Frequently Asked Questions

Last updated: April 7th, 2021

Security:

How secure is BitcoinVend?

BitcoinVend takes security and privacy very seriously. The App runs on Microsoft Azure and has been developed using world-renowned 3rd party software modules with a strong level of encryption anywhere where it is required.

Before releasing the App for download we will have a thorough security audit performed with a 3rd party auditor and make the audit results publicly available.

BitcoinVend will eventually become an exchange regulated in Estonia, and before being granted the license the appropriate security practices are being implemented.

Privacy & Data:

What personal information is collected by BitcoinVend?

We collect only a small amount of personal data with the only requirement being verification of an email address. Users will be able to choose privacy/data settings within the App which will determine how much (if any) activity data BitcoinVend collects and stores. When a user decides to verify their account (which is encourage), KYC documents will be processed by a 3rd party provider.

All personal data is handled in accordance with GDPR.

Wallets:

How does the BitcoinVend wallet work?

All crypto sent to your App account is custodial, working a similar way to how exchanges like Kraken or Coinbase function (users are assigned a single or multiple public keys for deposits) and can withdraw their Crypto at any time (with giveaway BCVToken being the exception of BCVT, see terms and conditions here). Our wallet technology is provided by Coinbase (Coinbase Institutional).

Features such as InstaPay (instant payments) and escrow facilities utilise an internal ledger system (off-chain).

However, if users wish, they will be able to integrate 3rd party non-custodial wallets such as Coinbase Wallet, MetaMask, and Trustwallet and use the App solely as a place to find listings and interact with counter-parties.

Users should be aware that BitcoinVend provides no guarantees as to the trustworthiness or authenticity of its users (irrespective of Trust Score), therefore we recommend that users take advantage of services such as InstaPay and our escrow facilities.

Legal & Policies:

What can individuals and merchants sell/not sell in the App? I.E, what are the limitations?

In short, anything which is legal in the jurisdiction where it is being bought/sold is acceptable.

However, to avoid jeopardising the future of the project, certain items will be restricted (initially) to reduce scrutiny and limit risks (for both users and the BitcoinVend business).

Example 1 – Marijuana

Marijuana is legal in certain countries but not in others; generally speaking, it is considered a high-risk product.

This is a complex subject to navigate and requires careful consideration. Initially, high-risk items such as Marijuana or Cannabis related products will not be allowed on the App, however, as a company we will be consulting with legal professionals to ensure limitations are not imposed where they need not be, see the summary below for more information.

To clarify, when we refer to “Cannabis related” products we are talking about products which are high in THC. Low THC products such as CBD oils, foods, creams, balms and others such items derived from Industrial Hemp will not be limited. In fact, the sale of such products will be encouraged because they are extremely popular – we are currently talking to various companies from this industry about listings their product range on the App.

Example 2 – Medicines

Initially, medicines will not be allowed on the App. Again, such items are considered ´high-risk´ and therefore require careful consideration and appropriate legal counsel, see the summary below for more information.

Example 3 – Weapons / Arms

The sale of weapons will be strictly prohibited, see the summary below for more information.

Example 4 – Pornography & Adult Content

Initially, pornographic and adult content will be prohibited, see the summary below for more information.

Summary

In short, BitcoinVend is not another Silkroad, but it is designed to be a free market economy with as few restrictions and limitations as possible.

For clarity and to go a little deeper… In this section we are talking about marketplace listings/activity. Where it pertains to payment processing, any merchant who is appropriately licensed to sell their products/services will be able to process payments online or in their physical establishments as well as list items in the marketplace under their business ‘page’. Ultimately, the responsibility of whether items are sold to eligible App users and in jurisdictions / regions where they are legal, will fall upon the companies who list/sell said products.

Disclaimer: The use of BitcoinVend App is subject to terms and conditions; terms and conditions can change at any time.

Who controls what can be sold and not sold, and how is this administered?

BitcoinVend will have an admin console and dedicated staff members who will review listings and monitor certain elements of user activity with the intention being to keep the platform safe, fair and legal. We will have various layers of technology such as keyword monitoring systems so that suspicious activity can be flagged and dealt with appropriately.

Bounties will be offered to users with a high ‘trust score’ for finding and flagging suspicious activity, and other such protocols/practices will be implemented in the future to ensure that the App is as user managed as possible and practical – users who take part in bounty programs or mediate disputes will have access to a desktop version of the App to ensure ease of use.

Furthermore, as the App develops over time it will become more and more decentralized (so to speak), whereby the user base become more involved in policies enforcement and feature development via a voting system which will utilize smart contracts for both voting and integration of voting results.

For clarity, mediation refers to dispute resolution only. BitcoinVend employees and stakeholders cannot and will not mediate disputes.

Disclaimer: The use of BitcoinVend App is subject to terms and conditions; terms and conditions can change at any time.

Am I required to submit KYC/AML documentation? And who will handle this / how will it be processed?

In short, no, users are not required to perform KYC or identify themselves in order to utilize the App. However, KYC is encouraged and will have a multitude of advantages, see next question for more information.

KYC documents will be processed by an external processor and will not be stored in our systems once KYC has been passed.

Disclaimer: The use of BitcoinVend App is subject to terms and conditions; terms and conditions can change at any time.

If I do not submit KYC, what features will be available and not available to me?

Naturally, any features which relate to fiat currency will require users to perform KYC. Also, auto currency conversion features will require KYC.

Think about how exchanges like Binance or Kraken work, you can deposit Crypto without KYC as well as perform Crypto withdrawals, there are however limitations on the amount – BitcoinVend will function much the same way.

Disclaimer: The use of BitcoinVend App is subject to terms and conditions; terms and conditions can change at any time.

Get involved – Cryptocurrency needs you!

To work in the real world, Cryptocurrency needs BitcoinVend, and BitcoinVend needs you.

The app will be available for download very soon. By joining now, you will be amongst the first to get access, learn about exciting project updates before others and be able to take advantage of opportunities only offered to our subscribers. What are you waiting for?

coming soon - Get Early Access

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