After the incident of Binance hack, which took place on 7th March, $250,000 are now being offered by the cryptocurrency exchange, “Binance” for arresting the hackers who were involved in the incident. This was announced by Binance on 11th March 2018.
The first person who would give any information about the incident, that’d result in a legal arrest of the hacker will be given the bounty in Binance Coin (BNB), which could be used on the Binance exchange and could be traded as well. According to the announcement, if they find various sources of information related to the Binance hack, that could lead them to the final arrests, then they’d probably divide the bounty between sources.
Binance highlights the importance of an intensive effort to deal with the crime and immoral behaviour in the crypto-community by stating;
“To ensure a safe crypto community, we can’t simply play defense. We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact. Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be addressed.”
$10 million has been allotted by Binance in cryptocurrency funds for the upcoming bounty rewards against any kind of hacking on the Binance exchange. In addition to that, other exchanges from all around the world have been also invited by Binance exchange, according to every Binance statement to follow suit, as they added;
“Protecting your funds is and has always been our highest priority!”
After perceiving unauthorized and irregular transaction activities in the accounts, users notified Binance that their security is being violated. The meticulous way how the hackers used the site still remains unclear, even though on 8th March, trading activities of Binance were resumed. Many users have speculated that compromised API keys is the only reason that could explain how the hackers evaded Binance’s two-factor verification system.
Darknet marketplaces are known to have accepted cryptocurrencies since quite some time now. With the majority of platforms accepting Bitcoin while others experimenting with Ethereum and Monero. However, the darknet markets are in for a bit of trouble as many portals are disappearing overnight in what’s being referred to as “exit scam.”
Here we’ve outlined three most recent incidents of to clear this point.
The Evolution marketplace is one that made several headlines on the media, as it was one of the largest darknet marketplaces worldwide. In March 2015, over 40k bitcoins kept in escrow were stolen and they’ve never been retrieved ever since. The coins were worth around $12 million but no one is certain if they were stolen by the administrator or someone who hacked into the platform. Nonetheless, it is still one of the biggest exit scams since 2015.
Oasis is one of the first darknet markets to support payments made with Monero. Although, this portal went totally dark in 2016 when many users were scammed right before the platform vanished. The result was loss of at least 150 bitcoins while the amount of XMR was never disclosed. While everyone believed that Oasis could’ve been one of the main black markets on the deep web today. Unfortunately, that was not the case which gives everyone on the darknet a warning when it comes to trusting such marketplaces.
EAST INDIA COMPANY:
With a reputation that was usually fluctuating, East India Company was known to be one infamous darknet market before it disappeared in early 2016. To start off with, it was hacked back in August 2015 and lost around 30 bitcoins. It did take them a while to get back on feet as the users gradually made their way back. It was in January 2016, when the platform became inaccessible for a few days, which lead to users having their wallets drained and no response from the admins. No one knows as to how much funds were stolen from the market but it was one of the biggest exit scams over the last couple of years.
Now, if you’re hesitant towards trusting a darknet market but are still curious to know more of the deep web then we’ve got a safer option for you.
A Solution Against Exit Scams – BERMUDA:
Opposite to all the aforementioned markets, Bermuda is there to stay. Despite of being relatively new in the darknet world, Bermuda has got all the attributes to provide the darknet users with a platform where everything – from kids’ toys to adults’ stuff, and prescriptions medications – is available. Moreover, Bermuda is firmly against the sale of stuff such as:
Assassinations or any other services which may be intended to cause harm to others.
Live action stuff/hurt/murder audio/video/images
Weapons of mass destruction: chemical, biological, explosives, etc.
Trading a potion/all of the above-mentioned stuff is what primarily causes the law and enforcement to ban most the darknet markets. On the other hand, Bermuda has it stated in its market policy to never become part of any activity that promotes the prohibited stuff.
Now, one might think: “If Bermuda only deals in regular stuff, why go on the deep web? Why not just your normal browsers/search engines?”
Well, the majority of online buyers prefer to stay anonymous and buy the desired stuff without revealing their identity. But sadly, this is not possible on surface web marketplaces such as Amazon, eBay, etc. So, to achieve that anonymity, they head to dark marketplaces.
However, most the dark markets are involved in illegal trades in addition to selling the routine stuff and most of the time end up getting axed by the government. This ultimately leaves the clients with very limited and often inconsistent options.
Bermuda’s goal is to address this issue and provide dark-web users with a platform that won’t ever go down or get axed by the government so they have a marketplace on their fingertips every time they need to buy some stuff. Some of the key features of Bermuda are:
Payments through both Bitcoin and Fiat are available
Incredibly fast support
Today we’ll be reviewing Xcoins, which is a new peer-to-peer lending platform that was launched recently.
Buying bitcoins is risky business for everyone, especially due to the possibility of a chargeback. However, Xcoin claims to have found a way around this, since they loan you bitcoins instead of selling them to you. Here’s how it works:
Visit the site and select to “loan” some bitcoins. You’ll be asked to verify your ID and requested to deposit the USD equivalent of how much you’d like to borrow + credit card/ PayPal processing fees + a fixed amount that will be acting as the interest rate on the loan.
Fortunately, there is no ongoing interest on the loan since it is just a one-time payment. Usually, these fees go up to more than 20%.
Selling (or lending) Bitcoins on Xcoins
Xcoins even gives the option to lend bitcoins. You can decide how much you wish to loan in USD and deposit that amount in your Xcoins account. The system automatically matches you with suitable buyers and they will deposit money directly to your PayPal account.
In this scenario, you are lending .5 BTC. You would make 15% profit and Xcoins would make 10% profit.
Xcoins put the risk of the transaction on the lender that wants to make money from the premium. There is currently a 15% premium on the bitcoin lending as seen above. So as long as you get a fraudulent customer for less than 15% of the time, you’d end up with a profit.
Xcoins claims that they thoroughly screen all the people that want to buy bitcoins, to reduce the amount of fraud. Also, new users can only withdraw a limited amount of bitcoin and the limit only increases after the user develops a good reputation over time.
What are the benefits?
The main benefit for any seller is obviously to earn around 15% interest when selling bitcoin on the platform.
Once you turn over your bitcoins to the buyer, they can choose to challenge the PayPal transaction and unfortunate to the seller, PayPal almost always sides with the buyer. So, the buyer would end up with both the money and bitcoins and you’d be left with nothing else than remorse. This is why you get paid a premium.
Conclusion – Will I be using Xcoins?
Being a buyer: Xcoins still seems a little unstable to be used for large purchases since it is very new. Although, if the only way you can acquire bitcoins is through PayPal and you’re willing to pay the price, this might be a substitute to VirWox.
Being a seller: No one would want to risk being flagged by PayPal, thus I wouldn’t recommend this to others as well. However, if you want to try it out, go ahead and please share your experience with us right here in the comments section. We’d love to hear all about it!
Recently, there’ve been many fluctuations in the price of Bitcoin and altcoins. Bitcoin was once traded at $20,000, but the recent slump in the cryptocurrency prices made the top-cryptocurrency to drop to almost $6,000, however, it has now recovered and is now priced above $10,000. Ups and downs in the price of Bitcoin and other cryptocurrencies have been one of the most usual characteristics of the cryptocurrency market trend.
Will All Cryptocurrencies Fail?
Yves Mersch, who’s a member of ECB highlighted, that the wild fluctuations in the price of virtual currencies mean that businesses evaluation could find a large and detrimental break between their accurate and optimum price. There’s another negative prediction for Bitcoin which has come from a well-known investor, Warren Buffet. He says that cryptocurrencies are plunging, plus, he also highlighted, that he’d never invest in any of the cryptocurrencies. According to Buffet, all cryptocurrencies will come to a bad end.
Many other critics have also listed their opinions on this recent slump in the price of cryptocurrencies, in which most of them predicted a miserable future for all of the cryptocurrencies. But the problem arises when some of the critics firmly condemn the idea of cryptocurrencies and at the same time, they have a soft side for the “blockchain”.
CEO of Netcoins, Michael Vogel doesn’t really share the same views that the recent crash in the price of Bitcoin and other altcoins indicates technology’s failure. He also highlighted, that seeing the growing phase of cryptocurrencies, the current instability should be considered as normal.
According to Vogel, these slumps are a part of “strong-trading” and he even contends that it’s almost impossible to separate cryptocurrencies from Blockchain. He thinks that cryptocurrencies and blockchain are intimately linked to each other, and both these technologies are mainly intended for huge success.
According to Auxesis Group’s Kumar Gaurav, Bitcoin has got the same value for everyone who are investing in it and also notes, that while this pullback frightened the new-comers or made its sceptics feel inveterate, everyone who is familiar with the Bitcoin’s history knows that it shouldn’t be a surprise at all and such situations always recover quickly.
Cryptocurrency Blockchain Technology:
Cryptocurrency blockchain technology can help in achieving better efficiency, which doesn’t have anything to do with the cryptocurrencies. The Indian Finance Minister recently acknowledged blockchain’s latent that there’s a need of cryptocurrency, however, interests have shifted away from these cryptocurrencies to tokens in the past few years.
Bitcoin debit card is a handy way to bridge the gap between the world of bitcoin and traditional financing. The users can buy bitcoin with debit card or load it with bitcoins; which they can later spend at places/stores that accept credit card.
A downside of bitcoin debit card is that the users can’t spend bitcoins directly. However, it does allow them to store balance in bitcoin.
For those asking what are some top-notch Bitcoin cards and how to make Bitcoin transactions through a debit card, this post is the perfect place to be at. Here we have discussed some top-notch debit cards that you can use to make bitcoin transactions. So, let’s get started with knowing how bitcoin debit cards work.
SpectroCoin Visa Debit Card:
A prepaid Bitcoin debit card. SpectroCoin can be used at any ATM across the world. The card is funded instantly so the users don’t have to worry about exchanging bitcoins in advance.
Some highlights of SpectorCoin are:
All the franchises that accept Visa/Master card as a form of payment also accept SpectroCoin. This includes physical shops, ATMs, PayPal, online sites, etc.
Available in both virtual and physical form. Virtual cards take only a few seconds to create and can be used to spend bitcoins anywhere around the globe. On the other hand, physical ones take up to 1-4 weeks. These cards can also be used to pay with bitcoins throughout the world.
SpectroCoin cards can be instantly loaded from SpectroCoin wallets.
Xapo Debit Card:
Xapo was one of the first debit cards introduced to the market. However, it has yet to make an appearance in the US markets and is currently available only in European countries.
The card takes up to 1-4 weeks to be delivered with the initial cost of $20 and an annual fee of $12.
Coinbase / Shift Card:
Shift is the first bitcoin debit card available to the residents of the US. Using shift card costs no money. However, the purchase price of Shift card is $10.
BitPay Visa Debit Card:
The only Bitcoin debit card that is available in all 50 US states. BitPay costs $9.95 to purchase and takes around 10 days to arrive.
BitPay can be used in person, online and ATMs that accept Visa card.
Cryptopay Debit Card:
The most established bitcoin debit card with 23000 cards already issued. The card is pretty simple to use and allows users to spend bitcoins anywhere around the globe.
The card can be purchased both online and offline and is issued in two forms – virtual and physical.
One of the paramount benefits of Cryptopay is that it doesn’t require the users to provide personal information – giving them complete anonymity to make transactions. Bitcoin users dig this!
Costs range between £15.00, €15.00, $15.00 and £2.50, €2.50, $2.50 depending on user’s location.
These are some most reliable and widely used bitcoin debit cards to make bitcoin transaction(s). All the cards are pretty easy to purchase, cost extremely low and make bitcoin transactions easier than ever. You can also find more information on their official websites.
Just about a week ago, the cryptocurrency’s value was around $3,382 however, it gained a little over 30% and stood at $4,111 until Sunday, August 14.
On August 15, global exchanges experienced another $200 gain, rising to $4382 from $4,111 just a day ago. This movement is created from the sudden interest shown by new investors and analysts.
Investment managers and experts are now not only following the digital currency, but licensed financial specialists have put about $200 million in an initial coin offering (ICO) for a blockchain network known as filecoin a week ago, a project that targets at making a distributed protocol for file storage.
Additionally, with information from Coinmarketcap demonstrating the digital currencies are currently esteemed at $141 billion, a rise of about 20 percent from $118 billion a week ago.