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:
Part II - Terms and Conditions of Use
By using the App, you represent and warrant that you are:
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:
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, Surety and Confirmations
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 the amount due to the customer (via the QR Code or NFC signal). Our App will always seek out the best price for the Customer.
3.3 The confirmation time of some cryptocurrencies can be very lengthy. For example, if a customer pays with a slow coin such as the Petro (Venezuela) but pays a minimal miner fee when sending their funds to the App, then that customer’s payment may not be processed by that network for many hours, if at all.
Due to this risk, the App offers a Surety feature, allowing You to voluntarily pre-fund a Multisig blockchain account (for example: joes-grocery-morphit) with some Bitshares (BTS) tokens, and then voluntarily share that account with the Morphit bridge algorithm in the App temporarily.
This way, the bridge can send the necessary BTS or smartcoins to the Merchant instantly, be protected from customer minimal miner fee or double-spend scams, and confirm the customers "completed" payment so that the customer doesn't have to stand there waiting for their (slow coin) payment to confirm. The customer can then theoretically pay with any supported coin and leave in as little as 3 seconds. Payments in a Bitshares token do not require use of a bridge or surety at all since that chain is so fast. Steem payments don't need surety either, but the bridge is used real quick to convert it to the merchants desired BTS or smartcoin. The merchant can empty their surety account any time they like, or add more funds to it for high volume (such as grocery chains) or larger transactions (such as homes or cars).
If however, the customer’s payment is never confirmed by their network, then that amount of Surety that was shared with the bridge will not be released back to You. The bridge will not assume any risk of Your customers payments not clearing.
Due to individual blockchain specifications, the Customer payment is typically considered “accepted” by the bridge at two block confirmations. If a bridge had to be used, the bridge will then automatically release the Surety back to you that was shared while the bridge was awaiting those two block confirmations. It is important to note that a payment being broadcast to a blockchain network does not constitute an acceptance by the App of that payment.
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 2018 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