Bitcoin Jackpot Contest Terms and Conditions

Last Updated:  March 6, 2024

The Bitcoin Jackpot Contest (the “Contest”) will be open to registrants beginning at Friday, February 15, 2024 at approximately 15:00 MST (the “Contest Opening Date and Time”) and ends at the occurrence of the Bitcoin Halving – Block#840,000 as is recorded on the bitcoin blockchain – (the “Contest Closing Date”, and the interim period is the “Contest Period”). The Contest is brought to you by and operated by Bitcoin Well Canada Ltd. (“Bitcoin Well”), 2500 Stantec Tower, 10220, 103 Avenue NW, Edmonton, Alberta, with its “Website” at bitcoinwell.com.

By entering the Contest, you represent and warrant that you have read the Contest Rules, which will be posted on the website, and that you agree and comply with them. 

Eligibility

The Contest is open to all legal residents of Canada and the United States who have reached the age of majority in their province, territory or state, and who have a valid Bitcoin Well account (including a “welltag”) where their identity has been verified and approved by Bitcoin Well. 

Any person who, as of the Contest Opening Date and time, is: (i) an employee of Bitcoin Well and its affiliates; or (ii) each person living under the same roof is not authorized to participate in the Contest. 

Bitcoin Well shall have the right at any time to require proof of identity and/or eligibility to participate in the Contest. Failure to provide such proof may result in disqualification. All personal and other information requested by and supplied to Bitcoin Well for the purpose of the Contest must be truthful, complete, accurate, and in no way misleading. Bitcoin Well reserves the right, in its sole discretion, to disqualify a Participant for any reason.

Any person meeting the eligibility criteria and having made a valid entry (as defined in the following section) in the Contest will be considered a “Participant” in those Contest Rules. This entire section together with any additional entry requirements set out in the “How to Enter” section below may be referred to as the “Participant Eligibility Criteria”. 

Affiliates of Bitcoin Well are prohibited from participating in the contest. If an affiliate intends to participate, they must notify Bitcoin Well in writing before entering the contest. Failure to disclose affiliate status may result in disqualification.

How to enter

NO PURCHASE NECESSARY. To participate in the Contest, you must complete the following steps: 

  1. You must have a valid Bitcoin Well account to participate. If you do not have a Bitcoin Well account, go to www.bitcoinwell.com to create one.
  2. You must complete all required onboarding steps including but not limited to, verifying your email address, verifying your phone number, and verifying your identity. 

By meeting these conditions, you will receive Bitcoin Well Points (“Points”), which can be redeemed for Contest Entry Forms found at bitcoinwell.com/app/reward-points

Participants can earn additional Points in a variety of ways, including but not limited to (i) completing the “Bitcoin knowledge quiz”; (ii) referring friends; (iii) by completing transaction-based activities in the Bitcoin Well Portal. An outline of these activities and the corresponding Points rewarded can be found at bitcoinwell.com/rewards-program-terms. Earning Points by completing these additional transaction-based activities is not required to enter the contest and does not increase your chance of winning the contest. Entries must be received prior to the end of the applicable Contest Period to be eligible for entry.

Contest and prize description

During the Contest Period, Participants will redeem their Points for entries to win a percentage of the Bitcoin Jackpot (the “Prize”).  The “Prize” is awarded in Satoshis (“sats”). One sat is equivalent to 0.00000001 bitcoin. 

The Points can be redeemed for the following Contest Entries: 

  1. 1 Entry = 210 points
  2. 3 Entries = 630 points
  3. 5 Entries = 1,050 points
  4. 10 Entries = 2,100 points

The Prize will begin at 1,000,000 sats and will continue to increase as participants redeem their points for Contest entries until the Contest Closing Date. The value of the Prize will be updated daily and can be found on the Redemption table at https://bitcoinwell.com/app/reward-points.

The Prize will be awarded as follows: 

  1. The first Participant chosen at Block#840,001 will be awarded 21% of the Prize
  2. The second Participant chosen at Block#840,002 will be awarded 69% of the Prize
  3. The remaining 10% will be awarded to a project as determined by Bitcoin Well via https://geyser.fund/ within four (4) weeks of the Contest Closing Date. Bitcoin Well reserves the right to defer or determine the way in which the project will be chosen.

The Prizes will take the form of transfers of the amounts indicated above to the Default Address on the Bitcoin Well account of the selected winner(s). If the Participant does not have a Default Address on their Bitcoin Well account, they will be required to add one before being transferred the Prize.

During the Contest Period, there will be random giveaways in addition to the main Prize. Random giveaway winners will be selected from the Participants who entered the Contest during the specified time period. Random giveaway winners will still be eligible to win the main Prize. 

Winner selection

Following Block#840,000 Contest Closing Date, Bitcoin Well will enter the block hash and a number of entries into this script, which will determine the winning entrant (the “Draw”). Two randomly selected Participants will be awarded the Prize. Each Participant is eligible to win only one (1) Prize. The first Participant selected at Block#840,001 will receive 21% of the Prize, with the second Participant selected at Block#840,002 will receive 69%, subject to meeting all conditions described in these Contest rules, including the Participant Eligibility Criteria.

Winner notification
Once Participants are selected, they will be contacted via email. Before being declared a winner, the selected Participants must correctly answer, without assistance, a time-limited mathematical skill-testing question. This will be administered during a pre-arranged telephone call or by email to comply with these Contest Rules. If a selected Participant fails to respond and answer the skill-testing question within three (3) business days, an additional randomized Draw will occur to select a new Participant. If an individual winner fulfills all obligations described in the Contest Rules and meets the Contest Eligibility Criteria, their Prize will be sent to the Default Bitcoin Address of the Participant on their Bitcoin Well account within (10) business days following the Draw. A prize must be accepted as awarded, without subscription.

Prize acceptance, release of liability, and indemnification
By participating in the Contest, you acknowledge and agree that any Prize awarded to you by Bitcoin Well is given without any payment or consideration from you. Upon accepting the Prize, you release Bitcoin Well and its affiliated entities, including employees, directors, officers, and associated individuals (collectively, the “Releasees”), from any liability for losses, harm, damages, or expenses arising from your participation in the Contest, related activities, or the acceptance, use, or misuse of the Prize. This release encompasses but is not limited to, costs, injuries, losses related to personal injury, death, property damage, rights of publicity or privacy, defamation, misrepresentation, or any third-party claims arising therefrom.

Furthermore, participants should be aware that the Prize is awarded in sats with one sat equivalent to 0.00000001 bitcoin. Bitcoin values are subject to market fluctuations, and the actual value of the Prize in fiat currency may vary at the time of receipt. By entering the Contest and accepting the Prize, you acknowledge the inherent volatility of cryptocurrency values and agree that Bitcoin Well and the Releasees are not liable for any changes in the value of the Prize after it is awarded. In the event of any dispute regarding the Prize’s value or any other matters, the decision of Bitcoin Well shall be final and binding.

Releasees’ limitation of liability
The Releasees assume no liability for any loss, damage, or injury, including technical malfunctions, computer problems, or delays beyond their control. This includes damage to a participant’s device or any issues related to internet congestion. The use of a Prize or any associated activities is at the participant’s own risk.

General rules

The Contest is void where prohibited by law.

Disqualification and liability:

Bitcoin Well reserves the right to disqualify Participants at any time, for any reason including but not limited to, fraudulent activity, making a false statement or violating the Contest Rules.

Contest administration and security
Bitcoin Well reserves the right to cancel or suspend the Contest due to circumstances beyond its control. Deliberate attempts to damage the website or disrupt the Contest may result in legal action. In case of identity disputes, the authorized account holder of the submitted email address will be deemed the Participant.

Contest rules and modifications
Bitcoin Well reserves the right to modify Contest rules or terminate the Contest at any time without liability. Any changes will be published on the Bitcoin Well website and included in the posted Contest Rules. Participants must check and comply with the most recent rules as of the Contest Closing Date.

Participant representation and compliance
By participating, you represent and warrant that you have read and agree to comply with the Contest Rules. You also agree to abide by Bitcoin Well’s decisions, which are final and binding. The Contest is subject to applicable federal and provincial laws and regulations.

General provisions
Any failure by Bitcoin Well to enforce a provision does not waive it. The invalidity of one provision does not affect others. If a provision is found invalid, the rules will be construed in line with their terms as if the invalid provision were not present.

Privacy

Your privacy matters to us at Bitcoin Well. When you join the contest, you acknowledge that we may share your Personal Information with our trusted service providers and agents. Rest assured, we will only use your Personal Information for the purposes outlined in our privacy policy, which you can find at https://bitcoinwell.com/privacy-policy/. By entering the contest and providing your information, you agree to its use as described in our Privacy Policy. We won’t disclose your personal details without your consent.

Contact us

For more information on our Contest Rules, please contact us by email at hello@bitcoinwell.com

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