These terms and conditions (Terms) form a binding legal agreement between the customer (you, your) and BTC-CAM (Vanuatu Business License #214729 – CT #144861) trading under LocalBitcoins.com username Bitcoin_Cam (we, us, our).
1. Our Service
1.1 We do not sell our own bitcoin. We provide buyer’s agency services (Services), to allow you to quickly and easily buy bitcoin at a fair market rate, through localbitcoins.com (Website).
1.2 Because we source bitcoin for you as your agent, and do not sell you our own bitcoin, we are not required to charge you VAT on the value of the bitcoin. We only charge you VAT on our Commission.
1.3 By sending us a trade request on the Website, you agree to be bound by these Terms, which govern all aspects of our trade with you (Trade).
1.4 These Terms only apply to your buying bitcoin through us through the Website. We do not control the Website, and may also be subject to other terms and conditions imposed by the operator of the Website.
2. How trading with us works
2.1 By sending us a trade request on the Website, you are requesting to use our Services.
2.2 The price quoted in our advertisements is a total price which includes our Commission (see section 5 below for more detail on our Commission).
2.3 Once you have sent us a trade request, the Website will confirm the amount and price of the bitcoin for the Trade that includes our Commission for the Trade.
2.4 Once you have sent us a trade request, the Website will automatically confirm that our bitcoin wallet contains at least the amount of bitcoin for the trade, and will hold this amount in escrow as a security deposit.
2.5 We only offer one payment methods (see section 3 for more details):
a) vatu cash deposit over-the-counter at our select institutions;
2.6 Once you have confirmed your preferred method of payment and verified your identity (see section 3), we will provide our bank account details.
2.7 You must follow the procedures in section 3 exactly in order to pay for your Trade.
2.8 We reserve the right to reject your Trade if you:
a) do not follow the payment and identification procedure in section 3 exactly;
b) use a TOR/VPN service;
c) attempt to procure any other person to pay for your Trade;
d) mark your Trade as paid before you actually pay.
2.9 If we reject your trade under clause 2.8, we will refund any payment you have made, within 15 working days, but there may be delays due to bank processing and clearance times.
2.10 After you have initiated the payment for your Trade, you must mark your payment as paid, through the Website.
2.11 Once we receive confirmation from our payment provider that you have paid for your Trade, we will immediately acquire bitcoin for you, from one of the bitcoin exchanges which we have accounts with.
2.12 We will then immediately release the bitcoin, once acquired, from our bitcoin wallet on the Website to your bitcoin wallet on the Website.
3. Payment methods
3.1 You must make payment within 2 hours of making the trade request.
3.2 If you have requested a trade you must upload the following in the Trade chat window:
a) upload a copy of a Vanuatu ID document showing your name and photo (passport or drivers licence)
b) If you do not have a Vanuatu ID document, then upload your overseas passport with your valid Vanuatu residency permit
c) upload a clear photo of yourself holding the above same ID along with a piece of paper that has hand written on it:
“I agree with T & C of Bitcoin_Cam”, then sign it with today’s date and time.”
3.3 We may relax or waive these verification requirements for repeat customers.
3.4 If you have requested to pay by cash deposit, you must, in the Trade chat window:
a) upload a copy of the deposit receipt once you have made the deposit with your hand writing on it stating : “ For payment to BTC CAM – no refunds”
b) upload a copy of the deposit receipt once you have made the deposit.
3.6 We may relax or waive these verification requirements for repeat customers.
4. Appointment as your agent
4.1 We do not sell our own bitcoin to you. We acquire bitcoin on your behalf from one of the bitcoin exchanges or bitcoin sellers that we have access to.
4.2 You appoint us as your agent for the sole purpose of acquiring the bitcoin for the Trade.
4.3 You direct and authorise us to acquire the relevant amount of bitcoin set out in the Trade:
a) on your behalf; and
b) at the best price that we can obtain through the bitcoin exchanges we use.
4.4 The price quoted in our advertisements is based on the current average price across the various bitcoin exchanges we use to acquire bitcoin for you. It takes into account fluctuations in the prices quoted on those exchanges as well as (where relevant) the exchange rate between the Vatu other fiat currencies used by those exchanges.
4.5 From time to time, variations in the price offered on a bitcoin exchange may result in the actual price of the bitcoin that we acquire being higher or lower than the agreed price set out in your Trade. However, we will always honour the price set in your Trade, as follows.
a) If the price we pay on a bitcoin exchange to acquire bitcoin on your behalf is higher than the agreed price in the Trade, we will bear the cost of this difference.
b) If the price we pay on a bitcoin exchange to acquire bitcoin on your behalf is lower than the agreed price in the Trade, you authorise us to retain the difference.
4.6 Our authority and responsibility as agent is limited to acquiring the bitcoin on your behalf under the Trade.
4.7 We retain full discretion to choose where to acquire the bitcoin for your Trade.
4.8 We confirm and warrant that we do not act as agent for any bitcoin exchange or bitcoin seller or accept any commission or other form or remuneration from any bitcoin exchange or bitcoin seller.
5. Our Fees
5.1 We charge you a fee (Commission) which is a fixed percentage of the vatu value of your Trade, which you must pay at the same time as payment for your Trade.
5.2 The Commission is incorporated into the total price of your trade.
5.3 We incorporate VAT into the Commission. The total trade amount is quoted including VAT.
5.4 We make no representation or warranty as to whether or not the bitcoin that you have acquired is a creditable acquisition for Goods and Services Tax.
5.6 We are not required to confirm the identity of the seller of the bitcoin.
6. Your personal information
6.1 We reserve the right to require you to confirm your identity before fulfilling your Trade.
6.2 We will only collect and use your personal information in order to confirm your identity, and we will not use your personal information for any other purpose. We may store your personal information in a secure encrypted form for our records.
6.3 We will never disclose your personal information to any third parties (apart from our employees, officers and related entities) unless required to do so by law.
7. Limitation of liability
7.1 Apart from the matters set out in these Terms, we do not control any aspect of the Website and we are not responsible for any loss you suffer including but not limited to:
a) as a result of you failing to deposit, or a bank failing to process, payment for your Trade within the specified timeframe, or you providing incorrect account details in making a payment; and
b) any problems with the Website including loss of control of your bitcoin wallet or account with the Website for any reason.
8.1 If you agree to these Terms you represent to us that you:
a) are 18 years old or older; and
b) are capable of entering into a legally binding agreement.
8.2 You also represent and warrant that:
a) all information you have provided to us is correct and current;
b) you have the power and authority necessary to enter into the agreement formed under these Terms and to perform the acts required under these Terms; and
c) you have complied and will continue to comply with all applicable laws, statutes, ordinances, and regulations (including without limitation anti-spam laws and any relevant data protection or privacy laws).
9. Local Laws
9.1 These Terms will not be excluded to the extent that such exclusion is prohibited by the laws of the jurisdiction where you reside and where those laws confer rights and remedies and imply terms into these Terms that cannot be excluded.
9.2 If a jurisdiction does not allow an exclusion or limitation of liability, but allows a limitation to a certain maximum extent, then our liability is limited to that extent.
9.3 If any provision in these Terms is invalid under any law the provision will be limited, narrowed, construed or altered as necessary to render it valid but only to the extent necessary to achieve validity. 9.4 If necessary the invalid provision will be deleted from these Terms and the remaining provisions will remain in full force and effect.
10.1 If any provision of these Terms is deemed unlawful, void, or for any reason unenforceable, that provision will be deemed severable from these Terms and will not affect the validity and enforceability of any remaining provisions.
11. No Waiver
11.1 A failure by us to act with respect to a breach by you or any third party does not waive our right to act with respect to subsequent or similar breaches.
12. Entire agreement
12.1 This Agreement and all documents referenced in this Agreement comprise the entire agreement between you and us in relation to your use of our Services and supersede all prior agreements between the parties.
13. Governing Law
13.1 The laws of Vanuatu govern any agreement formed under these Terms and the parties irrevocably submit to the jurisdiction of the courts of that country.