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Roundup: CryptoGames.io, CEX.io & Ransom Money

Roundup: CryptoGames.io, CEX.io & Ransom Money

Chris in Bitcoin & Cryptocurrency published on 24, October 2015

CryptoGames.io Adds New Wheel Of Fortune Game

Bitcoin casino CryptoGames.io is known for its unique, custom games for Bitcoin, Litecoin, Dogecoin, and Dash. Joining its library of casino games is its own Wheel of Fortune game, which boasts three wheel types. Each wheel bears a distinct theme and set of multiplier. CryptoGames so far offers four cryptocurrency games, with the wheel game the most recent following the Bitcoin dice, minesweeper, and slot games.

“The Steampunk wheel’s multipliers have the lowest minimum multiplier, starting at 0.5x while the Material wheel begins at 1x. Both wheels, however, have the largest multiplier at 3x. Tron, on the other hand, offers multipliers of either 0.7x and 2x. Also, all three wheels have the 0x multiplier, which strips players off the chance to receive a 95-percent to 97-percent return.”

Looking Past Bitcoin As Mere Ransom Money

New cases of cyberattacks like hacking and extortion further taint the reputation of Bitcoin as cryptocurrency and a payment system. It even comes to the point that it is being utilized as ransom money in cybercrimes. The latest incident that presented Bitcoin in this light is the series of attacks launched at Israeli forex and binary brokers. FXCM, a US-based company that operates in Israel, suffered unauthorized wire transfers after refusing to pay the 500 BTC demanded by the hackers.

“While it is unclear how many of the Israeli forex and binary options brokers paid 500 BTC, it is evident that these attacks—which begin with planting the malware then informing the victim of it, after which the malware can be removed only upon payment of the ransom—do exist. What strikes more to the Bitcoin community, however, is the use of Bitcoin as ransom money and a medium to extort companies, regardless if fiat or cryptocurrency.”

CEX.io Payment Options Expand Bitcoin Network

CEX.io, a Bitcoin exchange based in UK, lowered the fees charged for Bitcoin purchase transactions done using credit cards. With only a 3.5 percent fee and an additional $0.25 or €0.25 fee, cryptocurrency users can buy the digital currency more conveniently and economically.

“Moreover, other than low card transaction fees, this exchange platform allows its users to fund their accounts with up to $2,000 or €2,000, which can be used to get hold of both cryptocurrencies. CEX.io has designed its system to process simplified identity verification that yields lucrative benefits. Users that have done identity verification are given the opportunity to increase their credit card purchasing limits up to $100,000 per month.”

Isle of Man To Set Solid Foundation For Bitcoin

Bitcoin and cryptocurrency warriors will find sanctuary in Isle of Man for its Bitcoin-friendly regulations. Opting to become the headquarter of Bitcoin-oriented businesses, this island already houses 20 companies that cater to the digital currency markets, including mining, hardware, software, and exchange. This place also becomes a haven for Bitcoin gambling to prosper.

“Moreover, the island is a preferred location for numerous iGaming industries due to its low taxes and slack legislatures, which makes it the ideal place for the foundation of Bitcoin. The cryptocurrency cluster expertise in the Isle of Man in the field of legal, tax, and technical aspects are set to embolden utilization of the technology.”

Credit Card Purchases Hoist Bitcoin Adoption

Cubits users can buy Bitcoin using their credit cards after the recent upgrade made on the platform. Visa and MasterCard credit cards are the newest payment options supported by Cubits, expanding its system that initially included Skrill, OKPay, and SOFORT only.

“According to the Bitcoin exchange, new customers will initially have a limit for buying Bitcoin using either Visa or MasterCard. This limit will increase in relation to the user’s credit standing and trading history with Cubits. In addition, using this option requires user verification via IDnow and taps the security services provided by 3DSecure to prevent illegal and abusive use of credit cards on this exchange platform.”

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