just controls transactions.

Is BUCS run from USA (North America)?
While SCCS company is located in Burlington Canada no servers, WEB sites or any other part of hardware backend is located in North America. Even www.BUCS.com WEB site is located elsewhere. Servers are also protected with SCCS invented mechanisms. Details are business secret and will never be disclosed to any party.

Technology is often only as good as a people. How SCCS controls employees?
All SCCS employees are equal shareholders and owners of the company. They will never jeopardize BUCS operations in any manner. .

Are precious metal really in the vault?
We guarantee that every crypto purchase by member is followed up by purchase of physical metal! Actually, we buy it in advance so we don't offer what we don't own. Vault operator goes into vault and transfers purchased amount into SCCS account bin. That happens daily or every time we acquire more metals. It is the same with silver/gold certificates purchased at the banks. We buy them and they are held by law firm or in secure storage.
Customer gets Invoice with clearly stated transaction. Card gets updated remotely.
Precious metal in vault is insured, accounted for, controlled by internal accounting methods, statement status produced once a month and also once a year independent certified organization audits the vault. See details below.

Where are the precious metals stored?
In case of bank precious metals certificates every card holder can ask for copy of certificate. Also every member has right to see accounting details about certificates showing total holdings and reporting. We will start with certificates purchased in leading Canadian banks: Scotia Bank, Toronto Dominion bank, Royal Bank.
Copies of certificates are available to every BUCS member for asking.

Which storage is used by BUCS members?
At startup it is Strategic Wealth Preservation (SWP) the first storage chosen by SCCS. It is located on Grand Cayman. Can be accessed on line: www.swpcayman.com Watch their videos and look at the pages explaining strategic advantages of storing valuables with SWP and Cayman islands

Is it possible to visit SWP or bank and see my gold?
Absolutely! For security reasons 24 hour announcement is required. Card holder will be identified by his card and his gold shown. At that time card holder can leave it where it is, cash in part or all of it at will.
Bank vaults can't be visited in person. However certificate authenticity can be checked and validated in any bank branch.

Is storage / bank insured?
Storage is fully insured by Marsh Insurance, London, UK. At the moment of this writing insurance amount is 75 Million USD. Certificate available upon request to every member.
Banks are insured as a part of Government regulations.

Is storage safe and checked?
Yes, storages are like strong boxes, guarded with armed guards. They are also controlled with internal accounting. Also there is once a year audit by Bureau Veritas, independent agency. They were founded in 1828 in Belgium. Today's headquarter is in France. Bureau Veritas inspectors come to storage and count all inventory for presence and quality

Will there be storages / banks closer to my country?
Whole point of storing gold and silver offshore is to protect it from local troubles. So close vicinity of storage or the bank my not be desirable. Still we will open storage / bank accounts in various countries as per customer's demand. Storages in: Canada, Switzerland, Germany, Hong Kong, Australia and Singapore shall be considered .

What kind of precious metals is a base value of BUCS crypto shares?
We carry 99.99 pure fine gold as regulated by COMEX and LBMA in form of gold bars or bank certificates of the same

What kind of silver is a base value of BUCS crypto?
We carry 99.9 or 99.99 pure fine silver as regulated by COMEX and LBMA in form of silver bars or bank certificates of the same

Is it possible to buy any number of BUCS, not only fixed, full amounts?
Absolutely! Member can buy any fraction size of the BUCS where smallest increment is 0.0001.

Does card record only BUCS holdings?
Card has vault for BUCS. Also, there is a AutoLog. It tracks all events separately and records every transaction no matter how small or big it is.

Can I get delivery of a physical precious metal bar instead of currency?
Absolutely! If member decides to cash out and prefers physical metal bars that is what shall be delivered to the door by insured courier service .

What is BUCS Master card?
It is pre-paid credit card issued by www.weststeincard.com, from UK

Who is eligible to get that Master card?
Every BUCS crypto share holder may choose to have BUCS Master card

What are the fees to have and use BUCS Master Card?
Please check fees page for breakdown in costs of having a card

How is BUCS Master Card integrated into the BUCS system?
Using BUCS Master card card-holder can buy more BUCS, cash-out and withdraw some funds and use card as every other credit card. See all details on this page.

Where can I use BUCS Master Card?
At all merchants (30+ million), all ATM's worldwide (2+ million) and all on-line stores on Internet. As long as there is a money in the card it will work just as any other Master card.

Can I manage card on-line?
Yes, there is a Weststein Card application for Android and Apple phones .

Does it cost anything to be a member of the BUCS crypto system?
At this time there are no plans to have monthly or yearly membership fees. Management believes that system will be sustainable just from transaction fees. That is the case for regular members. If you want to be an advanced ("high roller") member of BUCS community there is a fee for that.

What about BUCS Master Card fees?
Those fees are dictated by the Master Card corporation and apply to every pre-paid Master Card in the world, BUCS card included. See all fees page here.

YouTube posted comment by customer from USA: "Do ya actually think that when the SHTF comes yer gonna be able to go get your metal from this "offshore" storage? And that they will just hand it to you? There will be no USPS, FedEx or UPS.... no electronic transfers - no banks open. How are intending to get to this "offshore" storage place? In a private helicopter, private plane, your yacht?"

He described quite upsetting scenario. Scary it is but actually emphasis one of the reasons why we created BUCS in the first place: in case of such event you will not be financially wiped out!

Getting gold bars at home could be actually counterproductive or outright dangerous. First of all in such scenario member will actually appreciate fact that his gold/silver holdings are far away from reach of the Government. It happened in past and could happen in future that desperate Government will try to seize not only people's savings in the banks but also seize whatever is in bank's deposit boxes, even homes. In weeks or even months of breakdown in courier services, bank transfer and services occur there will be run on banks. ATMs will be shut down at first sign of crises (Greece, Cyprus, Argentina, Chile ..) but nobody will be able to steal member's holdings from the cards.

It is widely assumed that Internet can't be shut down. Members will still be able to transact using their cards and home kits. Even pay or send BUCS to each other. We actually have technology that could allow transactions without Internet. If your baker would have BUCS card you will be able to pay for groceries by transferring small amount of BUCS to his card. Commerce will continue. Personal wealth will be preserved and will actually increase. Why? Because paper money will be worthless. Only true value will be accepted. Gold and silver as a stored value served well people for 4000 years and will continue doing so .