Privacy Policy

PayedBit ("we," "our," or "us") is committed to protecting your privacy. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our mobile application and services.

1. Information We Collect

1.1 Personal Information

When you register for and use PayedBit, we may collect:

• Email address
• Name and profile information
• Payment information (processed through PayedNow)
• Transaction history and preferences
• Communication and support messages

1.2 Transaction Data

We temporarily store encrypted Bitcoin transaction data (transaction hex) in escrow until fiat payment is confirmed. This data is:

• Encrypted using industry-standard encryption
• Stored only for the duration of the transaction escrow period
• Automatically deleted after successful transaction broadcast
• Never accessible to PayedBit staff

1.3 Automatically Collected Information

• Device information (device type, operating system, unique device identifiers)
• Log data (IP address, access times, app features used)
• Usage data and analytics

1.4 Identity Verification and Face Data

To comply with applicable financial regulations and anti-money laundering (AML) requirements, users may be required to complete identity verification (KYC).

As part of this process, a user-submitted facial image (selfie photograph) is transmitted securely via encrypted TLS connection to Verilink, our licensed identity verification provider.

The facial image is processed in real-time for identity verification and liveness confirmation.

Verilink deletes the facial image immediately after verification processing is completed. Facial images are not retained by Verilink or by PayedBit.

PayedBit does not generate, store, or retain biometric templates, facial geometry maps, or facial recognition identifiers.

PayedBit retains only the verification result (pass/fail status and verification reference ID) for regulatory recordkeeping purposes.

2. How We Use Your Information

We use the collected information to:

• Provide, maintain, and improve our services
• Process Bitcoin transactions and facilitate P2P trades
• Coordinate escrow services and payment verification
• Communicate with you about your account and transactions
• Detect, prevent, and address fraud and security issues
• Comply with legal obligations and regulatory requirements
• Provide customer support
• Send important service updates and notifications

3. Non-Custodial Nature

Important: PayedBit is a non-custodial service. We never have access to:

• Your Bitcoin private keys
• Your Bitcoin wallet or funds
• Your PayedNow account credentials

You maintain full control of your Bitcoin at all times. We only facilitate the coordination of P2P trades and escrow of transaction data.

4. Information Sharing and Disclosure

We do not sell, trade, or rent your personal information. We may share your information only in the following circumstances:

4.1 Service Providers

We share information with trusted third-party service providers who assist us in operating our application, including:

• PayedNow (for payment processing)
• Licensed identity verification providers (for KYC validation, including secure processing of submitted facial images)
• Cloud hosting providers (for encrypted data storage)
• Analytics services (for app performance monitoring)

4.2 Legal Requirements

We may disclose your information if required by law, legal process, or government request, or to:

• Comply with legal obligations
• Protect our rights, privacy, safety, or property
• Prevent fraud or security issues

4.3 Business Transfers

If PayedBit is involved in a merger, acquisition, or asset sale, your information may be transferred as part of that transaction.

5. Data Security

We implement appropriate technical and organizational security measures to protect your information, including:

• End-to-end encryption for transaction data
• Secure HTTPS connections
• Regular security audits and updates
• Limited access to personal information on a need-to-know basis
• Industry-standard encryption protocols

However, no method of transmission over the internet or electronic storage is 100% secure. While we strive to protect your information, we cannot guarantee absolute security.

6. Data Retention

We retain personal information only for as long as necessary to fulfill the purposes described in this Privacy Policy and to comply with legal obligations.

• Transaction data: Retained for the duration of the escrow period, then automatically deleted
• Account information: Retained while your account is active
• Identity verification records: Only verification confirmation data (not facial images) is retained for the period required under applicable financial regulations (typically 5 years). Facial images are deleted immediately after processing.

PayedBit does not retain biometric templates or facial recognition identifiers.

You may request deletion of your account and associated data at any time through our account deletion page, subject to any legal retention requirements.

7. Your Rights and Choices

Depending on your location, you may have certain rights regarding your personal information:

• Access: Request access to the personal information we hold about you
• Correction: Request correction of inaccurate or incomplete information
• Deletion: Request deletion of your personal information
• Objection: Object to certain processing of your information
• Data Portability: Request a copy of your information in a portable format

To exercise these rights, please contact us using the information provided below.

8. Children's Privacy

PayedBit is not intended for use by individuals under the age of 18. We do not knowingly collect personal information from children. If you believe we have collected information from a child, please contact us immediately.

9. International Data Transfers

Your information may be transferred to and processed in countries other than your country of residence. These countries may have different data protection laws. By using PayedBit, you consent to such transfers.

10. Changes to This Privacy Policy

We may update this Privacy Policy from time to time. We will notify you of any material changes by:

• Posting the updated policy on this page
• Updating the "Last Updated" date
• Sending you a notification through the app or email

Your continued use of PayedBit after changes are posted constitutes acceptance of the updated Privacy Policy.

11. Contact Us

If you have questions, concerns, or requests regarding this Privacy Policy or our data practices, please contact us at:

Email: privacy@payedbit.com
Website: www.payedbit.com

12. Third-Party Services

PayedBit integrates with PayedNow for fiat payment processing. Please review PayedNow's privacy policy to understand how they handle your payment information. We are not responsible for the privacy practices of third-party services.

13. Bitcoin Network

Please note that Bitcoin transactions broadcast to the blockchain are public and permanent. PayedBit does not control the Bitcoin network and cannot reverse or modify transactions once broadcast.