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Author Topic: I read that Circle does not allow "withdrawal" of coins. Is this true? (no)  (Read 1324 times)
BitChick
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September 30, 2014, 11:43:13 PM
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I read on another thread that Circle does not allow customers to withdraw coins to their own wallets.  Is this true?  If so, this is not good at all.   Angry

Edit:  I guess they call it "Payment" instead of "Withdrawal"  but it seems like they really want people to leave their coins on their site, reguardless.

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teek
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September 30, 2014, 11:46:46 PM
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You can send to any bitcoin address..

BitChick
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September 30, 2014, 11:49:13 PM
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You can send to any bitcoin address..

Oh good.

I read on another thread that you couldn't.

However, I still wonder if companies, like Circle, and Coinbase can use some sort of Fractional Reserve Banking if they hold large quantities of BTC.

It might be good for those, especially with larger quantities of coin, to store them offline somewhere secure I would think.

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September 30, 2014, 11:53:23 PM
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You can send to any bitcoin address..

Oh good.

I read on another thread that you couldn't.

However, I still wonder if companies, like Circle, and Coinbase can use some sort of Fractional Reserve Banking if they hold large quantities of BTC.

It might be good for those, especially with larger quantities of coin, to store them offline somewhere secure I would think.

they dont have a "withdrawal" button.. because the "payment" button IS the withdrawal button..

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Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
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September 30, 2014, 11:54:55 PM
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True...from what I read.
HOWEVER, you can send coin to any wallet address.  Grin

That reply makes no sense. Of course you can withdraw your bitcoins. Use your head.

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Balkhole
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September 30, 2014, 11:55:19 PM
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I read on another thread that Circle does not allow customers to withdraw coins to their own wallets.  Is this true?  If so, this is not good at all.   Angry
Of course it is not true. Why would a company that sells bitcoin not allow you to withdraw the bitcoin that your purchase? If this was true then it would defeat the point of them using bitcoin as the method of measuring how much money was in your account. The post that you were referring to is nothing more then FUD
BitChick
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September 30, 2014, 11:59:12 PM
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You can send to any bitcoin address..

Oh good.

I read on another thread that you couldn't.

However, I still wonder if companies, like Circle, and Coinbase can use some sort of Fractional Reserve Banking if they hold large quantities of BTC.

It might be good for those, especially with larger quantities of coin, to store them offline somewhere secure I would think.

they dont have a "withdrawal" button.. because the "payment" button IS the withdrawal button..

I haven't used Circle yet but it seems like some people would get a little confused if it says, "payment" not "withdrawal."  Of course, they really want to be used as a wallet too.  

Am I the only one concerned that they seem to really want to hold onto everyone's coins as a helpful service?  How do we really know how many they are purchasing and selling?

Do they have any transparency in how many coins they actually have?  Also, where are they getting their coin supply?

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franky1
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October 01, 2014, 12:15:33 AM
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they dont have a "withdrawal" button.. because the "payment" button IS the withdrawal button..

I haven't used Circle yet but it seems like some people would get a little confused if it says, "payment" not "withdrawal."  Of course, they really want to be used as a wallet too.  


whether its a button that says "send", "pay", "payment". it dont matter. all that matters is that your funds are NOT locked into circle, so dont worry about what the button is called. you can still get your bitcoins out

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Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
Keyser Soze
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October 01, 2014, 01:11:12 AM
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I really do not see how this would be hard to figure out...

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October 01, 2014, 01:34:23 AM
 #10

circle so far is the best startup lately

BitChick
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October 01, 2014, 02:11:52 AM
 #11

I really do not see how this would be hard to figure out...



It might be better if it said, "Send Money or Bitcoin."  But yes, most people should be able to figure it out.

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October 01, 2014, 07:07:34 AM
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I haven't used Circle yet but it seems like some people would get a little confused if it says, "payment" not "withdrawal."

Withdrawal is how money gets out of banks. Payment is how money gets out of payment services. Makes perfect sense to me- they're indicating they're not a bank.

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October 02, 2014, 04:33:05 PM
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they dont have a "withdrawal" button.. because the "payment" button IS the withdrawal button..

I haven't used Circle yet but it seems like some people would get a little confused if it says, "payment" not "withdrawal."  Of course, they really want to be used as a wallet too.  


whether its a button that says "send", "pay", "payment". it dont matter. all that matters is that your funds are NOT locked into circle, so dont worry about what the button is called. you can still get your bitcoins out
I think the point is that they want users to use their services in ways similar to how you would use a 'traditional' bank account. This may have changed, however I believe they said at one point they will show a user's balance in terms of dollars and users would have the option of sending a specific amount priced in dollars to other circle members.

They are basically tailoring their UI under the assumption that users will exclusively keep their bitcoin on "deposit" with them

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