Bitcoin Forum

Is this finally what we need for mainstream consumer use.

A wallet that connects to my bank account and all my bitcoin is insured, mobile app on the way.

https://www.circle.com/

This is a solution for mainstream US consumers, but not really geared towards the rest of us, unfortunately.

Is it not the beginning, I have been in contact with circle and yes they are going to expand into the global market and yes i can use it now.


Game changer being an online wallet/app on your smartphone insured against theft and loss that everyday consumers can use when at the shop paying for goods and services, just like your credit card or online bank account

is there anything else out there with this added security as opposed to a bitcoin wallet app on your phone that is not insured

Why US only ? because of bank account or what

Maybe in few months, they will include other countries.

Is it not the beginning, I have been in contact with circle and yes they are going to expand into the global market.


Game changer being an online wallet/app on your smartphone insured against theft and loss that everyday consumers can use when at the shop paying for goods and services, just like your credit card or online bank account

is there anything else out there with this added security as opposed to a bitcoin wallet app on your phone that is not insured

It's still a centralized wallet right?  They have the private keys?

General consumer would not be concerned either way same as a bank is centralized what the game changer is is your bitcoin is insured and the future prospect of using your phone as a wallet

if we want to see bitcoin hit mainstream for the non technical consumer can this not do it?



 

Yes, Circle will eventually help adoption quite a bit. It'll enable the next wave, whatever the trigger may be. Availability in more countries will help (much cheaper remittance solution).

The fact that you can create a Circle account and have on-blockchain bitcoin within minutes is fantastic.

A game changer would be people actually taking responsibility for their finances instead of relying on others to do so for them =/

That being said, an insurance will only insure against a certain event as long as it is profitable. So on average, you always lose out on insurances..

Circle is good option for mainstream consumer if there is some noticable discount when paying with Bitcoin - otherwise mainstream consumer does not have any incentive to use Bitcoin over other payment method - I doubt mainstream consumer will use Bitcoin because of the idea of decentralized freedoom currency.

from the website

..."We don't charge fees when you convert funds to or from bitcoin with a linked bank account, when you store your bitcoin, or for bitcoin transactions."...

Circle has helped me out in so many ways since it came out. It's so quick to change BTC to USD or USD to BTC. I had to help a family member out...I was offshore and my niece was stuck with a bad battery in her car....I sent her btc to her circle account, she cashed instantly for USD and was able to purchase a battery and make it to college the next morning. I think it cost her $2.10 to convert BTC to USD straight to her debit card.

Note: No more risky back alley BTC trading for me.

Update: I could have used the gyft app to buy a Sears gift card with bitcoin so she could get a battery installed, but I wanted her to have some pocket money also.

insured how? what happens if they go bankrupt with huge amounts of coins disappeared? customers get back most of it 1.5 years later, if the insurance company is still around?

Great question.. we have seen many companies come and go leaving a trail of tears...

Who insures this company? What are the terms.

So this is the Paypal of the Bitcoin world. How does Circle make money? Can they explain that?

"You shouldn't have to pay fees to use your own money. We don't charge fees when you convert funds to or from bitcoin with a linked bank account, when you store your bitcoin, or for bitcoin transactions." <-- from the website.

Coinbase provides the same thing, but is available in many countries outside the U.S.

I have a $1000.00 a week limit. I'll look into how they determine it, seems to be different for different people.

Coinbase is not instant unless you have a certain credit card. Most people have to wait 4 business days for their BTC/USD.

They answer a lot here:

https://m.youtube.com/watch?index=2&list=PLBmuvWZ9W8pnAJtGum416SudbuEmJsLor&v=jMuAZkoVMog

Note: on my bank statement Circle shows up as "US financial institution Circle(with some gov financial license number), not just Circle.com. I think this is going to solve the issue my last bank had with large sums of money going to and comming from just Coinbase.com's bank account.(Im sure coinbase probably has these license by now also, I'm not bashing them)

The only time I get fees with Circle is when using it with debit card and of course miner tx fees.

Coinbase typically allows up to $3k per day for one level of info sharing and $50k for the highest tier which is helpful during rallies if one has quite a bit to offload in a short period of time.

I double checked my Circle account, my weekly limit is $1000.00. I only have my US Credit Union Visa debit card attached.

Insurance and terms

https://www.circle.com/en/user-agreement

 insurance policy with Marsh Insurance

Thanks, do you use Circle? if so, overall experience?

Does Circle have their own app so you can buy bitcoin from your smart phone?  I didn't see one in the Google Play store.

https://www.circle.com/en/2014/11/03/circle-native-apps-ios-android-now-available

https://www.circle.com/apps/


Pretty sure it is only available in US at the moment, but check it out for yourself though

Not yet waiting for circle to implement in more countries

young company and I think what they got is ideal really looking forward to see them expand

Ah, the app is called "Circle for Bitcoin".  That's why my searches for circle yielded nothing.  You'd think that would pop up in a search for "circle" but no. Thanks for the info.