Withdrawal block: an extra lock on your bitcoin at Bitonic

New in the Bitonic app: the withdrawal block. Set up a block with the cooldown that suits you and add another layer of security to your bitcoin. While the block is active, you can't withdraw bitcoin from your portfolio. To withdraw again, you lift the block and wait out the time you chose.

What is the withdrawal block?

The withdrawal block is an extra layer of security for the bitcoin in your Bitonic portfolio. The block stays active until you lift it. Until then, bitcoin withdrawals are disabled.

You decide whether to use the block. Set the waiting period yourself, from 24 hours up to 180 days, for greater security and peace of mind.

How does the waiting period work?

You choose the waiting period, also known as the cooldown period, when you set the block. You can lift the block at any time, but it doesn't take effect immediately:

1. You start lifting the block in the app and confirm with two-factor authentication (2FA).
2. The waiting period you chose starts. A timer in the app shows how much time is left, and you get an email saying the block is being removed. Bitcoin withdrawals stay blocked during this time.
3. Once the waiting period is over, you can withdraw bitcoin again.

Changed your mind during the waiting period? Then cancel the lift. The block is fully active again, with the full waiting period.

Why does a waiting period help?

A bitcoin transaction generally can't be reversed. The withdrawal block makes withdrawing a deliberate choice: the waiting period you chose sits between lifting the block and making a withdrawal.

You can use that time to think it over or to spot that something is wrong. Did you get an email about your block being lifted when you didn't do this yourself? Cancel the lift in the app and contact us right away.

What should you keep in mind?

• The waiting period applies to you too. If you want to withdraw bitcoin, for example to your own wallet, you have to sit out the waiting period first. So choose a period that suits you. Bitonic isn't liable for damage resulting from the block or the waiting period, as described in article 14 of our User Agreement.
• The block only covers bitcoin withdrawals from your portfolio. You can still sell bitcoin and withdraw euros as normal. Auto Invest to your own wallet and purchases sent directly to your own wallet aren't blocked either.
• You manage the block in the app. Setting and cancelling the block is currently only available in the Bitonic app for iPhone and Android.
• The block doesn't replace basic security. Keep an eye on your account and make sure your login details and your email account are well protected, as that's where you'll get the notice about the block being lifted.

How to set the withdrawal block

First, update the Bitonic app to the latest version. Then set the block as follows:

1. Go to Account settings.
2. Select Security.
3. Select Bitcoin withdrawal block.
4. Choose a waiting period from 24 hours up to 180 days.

Secure your account even further

The withdrawal block works best in combination with these measures:

• Use an authenticator app for 2FA instead of email or SMS.
• Use a strong, unique password that you don't use anywhere else.
• Set an anti-phishing phrase so you can easily recognise official emails from Bitonic.
• Stay alert for fake messages. Bitonic will never ask for your password or login codes, or ask you to send your bitcoin to another address.

Do you see something in your account you don't recognise? Contact us right away at contact@bitonic.nl. You'll find more advice in our safety tips.