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This page sets out the service terms for GhCoins account-holders. By signing up for a GhCoins account, you accept all of these terms. A reference in these Service Terms to ‘we’, ‘us’ or ‘our’ means GhCoins Pty Ltd and its directors and officers.
GhCoins is a service that enables its users to find others interested in trading cryptocurrencies for local currencies and vice versa. We do not facilitate the exchange of fiat currency for a digital currency, and we do not provide a digital currency exchange service. GhCoins does not purchase cryptocurrencies from, or sell cryptocurrencies to, its account holders.
Nothing on our website is intended to constitute legal or financial advice. The information on our website, and the posting and viewing of any the information on our website, should not be construed as, and should not be relied upon for, legal, financial or taxation advice in any circumstance.
2. Your account
You will need to register and create an account in order to access the GhCoins platform as a user. When you register as a member and create your profile, you will need to provide us with your email address, and pick a username and password. You must log in using your username and password to access the services.
You must maintain the confidentiality of your password and you are responsible for all activities that are conducted through your account, whether or not you have authorised such use.
You must remember your password. If you lose your password, you will not be able to access your encrypted communications or wallet, and there is no way for GhCoins to recover access.
We do not allow usernames to be changed.
If you are prompted to declare your residency when signing up for an account, you warrant that you have declared your residency honestly.
You must be at least 18 years old to sign up for a GhCoins account. If you sign up for an account, you warrant that you are at least 18 years old.
3. Generating GhCoins keys
When you create an account, a private key is created on your device which is unique to you. You hold this key – we do not have a copy.
When you create an account, a primary private key is created unique to you (called the root private key). This root private key is used to encrypt other private keys unique to you (called the party private keys). Each party private key has a mathematically-corresponding party public key which is not encrypted and is stored and shared by GhCoins to allow other users to establish shared secrets, using a cryptographic key agreement protocol (known as a "Diffie–Hellman key exchange"). These shared secrets are used to encrypt communications between other GhCoins users.
As such, we cannot read your communications with another user, unless you or the other user gives us the shared secret required to decrypt these communications.
You may also have private keys for the cryptocurrencies you hold in a cryptocurrency wallet. We also cannot access these private keys, so we cannot access your cryptocurrencies, token balances, or any other item or information that is able to be stored in the wallet.
4. Posting offers
GhCoins users may post offers to buy or sell cryptocurrencies in exchange for local currencies. Offers on the marketplace are made publicly available, and can be viewed by anyone who accesses the website.
When an offer is displayed, we may also display symbols next to the offeror’s username such as a symbol to indicate the offeror’s trade activity, response rate, or standard hours.
Offerors can write their own terms and conditions of sale, which may be published with the offer or negotiated with the other party to the transaction. However all terms and conditions of sale must include the mandatory terms specified in these Service Terms regarding GhCoins’ fee and the process for resolving disputes.
Offers displayed on the GhCoins website have GhCoins’ fee (see section 7) priced into them by default, which is why buyers and sellers will see a different rate for the same trade. The prices you see are what you should expect to receive after GhCoins's fee has been charged, however they are not inclusive of cryptocurrency network transaction fees.
GhCoins reserves the right to delete offers from the marketplace at its discretion. Generally, it will delete offers if they appear to be unlawful, non-genuine, fraudulent, spam or are otherwise incorrect.
5. Communications between parties
GhCoins users can communicate over the GhCoins platform.
All communication made between buyers and sellers on GhCoins is end-to-end encrypted. No third parties, including us, have the technical ability to decipher and/or read these messages unless we are given the shared secret to do so by one party.
It is the responsibility of a user to make and keep adequate records of communications, details of transactions and financial history to the extent that they are required to do so in their jurisdiction.
Once the shared secret used to encrypt the messages is destroyed, that conversation is gone forever and cannot be recovered.
You must not be engage in communication with other GhCoins users which is offensive, abusive, unlawful, defamatory, indecent or inappropriate.
You acknowledge that we are unable to provide you with any other information about the identity of another GhCoins user other than what is made available to you on our website.
6. Trades of cryptocurrency
The parties of a trade are referred to as "buyers" (those who are interested in trading local currency for cryptocurrency) and "sellers" (those who are interested in trading cryptocurrency for local currency).
When trading with a user located with the aid of GhCoins's services, payment instructions can only be communicated directly between the buyer and seller. We do not have any bank accounts that hold users' funds, nor do we facilitate or escrow any local currency payments between buyers and sellers. At no point during the course of a trade does the buyers' or sellers' cryptocurrency enter our control, unless we direct cryptocurrency to resolve a dispute.
Ether (ETH) trades are conducted via the Ethereum distributed computing network, which we cannot and do not control. When a seller sends ether to a buyer during the course of a trade, the seller transfers ether directly to an escrow smart contract on the Ethereum blockchain. GhCoins cannot access ether held in escrow without explicit digital permission from the buyer or seller. It is impossible for us to have ether directed to anyone other than the seller or the buyer as per the code of the smart contract.
Bitcoin (BTC) trades are conducted via the Bitcoin protocol and network, which we cannot and do not control. When a seller sends BTC to a buyer during the course of a trade, the seller transfers BTC directly to an escrow script on the public Bitcoin blockchain. The escrow transaction output can only be redeemed by the buyer or seller. GhCoins cannot access BTC held in escrow as per the code of the Bitcoin escrow script.
Litecoin, Dash, and Bitcoin Cash trades operate in a same or similar manner as Bitcoin trades, except that they are operated on their respective public blockchains or blockchain forks.
More information about the technical workings of our non-custodial cryptocurrency escrow mechanisms can be found on our website.
7. Terms of the transaction
Once cryptocurrency is transferred into escrow, the trade should proceed in accordance with the terms agreed between the buyer and the seller. This will ordinarily require:
person trading local currency should make payment;
once local currency payment is received in full and in cleared funds, the cryptocurrency held in escrow must be released.
If the buyer does not represent that local currency payment is made within a defined time period, the escrow may be cancelled by the seller. The buyer may cancel the escrow at any time.
If you are the party selling cryptocurrency, it’s important to make sure you and the other party have agreed all relevant terms of the trade before you fund the escrow, as you will be charged a fee by the relevant cryptocurrency network to fund an escrow even if it ends up being cancelled.
Sales between buyers and sellers are subject to:
the payment of GhCoins’ fee;
the process for resolving disputes set out in these Service Terms; and
the seller’s terms and conditions, or any other terms and conditions agreed between the buyer and the seller. In the event of inconsistency, the higher in the list of terms prevails.
You must comply with all reasonable security requirements prescribed from time to time by GhCoins.
A dispute may arise about a trade if:
a party to a trade transfers local currency but the escrow isn’t released;
local currency payment isn’t received and the cryptocurrency remains in escrow; or
local currency is only part paid.
The contract of sale is between the seller and the buyer. Accordingly, the parties are required to first use best efforts to resolve the dispute between themselves.
If the parties have not resolved the dispute and have not agreed on an alternative dispute resolution process, either party may refer the dispute to GhCoins.
The party referring the dispute to GhCoins must give GhCoins access to a digital signature that allows GhCoins limited control of the escrow and the key material used to encrypt communications between the buyer and the seller. Both parties agree to give GhCoins access to their conversation history and all other information required by GhCoins to resolve the dispute, including evidence of payment. GhCoins will review the evidence and it will direct the cryptocurrency to the party who in GhCoins’ reasonable opinion is entitled to own it under the terms of sale.
Parties must respond to GhCoins’ requests for information promptly (and at least within 24 hours). If a party does not respond to a request within that timeframe, GhCoins may resolve the escrow in favour of the other party to the dispute.
The parties agree that except in cases of gross negligence or fraud, GhCoins’ decision is final and binding on the parties and there is no appeal from such decision.
GhCoins reserves the right to refuse to resolve a dispute where GhCoins, in its sole discretion, considers that:
the issue is best resolved through other methods;
one or both parties have not provided all required or requested information;
the ownership of cryptocurrency is not clear from the information provided;
the contract between the parties is unlawful;
a party is acting unlawfully or fraudulently;
GhCoins has a legal obligation to do so; or
directing cryptocurrency to a party would cause GhCoins to breach any law.
Where GhCoins exercises its right to refuse to resolve a dispute, GhCoins will notify both parties of this. Either party may then apply for a court order resolving the dispute.
If a party provides a copy of a court order to GhCoins along with access to a digital signature that allows GhCoins limited control of the escrow, GhCoins will resolve the escrow in accordance with the court order.
This process for resolving disputes is incorporated in all contracts between buyers and sellers arranged through GhCoins.
10. GhCoins fees
For transactions concluded through the GhCoins smart contract service, GhCoins charges a 0.25% fee for the maker (the person who placed the offer listing) and 0.75% for the taker (the person responding to the offer). The fee is charged in cryptocurrency.
This term is incorporated in all contracts between buyers and sellers arranged through GhCoins and using the GhCoins smart contract. The term is incorporated into the Contract and is unable to be changed.
11. Other taxes
By using GhCoins, you are responsible for determining what taxes apply to any trades you conduct with other GhCoins users. You must pay for all taxes applicable to all trades in which you participate.
You indemnify GhCoins for any claim, loss or damage arising from your failure to pay applicable taxes.
12. Suspending and deleting your account
We may suspend or delete your account if:
we consider that you are using the GhCoins platform to scam other users or for any other unlawful purpose;
we receive reports that you are communicating offensive, abusive, unlawful, defamatory, indecent or inappropriate messages to other users;
we know or suspect that you have completed the residency declaration dishonestly;
GhCoins is required by law to do so;
there is any change in law that adversely affects GhCoins’ operating model or would make it unlawful to continue the service without materially changing the GhCoins platform or regulatory licence required to operate; and
for any other reason in our absolute discretion.
Once your account is deleted, we destroy any information we hold in relation to it after any legal requirement imposed on GhCoins to retain it has expired.
After suspension of your account, you are entitled to limited access for the purpose of managing existing trades however you may not open new trades or post to the marketplace.
13. Compliance with laws
Although our website may be accessed outside of Australia, we make no representation that the services comply with the laws of any other country. If you use the services from outside Australia, you are solely responsible for ensuring compliance with your local laws.
You warrant that will use the website and the services in compliance with all applicable federal and state laws and regulations governing Money Service Businesses or Cryptoasset Businesses or Virtual Asset Service Providers or similar applicable regulation of the jurisdiction you are located in and the laws of the Commonwealth of Australia.
14. Risks associated with dealing with other users
Cryptocurrency transfers are irreversible. If you release or send cryptocurrency to somebody else, it is generally not possible for GhCoins, nor yourself, to recover the funds. This also applies to sending cryptocurrency to an incorrect address. You transfer any cryptocurrency at your own risk.
If someone gains access to your account and uses your wallet, we will have no way to recover your funds.
We strongly recommend that if you do not have a strong understanding of the underlying "blockchain" technology that supports cryptocurrencies such as Ethereum and Bitcoin, you do not use our services. Cryptocurrencies can be subject to extreme price volatility. You should consider your financial circumstances and tolerance to risk before acquiring and trading in cryptocurrencies.
15. Disclaimer of warranties
GhCoins does not facilitate or provide brokerage, exchange, payment, escrow, remittance or merchant services.
GhCoins is only an introductory and information service, and, to the maximum extent permissible by law, is not responsible for any actions of its users including, without limitation, representations by any users regarding funds (cryptocurrency or currency) having been transferred or any ownership of cryptocurrency or funds.
To the maximum extent permitted by law, GhCoins does not guarantee the quality or fitness for purpose of its services. GhCoins is provided on an "as is" and “as available” basis and you agree to use it at your sole risk. While we strive to make the services available to you at all times, we do not make any representations as to the availability of the services, or that your access or use of the website will be uninterrupted or timely. There may be delays, failures, errors, omissions or loss of transmitted information.
We make no warranties, claims or guarantees related to any of our users, including but not limited to:
the merchantability or fitness of the user;
the identity of the user;
the location of the user;
the reliability and timeliness of the user;
the accuracy of any information the user presents; or
the accuracy of any information we provide about the user.
To the maximum extent permitted by law, we make no guarantees to the safety, reliability, availability or longevity of any of the data we collect or store. We strongly recommend that you keep a back up copy of your private keys so, if required, you can interact with the Contract independently of GhCoins.
16. Third party integrations in the GhCoins wallet
The GhCoins wallet may incorporate, reference or provide access to third-party services. GhCoins is not the owner, operator or licensor of these third-party services, and GhCoins shall not be responsible for any consequences stemming from your use of a third-party service.
You agree that your use of any third-party service is subject to separate terms and conditions issued by the respective third-party service provider. It is your responsibility to review the terms and policies of a third-party service provider before deciding to use such service.
Please read this terms and condition carefully. It is necessary that you read and understand the information