BiTSy Bitshares Wallet Terms and Conditions of Use
The following terminology applies to these Terms and Conditions of Use (our “Terms”), the Privacy and Transparency Statement, and any and all other agreements between you and us: “Client”, “Customer”, “User”, “You” and “Your” refers to you, the person accessing the BiTSy Bitshares Wallet software application (“App”) and accepting our Terms. “Agorise”, “The Company”, “Our”, “Ourselves”, “We” and “Us” collectively refers to the App and to its owners, freelancers, developers, designers, contractors, directors, officers, employees, agents, insurers, suppliers, and attorneys. “Party” refers to either You or Us. In these Terms, unless otherwise specified, words importing the singular include the plural and vice versa and words importing gender include all genders. “Digital asset”, “asset”, “coin”, “cryptocurrency”, “ledger entry”, “altcoin” and “token” refer to blockchain-based software ledger data entries.
By using the App, you represent and warrant that you are:
We reserve the right to terminate your access to the App for any reason, including but not limited to breaches of our Terms, in our sole and absolute discretion. Use of the App is void where prohibited by applicable law.
By accessing the App, you agree to be bound by our Terms, all applicable laws and regulations, and you agree that you are responsible for compliance with, and that you are compliant with applicable law. 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 is your deemed acceptance of our Terms as they may be modified and amended from time to time. The materials contained in the App are protected by applicable copyright and trademark laws and treaties. You should check back often in case our Terms undergo changes.
By accepting our Terms, you expressly allow Us to export data outside of the jurisdiction in which you reside or are located when you access the App.
Use of the App may carry financial risk, 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, data loss, computer or device failure or malfunction, or any other commercial or other losses directly or indirectly arising out of or related to: our Terms; the Privacy and Transparency Statement; any service We provide; the use of the App; 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 and all 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€.
Cryptocurrencies and digital assets are highly experimental and risky. Our App attempts to provide accurate price and exchange rate information, but this information is highly volatile and can change quickly without users necessarily being aware of these changes.
The confirmation time of some cryptocurrencies can be very lengthy. For example, if a customer pays with Bitcoin 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 hours, if at all. Due to this limitation, the App offers a Surety feature, allowing you to pre-fund a blockchain account (shared with Us). If enough bridge Surety has been pre-funded into that account, then the App will notify the customer immediately that their payment has been accepted. This Surety feature in the App is known as the “Morphit” bridge. The bridge instantly locks away some of your pre-funded Surety until at least one block confirmation has been received on that customer’s transaction. Once one confirmation has been received by the bridge, then the bridge will unlock those funds back into the shared blockchain account. If the customer’s payment is never confirmed in even one block, then that amount of Surety that was locked away will not be released back to you.
Bridge Surety is not needed, or used in the App for customers that choose to pay with a cryptocurrency that uses an EOS or Graphene-based blockchain such as Bitshares or Steem, since those blockchains confirm transactions in 3 seconds or less.
The more bridge Surety that you pre-fund in the App, the more slow (lengthy confirmation time) coins that you can accept at once. Typically though, 100€ worth of Surety should be enough since customer’s that use slow coins don’t spend more than that at once. However, if you have 2 or 3 cash registers (or Waitresses, etc), then you may want to double or triple that amount. Of course if you sell expensive items such as cars or houses for Bitcoin, then you should pre-fund much more in Surety and/or ask your customer to pay the maximum miner fee.
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). Due to individual blockchain specifications, the customer payment is typically considered “accepted” at one block confirmation. If the bridge had to be used (because your customer paid with a slow coin), the bridge will then release the Surety back to you that was locked away while the bridge was awaiting that one block confirmation. It is important to note that a payment being broadcast to a blockchain network does not constitute an acceptance by Us of that payment.
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.
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.
These Terms are governed by the laws of Cyprus, and any and all laws applicable therein.
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.
It is prohibited to use or access cryptocurrencies and/or Digital assets from certain jurisdictions. Transactions from Users in these jurisdictions are prohibited. By accessing the App or any services therein, you represent and warrant that you are not physically located in a prohibited jurisdiction.
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.
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. We reserve the right to make any changes retroactive.
From time to time, We may need to spend time dealing with issues brought to Us by customers. 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.
Privacy and Transparency Statement
We respect the privacy of Users of Our App by not requesting any information that is unnecessary for the use of the service or to comport with our obligations under applicable law.
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.
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