Terms Of Sale Of Bitcoin SV

Terms of Purchase/ Sale of BitcoinSV from/ to Centbee

Updated 29 November 2021

PLEASE READ THIS END-USER AGREEMENT CAREFULLY. BY USING THE CENTBEE WEBSITE (THE “SITE”) AND APPLICATION (THE “APP”), YOU (THE “USER”) ARE INDICATING YOUR ACCEPTANCE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS END-USER AGREEMENT.

1.1 Terms of Purchase of BitcoinSV from Centbee:
1.1Definitions:

a.‘Consideration’ – the Consideration payable for the purchase of BSV shall be the amount of South African Rands that the user wishes to convert to BSV.

b. ‘BSV’ – means ‘Bitcoin Satoshi Vision’, or ‘Bitcoin SV’, and these terms shall be interchangeable.

c. ‘Quoted Quantity’ – shall be the quantity of BSV that Centbee offers User for purchase, having regard to the amount of Consideration bid by User, after deduction of applicable fees; and shall be calculated as follows:
(Consideration net of fees) divided by (‘Quoted Exchange Rate’).

d. ‘Quoted Exchange Rate’ – shall be the rate of exchange as quoted by Centbee and shall be the amount of South African Rands required by the User to purchase one (1) BSV i.e. ZARBSV. This exchange rate shall be calculated as a function of ZARUSD and USDBSV as quoted on major foreign currency and cryptocurrency exchanges globally and shall be in close approximation thereof.

e. ‘Deposit’ – the term ‘Deposit’ shall have the meaning prescribed to it as per The Bank’s Act (Act No. 94 of 1990).

f. ‘Centbee’ means ‘Centbee (Pty) Ltd’.

1.2 By accepting this Sales Contract, you as the ‘User’ agree to Centbee’s Terms of Use policy and End-User Agreement, as published on the website www.centbee.com from time to time.

1.3 By accepting this Sales Contract, you as User agree to purchase Quoted Quantity of BSV for agreed upon Consideration.

1.4 The agreed upon Consideration shall immediately be payable upon acceptance of this Sales Contract and fulfilment of suspensive condition contemplated in paragraph 1.5.

1.5 This Sales Contract shall include a suspensive condition, the condition being the requirement of User to accept Quoted Quantity. Should User not accept Quoted Quantity offered for sale, this Sales Contract shall be deemed not to have come into existence and Centbee shall return any Consideration to User.

1.6 The User accepts that any transference of any Consideration to Centbee shall not constitute a Deposit as defined under paragraph 1.1(e), and accordingly the non-fulfilment of suspensive condition contemplated in paragraph 1.5, which might require Centbee to return funds to User, will not constitute a Deposit as defined.

1.7 By accepting this Sales Contract, you as User acknowledges and accepts the risks associated with purchasing BSV or cryptocurrency and assert to understand that BSV trades on the open market and is susceptible to periods of high price volatility and may result in sudden losses of some or all of your BSV or the Rand equivalent thereof.

1.8 By accepting this Sales Contract, you agree that nothing contained in this Sales Contract constitutes any Financial Advice of any kind whatsoever, and you as User accepts fully the consequences of your actions, whether made in error or otherwise.

1.9 In terms of Centbee’s Terms of Use, Centbee will not be held liable for any BSV purchased, sent or sold fraudulently by a User, or by using any other means of deception, identity theft, or misrepresentation. Centbee cannot be held liable for purchases, transfers or sales of BSV made fraudulently, where; for example, a victim’s online banking account credentials and OTP mechanism has been compromised by a fraudster, and such credentials were used to purchase BSV from Centbee. Centbee acts in good faith based on the information and knowledge available to it at the time of the transaction. Without prior knowledge of a customer account or bank account being compromised, Centbee is not able to block or reverse payments. Centbee acts on the premise that the User making the purchase or sale, does so using their own bank account details. If a person’s bank account credentials has been compromised, and they have been defrauded, that is to be resolved between the bank and their customer. Centbee as the merchant, and by the nature of our instant settlement of the BSV purchased, is not in position to block or reverse the transaction without prior knowledge of the fact that the transaction is fraudulent. Furthermore, and in line with national payments rules, EFT’s are treated as irrevocable by Centbee.

2 Terms of Sale of BitcoinSV to Centbee (Cash Withdrawals):
2.1 Definitions:

a. ‘Gross Withdrawal Amount’ – the Gross Withdrawal Amount shall be the amount of South African Rands that the User wishes to convert from the sale of the Offered Quantity of BSV, prior to the deduction of any service fees.

b. ‘Nett Withdrawal Amount’ – shall be the Gross Withdrawal Amount, less service fees charged by Centbee;

c. ‘BSV’ – means ‘Bitcoin Satoshi Vision’, or ‘Bitcoin SV’, and these terms shall be interchangeable.

d. ‘Offered Quantity’ – shall be the quantity of BSV that the User offers Centbee for purchase, having regard to the Gross Withdrawal Amount required by User, and shall be calculated as follows:
(Gross Withdrawal Amount) divided by (‘Quoted Exchange Rate’).

e. ‘Quoted Exchange Rate’ – shall be the rate of exchange as quoted by Centbee and shall be the amount of South African Rands required by the User to sell one (1) BSV i.e. ZARBSV. This exchange rate shall be calculated as a function of ZARUSD and USDBSV as quoted on major foreign currency and cryptocurrency exchanges globally and shall be in close approximation thereof.

f.‘Centbee’ means ‘Centbee (Pty) Ltd’.

2.2 By accepting this Sales Contract, you as the ‘User’ agree to Centbee’s Terms of Use policy and End-User Agreement, as published on the website www.centbee.com from time to time.

2.3 By accepting this Sales Contract, you as User agree to sell Offered Quantity of BSV for agreed upon Nett Withdrawal Amount.

2.4 The agreed upon Nett Withdrawal Amount shall be payable by Centbee on the same business day as the acceptance of this Sales Contract and execution of the transaction. If the transaction date falls on a weekend, or public holiday, Centbee will process the payment on the next immediate business day. Centbee will effect transfer via Electronic Funds Transfer (EFT), and funds may take up to 2 business days to clear into the designated bank account.

2.5 Centbee shall make payment into the designated bank account provided and captured by the User. If the User enters incorrect banking details, Centbee will not be held liable for this loss, and will not reprocess the payment. It is the responsibility of the User to ensure that they capture their banking details correctly.

2.6 This Sales Contract shall include a suspensive condition, the condition being the requirement of User to accept Nett Withdrawal Amount. Should User not accept Nett Withdrawal Amount offered for purchase, this Sales Contract shall be deemed not to have come into existence and Centbee shall return any BSV paid by User.

2.7 The User accepts that any transference of any BSV to Centbee shall not constitute a Deposit as defined under paragraph 1(e), and accordingly the non-fulfilment of suspensive condition contemplated in paragraph 5, which might require Centbee to return funds to User, will not constitute a Deposit as defined.

2.8 By accepting this Sales Contract, you as User acknowledges and accepts the risks associated with purchasing or selling BSV or cryptocurrency and assert to understand that BSV trades on the open market and is susceptible to periods of high price volatility and may result in sudden losses of some or all of your BSV or the Rand equivalent thereof.

2.9 By accepting this Sales Contract, you agree that nothing contained in this Sales Contract constitutes any Financial Advice of any kind whatsoever, and you as User accepts fully the consequences of your actions, whether made in error or otherwise.

3. Terms of Purchase of Third Party Voucher Products from Centbee

3.1. These terms and conditions govern your relationship with us when third party voucher products are acquired from Centbee. By downloading and using our App you agree to and accept our terms and conditions.

3.2.  You should only use the latest version of the App. Failure to update may result in functions not working correctly and you may experience data errors or security issues for which we will not be liable under any circumstances whatsoever.

3.3. You must use software and hardware suitable for the App. If you do not, the App may not work properly and this could increase your security risk for which we will not be liable under any circumstances whatsoever.

3.4. Definitions

3.4.1. In these terms and conditions, the words on the left have the meanings set out on the right unless the context clearly shows that the parties intended a different meaning:

a) App – means the Centbee wallet application for your Device;

b) App Store – means your Devices application store provided by Google, Huawei or Apple, as is applicable to you, from which you download the App;

c) Device – means the device you use to access the App;

d) Voucher Products

  • Voucher Products that are purchased by registered users are valid for up to 3 years after Sale. 
  • It is the responsibility of the registered user to be aware of the expected expiry period for each voucher product that is acquired through the App. 
  • In each case, if your Voucher has not been used within that period, it will expire.
  • Voucher Products cannot be used to buy other Voucher Products. They do not accrue interest and are not refundable for cash once purchased or otherwise obtained. 
  • Centbee is not responsible for any harm due to the loss, unauthorised use or unauthorised distribution of a Voucher Products, after it has delivered the Voucher Products to you or the mobile number nominated by you.

e) Third Party Voucher Products 

  • These are Voucher Products that are sold through the App but are only redeemable through third party suppliers and not directly through Centbee.

3.5. Disclaimer, Limitation of liability & Indemnity

3.5.1. When buying a third party voucher product from Centbee, you agree to be bound by the terms and conditions of that third party. Centbee sells this product as a best efforts’ basis.

3.5.2. We will make every effort to ensure that the App is continually available to you.

3.5.3. The functioning of the App is, however, dependent on factors beyond our control, including but not limited to, the availability and performance of the relevant mobile telephone network, any third party integration system which provides a service on the App, the performance and compatibility of your Device with the App.

3.5.4. If the App is not available due to a factor beyond our control, or where the App is available, however, but some transactions are offline due to third parties being offline, we will not be held liable for this.

3.5.5. You use the App at your own risk. The App is not error-free and is being provided on an “AS IS” basis without warranty of any kind.

3.5.6.  We will not in any circumstances be liable for any consequential or indirect losses however these may arise or for any other unusual losses. In particular, Centbee will not be liable for any financial loss, loss of business, profit, savings, revenue, or goodwill suffered or sustained by you howsoever arising.

3.5.7.  We will not be liable for any claims, loss or damage resulting from claims that products or services are defective where we act as agent for the supplier thereof.

3.5.8.  You indemnify Centbee against any loss suffered by it, whether direct or consequential, or claims instituted against Centbee by virtue of your use of the App.

3.6. Changes to terms and Conditions.

We are entitled to change these terms and conditions. We will give you notice of any material change. Your continued use of the App means that you have accepted such changes.