Autobuy
Autobuy is a service where Bitmynt will by all BTC you
transfer to us at our current buy price.
To set up an autobuy agreement, you have to register a
recipient account and the name of the owner of the bank
account (by default this is you). Optionally you can
have a special message on the bank transfer, or a KID on
payments to accounts in Norway. (Handy e.g. if you
transfer money to a credit card.) A bitcoin address will
be generated for this autobuy agreement. If the
recipient account is not your own, we may ask you for
the purpose of the agreement and intended transaction
volume.
When our node discover a transaction to the address, it
will immediately register the current price along with
the transaction. For most wallets this means you will
get the price within a couple of seconds after you sent,
independent of confirmation time. When the transaction
is confirmed, we will transfer the payment to the bank
account registered. Normally the transfer will be
executed at the first opportunity. For large amounts and
in cases where anti money laundering checks are
triggered, it may take a bit longer.
When we receive a transaction, a new address will be
generated for the agreement. Don't worry if you send to
an older address. All old addresses will still work, but
using a new address is better for your privacy.
Transaction replacement
Please include enough fee to get your transaction
confirmed by the time you need the money.
If you replace a transaction with one paying a higher
fee to get it confirmed faster, we will only use the
price at the time of the new transaction if it is lower
than the price at the time of the original
transaction. This is to prevent abuse of the service by
replacing a transaction if the price go up, and keep it
at a low fee if the price is going down.
We may speed up transaction confirmation by using a
CPFP transaction or by other means. Contact us if your
transaction hasn't been confirmed within a week and you
need the money faster.
Fees and limitations
- There are no fees for transactions over 1000 NOK.
- For transactions of less than 1000 NOK in value we
will deduct 4.50 NOK to cover our bank fee.
- To mitigate dust attacks, i.e. transactions where
the value is much smaller than our cost of processing
the transaction, we will not pay out transactions of
less than 20 NOK.
- Transactions over 2.000.000 NOK may be split into
multiple bank transactions at our discression.
Change of recipient
For security reasons it is not possible to change the
recipient account on autobuy agreements. If you change
your bank account, you need to make a new agreement for
the new account and disable the old agreement if the
connected bank account has been closed.
Termination
You can disable an autobuy agreement any time. This
means the address will be hidden from view and payments
will no longer be sent automatically. If you send BTC to
a disabled account, we will try to contact you once about
the payment. After 5 years we are obliged to delete all
information about the agreement. Unclaimed transfers to
disabled addresses older than 5 years will be regarded
as gifts.
Disabled autobuy agreements can be re-enabled.
Privacy
For autobuy agreements we store the following
information, and are obliged to keep it for 5 years
after termination of your account:
- All details you give related to your autobuy
agreement.
- All addresses we generate for your autobuy
agreement
- Address, transaction ID, timestamp, BTC amount and
price for every transaction to any address related to
the agreement
- Details of any AML investigation we do in relation
to your transactions
- Details about every bank transfer resulting from
transactions to your autobuy addresses
We are not allowed to delete any of the information
until 5 years after the related transaction was
completed, and may keep AML investigation details and
information about suspicious transactions for up to 10
years. We will delete information as soon as we are
allowed to. Note that information committed to the
bitcoin blockchain cannot be deleted, but will be
anonymized by the deletion of all our references to
it. It is forbidden by law to reveal information
regarding AML investigations to customers. All other
information will be visible to you when logged in on the
platform.
