Wallet Terms of Use 

TERMS EFFECTIVE ON 1 JANUARY 2022 

These Wallet Terms of Use (“Terms”) are a binding agreement between Bagbit (“Bagbit” or “We”) and the person, persons, or entity (“You” or “Your”) using the application (“Software”). By using the Software, You agree to these Terms, including the Choice of Law, Arbitration and Class Action Waiver provisions included in Section 7, below. 

By using the Software, you are receiving a license from a Bagbit entity based on the location of your residence. Unless you reside in one of the countries listed in the following sentence, the software is licensed to You by Bagbit, Inc., Israel corporation having its principal offices in Arad, Israel. For simplicity, we will use the term Bagbit in these Terms to refer to the Bagbit entity that licensed the Software to You. 

Rights and Obligations 

Bagbit licenses the Software to You solely on these Terms and on the condition that You accept and comply with them. Please note that the Software is licensed, not sold, and You do not gain ownership rights to the Software itself by way of these Terms. By using the Software, You represent and warrant that: (i) You are of legal age and capacity to enter into a binding agreement; and (ii) if You are a corporation, governmental organization or other legal entity, You have the right, power and authority to enter into these Terms on behalf of the corporation, governmental organization or other legal entity and bind them to these Terms. 

This Software functions as a free, open-source, multi-signature digital wallet. The Software does not constitute an account where We or other third parties serve as financial intermediaries or custodians of Your cryptocurrency. Bagbit has no access to, visibility into, or control over any cryptocurrency stored in Your wallet or transactions made with Your wallet, Your private keys, passphrases or any wallet backup files. Your wallet is stored locally on Your device(s), and not on any Bagbit server or network. 

While the Software is continuously improved by feedback from the open-source user and developer community, We cannot guarantee there will not be bugs in the Software. You acknowledge that Your use of this Software is at Your discretion and risk. You agree to only use the Software in compliance with all applicable laws. You are solely responsible for safekeeping Your passwords, private key pairs, PINs, and any other codes You use to access the Software. In addition, You are solely responsible for maintaining the security protocols and updates on the devices on which You have downloaded the Software. 

IF YOU LOSE ACCESS TO YOUR WALLET OR YOUR ENCRYPTED PRIVATE KEYS AND YOU HAVE NOT SEPARATELY STORED A BACKUP OF YOUR WALLET AND CORRESPONDING PASSWORD, YOU ACKNOWLEDGE AND AGREE THAT ANY CRYPTOCURRENCY YOU HAVE ASSOCIATED WITH THAT WALLET WILL BECOME INACCESSIBLE. All transaction requests are irreversible. The authors of the Software, employees and affiliates of Bagbit, copyright holders, and Bagbit cannot retrieve Your private keys or passwords if You lose or forget them and cannot guarantee transaction confirmation as they do not have control over the applicable cryptocurrency networks. 

To the extent that You use Your Bagbit wallet to make purchases from merchants accepting payment using Bagbit’s services, You are a Shopper, and agree to Bagbit’s Shopper Terms of Use, which are incorporated herein by reference: bagbit.com/link/terms-of-use.