UK Cryptocurrencies

Around 50% of UK Businesses Have Stockpiled Cryptocurrencies in Case of an Attack

ยท 15 Feb 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Cryptocurrencies have new supporters every single day. According to a research made by citrix, 50% of large businesses in the United Kingdom have accumulated digital currencies in case of a ransomware attack. Surprisingly, only 7% of the companies are only stockpiling Bitcoin. The other 93% have diversified their portfolios by investing in different cryptocurrencies.

UK Businesses Are Adopting Cryptocurrencies

Several enterprises have been using blockchain technology in order to improve their products and services. But now, they are starting to stockpile cryptocurrencies in case of a ransomware attack. The research carried out by OnePoll and commissioned by Citrix, has interview 750 decision makers specialists in companies with 250 or more employees in the United Kingdom.

According to the poll, 90% of the respondents that are stockpiling cryptocurrencies own Bitcoin. But in order to diversify risks, these companies are also stockpiling other cryptocurrencies. 54% have decided to stockpile Litecoin, 43% Ethereum, 33% Ethereum Classic, 33% Ripple and 29% Dash. Only 7% of the UK businesses are accumulating Bitcoin alone.

From 2016 to 2017, the changes in the amount of cryptocurrencies stored and the companies involved have grown by a small percent. While in 2016 companies were saving 23 Bitcoin on average, now they are stockpiling 24. Besides that, the number of United Kingdom companies investing in cryptocurrencies raised from 42% in 2016 up to 50% in 2017.

Organizations have decided to take some profits when the market reached new all time highs. At the end of 2017, most of the cryptocurrencies reached new price records. Enterprises have decided to sell some of the stockpile to take some profits and come back to the market later. According to the survey, 57% of those companies have sold some of their supply to make a profit. 5% of the the businesses are going to keep all of their Bitcoin.

Security is an important matter as well. Criminals are targeting Bitcoin stockpiles from important enterprises. That’s why 95% of the businesses have decided to take specific steps to protect their cryptocurrencies by using cold storage wallets, have multiple wallets, use a dedicated computer and having dual control.

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.