Ethereum: Why is Mtgox trying to keep “bitcoin”?
MTGOX, a popular online stock market that facilitates Bitcoin transactions from 2010 to 2018, is trying to keep the name “Bitcoin”. This move has caused fears in the cryptocurrency community and we will immerse yourself why.
According to reports, Tibanne Co. Ltd., a Japanese company with headquarters in Tokyo, has applied to the United States Patents and Trademarks (USPTO) trademark to register the Bitcoin brand as a trademark. MTGOX is looking for protection for its own brand, which it claims is identical or confusingly similar to the proposed marking of Tiban.
The reasons for MTGOX’s attempt to keep MTGox Bitcoin are unclear. However, there are several possible explanations:
- Competition : The cryptocurrency market is highly competitive and MTGOX can try to protect its brand by claiming ownership of the name “Bitcoin”. This can lead to confusion among users and traders interacting with MTGOX.
- Lack of competition : Although well known online exchange, Mtgox has never been a major player in the Bitcoin market. Through the “Bitcoin” trade marking, MTGOX can try to establish itself as the sole name of the name, thus gaining an advantage over other exchanges that do not use the brand.
- Brand Identity
: MTGOX has built its brand on the principles of “extremely secure” and “experienced”. By registering Bitcoin as a trademark, the company can try to emphasize its own brand identity and create a sense of exceptional.
This move has caused fears among consumers and investors who are not sure about the effects of MTGOX application for a trademark. Some of them expressed their dissatisfaction with social media platforms, calling for caution and calling for the stock exchange to give up their attempt to preserve Bitcoin.
It is worth noting that the trademark law is complicated and USPTO has strict guidance when it comes to trademark applications. The Agency reviews any application based on factors such as:
* Distinction : The brand is unique and is unlikely to cause confusion with other brands?
* Knowledge
: The brand appears in everyday life or trade?
* Intention to use : Is there a clear intention to use the brand?
Mtgox’s attempt to keep Bitcoin has caused a debate and it remains to be seen if the company will give up its move. One thing is for sure, however: this can have significant consequences for consumers, investors and a wider cryptocurrency community.
In conclusion, MTGOX’s attempt to keep MTGOX’s Bitcoin raises questions about brand, competition and market dynamics in cryptocurrency space. As with any trademark app, it remains to be seen whether MTGOX will eventually give up its move or face challenges from other exchanges that do not use the brand.