The following document represents the general conditions of use of the EBTM bitcoin terminal. Hereafter, Bitcoin refers to the network of computers and servers operating the protocol and verifying transactions. The term bitcoin or bitcoins is the virtual currency used on the network. The blockchain refers to the transaction database reporting all bitcoin transactions and is freely viewable on the internet.
1. EUROPEAN BITCOIN TRADING MACHINE S.P.R.L. (hereafter “EBTM”) is a Société Privée à Responsabilité Limitée, having its registered office at 1000 Brussels (Belgium), Square De Meeûs, 35. EBTM is registered at the Banque Carrefour des Entreprises under nr. 0548.727.812. Its V.A.T. number is BE 548.727.812. You can reach us on the following Email address firstname.lastname@example.org Our website: www.EBTM.Be.
2. EBTM’s role is limited to putting a terminal at your disposal, allowing
you to purchase and sell bitcoins, in single or accumulated units of five (5)
euros, through a virtual Bitcoin platform. EBTM is not involved in the
selling, purchase or payment process in itself, your bitcoin wallet being
updated with the bitcoin sales or purchase you wish to make, through the
EBTM does not operate any virtual Bitcoin technological, trading or issuing platform.
3. By using this terminal, you acknowledge that you are fully aware of
bitcoin being a virtual currency and therefore unregulated, issued and
controlled by its developers, which is not EBTM. Bitcoin is used and
accepted only amongst the members of the virtual Bitcoin community.
EBTM does not guarantee that you can pay, purchase or sell services and
goods by means of bitcoin.
Should you not be fully aware of the principles and mechanisms of bitcoin, EBTM invites you, prior to proceeding, to visit the website of the European Central Bank (www.ecb.eu) and to download its publication on Virtual Currency Schemes (http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes2012 10en.pdf).
4. Express attention is drawn to the fact that bitcoin-operations, be it sale or purchase of bitcoins or transactions in bitcoin, are not subject to specific regulations and that there are no regulatory or public authorities to regulate the issuance and use of bitcoin or to guarantee any such operations. For further information, please visit the website of the Belgian National Bank (www.bnb.be – download http://www.nbb.be/doc/ts/Enterprise/Press/2014/cp140114En.pdf).
5. The amount of bitcoins or fraction of a bitcoin you receive, at the
moment of closing your transaction through this terminal, in exchange for
the (accumulated) unit(s) of 5 (five) euros you wish to convert into bitcoin
or the (accumulated) amount(s) of 5 (five) euros you receive in exchange of
the bitcoin or fraction of a bitcoin you wish to sell, is determined by the live
bitcoin exchange rate highlighted on the main screen of the terminal which
includes three elements:
- the bitcoin exchange rate at the moment of your closing your transaction:
- a fee for use of the terminal equal to 6% for buy or 4% for sell
- a miner’s fee charged by the Bitcoin platform which is of 0.0002 bitcoin
Such an exchange rate results from the supply and demand within the Bitcoin network and fluctuates regularly and without prior warning by EBTM.
EBTM does not guarantee, in any manner whatsoever, the amount in bitcoins you may in the future receive in exchange for the amount in euros you wish to convert into bitcoin nor the amount of euros you may in future receive in exchange for a number of bitcoins or fraction thereof you may wish to sell. EBTM does not guarantee, in any manner whatsoever, that any bitcoin be redeemed at par value.
Please be aware that Bitcoins are not intended to be an investment vehicle.
6. EBTM is not responsible for any losses (whether – without being limited - direct, indirect, consequential losses, loss of profit, revenue, business opportunity, data) you may suffer as a consequence of fluctuations in exchange rate from bitcoin to euro or vice versa.
7. EBTM is not responsible (whether directly or indirectly) for loss, theft
or any type of deterioration of your cold bitcoin wallet or of your digital
bitcoin wallet, loss of your private and/or public key, be it as a
- inadequate anti-virus or back-up measures of the computer or cloud where your digital bitcoin wallet is being stored
- copying, theft or deletion of files or hardware
-losses resulting from hackers or other computer-crime, active on the computer or cloud where your digital bitcoin wallet is being stored.
8. EBTM cannot be held responsible for any losses you may incur, resulting from “double-spending”, the verification of “double-spending” being performed by the Bitcoin network process and the validation of transactions by that network being inherit to the Bitcoin system itself.
9. EBTM cannot guarantee that you can redeem any of your bitcoins you own at any time of your choice through its terminal, such redemption being subject to the free market of offer and demand. EBTM equally reserves the right to suspend the availability of the terminal without any prior warning. In such case, you may at all times, sell bitcoins in your possession through internet-platforms offering such service.
10. Use of this terminal is subject to payment of a fee equal to 6% of the
amount in euros inserted into the vending machine or to 4% the value in euros
of the bitcoins you are selling as well as a miner’s fee of 0.0002 bitcoin
deducted from the bitcoins received during a purchase.
By using this terminal, you expressly agree and give order that these fees are to be deducted from your total amount in euro inserted into the vending machine.
11. This terminal only operates with euro-bills. Euro coins will not be
accepted upon purchase of bitcoins nor paid out upon the sale of bitcoins.
Therefore, when buying bitcoins, the bitcoins you will receive will be equal
to the amount of euros inserted and exchanged at the live bitcoin exchange
rate highlighted on the main screen of the terminal minus the fee for use of
the terminal equal to 4% for buy or 6% for sell and the miner’s fee.
Clients choose the amount in euros they wish to receive. This amount is converted in bitcoins at the current exchange rate and includes the commission of 4% for buy or 6% for sell. Clients carry out the transaction requested by the BTM and add the miner’s fee to the required amount. A minimum fee of 0.0001 bitcoin is requested by EBTM for the miners. If there is an error with the amount of the transaction or should the fee not be paid by the client, the transaction will not be accepted by EBTM: bitcoins possibly received will be sent back to clients via special REFUND procedure. Clients will then have to introduce their public key of their hot wallet. Once the transaction is validated by the Bitcoin network the BTM will dispense the bank notes.
Please note that in order to sell bitcoins, you must use your hot wallet or convert your cold wallet into a hot wallet before proceeding to sell bitcoin.
12. The bitcoin and/or euro, subject of your sale or purchase by means of
this machine, will be delivered to you, immediately upon terminating your
transaction, by digital inscription of the transaction on your bitcoin wallet.
To avoid double-spending, for sales above €20, your sale of bitcoins or
fraction of a bitcoin in exchange of euros requires several confirmations by
the Bitcoin network. This process may take twenty minutes or so.
As soon as your purchase or sale of bitcoins by means of this terminal terminated, EBTM highly recommends that you verify the update of your bitcoin wallet through logging onto the blockchain. You expressly accept the registration of your transaction on the blockchain with one confirmation as full and sufficient proof of your transaction.
12. You expressly accept that you do not have any right to revoke your transaction (whether purchase or sale) and, to the extent necessary, you expressly waive any such right, given that the transaction and hence the obligations of EBTM have entirely and definitively been fulfilled at the moment you scanned your bitcoin wallet and introduced the euro banknote or banknotes or have received euros in exchange of a bitcoin sale from your hotwallet.
13. By typing your mobile-phone number on the keyboard of the terminal and having read these terms and conditions through the QR-code scan, you expressly confirm having accepted these terms and conditions and having given instruction to proceed to the transaction as per your instructions. Your mobile phone number replaces your handwritten signature and typing it onto the keyboard has the same legal proof as a handwritten signature.
14. EBTM may require you to scan a piece of identification, in order to
allow you to proceed to the transaction. Should you refuse to scan a piece
of identification if requested, you cannot proceed with any transaction.
EBTM has the right to refuse any transaction you wish to enter into, in
- your ID-scan identified you being below 18 years of age;
- of transactions requested by one and the same person for an accumulated amount of more than 2,500 EUR within a time-span of 24 hours.
Any suspicion of use of the terminal for money-laundring purposes or within the framework of criminal activities, will be reported to the competent authority.
15. PRIVACY STATEMENT.
EBTM obliges itself to use any or all of your personal data only for the performance of your transaction. The collected data may be used as to prevent abuse of the terminal, trace fraud, money laundering or criminal acts. We will treat any of your personal data as being confidential and will not transmit them or sell them to any third party. EBTM is in strict compliance with the Belgian law of December 8, 1992 on the protection of your private life with respect to the treatment of personal data.
In order to guarantee the quality of the data, EBTM is entitled to call upon third parties. In such case, EBTM has undertaken all necessary steps to ensure that any such third parties have committed themselves to safeguard the confidential character of your data and to guarantee the protection of any such data, especially if the services of any such third party involves transfer of personal data abroad to countries outside the E.U. where there exists no protection for personal data equivalent to the protection in Belgium or in the E.U.
You may, at any time, contact EBTM to obtain the data gathered and concerning yourself, you may request them to be altered, rectified or deleted, by addressing such request, dated and in writing to EBTM Avenue de Hinnisdael, 27 Bte3, Brussels 1150 (Belgium), together with a copy of your identity card or other proof of identity.
16. Should any article or part thereof in these General Terms and
Conditions be held to be void, nil and/or unenforceable, the remainder of
the General Terms and Conditions will not be affected.
EBTM has the right to amend these General Terms and Conditions at any moment and without prior warning.
You accept that electronic communications and back-ups may be used for the purposes of bringing valid proof of any transaction you have entered into.
These General Terms and Conditions are construed under the laws of the Kingdom of Belgium. Any disputes arising from these General Terms and Conditions will be brought exclusively before the competent Courts of Brussels and before the Justice de Paix 2ième Canton Brussels who will apply Belgian law with the exclusion of any international treaties.