Last change: 8th of March, 2019
Buying Bitcoins through the available payment methods
When you purchase bitcoins through Bitonic, you agree to the following terms and conditions:
- The purchase concerns digital goods (bitcoins) without a fixed value. When purchasing you agree to the value of the bitcoins as determined by Bitonic at that moment in time.
- You are aware of the fact that the value of the purchase can fluctuate considerably. There is no guarantee for any value retention in the future.
- The delivery of your bitcoins takes place through providing a signed bitcoin transaction to the recorded bitcoin address and broadcasting it to the Bitcoin network. We guarantee that we successfully create and provide the signed transaction and that we will send this transaction out onto the bitcoin-network within minutes. However, we have no influence over the further handling of the transaction by the network and the miners. In the exceptional case that something goes wrong during the processing of the transaction by the network, you are entitled to the support and assistance of Bitonic.
- Bitcoin exchange rates are subject to fluctuations. We calculate the final amounts (in euros and bitcoins) at the moment when the payment procedure is initiated and they will appear in an overview at your bank's check-out page before you make your payment.
- Payments made using the available payment methods, as well as a bitcoin transaction, cannot be undone and are irreversible. Entering in the correct information (destination bitcoin address, amount of bitcoins / euros) is your responsibility.
- You should provide a bitcoin address to which you have access (from your own wallet). It is not allowed to use our services for a direct payment to a webshop or other third party. If you provide an address that belongs to a third party, this is at your own risk. Bitonic reserves the right to block such transactions and charge you any costs / rate differences.
- In the case of suspected fraud or abuse, Bitonic reserves the right to suspend transactions from taking place until the legitimacy of the transactions has been verified.
- Because of exchange rate fluctuations, Bitcoins cannot be returned or traded-in. If you wish to abandon your purchase you can sell the bitcoins to Bitonic for the prevailing Bitonic exchange rate.
- Bitonic assumes it sells to private consumers and therefore does not provide an invoice as standard. Business sales are possible and an invoice can be provided upon request. Input tax cannot be deducted.
- Bitonic does not offer any guarantee that she can buy (back) your bitcoins in the future, neither can she give any guarantees on the amount she can offer for the bitcoins.
- You are at least 18 years of age and you declare that you have legitimately obtained the funds used for buying and that to your best knowledge those funds have been obtained legally. In some instances, Bitonic will check the source of funds and, if necessary, ask for additional infomation. Bitonic retains the right to temporarily suspend the transaction until its legitimacy can be verified. If legitimacy cannot be verified, item 14 of of these Terms and Conditions takes effect.
- The secure storage of your bitcoins is your own responsibility. Advice given by Bitonic is purely informative, does not offer any guarantee and must not be viewed in any way as investment advice.
- When placing one or more orders using an unknown bank account number, you are required to complete the verification process. Bitcoins can only be delivered when the used bank account number has been verified. Buyers cannot dissolve the purchase agreement during the verification process due to exchange rate fluctuations. See also item 8.
- When no bitcoin delivery can take place as a result of non-observance of these conditions, the purchase amount, minus cost, will be paid back. These cost include, but may not be limited to, the exchange rate difference arising from the sale of the bitcoins reserved for you at the price of the moment of cancellation of the purchase.
- In case of force majeure, bank failure or other unusual / unforeseen circumstances, where your payment could not be processed in time, Bitonic has a deciding vote and can decide to cancel the order and refund the purchase price.
Selling bitcoins to Bitonic
When you offer bitcoins to Bitonic you agree to the following conditions:
- The sale concerns digital goods (bitcoins) without a fixed or verifiable value. When selling you agree to the value of the bitcoins that Bitonic determines at that moment. You are aware of the fact that the value of the bought product can fluctuate.
- You will send your bitcoins to the bitcoin address provided by Bitonic. We can process the payment when all the bitcoins have been received and the transaction(s) has/have been confirmed by the network.
- Bitcoins must be received within 5 to 10 minutes after initiation of the sales process, otherwise we will have to return them to you without payment.
- Paymouts are done every business day shortly after noon (12:00 ECT). The payment will therefore be offered to your bank no later than the first business day after your bitcoins have been received. Bitonic has no influence over any delays caused by the bank.
- Bitonic reserves the right to return bitcoins. For example, when the transaction has not been confirmed by the bitcoin network within a reasonable time (1 hour). In order to prevent this from happening you will need to include a transaction fee that is sufficient for the miners to include the transaction in a block.
- The bank account number needs to be in your personal name or in the name of a company of which you have legal capacity. It is not allowed to use an anonymous bank account number for, for example, pre-paid cards. In that case, no payment will take place.
- Providing accurate information (bitcoin address and payment information) is your own responsibility. Any damages incurred by providing inaccurate information cannot be recovered from Bitonic.
- When amounts are returned to our bank account, for example when inaccurate information has been entered (IBAN, account holder), a 7,50 euro administration fee will be deducted from a new payment order.
- You declare that no input tax has been deducted from the offered bitcoins.
- You declare that the offered bitcoins have been obtained in a legitimate manner and that you have no knowledge of a possible illegal origin of the bitcoins. In some cases Bitonic will check where bitcoins originated from and, if necessary, ask for additional information. Bitonic retains the right to temporarily suspend a transaction until its legitimacy can be verified. If legitimacy cannot be verified, item 14 of our Terms and Conditions takes effect.
- Bitonic only accepts bitcoin transactions. If you accidentally send another cryptocurrency to one of our bitcoin addresses during a sell order, we will charge you 200 euros if you wish to recover those coins from our wallet. Bitonic cannot guarantee that every coin is recoverable from our wallet.
- Bitonic periodically checks customers that make frequent or large transactions and can ask for additional information if necessary. Bitonic herein retains the right to temporarily suspend a transaction.
- You declare to be the holder of the provided account number and that you have truthfully entered all required information.
- When no payments can take place as a result of non-observance of these conditions, the bitcoins to the value of the payout amount will be returned according to the Bitonic purchase price at the time of the return.
After receiving your bitcoins Bitonic is obliged, when you meet the above mentioned conditions (i.e. when we have received them with at least one confirmation by the bitcoin network), to perform one of the following actions.
- Payout of the amount in euros agreed on the provided account number, if the conditions have been met.
- Restitution of the sent bitcoins to the provided bitcoin return address (deducted by a maximum of 0.0005 BTC in transaction fees), in case there are unusual circumstances or when the conditions have not been met.
Bitonic will strive to perform this action within one business day, or at least within two business days. If Bitonic has failed to carry out the appropriate action, the seller is given the right to reclaim the bitcoins including a transaction fee (maximum of 0.001 BTC). This is only possible if the payout has not been executed and does not apply to a force majeure situation.