Terms of Using the BitSwap Platform
Last Updated April 29, 2021
These Terms of Using the BitSwap Platform ("Terms of Using the BitSwap Platform" or "Agreement") shall serve as an agreement that sets forth the terms and conditions which will govern your use and participation in the transaction management and escrow services provided on and through BitSwap.network (the "Services"). By choosing to use the Services you shall have also indicated your acceptance of these Terms of Using the BitSwap Platform and your intent and agreement to be bound by them. If you are unwilling to agree to these Terms of Using the BitSwap Platform, you shall discontinue further use of the Services. If you agree to these Terms of Using the BitSwap Platform, you will be bound as follows:
"Account" means (i) an account of a Buyer from which payment for the Transaction and related fees will be obtained, (ii) an account of a Seller to which payment for the Transaction and other payments will be credited, or (iii) the BitSwap escrow account to which payment for the Transaction and other payments will be credited and/or related fees will be obtained.
"Agreement" refers to this Agreement and any then-current operating rules contained on the Site.
"User" means Buyer(s) and Seller(s) participating in a Transaction.
"Site" refers to the BitSwap website at bitswap.network or at any of its subdomains, where the Services can be found.
“Transaction” refers to the use of the BitSwap.network Site for the purposes of initiating and/or completing an escrowed transfer of ownership of cryptocurrency as part of the BitSwap Service outlined in the “Description of the Service” section.
Description of the Service
The Services are Internet-based escrow and transaction management services offered by BitSwap. Services are intended to facilitate the completion of a transaction of the cryptocurrencies between Users of the Service. The cryptocurrencies transacted may include, but are not limited to: “BitClout”; “Ethereum” (ETH); “Ethereum Request for Comment” (ERC20).
Limits on the Services
The Services must only be used for lawful transactions of cryptocurrencies obtained in a lawful manner. Limitations on the Services may apply and can be found on the Site Limitations page. Only registered Users may use the Services. In order to register, you must supply all information required on the Site. Applicable government laws and regulations may further limit the Services.
Users shall not utilize BitSwap or the Services in connection with any Transaction that is illegal, or that is for any illegal purpose whatsoever.
In addition, BitSwap, in its sole discretion, may refuse to complete any Transaction that BitSwap has reason to believe is unauthorized or made by someone other than you, may violate any law, rule or regulation, or if BitSwap has reasonable cause not to honour it. Each User agrees to indemnify and hold BitSwap harmless for losses resulting from any use or attempted use of BitSwap Services in violation of this Agreement.
General Terms and Conditions of Use
If you arrive at the Site through entities linked and/or integrated with BitSwap.network or otherwise by or through a third-party, then you authorize such third party to transfer required data to BitSwap to facilitate the requested Transaction. You represent and warrant that all information provided to BitSwap will be true, accurate and complete, regardless of whether or not the information was provided to BitSwap directly by You or through a third-party.
Any party entering into this Agreement on behalf of any User represents and warrants that he/she is authorized to do so and must bind the User to this Agreement. The party represents and warrants that the User is a natural person of at least eighteen (18) years of age. In order to initiate and commence a Transaction, all Users to a Transaction must register at the Site, agree to all terms in any BitSwap policy published on the Site.
BitSwap products may still be in a beta and/or testing phase, where the product may not respond as intended or expected. Should any problem occur, please contact us for a solution. BitSwap makes no guarantees about the functionality of products in a beta and/or testing phase.
To register as a User, BitSwap requires your BitClout handle, email address, BitClout wallet address, and Ethereum wallet address. You represent and warrant that all information provided to BitSwap will be true, accurate and complete.
Your email address will be used for sending email updates about any ongoing or completed Transactions in which you are involved. BitSwap may also use your email address for the purposes of sending marketing or promotional emails. By providing Your email, You agree that BitSwap may send you emails for the purposes listed within this Agreement.
Obligations of Sellers
Once a Buyer and Seller agree on a Transaction, the Seller shall send the specified amount of BitClout cryptocurrency to the designated BitSwap escrow wallet address as instructed by BitSwap.
The Seller authorizes BitSwap and its authorized agents to send the agreed amount of either ETH or ERC20 in the Transaction to the Seller’s Ethereum wallet address, as provided to BitSwap upon the agreement of the Transaction, and upon the User’s registration on the Site respectively. The Seller warrants that their Ethereum wallet address provided to BitSwap is correct. The Seller agrees that the agreed-upon fee for BitSwap Services will be deducted from the final payment into the Seller’s wallet address.
Obligations of Buyers
Once a Buyer and Seller agree on a Transaction, the Buyer shall send the specified amount of ETH or ERC20 cryptocurrency to the designated BitSwap escrow wallet address as instructed by BitSwap.
The Buyer authorizes BitSwap and its authorized agents to send the agreed amount of BitClout in the Transaction to the Buyer’s BitClout wallet address, as provided to BitSwap upon the User’s registration on the Site. The Buyer warrants that their BitClout wallet address provided to BitSwap is correct. The Buyer agrees that the agreed-upon fee for BitSwap Services will be deducted from the final payment into the Buyer’s wallet address.
BitSwap is obligated to perform only those duties expressly described in this Agreement. BitSwap shall not be liable for any error in judgment, for any act taken or not taken, or for any mistake of fact or law, except for gross negligence or willful misconduct.
In the event that a Seller Obligation or a Buyer Obligation is not met as outlined in this Agreement, BitSwap will return any funds sent to a BitSwap escrow wallet to their respective owner(s) in full, provided the respective Buyer and Seller have acted in accordance with this Agreement.
Once a Transaction has been agreed upon by both the Buyer and Seller, and both the Buyer and Seller have sent the required funds to a BitSwap escrow wallet, then both the Buyer and Seller agree that the Transaction has effectively taken place, upon which the Transaction can no longer be cancelled by the Buyer or the Seller, and any deducted fees for the use of BitSwap Service will become non-refundable.
At any time, BitSwap may cancel the Transaction at our sole discretion, whereby BitSwap will return any funds sent to a BitSwap escrow wallet to their respective owner(s) in full, provided the respective Buyer and Seller have acted in accordance with this Agreement.
Limitation of Liability
TO THE EXTENT PERMITTED BY APPLICABLE LAW, NEITHER BitSwap NOR ITS AFFILIATES, SHALL BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL, RELATING TO YOUR USE OF THE SITE OR THE SERVICES OR YOUR INABILITY TO USE THE SITE OR THE SERVICES.
Termination of Services
BitSwap may suspend or terminate your use of BitSwap Services at any time, without prior notice for any reason, at BitSwap’s sole discretion.
You agree to indemnify and hold BitSwap, BitSwap affiliates and their respective officers, directors, shareholders, employees and assigns, harmless from any claim, demand, expense or damage, including reasonable attorneys' fees and court costs, arising from or relating to your use of the Services or any violation of this Agreement, or the rules and policies contained on the Site, including, without limitation, payment of BitSwap fees.