Circle


#1

Well I’ve been invited to circle. Looks like another online wallet. You can deposit btc/ usd value can be deposited into bank account. But, cant see usd to btc. Is there some kind of exchange mechanism. I apologize haven’t spent much time. Can anyone illuminate?


#2

I’m not really sure what do you mean by “can’t see usd to btc?”, but what I can tell you is that circle is basically a faster and free version(no 1% fee when purchasing BTC) of coinbase with the caveat that they will not act as a merchant processor like coinbase does.

Their whole shtick is that you enter your credit card or bank account and seconds later you can buy BTC and use it.


#3

Yup, it works ridiculously well. The only waiting time was connecting my bank account initially. Any bought bitcoin is deposited into my account instantly.


#4

Interesting, what is the push back from the BTC community? I am too much in code to investigate (sorry). Do they take a lot of personal details or something? If so I think if perhaps you get BTC you can disappear surely with darkwallet and eventually safecoin, or is it something else?


#5

I too am not in a position to evaluate. (Just had surgery , walking around house in underwear washing down pain killers with vodka) im so proud of myself!

Just wondered what you all thought about this.(circle)


#6

Sorry no help here, except switch vodka for guiness :smiley: It’s good for ye. Take care and watch yerself.


#7

Not sure what you mean by the push back or why there would be one? They’re fully compliant, so they did ask for personal details: if I recall correctly, they needed a phone number (which they verified via sms), my address, and the last 4 digits of my SSN. So it is by no means anonymous, but hey, it’s the price to pay for convenience should you want it =\ The whole process only took a few minutes, and it blows Coinbase out of the water. For the average person who just wants to get started with bitcoin and doesn’t care about anonymity, it’s by far the easiest way, very little friction. They’re also the first (that I know of) to do regular credit card purchases.

They’re currently in private beta (though they’ve already invited a lot of people), and I’m sure they’re working out how to fight fraud. They have weekly limits, of course, so people can’t just use them for high volume trading.

Edit: Did I mention purchases with a bank account are free? Free + instant = great.

Bank account:
Verifying a bank account takes 3-5 business days
No fees for deposits or withdrawals
Instant access to up to $500 (any amount over that will be accessible in 3-5 business days)
Weekly deposit limit: $2,500
Weekly withdraw limit: $5,000

Credit/debit card:
Verifying a card is instant
Cards issue processing fees
Some banks also issue a cash advance fee (Check with your bank to see if this may apply to you)
Instant access to your full deposit
Weekly deposit limit: $500
Weekly withdraw limit: $1,000


#8

Thanks good info, the push back is from the community and seen in many forums and meetings. I am unsure why just now, bit goo to know you experiences.


#9

The pushback was because Circle CEO said that he thinks that Bitcoin should have a central bank issuing BTC. This naturally angered a lot of folks. r/Bitcoin was especially vitriolic.

It was also around the time that bitlicense was happening so a lot of hand wavy conspiracy theories were fueling the hate for Circle, since then the mood has settled a bit (at least it seems like it).

It also helped that Jeremy Allaire (Circle CEO) issued the first response to the proposed bitlicence in which he criticized it quite hard and even said that if the bitlicense doesn’t change circle won’t launch in New York state.