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Bitcoin has Entered the Mainstream. Now What?

For centuries, individual governments have created, distributed, and regulated their own physical currencies. Even with the rise of checks, debit cards, and credit cards, nationalized currency is still the norm for every country on Earth. Of course, the physical currency itself isn’t valuable. After all, a $100 bill isn’t made with $100 worth of materials; the bill is valuable because the government says it’s worth $100. So if the material itself doesn’t provide the value, what if something other than physical currency could provide value too?

Even something as integrated as physical currency was still susceptible to new, digital ideas. In 2009, bitcoin was launched. While it languished in relative obscurity for its first few years, it entered the public consciousness after one high-profile case: the Silk Road marketplace. The revelation of a thriving, online black market that survived on anonymous, digital payments was frightening to many. However, it also showed what the future of currency could be. A fully digital, borderless currency has the potential to change the entire global economy. And while this economic revolution is a long way away, bitcoin continues to gain momentum, proving itself to be more than just a fad. And while bitcoin may never overtake national currencies, its ever-growing acceptance shows that it isn’t going away any time soon.

From Obscurity to Omnipresence

When bitcoin was first launched, it was almost completely unknown. After all, cryptocurrencies weren’t really a thing in 2009. And even until 2016, an estimated 46% of all bitcoin transactions were used for illegal goods and services [1]. Put simply, bitcoin was much more popular among the dark corners of the Internet than the general population in the coin’s early days. However, in 2017, bitcoin entered the mainstream. That year, the value of bitcoin increased 1,824%, from under USD $1,000 to a then-high of USD $19,783 [2]. And while bitcoin’s value remained volatile after this jump, it proved that bitcoin was more than a currency for illegal goods; it was a currency with the potential to revolutionize business and government.

In 2021, it is beginning to realize that potential. While widespread use and acceptance of bitcoin is still hypothetical, major corporations are beginning to embrace the revolutionary cryptocurrency. Businesses that accept bitcoin payments include AT&T, Overstock and PayPal [3]. And while traditional cash and credit cards still make up the vast majority of purchases at these businesses, bitcoin’s increased acceptance highlights its continued momentum in 2021.

In addition to corporations’ acceptance, some national governments are encouraging the use of bitcoin as well. In June 2021, El Salvador passed a law making bitcoin a legal currency in the country [4]. While it does not go into effect until September 7, this radical experiment could be the turning point for bitcoin. If successful, El Salvador could show how bitcoin can be used as an effective, convenient and stable currency. Its potential success in El Salvador could lead to more widespread adoption as legal tender in various countries, making the coin even more valuable, and more stable. However, if unsuccessful, it could highlight bitcoin’s volatility, decreasing its value and slowing its momentum.

Government Regulations

While most countries don’t accept bitcoin as a currency, that doesn’t mean that it is free from government oversight. Although bitcoin was created as a decentralized, international currency, it is still subject to national laws. And with its growing popularity comes growing regulation. For example, China has banned banks and other financial institutions from providing services regarding cryptocurrency. This means bitcoin trading is outlawed in China, although individuals are still allowed to hold cryptocurrencies [5]. China’s government blames bitcoin’s high volatility for the ban, claiming that cryptocurrency trading could put individuals and the entire nation’s economy at risk.

In the United States, however, bitcoin trading is legal and faces relatively few regulations. Americans are free to buy and sell cryptocurrencies with little government interference. However, it may not be this simple for long. Lawmakers are attempting to increase regulations on bitcoin and other cryptocurrencies, stating that they pose a tax evasion risk [6]. Therefore, Congress is debating the addition of more tax-reporting requirements for cryptocurrencies [7]. So while cryptocurrency faces few regulations in the United States today, it will likely become regulated similarly to stocks and gold in the future.

Finally, bitcoin has faced pressure from environmental activists as well. The process of bitcoin “mining” is energy-intensive, with high-powered computers constantly churning to solve complex algorithms. Due to this mining, the cryptocurrency itself has a larger carbon footprint than American Airlines [8]. Because of this massive environmental impact, bitcoin may not be a sustainable currency, as it will remain minable until 2140 [9].

The Future of Bitcoin

In a way, bitcoin is similar to a promising startup: It burst into the mainstream in 2017 and has shown incredible potential. However, it’s going up against a powerful competitor: Physical currency. Therefore, bitcoin has to prove its worth in order to survive. Can it maintain stability and keep consumer trust? Can it offer benefits that physical currency can’t? Right now, we simply don’t know. However, its increased acceptance by businesses and governments can certainly lead to trust, stability and convenience. Therefore, its potential is still sky-high.

Ultimately, potential is not the same as success though. An estimated 17% of Americans now own a share of bitcoin [10]. But many of those owners see bitcoin as an investment, rather than a competing currency. And for those who don’t own bitcoin, it is still seen as unstable, confusing and complex. Put simply, bitcoin is not more convenient than physical currency in 2021, and is significantly more volatile. It doesn’t have the widespread use and trust that it requires to be a competing currency. So while bitcoin has certainly gained momentum and trust in recent years, it still has a long way to go before proving itself to be a viable, everyday currency.

[1] Foley, Sean, and Jonathan R. Karlsen. “Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed Through Cryptocurrencies?” OUP Academic. April 04, 2019. https://academic.oup.com/rfs/article/32/5/1798/5427781.

[2] Morris, David Z. “Bitcoin Hits a New Record High, But Stops Short of $20,000.” Fortune. December 17, 2017. 

https://fortune.com/2017/12/17/bitcoin-record-high-short-of-20000/.

[3] Lisa, Andrew. “10 Major Companies That Accept Bitcoin.” Yahoo! Finance. August 25, 2021. https://finance.yahoo.com/news/10-major-companies-accept-bitcoin-190340692.html.

[4] “Bitcoin to Become Legal Tender in El Salvador on Sept 7.” Reuters. June 25, 2021. https://www.reuters.com/technology/bitcoin-become-legal-tender-el-salvador-sept-7-2021-06-25/

[5] “China Bans Financial, Payment Institutions from Cryptocurrency Business.” Reuters. May 18, 2021. https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/.

[6] Franck, Thomas. “U.S. Treasury Calls for Stricter Cryptocurrency Compliance with IRS, Says They Pose Tax Evasion Risk.” CNBC. May 20, 2021. https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html.

[7] Kelly, Makena. “Controversial Crypto Rules Remain in Infrastructure Bill after House Vote.” The Verge. August 25, 2021. https://www.theverge.com/2021/8/25/22641375/cryptocurrency-infrastructure-irs-tax-developers-miners-bitcoin.

[8] Mellor, Sophie. “Elon Musk Is Right: Bitcoin Mining Is Bad for the Planet.” Fortune. May 13, 2021. 

https://fortune.com/2021/05/13/musk-bitcoin-mining-bad-planet-heres-how-bad/.

[9] Hayes, Adam. “What Happens to Bitcoin After All 21 Million Are Mined?” Investopedia. August 23, 2021. https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/.

[10] “About 46 Million Americans Now Own Bitcoin.” Nasdaq. May 14, 2021.https://www.nasdaq.com/articles/about-46-million-americans-now-own-bitcoin-2021-05-14.

Data Breaches are Here to Stay (For the Unprepared)

On August 18, T-Mobile announced that a recent data breach has affected over 40 million customers. Thankfully, it appears that no financial information was leaked. However, in a statement, T-Mobile stated “While our investigation is still underway and we continue to learn additional details, we have now been able to confirm that the data stolen from our systems did include some personal information.” Those responsible for the breach targeted T-Mobile credit applications, putting names, phone numbers and social security numbers at risk [1].

This massive data leak is just one of many that have occurred in recent years. From banks to superstores, data breaches have affected businesses in every industry, putting customers at risk. With this never-ending barrage of data breaches occurring, it’s fair to ask: When will they stop?

Well, we simply don’t know. If businesses continue to neglect cybersecurity, data breaches will remain common and catastrophic. However, there are ways to minimize this risk. Simply taking the time to protect your data is the key to preventing these massive, costly data breaches. After all, protecting your data is a lot easier than dealing with a massive data breach. Just ask Equifax.

The Equifax Data Breach

In 2017, Equifax, a consumer credit reporting agency, fell victim to a massive cyberattack and data breach. In the attack, over 160 million customers’ personal information was leaked, including names, phone numbers, social security numbers, driver’s license numbers and more [2].

In addition to the massive security breach, Equifax’s response to the attack was criticized as well. Although Equifax learned of the attack in July 2017, it was not announced publicly until September 2017. Additionally, Equifax social media directed customers to unofficial sites not owned by Equifax, putting clients further at risk of phishing attacks [3]. Put simply, the Equifax data breach showed what a business should not do in the event of a data breach. From poor communication to a lackadaisical response to the sheer scale of the breach, Equifax was largely unprepared for the breach and its consequences.

But how did the breach occur? While some data breaches can be the consequence of an honest mistake, this was anything but. Equifax was targeted because of its refusal to update its security software. In March 2017, an update for Equifax’s security software was released, but the update was not immediately installed. Quickly, cybercriminals realized there was a security hole in the older version of the software. Then, in May 2017, cybercriminals found that Equifax’s dispute portal still used the flawed security software. They gained access to documents that contained customers’ personal information, and slowly extracted the data over 76 days to avoid detection. As the attackers continued to extract the data, Equifax learned of the breach on July 29, and quickly shut off access. However, by the time Equifax cut off access to the criminals, the damage had already been done.

Why do Criminals Want Your Data?

While data breaches can be catastrophic to consumers, they can lead to big paydays for hackers. For the T-Mobile breach, the release of phone numbers can lead to increased phishing attempts among victims. And because the criminals have access to each phone number’s accompanying name, they can craft a much more convincing phishing text message. If customers fall for the trick, it puts the rest of their data, including financial information, at risk.

If cybercriminals gain access to financial information in a data breach, the consequences can be even more severe. Using this financial information, the hackers (or those who buy the data from the hackers) can open new credit lines, receive loans, or file false tax returns. And because these financial agreements are under your name, you could be on the hook for paying it back.

How do Data Breaches Happen?

While the cause of T-Mobile’s breach is not immediately apparent, Equifax’s cause certainly is clear: Negligence of cybersecurity. Treating cybersecurity as an afterthought is the main cause of many data breaches. Attackers often use phishing techniques and malware in order to gain access to valuable data. For example, when Target was the victim of a data breach in 2013, the attackers stole credentials and installed malware to Target’s software to extract names and credit card numbers [4]. 

In addition to outside cybercriminals, insider attacks pose a threat to businesses as well. In fact, employee error is the main cause of most data breaches [5]. While most of these breaches are small and have few negative consequences, it shows that outside actors are not the only cybersecurity risk. 47% of business leaders say that human error has caused a data breach in their organization. From losing a device to unintentionally sending confidential emails, internal data breaches certainly pose a threat. Thankfully, there are ways to minimize this risk.

How to Minimize the Risk of a Data Breach

One of the best ways for businesses to prevent a data breach is to encrypt confidential files. With strong encryption, files are unintelligible to unauthorized attackers, making your data useless to cybercriminals. So even if attackers gain access to your documents, encryption blocks the attackers from understanding the data. This ensures that your documents are usable for you, but worthless to criminals.

For individuals, there are easy strategies to minimize harm if your data is leaked. One easy technique to protect yourself is to use different passwords for different accounts. If you use the same password for all of your accounts, just one leak can make all of your accounts at risk. Therefore, it’s important to use different passwords for all your online accounts to ensure one leaked password doesn’t compromise all of your accounts. Additionally, simply checking your credit card history and credit reports can help stop identity theft after a data breach. If you catch fraud early, it can be stopped. Simply using these two techniques can help minimize the damage of a data breach if your information is compromised.

AXEL Offers Unparalleled Protection

AXEL believes that privacy is a human right. With this in mind, we created AXEL Go, a secure file-sharing and storage software. Offering industry-leading encryption and decentralized blockchain technology, AXEL Go is the best way to protect yourself or your business from unauthorized cybercriminals. Put simply, personal information deserves the best protection. If you’re ready to try the best protection, get two free weeks of AXEL Go here. 

[1] Schwartz, Mathew J., and Ron Ross. “T-Mobile: Attackers Stole 8.6 Million Customers’ Details.” Data Breach Today. August 18, 2021. https://www.databreachtoday.com/t-mobile-attackers-stole-86-million-customers-details-a-17314?rf=2021-08-19_ENEWS_ACQ_DBT__Slot1_ART17314&mkt_tok=MDUxLVpYSS0yMzcAAAF-_hUkPD9ryUOmFe0rRKxJ3eQA_mnHG9wpo_qAsffgZRgbqIV4FLolYFKr0A7f0CcMmHSwwy3ta4adyJhcjljmHueKFGYuyCT0ezu_kdFj7GYGdCBegA.

[2] Ng, Alfred. “How the Equifax Hack Happened, and What Still Needs to Be Done.” CNET. September 07, 2018. https://www.cnet.com/tech/services-and-software/equifaxs-hack-one-year-later-a-look-back-at-how-it-happened-and-whats-changed/.

[3] Morse, Jack. “Equifax Has Been Directing Victims to a Fake Phishing Site for Weeks.” Mashable. June 10, 2021. https://mashable.com/article/equifax-twitter-phishing-site-facepalm

[4] McCoy, Kevin. “Target to Pay $18.5M for 2013 Data Breach That Affected 41 Million Consumers.” USA Today. May 23, 2017. https://www.usatoday.com/story/money/2017/05/23/target-pay-185m-2013-data-breach-affected-consumers/102063932/.

[5] Reinicke, Carmen. “The Biggest Cybersecurity Risk to US Businesses Is Employee Negligence, Study Says.” CNBC. June 21, 2018. https://www.cnbc.com/2018/06/21/the-biggest-cybersecurity-risk-to-us-businesses-is-employee-negligence-study-says.html.

What the New Infrastructure Bill Means for Tech

On Tuesday, the United States Senate passed a USD $1 trillion infrastructure bill, sending it to the House of Representatives for further debate. While the details and amount of money are subject to change, it is likely that some kind of bill to expand and rebuild the country’s infrastructure will be passed and signed in the coming months. And while most of the bill’s funding will focus on fixing America’s roads, bridges, and other transportation infrastructure, tech is far from being ignored.

Infrastructure spending has long been a goal of many Presidential administrations. And while many bills fall victim to partisan battles, the general idea of infrastructure spending enjoys bipartisan support. Of course, certain tenets of the infrastructure bill will still face fierce debate, particularly the portions that pertain to technology. However, because there is bipartisan agreement that America’s infrastructure needs updates, a bill is likely to pass. And while the numbers may change, the country is still set to spend billions to update, modernize, and regulate technology infrastructure.

Crypto Tax Changes

One of the most important (and controversial) tenets of the bill is creating tax-reporting mandates for cryptocurrency brokers. In practice, this would make reporting cryptocurrency income similar to traditional stock income, where brokers already report their clients’ sales to the IRS. Congressional accountants estimate that this update to crypto tax laws would raise USD $28 billion over ten years [1]. And while this money doesn’t cover the entire cost of the bill, it would pay for the USD $25 billion to repair America’s structurally deficient bridges.

The reason for its controversy is cryptocurrency’s unique nature. Opponents say that the language of the bill regarding cryptocurrency is too broad, leading to software developers and crypto miners facing tax requirements. Additionally, some fully oppose taxes on cryptocurrencies, due to their purposefully decentralized nature. However, supporters of this tax claim that cryptocurrencies are like any other property, and therefore should be subject to capital-gains taxes. Supporters want cryptocurrency gains to be taxed the same as other properties, such as gold and stocks. So while cryptocurrency will still be largely decentralized and international, it will likely become subject to national taxes in the future.

Broadband Access

Another large portion of the infrastructure bill is dedicated to broadband affordability. While those living in urban or suburban communities typically have easy access to the Internet, those living in rural communities aren’t afforded that same accessibility. Many rural areas don’t have consistent access to the Internet, and if they do, the costs can be immense. To combat this Internet inequality, the infrastructure bill offers billions in grants to low-income households. The new program offers monthly USD $30 subsidies toward purchasing high-speed Internet [2]. 

As millions of Americans have spent the past year working and studying from home, reliable Internet access has become a necessity, especially for low-income college students. The new bill also provides USD $1 billion for colleges and universities to provide additional direct grants to students in need. Overall, expanding broadband access will help ensure more Americans have affordable access to the Internet. After all, access to online services has proven itself to almost be a necessity in nearly every facet of life.

Electric Vehicle Expansion

One of the largest physical infrastructure plans included in the bill is a USD $7.5 billion investment in electric vehicle (EV) charging stations [3]. While EVs have been available to Americans for years, adoption has been slow, partially due to the lack of EV chargers available across the country. This investment hopes to encourage Americans to switch to more environmentally-friendly EVs, as opposed to traditional gasoline-powered cars. In addition to EV charging stations, the bill also sets aside USD $7.5 billion to help cities adopt zero-emission public transportation vehicles. 

Cybersecurity Updates

The bill also offers USD $1.9 billion for cybersecurity updates. USD $1 billion of that fund is slated to be given as grants to state and local governments [4]. Following increased numbers of cyberattacks and ransomware incidents, this money will be useful for updating aging technology. State and local governments often rely on older tech, making it easier for cybercriminals to stage a successful attack.

In addition, these grants will greatly help local governments, who are particularly susceptible to ransomware attacks [5]. Local governments often oversee critical infrastructure, such as water, sewage, schools, and airports. Because all of these are necessities for the community, cybercriminals often target them, knowing that local governments will be desperate enough to pay the ransom. Thankfully, the infrastructure bill’s investment in modernizing cybersecurity for local governments can help protect these communities from the rising threat of cybercrime.

Why Tech is Infrastructure

While the infrastructure bill receives broad support from Americans, some have objected to the bill’s spending outside of traditional infrastructure. After all, “infrastructure” has always meant roads and bridges, rather than tech. But because technology is becoming so present in our lives, it’s important to ensure our tech consistently works. Think about it: If your employer’s Internet went out on a workday, it would be more than an inconvenience. It would likely cause nearly everyone’s work to pause. Simply put, we are incredibly reliant on technology, so it makes sense to ensure that technology works properly and consistently.

When people hear the word “infrastructure,” many think of physical infrastructure, such as roads, bridges, pipes and buildings. Naturally, most of the infrastructure bill is slated to fund these physical infrastructure projects. However, with the Internet truly becoming a necessity in recent years, technology needs to be included in infrastructure as well. To a certain extent, it’s just as important as water or sewage. When our country’s technology works as intended, it can lead to incredible efficiency and convenience. And even in a pandemic, technology allowed us to continue to get work done, ensuring that businesses and governments could continue to serve their communities. But when technology doesn’t work, it can lead to chaos and frustration. Just a loss of Internet can cause entire businesses to temporarily shut down. So because technology and the Internet are so vital to individuals, businesses, and governments, it simply makes sense to consider technology as infrastructure. After all, the Internet isn’t just a luxury anymore; it’s a vital necessity for all.

[1] Gordon, Marcy. “EXPLAINER: How Cryptocurrency Fits into Infrastructure Bill.” AP NEWS. August 10, 2021. https://apnews.com/article/technology-joe-biden-business-bills-cryptocurrency-92628a41124230448f65fdeb89ffad7d.

[2] Gravely, Alexis. “Infrastructure Bill Expands Broadband Affordability for Students.” Infrastructure Bill Expands Broadband Affordability for Students. August 10, 2021. https://www.insidehighered.com/news/2021/08/10/infrastructure-bill-expands-broadband-affordability-students.

[3] Szymkowski, Sean. “Bipartisan Infrastructure Bill Passes US Senate with Billions for EV Charging Network.” Roadshow. August 10, 2021. https://www.cnet.com/roadshow/news/biden-bipartisan-infrastructure-bill-ev-charging-network-senate/.

[4] Miller, Maggie. “Senate Includes over $1.9 Billion for Cybersecurity in Infrastructure Bill.” TheHill. August 10, 2021. https://thehill.com/policy/cybersecurity/567204-over-1-billion-in-cybersecurity-funds-included-in-senate-passed.

[5] Garcia, Michael. “The Underbelly of Ransomware Attacks: Local Governments.” Council on Foreign Relations. May 10, 2021. https://www.cfr.org/blog/underbelly-ransomware-attacks-local-governments.

Shady Schemes and Sinful Scams: The History of Internet Spam

Ever since the infancy of the Internet, spam has caused headaches for those that encounter it. Whether it be old-fashioned email spam or a modern phishing attempt through social media, we all have to deal with annoying, dangerous spam. Thankfully, tech companies have found ways to minimize the amount of spam we see, with spam folders and CAPTCHA tests becoming prevalent across the Internet. However, even with these security measures, spam still sometimes gets through, putting businesses and individuals at risk.

Early Days of Spam

The first recorded instance of “spam” actually occurred well before the invention of the Internet. In 1864, British politicians received a knock on the door, along with a telegram message; the politicians were terrified a war had broken out. But when they received the telegram, it did not tell of war or death, but an advertisement for a local dentistry. The politicians were understandably irritated and told the press about this occurrence, further amplifying the dentistry’s message as well [1]. Ultimately, this story shows how annoying (yet successful) spam messages can be. And when the Internet broke into the mainstream in the 1990s, pranksters and cybercriminals set their sights on the new, burgeoning medium.

As Internet use became more widespread, emails became the main target for spammers. In fact, in 2008, spam was so prevalent, it constituted 92.6% of all emails sent [2]. Although email was quickly becoming a valuable tool at home and the workplace, spam still made up the vast majority of all emails sent. Thankfully, in 2019, that number dropped to 28.5%. However, that number shows how spammers have simply found new, more successful ways to inundate users with ads and scams.

Unfortunately, many spam emails became more than annoying advertisements and sought to harm users as well. These scam emails seek to trick the receiver, typically by masquerading as another person. A well-known example is the “Nigerian prince” phishing scam, where the scammer promises a large sum of money in exchange for a smaller, upfront payment by the receiver. However, when the receiver makes the payment, the scammer does not fulfill their promise, making away with the upfront payment. While the success rate of this scam is low, it worked often enough to become profitable to scammers.

Modern-Day Scams and Spam

Now, spammers have diversified their targets, attacking people with more advanced social media and email scams. One prevalent example is a phishing scam that seeks access to personal Facebook accounts. In this scheme, scammers typically send a vague message with a link. When the user clicks the link, they see what appears to be a Facebook login page, but is actually a webpage masquerading as Facebook. Unsuspecting users then log in to the fake page, unknowingly giving their login information to the scammers. The crooks then have control of the account, then often post ads and try to trick the account’s friends with the same scheme.

Other modern scams use similar techniques, where the scammer typically disguises their email as an official work email. One example of this is CEO Fraud, where scammers, who pretend to be the CEO of the company, email lower-level employees at a business. The emails, typically written with an urgent tone, instruct employees to wire money to an account connected to the scammer. And while most employees don’t fall for this trick, the small amount that do lead to big paydays for scammers.

In addition, with the rise of cryptocurrencies and their decentralized, anonymous nature, crypto scams have become more prevalent as well. The most prominent example of this occurred in 2020, when 45 popular Twitter accounts were hacked, including Barack Obama, Bill Gates and Kim Kardashian. The accounts Tweeted identical messages, promising to double the value of Bitcoin that users send to a cryptocurrency wallet. While the Tweets were quickly taken down, the scammers still received over $100,000 in Bitcoin from users in that short period [3].

Tips to Avoid Scams

While many tips to avoid Internet scams may seem like common sense, it’s still important to review ways to protect yourself. After all, spam and scams are still evolving; we don’t know how these criminals will target their victims in a few years. So it’s crucial to stay informed on ways to protect yourself from these scammers.

Don’t click on anything from unknown accounts

This is the main way scammers can hack into your account and post spam. Just one click can give access to your entire account to the scammers. Only click on links from accounts and people you trust. If someone messaged you, and you’re not sure who it is, never click a link.

Check the email address

While this may sound obvious, double-checking emails can save you or your company from chaos. Scammers can make their emails look incredibly similar to official work emails; the only difference being a slightly different email address. For example, an email from help@google.com is safe. An email from help@google-admin.com is not safe. Before clicking a link, always double-check the email address to make sure it’s from the official site.

If it sounds too good to be true, it probably is

If you receive a message promising to double your money quickly, it is almost certainly a scam. Any message that promises thousand-dollar gift cards or free iPads simply wants your information to pile you with spam. Unless you’ve entered a sweepstakes, any message saying you’ve won something valuable is almost certainly fake.

AXEL’s Efforts to Can Spam

AXEL is committed to protecting your data, including protection from scammers, spammers, and cybercriminals. That’s why AXEL Go uses industry-leading data encryption, blockchain technology, and digital “shredding” to protect your data. As scammers evolve their practices, so does AXEL. For example, AXEL Go uses a system of decentralized servers to transfer your documents. So even if hackers gained access to a server, your files are still safe and uncompromised. To try out AXEL Go’s unparalleled data security, sign up for a two-week free trial here. 

[1] “Getting the Message, at Last.” The Economist. December 15, 2007. https://www.economist.com/node/10286400/print?story_id=10286400.

[2] Johnson, Joseph. “Spam E-mail Traffic Share 2019.” Statista. January 25, 2021. https://www.statista.com/statistics/420400/spam-email-traffic-share-annual/.


[3] Iyengar, Rishi. “Twitter Blames ‘coordinated’ Attack on Its Systems for Hack of Joe Biden, Barack Obama, Bill Gates and Others.” CNN. July 16, 2020. https://www.cnn.com/2020/07/15/tech/twitter-hack-elon-musk-bill-gates/index.html.

Lawyers are the New I.T.: Tech Tips for Legal Professionals

As workplaces embrace modern technology more than ever before, knowledge of that technology is essential. No matter your job, employees must possess some amount of technical skill in order to maintain efficiency and complete their tasks. Even the most traditional law firms in the United States use some amount of technology. However, no matter if you work at a more traditional firm or one that has gleefully embraced legal tech, we can all become more advanced and efficient with our technology.

From increasing efficiency to protecting your business (and your clients), these tech tips will help ensure your firm is offering the very best.

Embrace New Tech

This may sound simple, but embracing new technology is one of the best ways to stay efficient and safe in the workplace. No, you don’t have to buy new computers every six months, but being aware and researching new programs can give you an edge over the competition. Find out what software can help automate your tasks, or what legal tech program saves your firm valuable time.

The best businesses are all embracing the technology that is available to them. However, change can certainly be scary. After all, many of us learned to work from home, using new software and programs that we weren’t used to. It was undoubtedly stressful to learn so many new programs in a short amount of time. But after a bit, we got used to it. We mastered the new technology, and are more efficient and successful because of it. Using new technology can be daunting, but it undoubtedly helps yourself and your business in the long run.

Update, Update, Update

Updating your software is one of the most important (and easiest) tech tasks to complete. We’ve all seen them and occasionally ignore them. Restarting a device in the middle of a workday can certainly be annoying, but it’s vital to do so. Software updates patch security holes and other vulnerabilities in your software. And as we’ve seen with the numerous ransomware attacks this year, cybercriminals will find these vulnerabilities and exploit you and your business without hesitation. Updating your operating systems and security software will give you more protection against these threats.

Take Advantage of Free Trials

Many legal tech providers offer free trials of their products for firms. Use them! Test out new programs often to see if it works for your firm. Don’t become complacent simply because you’re used to a certain software. If there’s software that fits your firm’s needs better, try it out.

Technology has never been stagnant; it advances quickly, and new programs that maximize efficiency can come quickly as well. Being open-minded about new programs and software will help ensure your firm is as efficient as possible. Of course, this doesn’t mean you should change your entire firm’s software every week, but learning about and testing out new programs will keep you knowledgeable about the technology that could potentially help your firm. And when a new program comes out that works perfectly for your workplace, you’ll be the first to take advantage of it.

Learn Your Technology

Most of us know the basics of computers and common software, but there are so many more things to learn. From the classic “Ctrl + C” and “Ctrl + V” for copying and pasting to the most advanced Excel commands, there are so many ways to maximize efficiency with shortcuts. Take an afternoon to learn and practice shortcuts that can help your efficiency at the office. And when your business upgrades to new software, learn that software quickly as well! Learning the ins and outs of programs can save you hours per day, leaving more time available for other projects.

In addition to learning about your technology, you should learn what to do when the technology suddenly stops working. From Internet outages to hardware malfunctions, be aware of common troubleshooting techniques to help prevent costly, efficiency-killing problems throughout the office. Learning these techniques can save you both time and money.

Backup Your Documents

Unfortunately in today’s digital era, online documents are constantly in jeopardy. Security holes, data breaches, and cybercriminals all pose a threat to data in the cloud. The solution? Make sure your data is available offline. This means putting your documents (yes, all of them) onto a physical hard drive, safe from online dangers.

In addition, you should update your hard drive often. Don’t make it a one-and-done task; update your hard drive monthly. This ensures that all of your data, including your most recent documents, are safe and secure from cybercriminals and ransomware attacks. After all, they can’t hold your data hostage if you already have it offline. So while this is a monthly task that takes some time, it gives yourself and your business peace of mind, with the knowledge that your data will always be available.

Encrypt Your Data

Finally, to truly protect your data, encryption is the way to go. Encryption changes your data into a code, and can only be accessed with a “key” to that code. This means if hackers got ahold of your encrypted data, they would have nothing of value. It really is the ultimate form of protection from cybercriminals and data breaches.

However, not all encryption is built the same. For example, AXEL Go, AXEL’s file-sharing and cloud-storage software, offers industry-leading AES 256-bit encryption. While 256-bit encryption may not sound impressive, in practice, it is astoundingly secure. The number of potential combinations to find the “key” is a massive 78-digit number. Experts estimate it would take the world’s fastest supercomputer billions of years to find the encryption key. So even if thieves got their hands on your encrypted data, it’s worthless to them, but usable for you.

Get Two Free Weeks of AXEL Go

If you’re ready to embrace new technology and protect your data, try two free weeks of AXEL Go. AXEL Go is a file-sharing software with an unwavering focus on security. AXEL Go lets employees share, store, and collect documents securely, all in a simple, easy-to-understand user interface. Offering blockchain technology, military-grade encryption, and digital “shredding,” AXEL Go offers the perfect marriage of simplicity and stringent security. To try AXEL Go for free for two weeks, click here.

For Here or To Go? Remote Work, Hybrid Offices and the Future of the Workplace

In March 2020, traditional offices were shaken by the beginning of the COVID-19 pandemic. Employees were forced to work from home, forced to learn new software and techniques just as the stress and worry of the pandemic reached an apex. For the first few months of remote work, employees learned how to do their jobs remotely, while offices remained ghost towns. Both employers and employees were stressed not only about the pandemic, but about when offices could finally reunite.

While the pandemic is waning in the United States, remote work has stayed, at least for traditional office jobs.  And while some offices are transitioning back to physical workplaces, many companies are doing away with mandatory in-person work. Now, employees know efficient strategies for working remotely. And many have realized the conveniences of working from home: No more commutes, more time to watch children, and a healthier work-life balance. With both employers and employees singing the praises of remote work, it’s fair to ask: What is the future of the workplace?

Opinions on Remote Work

Generally, employees like hybrid work more than employers. 55% of employees prefer working at home at least three days per week, while 68% of executives believe workers should be in the office at least three days per week [1]. This disconnect highlights the murky future of work in the United States. Employers want to maintain a strong company culture, while employees want to keep the massive benefits that come with at-home work.

And even though the United States is on the back-end of the pandemic, executives still aren’t sure what the future holds. 60% of respondents to a McKinsey survey stated that their employer’s workplace plans for after the pandemic were either vague or nonexistent [2]. Some executives have shown a willingness to continue remote work indefinitely, while some want in-person work to return soon. In fact, Goldman Sachs CEO David Solomon called at-home work ​​“an aberration that we are going to correct as quickly as possible [3].” 

However, it is simply too early to know what the future of office work is. Of course, not every workplace has the option to work remotely. Food service workers, healthcare workers, and others simply don’t have the option to work from home. McKinsey’s study notes that a shift to remote work could further inequality, as remote work is likely only to be offered to highly educated, well-paid employees [4]. So while traditional offices may continue the transition to remote work, the debate around in-person versus at-home work simply doesn’t apply to all workers.

Is Hybrid the Future?

But for those occupations that have shifted to remote work during the pandemic, could a compromise between employers and employees be the future of office work? A hybrid model combines remote and in-person work at a workplace. Some (or all) employees have the choice to work at home, at the office, or a combination of the two. This flexibility was necessary during the height of the pandemic, but as the country returns to normalcy, employees have gotten used to the convenience of at-home work. And the benefits extend to employers as well, as remote work means fewer costs for physical workplace expenses, including rent and office supplies.

So if there are so many benefits to remote models, why are many executives wary of this potential change? Fear of change, productivity concerns, and protecting company culture are just a few of these anxieties. However, recent studies have found that productivity has either been stable or actually increased during the transition to at-home work, in spite of technical challenges, family responsibilities, and pandemic-related anxieties. A Forbes study found that most workers thought that their per-hour productivity increased while working remotely versus in-person work [5].

Challenges of Hybrid Work

While there are benefits that come with a hybrid model, there are undoubtedly downsides as well. One well-known detriment of remote work is the social isolation that comes along with it. While staying at home can be convenient, it can also prevent workers from forming personal relationships. It could lead to fewer opportunities to learn skills that are necessary for career advancement [6]. 

In addition, there is a generational divide on opinions of at-home work as well. Although some may assume younger generations are more comfortable with remote work, the opposite is true. Members of Gen Z have more concerns about remote work than older generations. They list the lack of networking opportunities, few genuine connections, and general isolation as the downsides of at-home work [7].

However, hybrid models try to mitigate these drawbacks as much as possible. After all, a hybrid model offers both in-person and at-home work. So while these downsides could still exist, they could be minimized in a hybrid workplace.

Tips to be a Successful Remote Worker

Although the pandemic is winding down, it’s important to know some tips and tricks to ensure you stay productive and happy during your shift.

  • Communicate: Without in-person meetings and checkups, everyone has to know their responsibilities. While it can be tedious, this means emailing superiors, asking questions, and being in contact with other coworkers. Clearly communicating with everyone helps ensure that tasks don’t slip through the cracks.
  • Structure: Make a schedule to follow every workday. Plan specific hours to work on a project, and stick to the plan! Structuring your workday helps ensure you remain focused on specific projects, and also helps keep your work life and home life separated.
  • Visit: Whether it be a trip to the office for a short meeting, or a couple hours at a local coffee shop, getting out of the house is important. Not only does working from a different location prevent feelings of burnout, but a new location can boost productivity as well. Do work tasks at different places to see where you feel most efficient.

Overall, becoming a successful hybrid worker is about finding what makes you most comfortable. If you love talking with coworkers at the water cooler and enjoy the structure of a physical workplace, then in-person work may be for you. But if you feel more comfortable and productive at home, remote work may keep you at top efficiency. Either way, hybrid workplaces offer workers that choice, ensuring that every worker can be both comfortable and efficient at their job.

[1] Gurchiek, Kathy. “Hybrid Work Model Likely to Be New Norm in 2021.” SHRM. July 06, 2021. https://www.shrm.org/hr-today/news/hr-news/pages/hybrid-work-model-likely-to-be-new-norm-in-2021.aspx.

[2] Alexander, Andrea, Aaron De Smet, Meredith Langstaff, and Dan Ravid. “What Employees Are Saying about the Future of Remote Work.” McKinsey & Company. July 15, 2021. https://www.mckinsey.com/business-functions/organization/our-insights/what-employees-are-saying-about-the-future-of-remote-work.

[3] Blenford, Adam. “Remote Work Won’t Be Going Away Once Offices Are Open Again.” Bloomberg.com. March 5, 2021. https://www.bloomberg.com/news/articles/2021-03-05/work-from-home-workplaces-will-let-employees-mix-home-and-remote-work.

[4] Lund, Susan, Anu Madgavkar, James Manyika, and Sven Smit. “What’s next for Remote Work: An Analysis of 2,000 Tasks, 800 Jobs, and Nine Countries.” McKinsey & Company. March 03, 2021. https://www.mckinsey.com/featured-insights/future-of-work/whats-next-for-remote-work-an-analysis-of-2000-tasks-800-jobs-and-nine-countries.

[5] Gaskell, Adi. “How Productive Have Remote Workers Been During Covid?” Forbes. May 31, 2021. https://www.forbes.com/sites/adigaskell/2021/05/31/how-productive-have-remote-workers-been-during-covid/.

[6] “Practice Innovations: Building the Hybrid Work Environment.” Thomson Reuters Institute. June 10, 2021. https://www.thomsonreuters.com/en-us/posts/legal/practice-innovations-hybrid-work-environment/.

[7] Sherr, Ian. “Gen Z Is Getting Screwed by Remote Work, Microsoft Survey Finds.” CNET. March 22, 2021. https://www.cnet.com/news/gen-z-is-getting-screwed-by-remote-work-new-microsoft-survey-says/.