Home / Crypto Currency / British Company Successfully Trademarked the Term ‘Bitcoin’

British Company Successfully Trademarked the Term ‘Bitcoin’

Trademarks and patents are often frowned upon in the world of cryptocurrency. This decentralized technology is designed to be free and open to everyone. As such, trademarks and patents can cause a lot of unnecessary hindrances. In the United Kingdom, one company successfully trademarked the word ‘Bitcoin’.

A Trademark With Major Implications

Trademarking a commonly used term is not all that straightforward. Although one could obtain a trademark for the term “Bitcoin”, enforcing that trademark will be a different matter altogether. After all, the term Bitcoin has been ‘trademarked’ before, but it was never used to prosecute people using this term irrespective of their commercial interest.

Even so, one particular company in the United Kingdom somehow managed to trademark the term “Bitcoin” in late 2017. It is a bit unclear how the company went about achieving this and what they aim to do with it moving forward. The current relationship between Monopolip Ltd. and the cryptocurrency industry also remains a bit unclear at this time.

The bigger concern is what this approved trademark filing means for the cryptocurrency industry itself. For most people and companies, this will not result in any major changes. One Reddit user, however, explained that he had received a cease and desist letter when using the Bitcoin term in connection with his T-shirt business. Considering that most of his shirts pertain to Bitcoin, there is an issue here.

Enforcing this trademark filing outside the United Kingdom will be pretty challenging. Within that nation’s borders, however, the situation is quite different. Considering that the aforementioned Reddit user is seemingly running a UK-based shop, there is some legal gray area to explore.

There have been a few unsuccessful attempts at trademarking Bitcoin the US over the past few years. That doesn’t mean people will stop trying in the years to come, though. Cryptocurrencies are extremely popular right now, and it is only normal that more people will look to them in an effort to get rich. Using various methods to do so is to be expected, although opting for a trademark filing is pretty bothersome.

It will be interesting to see how this situation plays out. The term ‘Bitcoin’ is far too generic to be trademarked, yet the UK government decided to grant the trademark regardless. Whether or not that decision will hurt the industry moving forward remains to be seen. It’s a very peculiar situation that will spark many debates moving forward.

Read more

Check Also

VeChain Hype Intensifies With Major Partnership and Mainnet Launch

VeChain has gained support from new partnerships with DB Schenker and PwC, ahead of its highly anticipated mainnet launch. VeChain in Last Stages of Preparation Before Mainnet Launch VeChain has posted their official launch schedule to Twitter comments are a mixed bag of congratulations and questions about how to convert existing VEN to the new VET token. The VeChainThor Blockchain is days away from being unleashed. Please review the following timeline and be prepared to witness Blockchain X! pic.twitter.com/kxlQkcc6PI — VeChain Foundation (@vechainofficial) June 21, 2018 Once the launch takes place most exchanges are expected to handle the token conversion, swapping the ERC20 VEN tokens to the new VET symbol. Users should look for a message from their exchanges that they are on board and ready to make the change. For those keeping their tokens in their own wallet and don’t plan to transfer them over to an exchange for the mainnet launch, there’s another way to manage the exchange. Once the mainnet is launched any VEN tokens can be transferred to a new wallet to be released by VeChain that will effectively make the swap from VEN to VET for the owner. After the swap, every single VEN token will be converted to 100 VET. This is designed into the mainnet launch to facilitate smaller transactions, as well as some of VeChain’s use cases such as IoT. For example, VeChain is currently being sold at 3.10$ per unit, after the swap the VET unit is being traded at the price of 0.31$ per one unit. Though the change creates more coins for the user the overall fiat value stays the same. VeChain understands that the token swap will take some time to complete, so they will allow VEN and VET to coexist for a while so that all holders would have enough time to get through the process of the transition. After the mainnet launching, all exchanges for VET will be closed. Investors can book trades on their exchanges but the price won’t be available until the first trade of the newly swapped coin is processed through an exchange that had listed the VEN token. VeChain Set Up for the Future On it’s run up to the mainnet launch VeChain has sealed two major deals that should ensure a solid future for the Chinese company through the current unstable market. “Big Four” auditing giant PricewaterhouseCoopers (PwC) recently lent support to the company through an investment and DB Schenker, a logistics division of German railways has partnered with VeChain to develop an application poised to transform the global logistics ecosystem. As of the time of writing the mainnet is set to launch in 8 days. The post VeChain Hype Intensifies With Major Partnership and Mainnet Launch appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.