From dentistry to sex trade, entrepreneurs catch Bitcoin bug!

Agencies
December 26, 2017

New Delhi, Dec 26: It is not only investors who have caught the Bitcoin bug lured by a crazy surge in prices, but also many Indians who are seeing a business potential in cryptocurrencies and rushing to set up companies to cash in on this craze.

At least a dozen companies, including some in past few weeks, have been registered in various parts of the country with 'Bitcoin' as part of their names while many more such applications are pending before the Registrars of Companies.

The numbers are even higher for the companies with the word 'crypto' in their names, while several others have sought to become more innovative by adding various prefixes to the word 'coin', including those proposing Indian versions like 'IndiCoin' and 'BharatCoin'. There is also a 'SwachhCoin'!

The mad rush -- of entrepreneurs and investors -- seems to be continuing despite repeated regulatory warnings about Bitcoins and their various alternatives operating in a totally unregulated domain and the possible money laundering and terror financing risks associated with such cryptocurrencies.

Various regulators and enforcement agencies are already actively looking into this Bitcoin craze and searches were conducted recently by tax authorities at several places where they are believed to have collected details about lakhs of 'investors' who could be trading on 'Bitcoin exchanges'.

There are concerns that many operators might be running 'e-ponzi' schemes or illicit money-pooling pyramid activities in the name of virtual currencies. Some bogus ones have already been unearthed and are facing police action.

As the regulators and the government departments continue with their probes, which officials at these agencies also described as their efforts to 'understand' this new phenomenon, the entrepreneurs seem to be undeterred by any risk factors and expect good business to come by and they are from various parts of the country -- from Ghaziabad to Kanpur to Darjeeling to Jaipur to Delhi to Ahmedabad to Mumbai.

The RoC filings made by such companies show diverse business activities they propose to undertake -- One has listed 'retail trade/repair of personal and household goods', another claims to be in financial intermediary business, while one also claims to promote 'investigative journalism'.

There are also those offering 'crypto coins' exclusively for dentistry across the world with the promise of removing middlemen-type costs and easier insurance claims! Then, there are also those proposing 'sex coins' for discreet payments for adult entertainment and in sex trade.

A number of new entities have been set up under the LLP (Limited Liability Partnership) model while many others are being set up as privately-held companies. Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and 'articles of association' to include 'Bitcoin' or other cryptocurrencies to join the bandwagon.

There are several entities operating only in the digital world by setting up websites or 'online exchanges' while others have gone in for registering their companies or LLPs.

As per the RoC data, the registered entities include Bitcoin Bazaar, Bitcoin Exchange, Bitcoin Finconsultants, Bitcoin India Software Services, Bitcoin Services India, Bitcoiners India, Bitcoins India and Bit Coin Infotech.

There are others like Crypto Advisors, Crypto Futuristic Trades, Crypto Infotech, Crypto IT Services, Crypto Labs, Crypto Mining, Crypto Yo Coin India, CryptoCoin Solutions and CryptoMudra Digital Services. Further business details of these entities could be ascertained, as most of them have been set up recently, but have been meeting necessary compliances.

While Bitcoin was created as a cryptocurrency in 2009, by an unidentified person using the alias Satoshi Nakamoto, its popularity has grown manifold in recent months with its per unit price soaring to close to USD 20,000 (over Rs 10 lakh) earlier this month. However, the price has been swinging wildly and last week itself, it fell by almost half to about USD 10,000, only to again rebound to the near USD 15,000 level.

It was launched with a promise of lower transaction fees than traditional payment methods with a decentralised authority unlike the government-issued currencies in various countries. At present, Bitcoins command a market cap of over USD 240 billion while more than 16 million units are said to be in circulation. The maximum supply is pegged at 21 million.

It is the anonymity of Bitcoins, minted through complex computer algorithms, that has made them so famous, but has also increased the risks. These are stored in digital wallets, in the cloud or on the user's computers.

The popularity of Bitcoin has given rise to several other such cryptocurrencies globally even as several entities and exchanges have gone bust with huge losses for many. No such currency has yet got legal tender status from any central bank or government in the world, but is still being accepted, mostly for online trades and even for ordering pizza.

These 'coins' are minted and traded with the use of blockchain technology, which uses cryptography for security of exchanges and providing a decentralised 'digital ledger' of transactions for all on the network to see.

Blockchain is a distributed ledger technology algorithm for managing digital cash without any central administrator and users remain unaware about each other. One blockchain network typically has thousands of nodes and a transaction is verified only after a majority of nodes reach consensus.

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Agencies
June 16,2020

Paris, Jun 16: Increasing numbers of readers are paying for online news around the world even if the level of trust in the media, in general, remains very low, according to a report published Tuesday.

Around 20 percent of Americans questioned said they subscribed to an online news provider (up to four points over the previous year) and 42 percent of Norwegians (up eight points), along with 13 percent of the Dutch (up to three points), compared with 10 percent in France and Germany.

But between a third and a half of all news subscriptions go to just a few major media organisations, such as the New York Times, according to the annual Digital News Report by the Reuters Institute.

Some readers, however, are also beginning to take out more than one subscription, paying for a local or specialist title in addition to a national news source, the study's authors said.

But a large proportion of internet users say nothing could convince them to pay for online news, around 40 percent in the United States and 50 percent in Britain.

YouGov conducted the online surveys of 40 countries for the Reuters Institute in January, with 2,000 respondents in each.

Further surveys were carried out in six countries in April to analyse the initial effects of COVID-19.

The health crisis brought a revival of interest in television news -- with the audience rising five percent on average -- establishing itself as the main source of information along with online media.

Conversely, newspaper circulation was hard-hit by coronavirus lockdown measures.

The survey found trust in the news had fallen to its lowest level since the first report in 2012, with just 38 percent saying they trusted most news most of the time.

However, confidence in the news media varied considerably by country, ranging from 56 percent in Finland and Portugal to 23 percent in France and 21 percent in South Korea.

In Hong Kong, which has been hit by months of sometimes violent street protests against an extradition law, trust in the news fell 16 points to 30 percent over the year.

Chile, which has had regular demonstrations against inequality, saw trust in the media fall 15 percent while in Britain, where society has been polarised by issues such as Brexit, it was down 12 points.

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Agencies
March 14,2020

New Delhi, Mar 14: Excise duty on petrol and diesel was on Saturday hiked by ₹3 per litre as the government looked to mop up gains arising from fall in international oil prices.

Special excise duty on petrol was hiked by ₹2 to ₹8 per litre incase of petrol and to Rs 4 incase of diesel, an official notification said.

Additionally, road cess on petrol was raised by ₹1 per litre each on petrol and diesel to ₹10.

The increase in excise duty would in normal course result in a hike in petrol and diesel prices but most of it would be adjusted against the fall in rates that would have necessitated because of slump in international oil prices.

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Agencies
January 10,2020

Indian enterprises were flooded with a whopping 14.6 crore malware threats in 2019 - a growth of 48 per cent (year-on-year) compared to 2018, a new report said on Friday.

Manufacturing, BFSI (banking, financial services and insurance), education, healthcare, IT/ITES, and the government were the most at-risk industries in the country, said the report from Seqrite, the enterprise arm of Pune-based IT security firm Quick Heal Technologies.

Interestingly, almost a quarter (23 per cent) of the threats were identified through 'Signatureless behaviour-based' detection by Seqrite, indicating how a growing number of cybercriminals were deploying new or previously unknown threat vectors to compromise enterprise security.

"With the latest Seqrite annual threat report, we want to empower CIOs, CISOs, business leaders and all key public stakeholders with the insights they need to combat the growing complexity of the threat landscape," said Sanjay Katkar, Joint Managing Director and CTO, Quick Heal Technologies.

The most prominent trend was the drastic increase in the volume, intensity, and sophistication of cyber-attack campaigns targeting Indian enterprises in 2019.

The rapid integration of IoT devices, BYOD (bring your own device), and third-party APIs into enterprise networks has created newer security vulnerabilities that might go unnoticed until a major breach occurs.

Threat researchers at Seqrite observed several large-scale advanced persistent threats (APT) attacks deployed against organisations in the government sector.

"The entry of nation-states and organised cybercrime cells into the fray is expected to add more complication to this situation and will require Indian government bodies and corporate enterprises to shore up their cyber defence strategies in 2020 and beyond," the report noted.

More alarming, however, was the continued lack of security awareness amongst enterprises and government organisations.

"Unsecured Remote Desktop Protocol (RDP) and Server Message Block (SMB) protocols continued to be targeted through brute-force attacks," said the report.

Spear phishing attack campaigns leveraging Office exploits and infected macros were also used extensively by cybercriminals to gain access to enterprise networks and steal critical data.

"India's digital journey depends on ensuring robust cybersecurity for all stakeholders within the enterprise ecosystem," said Katkar.

The sharp spike should be a cause of concern for CIOs and CISOs in the country, especially given the growing digital penetration within their enterprise networks.

"With network vulnerabilities and potential entry points increasing at a rapid pace, threat actors are expected to leverage artificial intelligence (AI) capabilities to power their malware campaigns in the future to capitalise on newer attack vectors," the report added.

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