BiTSy Terms and Conditions of Use

BiTSy is a software Application (also known as an “App”) developed by the International Business Company “AGORISE, LTD.”, which has been established under Cypriot law. Any person wishing to use this App is obliged to accept the following Terms and Conditions of Use, before any such use:

Part I - Terminology

The following Terminology applies to these Terms and Conditions of Use (hereinafter referred to as “Terms”), the Privacy and Transparency Statement, and all other agreements between You and Us:

- The terms “Client”, “Customer”, “Merchant”, “User”, “You” and “Your” refer to you, the person accessing the BiTSy software Application (hereinafter referred to as “App”) and hereby accepting our Terms.
- The terms “Agorise”, “The Company”, “Our”, “Ourselves”, “We” and “Us” collectively refer to the App and to its owners, freelancers, developers, designers, contractors, directors, officers, employees, agents, insurers, suppliers, and attorneys.
- The term “Party” refers to either You or Us.
- In all the above-mentioned Terms, unless otherwise specified, words using the singular include the plural and vice versa and words using gender include all genders.
- The terms “digital asset”, “asset”, “coin”, “cryptocurrency”, “ledger entry”, “altcoin” and “token” refer to blockchain-based software ledger data entries.
- The term “Blockchain” refers to a chain of blocks, processed by hundreds of computers around the world. A blockchain (like “Bitshares”) is a decentralized network of computers, an immutable distributed ledger. As each block of transactions is confirmed every 3 (three) seconds, it is hashed together with the latest block in the chain, forming the next block in the chain. Hence the term blockchain.
- The term “Ledger” refers to a digital version of the “big book” of blocks of transactions taking place on a blockchain. The Distributed ledger keeps track of all transactions on a blockchain network.
- The name “Morphit” refers to the name chosen by our Company for the Bridge.
- The term “Bridge” refers to a company or autonomous software (like the “Morphit” feature of our App) which converts/morphs one cryptocurrency into another by way of seeking the best possible price for the Customer by using various third-party exchanges.
- The terms “Teller” or “Gateway” refers to a person or company (or autonomous software) that converts “fiat” (USD, EUR, CNY, etc) into cryptocurrencies, and vice-versa, whether by cash, card, Swift or SEPA, etc.
- The term “Multisig” refers to Multiple Signatories. Multiple people or accounts that are assigned to validate a transaction before it can be allowed to be processed, and entered into a block on the chain. Typically, two or more people sign the transaction with their private key (Public Key Infrastructure (PKI)) which will approve the transaction to be sent.
- For the term “Bitshares” more information can usually be found at the website: http://www.bitshares.org
- The term “Coin” refers to a digital token. It is underlined that this term is still loosely defined in legislation. It’s a unit of value (if it has any value at all, as determined by the free market) which is running on a blockchain.
- The term “BTS” refers to the core token that the Bitshares platform uses to determine fair-market values for tokens.

Part II - Terms and Conditions of Use

By using the App, you represent and warrant that you are:

1. at least 18 (eighteen) years old and have full capacity to contract under the applicable law;
2. only transacting with the App with legally-obtained funds that belong to you;
3. not furthering, performing, undertaking, engaging in, aiding, or abetting any unlawful activity through your relationship with Us or through your use of the App (for example: money laundering, etc); and,
4. comporting with and obeying all applicable laws.

We reserve the right to terminate your access to the App for any breach or our Terms, in our sole and absolute discretion, if the App ceases to exist and/or following a decision of the Company. Use of the App is void where prohibited by applicable law.

1. Terms

1.1 By accessing the App, you agree to be bound by our Terms, all applicable laws and regulations in Cyprus, and you agree that you are responsible for compliance with, and that you are compliant with applicable law.

1.2 If you do not agree with any of our Terms, you are prohibited from using or accessing the App. Your only recourse is to stop using the App. Any use of the App after accepting these Terms is considered to be a deemed acceptance of our Terms, as they may be modified and amended from time to time.

1.3 The materials contained in the App are protected by applicable copyright and trademark laws in Cyprus and EU and international treaties. The updates of our Terms, as they appear on our website, take into account the legislative modifications.

1.4 By accepting our Terms, you expressly accept that data of transactions made when accessing the App might be exported outside the jurisdiction in which you reside or are located when you access the App. This export is an inherent part of our App and is necessary for its functioning and does not include personal data of Users in any way.

1.5 By using any of the third-parties linked to within the App (such as Tellers or Gateways), it is not an endorsement of those third-parties, nor is it a guarantee of any kind that using those third-parties will not result in loss of funds or other damages. Use those third-parties at your own risk.

2. Limitations

The use of this App may carry financial risk for any User, and is to be used as an experimental software utility only. In no event shall We be liable or responsible for any damages, claims, applications, losses, injuries, delays, accidents, costs, business interruption costs, or other expenses (including, without limitation, attorneys’ fees or the costs of any claim or suit), nor for any incidental, direct, general, indirect, special, punitive, exemplary, or consequential damages, loss of goodwill or business profits, loss of cryptocurrency or digital assets, work stoppage, computer or device failure or malfunction, or any other commercial or other losses directly or indirectly arising out of or related to:

1. our Terms;
2. the Privacy and Transparency Statement;
3. any service We provide;
4. the use of the App;
5. any use of your digital assets or cryptocurrency with the App by any other party not authorized by you (collectively, all of the foregoing items shall be referred to herein as “Losses”).

We are hereby released by You from liability for any kind of the above-mentioned Losses. We disclaim any and all warranties or guarantees, including any warranty of merchantability and warranty of fitness for any particular purpose.

The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, negligence, tort, strict liability, or any other basis, even if We have been advised of or should have known of the possibility of such losses and damages, and without regard to the success or effectiveness of other remedies. Notwithstanding anything else in our Terms, in no event shall the combined aggregate liability for any Loss hereunder exceed € 50.00 (fifty euros).

3. Prices, Exchange Rates, Confirmations and Network Fees

3.1 Users are hereby informed that Cryptocurrencies and digital assets in general are highly experimental and risky. Our App attempts to provide accurate price and exchange rate information, but this information is as well highly volatile and can change quickly without Users or Us necessarily being aware of these changes.

3.2 The exchange rate that the Customer pays (if applicable) is calculated at the moment the App presents an amount due. Our App will always seek out the best price.

3.3 Confirmations on the Bitshares blockchain are 3 seconds on average, but may fluctuate if there is a network issue.

3.4 The Bitshares blockchain charges a small fee for every transaction and must be paid to the Bitshares blockchain. Additionally, a fee of 0.01% is charged which covers the cost of App development, maintenance and improvements. Both of those fees (typically around 1 cent, USD) are charged automatically upon transaction execution and are subject to change.

4. Returns and Refund Policy

4.1 Cryptocurrencies, tokens, and digital assets are, by their nature, generally irreversible, and their exchange rates are highly volatile and transitory. Once the User’s asset has been transmitted to the User’s address, no refund is possible, even if the wrong address was provided to the App. All sales after transmission are final and the Company is not in position to reverse or correct the process already undertaken by the App.

4.2 Surety can be 100% refunded at any time from within the App itself. With no pre-funded bridge Surety however, only EOS or Graphene-based cryptocurrencies should be accepted (such as Steem and/or Bitshares tokens).

5. Governing Law

5.1 These Terms are governed by the laws of Cyprus, and any and all laws applicable therein.

5.2 Our Terms are to be treated in all respects as a Cypriot contract. We and You irrevocably and unconditionally attorn to the non-exclusive jurisdiction, venue and forum of the courts of Nicosia, Cyprus, and all courts competent to hear appeals therefrom.

6. Permissible Use

The App and all its services may be used only as a mechanism of software ledger entry translation between the User and the Bitshares blockchain. You are prohibited from using the App for the purpose of translating ledger entries with other parties, with the exception of explicit payment for goods and services.

7. Terms of Use Modifications

7.1 We may revise our Terms at any time and without notice to you or third parties. By using the App, you agree to be bound by the then-current version of our Terms. All modifications generally apply ex nunc, unless otherwise specified in special cases, if this is justified by the circumstances.

7.2 The Terms as they appear on the website of our App are always up-to-date. Therefore, Users are advised to visit the relevant part of the website regularly in order to be informed of the latest changes.

8. Costs

8.1 From time to time, We may need to spend time dealing with issues brought to Us by customers, for example requests of information.

8.2 Where any customer issue is not caused by our negligence or oversight, We reserve the right to recover reasonable administrative costs spent addressing the customer issue. These costs will be calculated by the Company taking into account the relevant administrative burden caused to it and will be communicated to the Customer.

8.3 No response will be sent to the Customer if this entails a payment from his side, before the cost is communicated to him by the email provided by him for this specific purpose.

9. Transparency Statement

9.1 No personal data whatsoever of Users is registered, stored or processed in any way; Users are solely liable for keeping the “key” which is necessary to access the interface and in case of loss renders this access impossible. Therefore, the Regulation (EU) No 2016/679 (GDPR) is not applicable within the framework of this App.

9.2 We also do not in any way obscure the information that it does request or obtain. Due to the inherent transparency of blockchains, transactions to and from the App are public and easily correlated. Utilizing the App to obscure transactions or assets in any way is futile. Law enforcement has full access to blockchain information that goes in or out of the Bitshares network.

9.3 You accept that We will comply willingly with all legal requests for information from it. We reserve the right to provide information to law enforcement personnel and other third parties to answer inquiries; to respond to legal process; to respond to the order of a court of competent jurisdiction and those exercising the court’s authority; and, to protect Ourselves and our users.

Copyright 2019 AGORISE, LTD.

An International Business Co.

Cyprus Reg# HE375959

IF YOU AGREE TO ALL OF THESE TERMS AND CONDITIONS, PLEASE TAP ON THE GREEN BUTTON BELOW