Terms of Service

LogicaBIT Terms of Service ("Terms")

Last updated: August 02, 2015

Please read these Terms of Service ("Terms", "Terms of Service") carefully before using the http://www.logicabit.com website (the "Service") operated by LogicaBIT ("us", "we", or "our").

Your access to and use of the Service is conditioned on your acceptance of and compliance with these Terms. These Terms apply to all visitors, users and others who access or use the Service.

By accessing or using the Service you agree to be bound by these Terms. If you disagree with any part of the terms then you may not access the Service.

Definitions and Abbreviations

  1. Cryptocurrency: is a medium of exchange using cryptography to secure the transactions and to control the creation of new units;
  2. Derivator: in this context is a commodity capable to generate cryptocurrency, and still in this context a representation of a portion of our mining hardware capacity.
  3. Derivative: is a commodity that derives its value from the performance of an underlying entity, in this context the Derivator;
  4. BTC: is a peer-to-peer cryptocurrency, SHA-256 algorithm related.
  5. LTC: is a peer-to-peer cryptocurrency, Scrypt algorithm related.
  6. DOGE: is a peer-to-peer cryptocurrency, Scrypt algorithm related.
  7. GHS/GHS(x): is a SHA-256 Derivator traded on our platform. As a Derivator, GHS(x) has the ability to generate cryptocurrency, while economically viable.
  8. KHS: is a Scrypt Derivator traded on our platform. As a Derivator KHS has the ability to generate cryptocurrency, while economically viable.
1. Accounts

When registering, the User must create a user name, a password to access your account on the website and a PIN to perform currency withdrawals, issuing vouchers and change their personal data on the site.

The "username" (username) can not keep similarity with the name "LogicaBIT". They can also be canceled registrations made with "user names" considered offensive.

The username and password are personal and not transferable and may not be reported by the User to any third-party. If the User becomes aware that any third party has access to your username and password, or the occurrence of any unauthorized use or access your account on the Site by third parties, the User shall immediately request the password change on the Site itself through option "Change Password" in the "Settings" menu, and report it to LogicaBIT LTD.

You are responsible for safeguarding the password that you use to access the Service and for any activities or actions under your password.
That means that you shall be solely responsible for the purchase and sale of Bitcoins made in your account on the Site.

When you create an account with us, you must provide us information that is accurate, complete, and current at all times. Failure to do so constitutes a breach of the Terms, which may result in immediate termination of your account on our Service.

You agree not to disclose your password to any third-party. You must notify us immediately upon becoming aware of any breach of security or unauthorized use of your account.

2. Trading Platform

All trades are final, as follows:

You declare yourself aware that each Trade Order made by you is "an irrefutable offer", by the price indicated in it for you.
So, you agree to be aware that, following the acceptance of an order by another User, it "can not be undone or modified".

Once accepted the Order by any User, the said values will be automatically transferred to the accepting User account and vice versa. The User may cancel any Order only prior to its acceptance by another User.

3. Vouchers

Vouchers are like checks issued by you to another user of this site.

They are generated by combining your electronic signatures (username, password and PIN).
Because of this, vouchers can not be canceled unless yourself redeem it before another user do it, and unless the voucher is not payable to another user.
In other words, if you allocate a voucher to another user, only he will be able to redeem it.

Vouchers are a secondary form of negotiation.

4. Links To Other Web Sites

Our Service may contain links to third-party web sites or services that are not owned or controlled by LogicaBIT.

LogicaBIT has no control over, and assumes no responsibility for, the content, privacy policies, or practices of any third party web sites or services. You further acknowledge and agree that LogicaBIT shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such web sites or services.

We strongly advise you to read the terms and conditions and privacy policies of any third-party web sites or services that you visit.

5. Fraudulent or Harmfull Activities

We reserve the right to terminate any account from which we suspect to be involved in fraudulent activities, including, but not limited to:
  1. Money laundry;
  2. Duplication of accounts to gain advantages in referral commisions;
  3. Duplication of accounts to take advantage of buy and sell orders;
  4. Provide false or innacurete information, included but not limited to full name or email;
  5. Exploits (use of any failure on the site, or cryptocoins network, to take advantage for yourself). By accepting this term you agree to report to us any fault you may find on the site, or in cryptocoins networks, instead of taking advantage of it to gain advantage for yourself).
  6. Use of your deposit address to receive micro-payments or transactions containing excessive outputs. Such transactions are subjected to be refused by our node.
  7. Other activities considered criminal in any country;

Terminations under above cases are not subject to refund of any amount resulting from the cancelled account.

6. Termination

We may terminate or suspend your access to our Service immediately, without prior notice or liability, for any reason whatsoever, including without limitation if you breach the Terms (see section "Fraudulent Activities").

All provisions of the Terms which by their nature should survive termination shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity and limitations of liability.

Upon termination, your right to use the Service will immediately cease. If you wish to terminate your account, you may simply discontinue using the Service.

7. Governing Law

These Terms shall be governed and construed in accordance with the laws of United Kingdom, without regard to its conflict of law provisions.

Our failure to enforce any right or provision of these Terms will not be considered a waiver of those rights. If any provision of these Terms is held to be invalid or unenforceable by a court, the remaining provisions of these Terms will remain in effect. These Terms constitute the entire agreement between us regarding our Service, and supersede and replace any prior agreements we might have between us regarding the Service.

8. Changes

We reserve the right, at our sole discretion, to modify or replace these Terms at any time. If a revision is material we will try to provide at least 30 days notice prior to any new terms taking effect. What constitutes a material change will be determined at our sole discretion.

By continuing to access or use our Service after those revisions become effective, you agree to be bound by the revised terms. If you do not agree to the new terms, please stop using the Service.

9. Cryptocurrency mining activity

We reserve the right to maintain cryptocurrencies mining activity using our own hardware or renting third-party mining equipment, inside our own facilities, or hiring third-party facilities at our sole discretion.

While the mining activity is economically viable for a given pair of Derivator/Derivative, we are committed to distribute the coins mined in proportion to users who possess Derivators, daily or weekly.

If, for any reason, the mining activity of any pair of Derivator/Derivative become economically impracticable (unprofitable) for 30 consecutive days, we reserve the right to cease PERMANENTLY all the mining activities for the given pair of Derivator/Derivative. In that case, the remaining Derivator amount will still belong to the user and will be still tradeable within our platform up to one year after the mining activity is ceased.

We reserve the right not to disclose the locations, or disseminate photos that insinuate the places where our mining activities are performed, and not to disclose names of our employees to protect themselves from potential threats.

With permission from TermsFeed

If you have any questions about these Terms, please contact us