OakWood Bitcoin Payment Terms & Conditions
General
These Bitcoin Payment Terms & Conditions (“Bitcoin Terms”) apply to your use of Bitcoin as your selected payment method for eligible OakWood products and services in certain jurisdictions. Please read these Bitcoin Terms carefully. By using Bitcoin as your method of payment, you acknowledge and agree to be bound by these Bitcoin Terms. These Bitcoin Terms apply in addition to the terms and conditions contained in the OakWood Agreement. If there is a conflict between these Bitcoin Terms and the OakWood Agreement with respect to Bitcoin transactions, these Bitcoin Terms apply. If you do not agree with any of the terms and conditions in these Bitcoin Terms, do not select Bitcoin as your payment method.
We reserve the right to change, suspend, remove, disable or impose access restrictions or limits on our acceptance of Bitcoin as a payment method for our products and services at any time without liability to you, in our sole and absolute discretion.
Paying with Bitcoin
Bitcoin as Payment Method
When prompted during the purchase process, we may, in our sole discretion, allow you to select Bitcoin as the payment or partial payment method for your purchase of eligible products and services. We may require you to provide us with additional information to allow us to verify your identity when you select Bitcoin as your payment method.
To make a payment in Bitcoin, you need a digital wallet that supports transfers of Bitcoin to external digital wallets, compatible hardware and Internet access. If you decide to make an eligible purchase with Bitcoin, you must select Bitcoin as the payment or partial payment method for your purchase when we prompt you to select a payment method. We will provide to you a digital wallet address (“Bitcoin Address”) in alphanumeric form. This is the payment address location to which you will need to send Bitcoin from your digital wallet. You may copy and paste or manually input the alphanumeric code that we provide to you into the recipient field in your digital wallet software. PLEASE NOTE THAT IT IS YOUR RESPONSIBILITY TO CONFIRM AND VERIFY THAT THE ALPHANUMERIC CODE THAT WE PROVIDE TO YOU IS ACCURATELY REFLECTED IN THE RECIPIENT FIELD OF YOUR DIGITAL WALLET SOFTWARE. YOU MUST EXERCISE CARE WHEN INPUTTING THE BITCOIN ADDRESS INTO THE RECIPIENT FIELD BECAUSE BITCOIN TRANSACTIONS CANNOT BE REVERSED. WE ARE NOT RESPONSIBLE FOR ANY FAILURE TO ACCURATELY INPUT THE ALPHANUMERIC CODE INTO THE RECIPIENT FIELD.
All products are priced in Canadian Dollars. If you choose to make a payment using Bitcoin, you must pay an amount of Bitcoin that is of equivalent value to the Canadian Dollar purchase price of the product or service that you purchase. We will provide you with a Canadian Dollar price for the product or service that you are purchasing, as well as a Bitcoin equivalent price (the “Bitcoin Price”). You must initiate the transfer of the Bitcoin Price to us within the time period that we provide to you together with the Bitcoin Price (the “Bitcoin Price Window”). If you do not initiate the transfer of the Bitcoin Price to us within the Bitcoin Price Window, the Bitcoin Price will expire, and we will provide you with a new Bitcoin Price and Bitcoin Price Window upon your request.
You will need to input the Bitcoin Price into the amount field in your digital wallet software to transfer the Bitcoin Price to us. For example, if the payment webpage prompts you to make a payment of $100 (0.00287508 BTC) to us, you will input 0.00287508 BTC into the amount field of your digital wallet software. PLEASE EXERCISE CARE WHEN INPUTTING THE CORRECT BITCOIN PRICE INTO THE AMOUNT FIELD BECAUSE BITCOIN TRANSACTIONS CANNOT BE REVERSED.
PLEASE UNDERSTAND THAT YOU ARE RESPONSIBLE FOR CONFIRMING THAT YOU INPUT THE CORRECT AMOUNT OF BITCOIN AND THE CORRECT BITCOIN ADDRESS INTO YOUR DIGITAL WALLET SOFTWARE. IF YOU INPUT THE BITCOIN ADDRESS INCORRECTLY, YOUR BITCOIN MAY BE IRRETRIEVABLY LOST OR DESTROYED. IF YOU CHOOSE TO INPUT THE BITCOIN ADDRESS BY COPYING AND PASTING THE ALPHANUMERIC CODE, IT IS YOUR RESPONSIBILITY TO CONFIRM THAT.
THE ALPHANUMERIC WALLET ADDRESS THAT WE PROVIDE TO YOU IS IDENTICAL TO THE ALPHANUMERIC WALLET ADDRESS THAT POPULATES IN YOUR DIGITAL WALLET SOFTWARE UPON COPYING AND PASTING THE ALPHANUMERIC CODE. WE WILL NOT BE LIABLE OR RESPONSIBLE FOR ANY LOST BITCOIN OR OTHER DIGITAL ASSET AS A RESULT OF YOU SENDING BITCOIN TO AN INCORRECT WALLET ADDRESS OR SENDING A DIGITAL ASSET THAT IS NOT BITCOIN TO US.
Bitcoin Network Fees
You are responsible for directly paying all Bitcoin network fees (“Transaction Fees”) associated with the transaction, separate and apart from the Bitcoin Price. If your digital wallet software does not automatically generate a Transaction Fees amount for you, you must calculate the amount of Transaction Fees necessary for the transaction to process on the Bitcoin network. The Transaction Fee covers the cost of verifying Bitcoin transactions. We have no control over the Transaction Fee and do not receive any portion of the Transaction Fee.
Payment Support for Bitcoin Only
Bitcoin is the only digital asset that we accept as payment for our products and services at this time. You may not make purchases with us using any other digital asset, including Bitcoin fork products, such as Bitcoin Cash and Bitcoin SV. Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin.
PLEASE MAKE SURE THAT YOU DO NOT SEND DIGITAL ASSETS OTHER THAN BITCOIN TO US. IF YOU ATTEMPT TO SEND A TYPE OF DIGITAL ASSET TO US THAT IS NOT BITCOIN, SUCH DIGITAL ASSET(S) MIGHT BE IRRETRIEVABLY LOST OR DESTROYED. WE WILL NOT BE LIABLE OR RESPONSIBLE FOR ANY LOST OR DESTROYED DIGITAL ASSETS
Transactions Complete Once Confirmed
Once a Bitcoin transaction is submitted to the Bitcoin network, it will be unconfirmed for a period of time (usually less than one hour, but up to one day or more) until the Bitcoin network reflects such transfer in a certain number of consecutive blocks on the Bitcoin network. Such number will be determined by us at our sole and absolute discretion. We will consider your transaction pending until the Bitcoin network reflects the transaction in such number of consecutive blocks. We will send you an email communication after we have received your payment.
Underpayments and Overpayments
The price of Bitcoin can be volatile and subject to upward and downward movements. You are responsible for initiating a payment of Bitcoin in the exact Bitcoin Price amount indicated on the payment document within the Bitcoin Price Window. Each Bitcoin Price will expire after the Bitcoin Price Window. After the Bitcoin Price expires, you will need to request a new Bitcoin Price and Bitcoin Price Window for the payment document and you may be required to restart the payment process. With respect to order fees and/or deposits, if you transmit an amount other than the Bitcoin Price, your order may fail, we may refund your order fee and/or deposit pursuant to these Bitcoin Terms, and you will be required to resubmit the payment to us in the correct amount to allow us to process your order. With respect to final payments: (i) if you transmit less than the Bitcoin Price, we will keep your payment and apply it to the amount due and you will be required to pay the outstanding balance; (ii) if you transmit more than the Bitcoin Price, you will not be entitled to reimbursement of the excess amount.
Bitcoin Payments are Final
Once you initiate a Bitcoin transaction, the transaction cannot be reversed. This is inherent in the nature of the Bitcoin network; not a policy set by us. It is understood and acknowledged that there is no refund for any OakWood product or service. YOU ARE RESPONSIBLE FOR VERIFYING THAT YOU HAVE INPUTTED THE CORRECT BITCOIN ADDRESS INTO THE RECIPIENT FIELD AND THE CORRECT BITCOIN PRICE INTO THE AMOUNT FIELD IN YOUR DIGITAL WALLET SOFTWARE.
Bitcoin Network Protocols
We do not own or control the underlying software protocols that govern the operation of the Bitcoin network. The Bitcoin network protocols are open source, and anyone can use, copy, modify, and distribute them. We are not responsible for operation of the Bitcoin network protocols. The Bitcoin network protocols are subject to sudden changes in operating rules (e.g., forks), and such changes may materially affect the value, function, and/or even the name of Bitcoin. In the event of a fork, we may, in our reasonable discretion, decide whether or not to suspend or discontinue accepting payments in the form of Bitcoin. WE WILL NOT BE RESPONSIBLE OR LIABLE FOR ANY FAILURE OF THE BITCOIN NETWORK PROTOCOL THAT RESULTS IN A FAILED PAYMENT OF BITCOIN TO US OR OTHERWISE INVOLVES YOUR BITCOIN PAYMENT.
Security
Hackers or other malicious groups or organizations may attempt to interfere with the Bitcoin network and/or Bitcoin network transactions in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. You should exercise caution and care when making your payment in Bitcoin. WE WILL NOT BE RESPONSIBLE OR LIABLE FOR ANY SECURITY INCIDENT THAT RESULTS IN A FAILED PAYMENT OF BITCOIN TO US OR OTHERWISE INVOLVES YOUR BITCOIN PAYMENT.
Law & Regulation
The legal and regulatory environment surrounding digital assets continues to evolve in Canada and foreign jurisdictions. To the extent you choose to use Bitcoin as a payment or partial payment method, you are solely responsible for compliance with any applicable laws.
You agree to provide us with information that we request for the purposes of verifying your identity and the detection of money laundering, terrorist financing, fraud, or any other financial crimes and permit us to keep a record of such information. You confirm that all such information is accurate and authentic and agree to keep us updated if any of the information you provide changes. You authorize us to make inquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries. When we carry out these inquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our inquiries in full.