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    Step-by-Step Guide: How to Receive a Crypto-backed Loan on Biterest

    Posted on by Аврора

    Read our 5-step-guide on how to open a credit line on Biterest and receive your first loan

    Why do you need a loan against your bitcoin?

    Biterest is a multifunctional service that combines a wallet and a bitcoin-backed instant credit line. This allows you to profitably cash out bitcoin regardless of its current exchange rate as you no longer need to sell it.

    To make a long story short, you use BTC as collateral -> receive a USD loan -> Bitcoin is growing in price -> you repay the USD loan -> you receive your BTC collateral back which has increased in price -> gain profit!

    STEP #0

    To calculate the minimum amount of collateral which is required to obtain the loan amount, use the loan calculator.

    You can enter the loan amount in the “I want to borrow” field in order to calculate how much cryptocurrency you need for the collateral or type in the amount of collateral in order to find out the possible loan amount.

    The collateral value has to be 20% greater than the loan amount. Bitcoin is a highly volatile asset that’s why the collateral value can both rise and drop significantly over a relatively short period of time. At any period of time, the collateral value on your Biterest account balance has to be at least 10% greater than your used loan limit.

    Sign in to Biterest

    STEP#1 Loan amount

    Your Biterest credit line will be ready to use right after replenishing the account balance. You can then proceed to make a loan request for any amount within your available loan limit.

    The loan is fixed in USD. The minimum request is 100 USD, and the maximum corresponds to your current loan limit. If you want to increase your limit, you can always add bitcoin to your account balance.

    STEP #2 Currency to receive

    Choose the currency in which the money will be issued to you. By receiving money in cryptocurrency, you can freely convert it into any other fiat currency as well as make transfers without spending your own crypto assets. The currency to receive does not affect the final repayment amount – your used loan limit is fixed in USD.

    STEP #3 Collateral amount

    Collateral amount corresponds to a loan amount + 20%. Therefore, to obtain a loan, the current value of your account balance must be not less than the specified collateral amount.

    Since Bitcoin is a highly volatile asset, we recommend you to deposit more bitcoin on the balance than it is required. The excess collateral on your balance will be considered as a “buffer” and reduce the risk of a Margin Call occurrence if the bitcoin price starts to rapidly decline.

    Please note that you can freely withdraw the excess collateral at any time. No withdrawal fee is charged.

    STEP #4 Your payment details

    Choose a convenient method to receive funds.

    Regardless the currency to receive, your loan is always fixed in USD. For all users regardless their location, a loan amount can be sent via cryptocurrency. If you chose bitcoin, ethereum or tether, check that you entered the correct address.

    Learn why to receive loans in cryptocurrency.

    STEP #5 Make a loan request

    After filling out the form, click the “Apply for a loan” button and confirm the selected loan conditions. Upon sending funds to your payment details, you will be notified by email.

    The loan duration is unlimited. You can use the loaned money as long as you need. Regardless of the loan amount, sending method or currency to receive, the interest rate is 12% per annum which corresponds to 0,033% per day.

    Apply for a loan now

    Watch this video tutorial on how to apply for an instant loan on Biterest

    Loan terms of Biterest crypto-backed credit line

    Posted on by Аврора

    Welcome to Biterest! Open the credit line to receive instant USD loans against your Bitcoin.

    It is possible to receive a loan only backed by collateral. To provide collateral, top up your account balance with Bitcoin.

    You can send any quantity of Bitcoin to your balance. The loan limit calculation is based on your current account balance.

    You can withdraw bitcoin without repaying the loan, if there is more bitcoin on your balance than is currently required for the collateral.

    In order to “unfreeze” your collateral, you need to repay your loan. If your current balance amount is more than 20% higher than your used loan limit, you can withdraw an excess Bitcoin from your balance without repaying the loan.

    In order to receive a loan, your account balance must be at least 20% more than the requested loan amount.

    Loan limit is the maximum amount of funds that can be loaned at the current account balance.

    Used loan limit is the amount of funds that are currently using in a loan.

    Available reflects the amount of funds that you can receive in a loan within the current loan limit.

    The loan amount is fixed in US dollars (USD), regardless of the currency of receipt.

    Currently the loan can be sent to you in the following currencies: Bitcoin (BTC), Ethereum (ETH), Tether (USDT).

    Loans on Biterest crypto-credit line do not have a mandatory repayment term. You pay only for the actual loan days, from the moment of issuing to repayment.

    The annual interest rate is 12%. After the loan is issued, the interest will be automatically accrued for the first 14 days. Starting from the 15th day, interest will be calculated daily, in the amount of 0.033% of the loan.

    The interest on the loan is recorded in the used loan limit, but there is no interest capitalization (in other words, no interest is accrued on interest). If the amount of accrued interest per day is less than 0.01 USD, they will be automatically rounded up to 0.01 USD.

    You should repay the accrued interest on your loan for the past month by the 4th day 00:00 GMT of the current month. If you do not repay the accrued interest by yourself, they will be automatically withdrawn from your account balance. Three days before the automatic repayment date, you will receive a reminder by email.

    You can repay the loan partly or in full at any time. There is no minimum loan period. In a case of the partial repayment of the used loan limit, each payment covers the accrued interest first, and anything left is applied to the principal.

    You can repay the loan with Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and immediately from your account balance.

    LTV (loan-to-value ratio) is calculated by dividing your used loan limit by the current value of bitcoin stored on your balance.

    Margin Call occurs when your LTV reaches 90%. In this situation, your loan is automatically repaid using the bitcoin from your balance.

    You can control the risk of Margin Call occurrence. To reduce the risk of Margin Call, additionally top up your account balance or make a partial loan repayment. On the “Notifications” page, you can manage the settings to decrease or increase the LTV level and the frequency of the notifications.

    Read the full terms of Biterest

    Biterest team launched instant crypto-backed credit line

    Posted on by Аврора

    The new Biterest platform offers instant loans without a due date of repayment and provides full control of Margin Call to the user

    The new Biterest platform is a multifunctional service that combines a bitcoin wallet, an exchanger and a bitcoin-backed credit line.

    The loans are now issued in a short time at the lowest interest rate — only 0.033% per day — and they are not limited to a fixed term.

    All you need to receive a loan secured with your Bitcoin is located on one page. You should enter a loan amount in USD, select a currency to receive money (BTC, ETH, USDT), specify your payment details and provide bitcoin to your balance in the amount 20% more than the loan.

    Regardless of the currency in which you received the funds, the loan amount will be fixed in US dollars (USD). Therefore, the currency to receive the loan does not affect the final amount of repayment.

    Same as before, we respect the privacy of our users and do not request your personal data. There is no commission for obtaining a loan on Biterest too.

    Open Biterest account

    The benefits of receiving a loan in cryptocurrency

    If you are wondering why we recommend to receive a loan in BTC or ETH, the information below will be useful for you.

    You will repay the amount fixed in USD regardless of the exchange rate of the currency to receive

    You will repay a fixed amount of the loan in USD regardless of the currency chosen to receive a loan (BTC, ETH, USDT).

    You keep hodling your bitcoin while reinvesting received bitcoin for extra profit

    You can reinvest the received bitcoin on another service or maximize your profit on Biterest

    The loan issued in cryptocurrency will be received by you without unexpected delays as it might happen with fiat currencies

    Biterest is responsible for issuing a loan within the specified time, however, we are not responsible for the instant receipt of money by the user. Receiving a loan in cryptocurrency, you can exchange it for any other fiat currency wherever you want to.

    Let’s turn to questions about the advantages of Biterest:

    User:

    How has the loan term changed?

    Support:

    The loans on Biterest are not limited by time. The interest is accrued only for the active loan days — 0.033% per day.

    User:

    How much is it possible to receive in a loan?

    Support:

    The minimum loan amount is 100 USD. The maximum loan amount is limited only by your balance. The larger the current bitcoin value on your balance is, the greater is your loan limit.

    User:

    How to calculate the collateral for obtaining a loan?

    Support:

    The collateral calculated as a loan amount x 1.2. This means that the balance has to be 20% more than the amount of the requested loan.
    If the loan amount is 1000 USD, then the collateral is 1200 USD. In this example, 1200 USD is the minimum amount of your balance when you receive a loan.

    User:

    Why does the balance need to be greater than the minimum collateral?

    Support:

    The larger the balance amount is, the lower is the risk of Margin Call. Margin Call will occur if the bitcoin exchange rate decreases and the amount on your balance becomes only 10% more than your used loan limit.
    For example, if you used 1000 USD of your loan limit, the Magin Call will occur when the balance is 1100 USD.

    To control Margin Call in your account use LTV as an indicator

    LTV (loan-to-value ratio) is calculated by dividing your used loan limit by the current value of bitcoin stored on your balance.

    Margin Call occurs when LTV becomes 90%. It is recommended to control LTV at the level of 50-70% in order to avoid Margin Call. To reduce LTV in the account, top-up additionally your balance or repay partially a loan.

    Go to Biterest account

    User:

    Is it possible to repay a loan partially and withdraw bitcoin from the balance?

    Support:

    You can repay the loan partially. After that, the equivalent part of collateral will become available to you which you can withdraw from your balance.

    User:

    When a bitcoin rate grows rapidly, is it possible to withdraw bitcoin without repaying the loan?

    Support:

    When the Bitcoin rate increases, it is possible to withdraw bitcoin exceeded the minimum collateral amount. The minimum collateral is 20% more than the loan amount. The minimum withdrawal amount from the balance is the equivalent of 50 USD.

    User:

    How to repay a loan?

    Support:

    The loan can be repaid with cryptocurrencies and directly from the balance.

    Watch this video tutorial on how to get an instant loan on Biterest
    in 3 easy steps:

    Biterest.com | The full loan terms of Biterest

    Posted on by admin

    Attention! The Biterest administration has the right to make changes to the current rules of Biterest. Last updated on 26 January, 2022.

    1. The types of borrowing on Biterest 

    There are two types of lending services on Biterest – borrowing on Biterest credit line and lending and borrowing on Biterest Marketplace. The services are available in the corresponding sections of the platform. 

    The Biterest credit line allows the Borrower to receive an instant bitcoin-backed loan on the Biterest platform. The approval process is automated. Biterest approves applications within the Borrower’s available loan limit. 

    The Biterest Marketplace service allows Biterest users to make loan transactions directly with each other (Peer-to-Peer). The Biterest Marketplace has differences in lending methods: 

    • The Lenders market allows lenders to publish loan offers. The borrower who has accepted the offer may indicate further information on the loan and create a loan application from the offers. The Lender must transfer the money to the Borrower no later than specified in the payment window.
    • The Borrower’s Market allows borrowers to publish loan applications on their own terms. The acceptance of loan applications depends only on the attractiveness of the loan terms to Lenders.

    The Borrower and the Lender may use any of the lending methods on the Biterest Marketplace to complete credit transactions. 

    The further loan terms are only about the Biterest credit line service  To familiarise yourself with the mechanics of the Biterest Marketplace, read the rules at https://markets.biterest.com/en/support/3/1

    2. Lending on Biterest crypto-backed credit line 

    2.1. Balance top-up and loan limit

    In order to receive a bitcoin-backed loan on Biterest, the Borrower must top up their account balance with Bitcoin. The bitcoin on the balance will be used as collateral for obtaining a loan as well as for full or partial repayment of the loan. The borrower can top up balance for any amount. 

    The account balance on Biterest crypto-backed credit line is different from the account balance on Biterest Marketplace. Each type of the balances can only be used within a specific service and within the framework of its mechanics. The funds are not transferred between the balances. 

    In order to top up your balance on Biterest crypto-backed credit line, click the Top up balance button. In the window that opens, a Bitcoin address will be available for you to send the necessary amount of Bitcoin to. 

    You can track the progress of funds transfer on the Transaction history page. The amount will appear on your balance after 3 confirmations of the transaction in the Bitcoin network. 

    Biterest account balance is a special account for storing your bitcoin as collateral and determining the size of your loan limit. You can send bitcoin to your balance in any quantity. 

    Loan limit is the maximum loan amount in USD that is available for borrowing by the Borrower. The size of the loan limit depends on the amount of bitcoin on the balance and their market value at a particular moment.

    To obtain a loan, the minimum required balance level should be 120% of the loan amount. You can withdraw bitcoin which is above this level from your balance at any time.

    The Instant loan page displays the current status of the account balance in BTC and in USD at the current Bitcoin rate. When the balance changes, the displayed amount changes accordingly.

    2.2.The Loan Terms

    Credits received as part of Biterest crypto-backed credit line do not have a mandatory repayment term. You pay only for the actual days of using the loan until it is fully repaid. 

    The interest rate is 12% per annum or 0.033% per day. After the loan is issued, the interest will be automatically accrued for the first 14 days of the loan. Starting from the 15th day of the loan, interest will be calculated daily, in the amount of 0.033% of the loan amount.

    The accrued interest is taken into account in the used loan limit and it reduces the amount of funds available to the Borrower within their loan limit. 

    Upon receiving loans in BTC and ETH, the blockchain network commission is charged to the borrower’s used loan limit. This does not apply to loans in UAH, RUB, and BTC to the account balance.

    When repaying a loan, accrued interest is automatically repaid first. 

    2.3. Creating a loan application

    To obtain a loan secured with Bitcoin, the Borrower needs to fill out the form on the Instant Loan page and provide the following information: 

    • Loan amount in USD. Indicate the desired amount within the loan limit.
    • Amount in the currency to receive. Choose the appropriate currency to receive a loan. The field displays the loan amount in the currency of receipt at the current Biterest exchange rate. To get a loan, Bitcoin, Etherium, Tether are available.
    • The required amount of collateral. The field displays the amount of bitcoin which is required as a security deposit on the balance to receive the requested loan amount in USD.
    • In the Payment information section, select the appropriate type of payment depending on the selected currency. Indicate your details for receiving funds.

    Upon applying for a loan in Bitcoin, it is also available to receive funds not only to the Bitcoin address, but deposit a loan to the own Biterest account balance.

    To send a request for a loan, click the Apply for a loan button. In the window that opens, verify the accuracy of the specified details of your loan request and confirm the application for a loan. 

    You can track the progress of the application on the Transaction history page. If within three hours after issuing a loan the funds do not arrive at your details, please contact Biterest support on the Help page. 

    If we are unable to send funds due to inaccurate details, or if the additional information is required from you, an appropriate warning will be displayed on the Transaction History page. If you receive a notification about a problem with sending funds, please contact Biterest support on the Help page.

    2.4. Loan repayment

    You can repay the loan in whole or in part. When repaying a loan, accrued interest will be paid off first, and then – the loan body. 

    To repay a loan, click  the Repay a loan button. In the window that opens, select a loan repayment method:

    • Redeem from the account balance – Allows you to use available funds on the account balance to repay. Payment is made with bitcoin which is stored on the account balance. Payment from the account balance will be made immediately.
    • Cryptocurrency redemption – Allows you to use cryptocurrency (Bitcoin, Etherium, Tether) to repay your loan.

    Payments in cryptocurrency are approved after the Biterest administrator confirms that the funds have been received. You can track the status of repayment on the Transaction history page. 

    If the Biterest administration is unable to confirm the receipt of funds, or you need additional information to make a payment, you will receive a warning on the Transaction history page. If you receive a notification about a problem with depositing funds, please contact Biterest Support on the Help page. 

    2.5. The withdrawal of bitcoin from the account balance

    To withdraw Bitcoin  from the balance, click the Withdraw bitcoin button. In the window that opens, enter the Bitcoin address to which you want to receive bitcoins from the balance, and specify the amount of withdrawal. Next, check the entered Bitcoin address and confirm the request for withdrawal of funds. 

    You can withdraw funds from the balance in whole or in part. Only after the whole repayment, it is possible to withdraw the entire amount of bitcoin from the balance. 

    The minimum withdrawal amount from the account balance cannot be less than 50 USD. If your available balance is less than 50 USD, you can withdraw your entire balance.

     

    You can always repay the loan in part and withdraw the amount that exceeds the required collateral for the current loan (120% of the amount of the current loan).

     

    You will not be able to withdraw bitcoin from the balance in case of Margin Call occurrence, since your balance will be liquidated to pay off your debt.

     

    After the withdrawal of bitcoin from the balance, the amount of available loan limit will automatically decrease. If the loan is valid, the risk of Margin Call will increase.

     

    The blockchain network commission for withdrawing funds from the Biterest platform is paid by the user. The Biterest platform does not charge any other commissions or hidden fees.

     

    You can track the status of the request withdrawal from the account balance on the Transaction history page.

    If you receive a notification about a problem with the withdrawal of funds from the balance, please contact Biterest support on the Help page. 

    2.6. Margin Call

    Margin Call is a situation in which the account balance is automatically liquidated to pay off the borrower’s debt on the loan. 

    Margin Call occurs when LTV (Loan to Value ratio) exceeds 90%. This is due to a decrease in the bitcoin price, when the market value of the account balance becomes lower than to the amount of the used loan limit + 10%. 

    Indicators of the market value of Bitcoin and the value of the account balance at which Margin Call occurs are always available on the Instant loan page. 

    Topping up the account balance or repaying a loan increase the amount of available funds on the balance and reduce the risk of Margin Call. 

    When Margin Call occurs, the debt of the Borrower is repaid by bitcoin from the account balance. 

    3. General situation

    3.1 Currency of loans

    All loans on Biterest are fixed in USD (US Dollar). 

    The borrower has the right to receive a loan in an alternative to US dollar loan currency. The currency is selected by the borrower by filling out a loan form. The borrower receives funds in the selected currency at the US dollar rate. The borrower can repay the loan in any currency and in any of the available ways: from the account balance and cryptocurrency in terms of the US dollar exchange rate at the time of loan repayment.

    The borrower assumes all risks associated with changes in the currency exchange rate.

    3.2 Biterest application

    The official Biterest applications for Windows, Android and iPhone can be installed only from the official site https://biterest.com

    The official Biterest Telegram bot is @Biterest_Crypto_Loan_Bot 

    Biterest.com | Privacy policy

    Posted on by admin

    Biterest.com is committed to protecting the privacy of its visitors. The policy statement provides our visitors with an overview of the measures we have taken to show our commitment to this policy.

    Cookie policy for Biterest.com

    What Are Cookies

    As is common practice with almost all professional websites this site uses cookies, which are tiny files that are downloaded to your computer, to improve your experience. This page describes what information they gather, how we use it and why we sometimes need to store these cookies. We will also share how you can prevent these cookies from being stored however this may downgrade or ‘break’ certain elements of the sites functionality. 

    For more general information on cookies see the Wikipedia article on HTTP Cookies: https://en.wikipedia.org/wiki/HTTP_cookie 

    How We Use Cookies 

    We use cookies for a variety of reasons detailed below. Unfortunately in most cases there are no industry standard options for disabling cookies without completely disabling the functionality and features they add to this site. It is recommended that you leave on all cookies if you are not sure whether you need them or not in case they are used to provide a service that you use.

    Disabling Cookies

    You can prevent the setting of cookies by adjusting the settings on your browser (see your browser Help for how to do this). Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. Disabling cookies will usually result in also disabling certain functionality and features of the site. Therefore it is recommended that you do not disable cookies.

    The Cookies We Set

    If you create an account with us then we will use cookies for the management of the signup process and general administration. These cookies will usually be deleted when you log out however in some cases they may remain afterwards to remember your site preferences when logged out. We use cookies when you are logged in so that we can remember this fact. This prevents you from having to log in every single time you visit a new page. These cookies are typically removed or cleared when you log out to ensure that you can only access restricted features and areas when logged in. When you submit data to through a form such as those found on contact pages or comment forms cookies may be set to remember your user details for future correspondence. In order to provide you with a great experience on this site we provide the functionality to set your preferences for how this site runs when you use it. In order to remember your preferences we need to set cookies so that this information can be called whenever you interact with a page is affected by your preferences.

    Third Party Cookies

    In some special cases we also use cookies provided by trusted third parties. The following section details which third party cookies you might encounter through this site. This site uses Google Analytics which is one of the most widespread and trusted analytics solution on the web for helping us to understand how you use the site and ways that we can improve your experience. These cookies may track things such as how long you spend on the site and the pages that you visit so we can continue to produce engaging content. For more information on Google Analytics cookies, see the official Google Analytics page. As we sell service it’s important for us to understand statistics about how many of the visitors to our site actually make a purchase and as such this is the kind of data that these cookies will track. This is important to you as it means that we can accurately make business predictions that allow us to monitor our advertising and service costs to ensure the best possible price. Several partners advertise on our behalf and affiliate tracking cookies simply allow us to see if our customers have come to the site through one of our partner sites so that we can credit them appropriately and where applicable allow our affiliate partners to provide any bonus that they may provide you for making a purchase.

    More Information

    Hopefully that has clarified things for you and as was previously mentioned if there is something that you aren’t sure whether you need or not it’s usually safer to leave cookies enabled in case it does interact with one of the features you use on our site. However if you are still looking for more information then you can contact our support regarding that.

    Opting Out

    Users who sign up for Biterest may automatically receive Newsletters. Should users later decide to opt-out from receiving this information please contact us and you will be removed from our database and no longer receive future communication.

    Correct/Update

    You may request that we amend any personal data that we are holding about you which is factually inaccurate. You can contact customer support us stating your wishes.

    Public Forums/Chat Room

    This web site has a message board and chat room available to its users. Please remember that any information that is disclosed in these areas becomes public information and you should exercise caution when deciding to disclose your personal information.

    Links

    This web site contains links to other sites. Biterest.com is not responsible for the privacy practices of such other sites. This privacy statement applies solely to information collected by this web site.

    Online Payment methods

    Biterest or Biterest.com is not associated with any of the trademarks which might appear visible in the Online Payment method lists or advertisement details. Including, but not limited to bank transfer, PayPal, WebMoney, QIWI, Yoo Money or any other payment method. Biterest.com does not itself support these payment methods, or claim to be in partnership with them. Also, services provided by Biterest or Biterest.com are not authorized, approved, endorsed or sponsored by any of the payment methods listed above or their respective trademark owners. Payment method listings are visible on Biterest.com for informative purposes only. Trademarks which might appear visible on Biterest.com website, belong to the respective trademark owners alone.

    Data retention policy

    We retain your personal information as long as it is necessary and relevant for our operations. In addition, we may retain personal information from closed accounts to comply with national laws, prevent fraud, collect any fees owed, resolve disputes, troubleshoot problems, assist with any investigation, enforce our Terms of Service and take other actions permitted or required by applicable national laws.

    Contacting The Web Site

    If you have any questions about this Privacy statement, the practices, or your dealing with this web site, please contact us and your enquiry will be dealt with as soon as possible.

    Biterest.com | Terms and Conditions

    Posted on by admin

    These Terms of Service are legally binding terms to govern use of this site. Please read these Terms of Service carefully before using the site because they affect your legal rights and obligations. 

    These Terms of Service (“agreement”) is a legal agreement covering the provision of Biterest.com services (“service” or “services”) by Biterest (“Biterest.com” or ” Biterest ” or “us” or “our” or “we”) to you as an individual (“you” or “your”). Your use of the services will be governed by this agreement, along with the Biterest.com privacy policy. Please read this agreement carefully before using Biterest.com. By using the service, you agree to become bound by the terms and conditions of this agreement. 

    Your Acceptance of Terms

    If you do not agree with any of these Terms of Service please do not use this site, by using this Site you will be deemed to have irrevocably agreed to these terms. Please note that these Terms of Service may be revised and reissued without notice at any time. You should visit this page regularly to review the current Terms of Service, since your continued use of the site will be deemed as irrevocable acceptance of any revisions.

    Allowed jurisdictions

    Services provided by Biterest might not be legally allowed in certain jurisdictions. By accepting these Terms of Service you confirm that you are aware of any legal limitations if such exist in your jurisdiction for services provided on Biterest.com.

    How to contact us

    This site is owned and operated by Biterest. You can contact us at any time. Please send us any questions, requests or general correspondence by contacting our support.

    Registration and user account

    To use Biterest.com services, you may be asked to provide registration details in order to register a user account (“account”). It is a condition of use of this site that all the details you provide will be correct, current, and complete. If we at Biterest.com believe the details are not correct, current, or complete, we have the right to refuse you access to the site, or any of its resources, and to terminate or suspend your account. 

    You may only use your own account to use the services offered by Biterest.com. You are responsible for maintaining adequate security and control of any and all public and private Bitcoin keys, IDs, passwords, or any other codes that you may use to access Biterest.com. You are not allowed to sell, borrow, share or otherwise make available your account or any detail necessary to access your account to people or entities other than yourself. 

    Your account must not contain misleading or fraudulent information, including, but not limited to having a non-personal phone number, e-mail address, creating fake reputation information for your account, faking your country of origin or providing fraudulent identification documents. 

    We may at any time require you to complete our ID verification process and may also require you to submit additional identification documents to Biterest if we deem it necessary. Failing to complete ID verification will be considered a violation of this agreement. 

    We may close, suspend, or limit your access to your account or to other Services we offer if you violate these Terms of Service or any other agreement you enter into with Biterest, or as otherwise specified in these Terms of Service or other agreement you have entered into with Biterest. 

    If we determine that you have at any previous point in time violated this agreement or any other agreement that you have entered into with us we will immediately close, suspend or limit your account. 

    Borrowing and lending

    With a registered account users can create (for Borrowers) and accept (for Lenders) applications for loans secured by Bitcoin as collateral. Users may engage in loan transactions (“loans”) by initiating loan applications secured by Bitcoin holdings (for Borrowers) and wait for other users to accept your loan applications and lend money according to agreed terms (for Lenders). 

    All loan applications listed on Biterest.com are secured by Borrowers with unique collateral of Bitcoin. When loan applications are selected and accepted by Lenders, Borrowers transfer the collateral to multisig-address, which has three (3) public and private keys. In order to transact with collateral Bitcoin stored in multisig-address 2 of 3 private keys are required. Both the Borrower and the Lender has 1 private key each. The third private key is Arbitrator’s key held by Biterest. The third private key serves as trust mechanism between Borrowers and Lenders. 

    By initiating and accepting a loan application you agree to be bound by the terms of loan transaction (“loan terms”) set forth as terms of the loan on the loan applications page. 

    The terms of loans as agreed between the Borrowers and the Lenders are valid in all cases except when the terms contradict the Biterest Terms of Service or are illegal or if both parties of the transaction consent to alter the terms of loan. 

    The loan applications created by Borrowers in Biterest must contain all necessary terms, including loan period, annual interest rate, means of money transfer, etc. As such providing Lenders with sufficient information to support Lenders’ decisions on agreeing to finance the loan applications. 

    After the Lender accepts the loan application, the terms are locked and cannot be changed. 

    We may hide, remove, suspend, cancel or limit loan applications, if those violate these Terms of Service or any other agreement you enter into with Biterest, or as otherwise specified in these Terms of Service or other agreement you have entered into with Biterest. 

    Valid payment and money transfer details must be exchanged between users exclusively through the Biterest platform. It is a violation of these terms of service to provide payment details through other communication channels.

    Disputes between the parties

    In case a money transfer made by a Biterest user to another user (either from a Lender to a Borrower or in opposite direction) is frozen, held, reversed, charged back or not received for any reason by recipient of the transfer on time as intended by the terms of the loan transaction; the transaction will be considered in breach of the transaction terms. Such cases must be referred by users to Biterest Dispute Resolution for thorough revue and investigation. 

    To process disputable cases, Biterest Dispute Resolution may and will request additional information from parties to the transaction, including but not limited with adequate proof of payment such as bank transfer instructions, bank or PayPal or other account statements, etc. Parties to the transaction must comply with Dispute Resolution requests and promptly provide complete and valid information as requested. Failure to respond to Dispute Resolution requests within provided timeframe or to provide complete and valid information may negatively impact case decision by Dispute Resolution. 

    When Lender turn unresponsive, we will resolve the dispute to the Borrower if we are confident the Lender has received valid repayment from the Borrower. If the Borrower is unresponsive, we will resolve the dispute to the Lender if we confident that the Borrower has not repaid the loan to the Lender. 

    Providing fraudulent information or documents in a dispute or making false claims or otherwise trying to force a certain outcome of a disputed transaction is considered a violation of this agreement. 

    Collateral Bitcoin will be held in multisig-wallet during loan period and until decision by Dispute Resolution in disputable cases. 

    Depending on the decision by Dispute Resolution on outcome of disputable cases, Biterest will provide it’s (Arbitrator’s) private key to the collateral held in multisig-wallet to a party being decided as winner of the dispute. 

    Online Privacy Notice

    Your privacy is important to us. To better protect your privacy, we provide a notice explaining our online information practices and the choices you can make about the way your information is collected and used at this site. Click to read the Privacy Statement which forms part of these Terms of Service.

    Trademarks and Copyrights

    This site and all materials incorporated by Biterest.com are protected by copyrights, or other proprietary copyrights. Some of the logos or other images incorporated on this site are also protected.

    Your Use of Material

    Your right to make use of this site and any material or other content appearing on it is subject to your compliance with these Terms of Service. Modification or use of the material or any other content on this site for any purpose not permitted by these Terms of Service may be a violation of the Copyright and is prohibited. You may access and display material and all other content displayed on this site for non-commercial, personal, entertainment. The material and all other content on this site may not otherwise be copied, reproduced, republished, uploaded, posted, transmitted, distributed or used in any way unless specifically authorized by Biterest.com.

    Disclaimer of Warranties/Liability

    Your use of this site is at your own risk. Biterest.com and all the materials, information, software, facilities, services and other content are provided ‘As Is’ and ‘As Available’ without warranties of any kind, either expresses or implied. Biterest.com does not warrant that the functions contained in this site will be available, uninterrupted or error-free, that defects will be corrected, or that Biterest.com or the servers that make them available are free of viruses or other harmful components. Biterest.com does not warrant or make any representation.

    Limitation of Liability

    Biterest.com does not accept any liability for any loss or damage, direct or indirect, resulting from any use of, or inability to use, Biterest.com or the material, information, software, facilities, services or other content on Biterest.com, regardless of the basis upon which liability is claimed and even if Biterest.com has been advised of the possibility of such loss or damage. Without limitation, you (and not Biterest.com) assume the entire cost of all necessary servicing, repair or correction or correction in the event of any such loss or damage arising.

    Messages

    The materials, informations and opinions included and/or expressed in or on the messages, feedbacks, advertisements or other pages on this site are not necessarily those of Biterest.com or it’s affiliated or related entities or content providers. Biterest.com is not responsible to monitor or review the messages, feedbacks or advertisements and the content of the messages, feedbacks or advertisements is not the responsibility of Biterest.com. Biterest may remove or modify any content without notice of liability at any time in it’s sole discretion. Any use of the messages, feedbacks, advertisements or any other content on this site will be at your own risk and will be subject to the disclaimers and limitations on liability set out above.

    Submissions, Postings and Emails

    We will not accept or consider unsolicited submissions of concepts, stories, or other potential content. Therefore, please do not send Biterest.com any unsolicited submissions. From time to time, areas on this site may expressly request submissions of concepts, stories, or other potential content from you. Where this is the case, please carefully read any specific rules or other terms and conditions which appear elsewhere on this site to govern those submissions, since they will affect your legal rights. If no Additional Terms govern those submissions, then these Terms of Service will apply in full to any submissions you make. 

    Please act responsibly when using this site. You may only use this site and its contents for lawful purposes and in accordance with applicable law and you are prohibited from storing, distributing or transmitting any unlawful material through this Site. You recognize that storing, distributing or transmitting unlawful material could expose you to criminal and/or civil liability. You agree that if a third party claims that material you have contributed to the Site is unlawful, you will bear the burden of establishing that it is lawful. You understand and agree that all materials publicly posted (other than by Biterest.com) or privately transmitted on or through this site are the sole responsibility of the sender, not Biterest.com, and that you are responsible for all material you upload, post or otherwise transmit to or through this site. 

    We at Biterest.com require that you do not post emails or submit to or publish through Forums or otherwise make available on this site any content, or act in a way, which in our opinion: 

    • libels, defames, invades privacy, stalks, is obscene, pornographic, racist, abusive, harassing, threatening or offensive;
    •  
    • seeks to exploit or harm children by exposing them to inappropriate content, asking for personally identifiable details or otherwise;
    •  
    • infringes any intellectual property or other right of any entity or person, including violating anyone’s copyrights or trademarks or their rights of publicity;
    •  
    • violates any law or may be considered to violate any law;
    •  
    • you do not have the right to transmit under any contractual or other relationship (e.g., inside information, proprietary or confidential information received in the context of an employment or a non-disclosure agreement);
    •  
    • advocates or promotes illegal activity;
    •  
    • impersonates or misrepresents your connection to any other entity or person or otherwise manipulates headers or identifiers to disguise the origin of the content;
    •  
    • advertises any commercial endeavor (e.g., offering for sale products or services) or otherwise engages in any commercial activity (e.g., conducting raffles or contests, displaying sponsorship banners, and/or soliciting goods or services) except as specifically authorized on this Site;
    •  
    • solicits funds, advertisers or sponsors;
    •  
    • includes programs which contain viruses, worms and/or ‘Trojan horses’ or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications;
    •  
    • disrupts the normal flow of dialogue, causes a screen to scroll faster than other users are able to type, or otherwise act in a way which affects the ability of other people to engage in real time activities via the Site;
    •  
    • copies any other pages or images on this site except with appropriate authority;
    •  
    • includes MP3 format files;
    •  
    • amounts to a ‘pyramid’ or similar scheme;
    •  
    • amounts to ‘data warehousing’ (i.e., using any web space made available to you as storage for large files which are only linked from other sites). You must provide a reasonable amount of content to accompany such material in order that at least some of the traffic to your site comes directly via us;
    •  
    • disobeys any policy or regulations established from time to time regarding use of this site or any networks connected to this Site;
    •  
    • or contains links to other sites that contain the kind of content, which falls within the descriptions above.

    In addition, you are prohibited from removing any sponsorship banners or other material inserted by Biterest.com anywhere on this Site (e.g., on any web space made available for your use). 

    System Abuse

    Without limitation, you agree not to send, create or reply to so called mailbombs (i.e., emailing copies of a single message to many users, or sending large or multiple files or messages to a single user with malicious intent) or engage in spamming (i.e., unsolicited emailing or messaging for business or other purposes) or undertake any other activity which may adversely affect the operation or enjoyment of this site by any other person. You may not reproduce, sell, resell or otherwise exploit any resource, or access to any resource, contained on this Site.

    Security

    Any passwords used for this site are for individual use only. You shall be responsible for the security of your password (if any). Biterest.com shall be entitled to monitor your password and, at its discretion, require you to change it. If you use a password that Biterest.com considers insecure, Biterest.com will be entitled to require this to be changed and/or terminate your account. You are prohibited from using any services or facilities provided in connection with this site to compromise security or tamper with system resources and/or accounts. The use or distribution of tools designed for compromising security (e.g. password guessing programs, cracking tools or network probing tools) are strictly prohibited. If you become involved in any violation of system security, Biterest.com reserves the right to release your details to system administrators at other sites in order to assist them in resolving security incidents.Without limitation, you agree not to send, create or reply to so called mailbombs (i.e., emailing copies of a single message to many users, or sending large or multiple files or messages to a single user with malicious intent) or engage in spamming (i.e., unsolicited emailing or messaging for business or other purposes) or undertake any other activity which may adversely affect the operation or enjoyment of this site by any other person. You may not reproduce, sell, resell or otherwise exploit any resource, or access to any resource, contained on this Site.

    Investigations

    Biterest.com reserves the right to investigate suspected violations of these Terms of Service, including without limitation any violation arising from any submission, posting or e-mails you make or send to any Forum. Biterest.com may seek to gather information from the user who is suspected of violating these Terms of Service, and from any other user. Biterest.com may suspend any users whose conduct or postings are under investigation and may remove such material from its servers as it deems appropriate and without notice. If Biterest.com believes, in its sole discretion, that a violation of these Terms of Service has occurred, it may edit or modify any submission, posting or e-mails, remove the material permanently, cancel postings, warn users, suspend users and passwords, terminate accounts or take other corrective action it deems appropriate. Biterest.com will fully co-operate with any law enforcement authorities or court order requesting or directing Biterest.com to disclose the identity of anyone posting any e-mails, or publishing or otherwise making available any materials that are believed to violate these Terms of Service.

    Service

    Biterest.com reserves the right to modify or discontinue, temporarily or permanently, all or any part of this site and/or any software, facilities and services on this site, with or without notice, and/or to establish general guidelines and limitations on their use.

    Third-Party Sites

    This site may link you to other sites on the Internet. These sites may contain information or material that some people may find inappropriate or offensive. These other sites are not under the control of Biterest.com, and you acknowledge that (whether or not such sites are affiliated in any way with Biterest.com) Biterest.com is not responsible for the accuracy, copyright compliance, legality, decency, or any other aspect of the content of such sites. The inclusion of such a link does not imply endorsement of any site by Biterest.com or any association with its operators. 

    Biterest.com cannot ensure that you will be satisfied with any products or services that you purchase from any third-party site that links to or from Biterest.com since other sites/stores are owned and operated by independent web masters/retailers.

    Jurisdictional Issues

    Users of Biterest.com are themselves responsible for making sure they are in compliance with legislation of the jurisdiction they operate in. 

    The Materials and all other content in this site are presented solely for the purpose of providing entertainment and information and promoting programs, films, music, and other products available. The site is controlled and operated by Biterest.