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Author Topic: Circle: Bitcoin Made Easy  (Read 1471 times)
Redtea
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May 21, 2014, 05:03:20 PM
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Thanks to a surge in buying on Tuesday, Bitcoin managed to pull off a win for the week by posting higher prices on strong volume.

The six month chart keeps the higher prices in perspective but, even on that longer scale, there’s a definite leveling of prices around the $500 mark. It’s still too soon to say if this really is the floor for Bitcoin, but there’s no denying the deceleration in the downward trend — and that’s a win all on its own.

So far Bitcoin has been dogged by being technically difficult for the average person to understand, and a target for hackers, crooked businessmen, and skeptical regulators. With no intrinsic value, Bitcoin is getting some much needed institutional support from new players in the market backed by VC money. One of those new ventures, which hopes to transform Bitcoin into something that resembles a simple banking service, is called Circle.

Current Bitcoin applications require users have at least some understanding of public key encryption, and the system functions like an unregulated trading platform. That’s great for hackers, thieves, and sharp speculators, but it’s not so good for people new to the technology. What Circle has done is create a safe, universally accessible and, at least for the moment, free platform to make Bitcoin more approachable for the next tier of early adopters.

Circle’s co-founder, Jeremy Allaire, sees speculators leaving the Bitcoin market as a positive sign, believing Bitcoin’s value as a payment medium outweighs its value as an investment.
 
Circle is also working with regulators to ensure compliance with financial regulations, provide proper disclosure regarding risks, and create some level of consumer protection. Right now Bitcoin exchanges are mostly overseas, and there’s no structured environment to address issues like liquidity and liability. For early tech-savvy adopters, those concerns are largely irrelevant; but for Bitcoin to build the infrastructure necessary to attract business and a broader user base, those issues will have to be addressed — and that’s the focus of Circle, as described by Allaire in this interview with Bloomberg TV.

Circle addresses these concerns with a platform that insures deposits and complies with anti-money laundering regulations. Customers can deposit money into their account, and see it immediately converted into Bitcoins without any fees. The user interface also makes it easier to send and request money. Instead of marketing itself as an investment platform, Circle seeks to capitalize on Bitcoin’s frictionless exchange to drive the value proposition inherent in the technology.

In the current market dynamic, there is little incentive for consumers to slog through the technicalities and associated risks to pay for goods and services with Bitcoin. But if services like Circle can capitalize on lower transaction costs to provide merchants with incentive to use Bitcoin, that would be a big win for consumers and merchants alike.

Currently, companies like Visa and MasterCard sit atop every digital transaction flowing through our banking system, sucking off a percentage of every exchange; a stealth financial tax that manifests as higher prices. If merchants started offering Bitcoin users a discount by passing on the savings from lower transaction fees, that could drive much wider Bitcoin adoption and provide predictability in Bitcoin pricing, something that is acutely lacking in the market that exists today.

I put in a request to try a Circle account, and will report back with a detailed overview of how the system works in a future column.




Sources:
http://redteanews.com/2014/05/21/circle-bitcoin-made-easy/#.U3zbb_ldXfI




-Redtea
Independent News for the Right-Minded American Kiss



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May 21, 2014, 05:11:32 PM
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Where did those articles go where the "analysts" predicted that bitcoin will stay at or below $400 for the entire summer?  One was well written with supporting calculations and reasoning with one exception.  They were effing wrong!

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May 21, 2014, 05:25:41 PM
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I put in a request as well.  I would like to have some additional Coinbase type options.   I don't plan on storing any BTC there, but purchasing and selling may work well with them..
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May 21, 2014, 06:59:00 PM
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Circle is everything that Bitcoin was created to stand against.
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May 21, 2014, 10:26:54 PM
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Circle is everything that Bitcoin was created to stand against.

+1!! Fucking Circle jerk is more like it!
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May 22, 2014, 03:33:58 AM
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Circle is everything that Bitcoin was created to stand against.

Care to elaborate a bit? I don't get the hatred on these forums for the idea of a safe exchange with insured holdings. I don't really have enough information yet to make up my mind about it so I am curious as to how it is so bad for bit coin.

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May 22, 2014, 03:59:51 AM
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Circle is everything that Bitcoin was created to stand against.

Care to elaborate a bit? I don't get the hatred on these forums for the idea of a safe exchange with insured holdings. I don't really have enough information yet to make up my mind about it so I am curious as to how it is so bad for bit coin.

Circle is highly centralised, which is something Bitcoin in general tries to avoid.
However, Circle seems like it could be great for beginners and would make more newbies interested in Bitcoin.
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May 22, 2014, 04:25:52 AM
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Circle is everything that Bitcoin was created to stand against.

Care to elaborate a bit? I don't get the hatred on these forums for the idea of a safe exchange with insured holdings. I don't really have enough information yet to make up my mind about it so I am curious as to how it is so bad for bit coin.

Circle is highly centralised, which is something Bitcoin in general tries to avoid.
However, Circle seems like it could be great for beginners and would make more newbies interested in Bitcoin.

Overstock.com is highly centralized too.

So is CoinBase, BitStamp, BitPay, and just about any business that uses Bitcoin.

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neil95
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May 22, 2014, 04:50:11 AM
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Circle is everything that Bitcoin was created to stand against.

Care to elaborate a bit? I don't get the hatred on these forums for the idea of a safe exchange with insured holdings. I don't really have enough information yet to make up my mind about it so I am curious as to how it is so bad for bit coin.

Circle is highly centralised, which is something Bitcoin in general tries to avoid.
However, Circle seems like it could be great for beginners and would make more newbies interested in Bitcoin.

Overstock.com is highly centralized too.

So is CoinBase, BitStamp, BitPay, and just about any business that uses Bitcoin.

True. I think Circle just reminds Bitcoiners too much of traditional banking.
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May 22, 2014, 07:47:13 AM
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I'm more excited about 37coins, bringing btc to people without internet!
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May 22, 2014, 07:49:28 AM
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Has anyone gotten an invite from circle yet?

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May 22, 2014, 07:54:55 AM
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When people talk of circle it's as if insurance is some kind of panacea. Insurance doesn't come for free, and there is no 100% certainty that it would pay out in the event.
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May 22, 2014, 10:08:31 AM
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True. I think Circle just reminds Bitcoiners too much of traditional banking.

Great solution for those Bitcoiners.

Don't use it.

</problem>

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Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
PCUser
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May 22, 2014, 12:04:02 PM
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this is not the best solution. It reminds too much of traditional banking.
neil95
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May 22, 2014, 02:34:45 PM
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this is not the best solution. It reminds too much of traditional banking.

You can always use Blockchain or a desktop wallet. No one is forcing you to use Circle. Tongue
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May 22, 2014, 03:29:38 PM
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Bitcoin has to go beyond bitcoiners the same way years ago internet went beyond hackers...
Ron~Popeil
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May 22, 2014, 03:38:40 PM
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Circle is everything that Bitcoin was created to stand against.

Care to elaborate a bit? I don't get the hatred on these forums for the idea of a safe exchange with insured holdings. I don't really have enough information yet to make up my mind about it so I am curious as to how it is so bad for bit coin.

Circle is highly centralised, which is something Bitcoin in general tries to avoid.
However, Circle seems like it could be great for beginners and would make more newbies interested in Bitcoin.

That is kind of the way I see it. A safe way to get involved for new users. Ideally most move on to secure wallets controlled by themselves. 

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May 22, 2014, 05:52:43 PM
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Circle is everything that Bitcoin was created to stand against.

AGREED!! Circle right now is a joke. In the future, a lot of people will be crying (instead of laughing) when it turns into a scam - ponzi style just like Gox.

moriartybitcoin
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May 22, 2014, 05:55:37 PM
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When people talk of circle it's as if insurance is some kind of panacea. Insurance doesn't come for free, and there is no 100% certainty that it would pay out in the event.

Also a good point.  I would be very skeptical of their 'insurance.'  What, exactly, does the insurance protect you against?  Hackers stealing coin from the site? The owner stealing EVERYONE'S coin?  The government nuking the service and stealing everyone's coin if they decide to make Bitcoin illegal as in Russia?  I would love to see the details of this 'insurance' that Circle keeps bragging about.

Oh, and what happens when the venture capital money dries up? Then where does the 'insurance fund' come from?  Certainly not from profits, as CEO Jeremy Allaire brags about not wanting to make any profits ...

Something is very wrong with this service.

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May 22, 2014, 05:58:04 PM
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RedTea: You are 100% a SHILL poster for Circle. How much did they pay you?

And what you say here makes no sense:
'Current Bitcoin applications require users have at least some understanding of public key encryption, and the system functions like an unregulated trading platform. That’s great for hackers, thieves, and sharp speculators, but it’s not so good for people new to the technology. What Circle has done is create a safe, universally accessible and, at least for the moment, free platform to make Bitcoin more approachable for the next tier of early adopters.'

Come on, seriously?  A user needs to have 'some understanding' of public key encryption to use a Blockchain wallet? Or an electrum wallet? 

I think Circle needs to hire better PR reps .. because you're not making any sense.

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