Cryptocurrencies are new technologies that often work differently to your prior experience. They entail various risks that you should understand. We have highlighted some of those risks below.
Bitcoin as well as other crypto coins transactions are irreversible. If you send Bitcoin to an incorrect address other than the one display on our check out page, you cannot get it back. Sungroowmall will not be liable for executing a product order request if the instruction relates to an incorrect BTC address.
Before buying or selling with BTC, you should educate yourself about cryptocurrencies. Buying and selling with BTC entails risks and could result in a complete loss of your funds. Please ensure that you fully understand the risks involved and do not invest money that you cannot afford to lose.
Bitcoin is not backed by any entity. Neither Sungroowmall nor anyone else has an obligation to buy back your BTC in the future. Additionally, it is very important to understand the following risks:
- BTC is not legal tender and are not backed by any government. Accounts and value balances are not subject to any government backed deposit insurance or any other government protections;
- Legislative and regulatory changes or actions at state or international level may adversely affect the use, transfer, exchange, and value of BTC;
- Transactions in BTC are generally irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;
- BTC transactions shall be deemed to be made when recorded on a “blockchain” ledger, which is not necessarily the date or time that you initiate the transaction;
- Buying and Selling are derived from the continued willingness of market participants to trade with BTC, which may result in the potential for permanent and total loss of value, should the market for BTC disappear;
- There is no assurance that a person who accepts BTC as payment today will continue to do so in the future;
- The volatility and unpredictability of the price of BTC relative to local currency may result in significant loss, or tax liability, over a short period of time;
- The nature of cryptocurrency may lead to an increased risk of fraud or cyber attack;
- The nature of cryptocurrency means that any technological difficulties experienced by a service provider may prevent access to or use of your BTC.