Half of Large British Businesses Hold Stockpiles of Cryptocurrency
A new poll of IT mangers at large UK businesses found that exactly half keep stockpiles of cryptocurrency for various reasons. Unlike what some might imagine, only a very small fraction of the companies that are holding bitcoin claim to be doing so as preparation for a ransomware attack.
Also Read: Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC
Big British Bitcoin Survey
The research also reveals that 57% of those holding bitcoin sold off part of their stash around the December 2017 highs. The study shows that another 38% of these are considering making a sale these days. Just 5% have no current intention to sell their bitcoins.
As for the main reasons for holding such a portfolio, 40% say they plan to use the cryptocurrencies to pay providers, while 32% are aiming to pay their employees with them. Additional plans include using cryptocurrencies together with smart contracts or other blockchain technologies (27%), as part of fundraising (21%), and to pay for training, R&D or other demonstrative activities (17%).
Not Just Security Fears
Only 5% of responding companies in possession of cryptocurrency have not taken any steps to protect their reserves. Of those that have made changes to secure their assets, 52% have used specific back-up procedures. Other popular security measures listed by the researchers include: using cold storage/offline storage (36%), moving to multiple wallets (36%), using a dedicated/hardened computer (35%) and using dual control so multiple people are required to access the cryptocurrency (22%).
However, Citrix’s Chris Mayers comments: “we know that very often, people are the weakest link in the security chain, and 18% of responding businesses say they worry that their hoard of digital currency might put them at risk of insider theft.”
Finally, according to the study, 35% are concerned cryptocurrency prices might crash, and 34% admit that fluctuating prices are discouraging them from stockpiling more. Another 18% are concerned that their business will not be able to cash the cryptocurrency in when required.
What reasons do big companies have to HODL bitcoin and other cryptocurrency stockpiles? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post Half of Large British Businesses Hold Stockpiles of Cryptocurrency appeared first on Bitcoin News.
Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company
Think of cryptocurrency developers and names like Satoshi Nakamoto, Gavin Andresen, and Nick Szabo spring to mind. Individuals who place principles ahead of profit and are more aligned with open source principles than filing patents and closely guarding their secrets. The only secret Satoshi guarded was his identity. It may come as a surprise then to learn that in the last decade, the company that has more cryptocurrency patents than any other is in many bitcoiners’ eyes the antithesis of everything decentralized currency stands for – Bank of America.
Also read: Crypto Exchanges Launch P2P Platforms from Latvia and Bulgaria
Bitcoin Patents Pile Up
Since Bitcoin’s genesis block was mined nine years ago, over 2,000 related patents have been filed, Bitcoin Patent Report reveals. In the cryptocurrency’s early years, the number of patents was low, averaging under 50 a year, but by 2015 that figure began to pick up and by 2016 was growing exponentially. Some of the companies whose names feature in the top ten are to be expected, such as Bitflyer and IBM, whose interest in blockchain is well documented. The computing giant has filed a total of 34 cryptocurrency related patents, but is outplaced by South Korean brokerage Coinplug, which is third on the list with 39.
Some entrants on the list are unexpected, either because they have publicly expressed little interest in cryptocurrency, or are not commonly associated with cutting edge technology. It makes sense that Mastercard would have an interest in digital payment systems, for example, but it is surprising to see them ranked ninth for cryptocurrency related patents, with 21 filings. The greatest surprise of all is reserved for top spot, which is claimed by Bank of America, with no less than 45 patents. Last year, a total of 1,250 cryptocurrency patents were filed, demonstrating the extent to which corporations have finally caught on to bitcoin’s huge potential.
Encouraging Innovation or Stifling Competition?
A patent grants its holder exclusive rights to an invention, such as a piece of technology, for a certain period of time. While designed as a means of protecting the intellectual property of inventors, the system is not without its critics who believe that patenting deters innovation and wastes resources. For example, companies may apply for overly broad patents and then use skilled lawyers to prevent anyone from encroaching on them. Certainly, patents weren’t the first thought of the cypherpunks who sought to make the internet a better and safer place through developing cryptographic tools and later cryptocurrency.
Any individual or organization can file a patent, and just because one is registered and approved doesn’t mean the technology has any merit. In other words, the number of patents an entity files is not evidence of their expertise in the field. Bitcoin’s earliest developers were more interested in creating revolutionary technology than applying to have their code protected by centralized databases. One later entrant to the scene who is synonymous with patents, however, is Craig Wright. He makes it to number two on the list by dint of EITC Holdings, which has filed 42 patents.
Bitcoin Patent Report also reveals that 50% of all crypto-related patents come from China (910) followed by the U.S. (676), U.K. (112), and South Korea (98). Regardless of the merits of each patent, and the moral case for their very existence, they indicate the unprecedented level of interest in bitcoin and the blockchain ecosystem. From insurrectionary cypherpunks to the largest corporations, everyone now has a stake in the game.
How do you feel about companies patenting cryptocurrency technology? Let us know in the comments section below.
Images courtesy of Shutterstock, and Bitcoin Patent Report.
Need to calculate your bitcoin holdings? Check our tools section.
The post Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company appeared first on Bitcoin News.
Mining Crypto In a Browser Is a Complete Waste of Time
Malware that surreptitiously mines cryptocurrency while you browse the web is big news right now – literally in the case of news outlet Salon, which has enabled it as an opt-in feature. One thing that it certainly isn’t, though, is big business. Every other day, media outlets seem to be running stories about the latest cryptojacking scams. While these tales are mostly true, the extent of the problem has been vastly overstated. Smart criminals aren’t covertly crypto mining in-browser, not because they’re incapable of doing so, but because even at scale it simply isn’t profitable.
Also read: Nuclear Engineers Arrested for Mining Cryptocurrency Using Government Supercomputer
Cryptojacking Malware
Naturally members of the public weren’t at risk – in any sense of the word. The only real side effects of having your browsing session cryptojacked are perhaps a slowdown in computing performance and the device heating up. The majority of web users wouldn’t even be aware that anything was amiss. While relatively benign, as cyber attacks go, mining malware is still an inconvenience that no web user would reasonably be expected to tolerate…except for instances where that was the price of access. Salon sparked headlines this week after unveiling plans to do just that as a means of monetizing its news site.
Mining for Kernels of Truth
Media organizations are constantly seeking new ways of monetizing their sites. In an era of ad blockers and diminishing attention spans, generating any sort of payment per click is an achievement. The notion of web users mining monero – an anonymous cryptocurrency synonymous with the deep web and its wares – in order to fund a mainstream news site is an amusing one. It’s also an illogical one, on many levels. According to estimates provided by Coinhive, the software used by Salon as well as by the criminals in last weekend’s UK-wide cyberjacking scam, the return to be made on browser mining is pitiful.
Would you consent to having your computer mine cryptocurrency instead of being served adverts? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post Mining Crypto In a Browser Is a Complete Waste of Time appeared first on Bitcoin News.
Source: https://news.bitcoin.com/