Is Circle the killer application?

[Wary]

The more I learning about Circle, the more I like it:

-All you need to buy bitcoins is just credit card.
-And you can sell them, to the same CC.
-From anywhere in the world (well, but China and Argentina).
-And americans don't even need CC (therefore, no fee).
-Deposits insured!
-Don't need to know a thing about blockchain, exchanges, even bitcoin address isn't necessary, email address will do.
-And all this - for free! (for americans, for now )
-And even more planned (like tool for neutering volatility).

So the question: is it the killer app we were waiting for so long?

P.S. (No, I'm not affiliated with the company in any way )

[1715174541]

1715174541

[Nubitcoinerr]

Where would they get revenue from if there all no fees?

[Wary]

Where would they get revenue from if there all no fees?

No revenue yet. Currently they are burning venture funding (it's tens of millions $). According to their plans, revenueable (is there such a word? ) application will be build later, on top of current free infrastructure.

P.S. The score is 3:0 so far  

[BittBurger]

Hi -

I don't believe Bitcoin is in need of a killer app.  I belive Bitcoin is in need of a killer incentive.

Without incentive to use the currency in the first place, the general public is never going to use any "killer apps" that become available.

Circle could be the easiest thing ever to hit the Bitcoin space.  If consumers don't give a fuck about Bitcoin, they aren't going to use Circle.

It will simply be a killer app for people already in the Bitcoin ecosystem.

-B-

[RustyNomad]

Been using Circle now for a couple of days and like most of what it has to offer.

I believe that they are taking the right approach in keeping things as simple as possible so that even a noob can 'operate' the wallet.

[haploid23]

-All you need to buy bitcoins is just credit card.
-And you can sell them, to the same CC.

How does this work without an actual bank? When btc is sold, Circle use those funds to directly pay off the credit card statement? Terms on their website also state that you might be charged for cash advance fro the credit card, and those have ridiculously high fees.

[Keyser Soze]

How does this work without an actual bank? When btc is sold, Circle use those funds to directly pay off the credit card statement? Terms on their website also state that you might be charged for cash advance fro the credit card, and those have ridiculously high fees.

It sounds like you would be able to pay your credit card that way, but I haven't seen any confirmation yet. With regards to the cash advance, I believe they say that just to cover themselves, they have no way of knowing exactly what every bank will do. Circle does provide a merchant transaction code in the help section. If you are concerned about getting hit with a cash advance fee, you should be able to ask your bank how they would process that code.

[galbros]

Where would they get revenue from if there all no fees?

I think Circle is indeed a very good thing^TM but not a killer app.  A killer app is something that justifies bitcoin's use, silk road was probably the closest thing to a killer app bitcoin had.  Now maybe it will be international payments or something.

However, Circle does make it easier to get into bitcoin.

Finally, I worry about Nub's point, if this was a low budget site we'd assume the business plan was to Run Away with the Coins once the balance got high enough.  I'd like to see some real explanation of how they are going to be a sustainable business.

[knight22]

No because circle does not make people need bitcoin juste making it very accessible.

[inBitweTrust]

No because circle does not make people need bitcoin juste making it very accessible.

Yes, when I think killer apps, I think of something that you can only do with bitcoin which forces someone to buy bitcoin.

Openbazaar is one such killer app in the future.

[Wary]

No because circle does not make people need bitcoin juste making it very accessible.

Yes, when I think killer apps, I think of something that you can only do with bitcoin which forces someone to buy bitcoin.

Have to agree with you. OK, go back to waiting. (No, I'm not a kind of person that can create such an app myself ).

[zimmah]

Maybe, I'm not sure.

It is surely simple enough for the general public to understand.

But I'm never sure about these things

A couple of years ago in the early days of twitter I was like "well this is never going to take off, who would ever want to sign up for a website where you can only send short messages for the whole world to see?". I was amazed when twitter actually became popular.

People like simple stuff, especially simple people, and there's a lot of simple people around nowadays.

Just one thing, credit cards are not very popular outside of USA. So if credit cards are the only option, it will never take off outside of the USA.

[SquareApple]

Yeah, I agree.  Since Bitcoins are decentralized, it's hard to get good incentive for people to use it.  Look at the Beats headphones for example.  They're sub par headphones that cost loads of money, yet they sell like hot cakes because of the intense amounts of money spent on marketing and celebrity endorsement, which made the mainstream public associate it with being cool

[blumangroup]

Where would they get revenue from if there all no fees?

I think Circle is indeed a very good thing^TM but not a killer app.  A killer app is something that justifies bitcoin's use, silk road was probably the closest thing to a killer app bitcoin had.  Now maybe it will be international payments or something.

However, Circle does make it easier to get into bitcoin.

Finally, I worry about Nub's point, if this was a low budget site we'd assume the business plan was to Run Away with the Coins once the balance got high enough.  I'd like to see some real explanation of how they are going to be a sustainable business.

They obviously make some kind of spread between the amount they buy bitcoin for from the amount they sell bitcoin for. I would also not be surprised if they enter bitcoin payment processing business at some point in the future.

I don't think they are planning on running away with people's money as they are not giving financial incentives to hold your bitcoin with them

[Undermood]

Circle is very impressive recently. Specially, they provided 100% deposit guarantee.

[Holysmoke]

The guarantee is about as trustworthy as a VPN that says they don't log

[hyphymikey]

Once people NEED bitcoin, Circle will become the killer application.

I've used it several times already and love how easy it is.

[cafucafucafu]

Hi -

I don't believe Bitcoin is in need of a killer app.  I belive Bitcoin is in need of a killer incentive.

Without incentive to use the currency in the first place, the general public is never going to use any "killer apps" that become available.

Circle could be the easiest thing ever to hit the Bitcoin space.  If consumers don't give a fuck about Bitcoin, they aren't going to use Circle.

It will simply be a killer app for people already in the Bitcoin ecosystem.

-B-

Spot on! Try telling it to these evangelists.

[igl00]

circl should rock

[5000Bitcoins]

Yes. Now the average joe can use BTC easy while avoiding phrases that are confusing to them.

[inBitweTrust]

Are there this many bitcoin users with absolutely no technical skill and don't want full control over their own assets?

Good point. Keep BTC p2p and most your money in Multi-sig cold storage.... but I have accounts with circle, coinbase, btc-e, btcchina, ect.... for a reason. When getting rid of my untrusted and dirty fiat I can choose which on ramp has the best exchange rate at a given point in time and even sometimes play around with arbitrage.

[Inmydomain]

It's all well and good being able to buy bitcoins easily but you have to have an ecosystem where the consumer can easily buy a whole variety of things before the average joe will start to use Bitcoin seriously

[ChuckBuck]

Circle isn't the killer app.  Not yet.

Until it figures out a way to get people outside of the realm of Crypto to want to use their service, it isn't quite there yet.

Need a way to incentivize people to use the app to promote the Bitcoin ecosystem, to truly call it a "killer app".  Circle isn't it.

[cafucafucafu]

Yes. Now the average joe can use BTC easy while avoiding phrases that are confusing to them.

Yeah and still end up paying the same or more for their goods! The bank will take fees twice instead of once. Seriously we need a solution.

[runam0k]

Linking bank accounts and (in many cases) credit and debit cards is still limited to the US, so no, not yet a killer app.

[newflesh]

Maybe not a killa but it has just made buying btc a whole lot easier and less technical, exactly what bitcoin needs.

Will be interesting so see how many Circle users take advantage of the deposit insurance and keep their btc in Circle's wallet.

[jabo38]

Circle isn't the killer app.  Not yet.

Until it figures out a way to get people outside of the realm of Crypto to want to use their service, it isn't quite there yet.

Need a way to incentivize people to use the app to promote the Bitcoin ecosystem, to truly call it a "killer app".  Circle isn't it.

+1  Very wise words

We are basically interested in Bitcoin because we like the tech or philosophy or potential earnings.

But what bitcoin needs is a reason for normal people to use it in a normal way.  Right now that just doesn't exist.

When bitcoin can do something in someway that is much better than the current system, that could be a good app. If it does it 10x better, then it will be the killer app.

Circle isn't there yet.

[bornil267645]

I get it that it has all the features to make your botcoilife easy... But think twice before submitting something as sensitive as your credit card address into the site.

[cambda]

It's all well and good being able to buy bitcoins easily but you have to have an ecosystem where the consumer can easily buy a whole variety of things before the average joe will start to use Bitcoin seriously

I think there are enought places where to spend Bitcoins. I believe better is getting paid in Bitcoins, not buying Bitcoins. But not many employers are ready for this.

[RustyNomad]

Circle pays all transaction fees to miners on behalf of our customers!

Did a couple of tx's on circle and saw that no miner fee was taken from the tx's. Reported it to Circle and the above was the reply I received.....  

[toleng]

Circle pays all transaction fees to miners on behalf of our customers!

Did a couple of tx's on circle and saw that no miner fee was taken from the tx's. Reported it to Circle and the above was the reply I received.....  

They are able to manage their bitcoin inputs very easily as of now, as most people are likely purchasing bitcoin from them verses sending bitcoin from another address they control.

They also hope that they can facilitate a lot of off-chain transactions so their goal is to not pay a lot in TX fees.

Coinbase did the same thing for a long for most withdrawals, but eventually stopped and now force you to pay the "recommended" fee based on their available inputs

[Itsumo]

I get it that it has all the features to make your botcoilife easy... But think twice before submitting something as sensitive as your credit card address into the site.

The Golden Rule is TRUST NO ONE.

[ofortuna]

I signed up and bought some bitcoin with my cc on circle.  Am I on THE LIST now? Should I be peeking through the shutters?

[lucasjkr]

Hardly a killer app.

A killer app is one which makes people WANT, no, NEED to buy bitcoin. Circles makes it easier, supposing they can stay in business, accepting credit cards for bitcoin and all. So, if/when a true killer app arrives, circle will make it easier for people to get in on it. But on its own, circle is just another exchange.

[a447513372]

It's all well and good being able to buy bitcoins easily but you have to have an ecosystem where the consumer can easily buy a whole variety of things before the average joe will start to use Bitcoin seriously

I think there are enought places where to spend Bitcoins. I believe better is getting paid in Bitcoins, not buying Bitcoins. But not many employers are ready for this.

Circle is trying to make it easier to spend bitcoin from the user perspective. If they can get enough people to use bitcoin then there would potentially be demand for people to want to get paid in bitcoin

[rgenito]

Circle *would* be the killer app...but unfortunately, they haven't done anything different.

Here are some killer apps at the moment:

http://breadwallet.com -- full bitcoin client for iOS. (no need for a web service, deterministic wallet, etc.)

https://wallofcoins.com -- Cash deposit to any of the top 10 banks in the USA for bitcoin. Inspired by Bit Instant (remember that?).

I must admit that I am the project leader for Wall of Coins, so this could be biased. If you'd like to discuss Wall of Coins, use this reddit link: http://www.reddit.com/r/Bitcoin/comments/2i6d0e/my_vision_and_passion_over_the_last_2_years/

[rgenito]

Ya know, I gotta say tho... BittBurger has a *great* point. People *do* need a killer incentive. Without it, bitcoin's growth is going to be slow. And there's nothing wrong with that.

For example: let's say your government is going through a financial crisis. It's your choice: put up with the crap involved when trusting a 3rd party financial provider, or use a decentralized solution. We should ask ourselves:

* "why do people use bitcoin now?" when more people on earth have this reasoning, bitcoin will be one of their tools.

* "what is the use and incentive to use bitcoin?" many answers, but one is lowering merchant fees. Merchants who are sick of high fees may opt to accept bitcoin and try to convince its users to adopt bitcoin. Let's say the merchant offers a 1% discount for people paying with bitcoin... that is already an incentive. Frugal people will *love* that.

* "do bitcoin users plan on ever abandoning bitcoin as a global currency solution?" if more people are adopting bitcoin than the people abandoning it, and if this trend continues, bitcoin will continue to grow and eventually be the norm.

[Window2Wall]

Hardly a killer app.

A killer app is one which makes people WANT, no, NEED to buy bitcoin. Circles makes it easier, supposing they can stay in business, accepting credit cards for bitcoin and all. So, if/when a true killer app arrives, circle will make it easier for people to get in on it. But on its own, circle is just another exchange.

Circle makes the user experience much different (and hopefully better) for using bitcoin. Today in order to be able to use bitcoin you need to be at least somewhat technological savvy, and even more so to be able to properly secure your bitcoin (for example if you change your encryption password to your wallet you will need to erase any backups that have the previous password). The concept that an account (address) does not have a "balance" is foreign to most people. Circle is trying to change the user experience so that more people will feel comfortable using bitcoin, which I think is a major hindrance to bitcoin adoption

[igl00]

circle may rock!

[sandykho47]

Circle is very good
But, not killer 

It's still have some competitor
But, i think Circle is very good

[BTCmoons]

Circle *would* be the killer app...but unfortunately, they haven't done anything different.

Here are some killer apps at the moment:

http://breadwallet.com -- full bitcoin client for iOS. (no need for a web service, deterministic wallet, etc.)

https://wallofcoins.com -- Cash deposit to any of the top 10 banks in the USA for bitcoin. Inspired by Bit Instant (remember that?).

I must admit that I am the project leader for Wall of Coins, so this could be biased. If you'd like to discuss Wall of Coins, use this reddit link: http://www.reddit.com/r/Bitcoin/comments/2i6d0e/my_vision_and_passion_over_the_last_2_years/

What they are doing different is the user experience. They are making it so using bitcoin is more user friendly and so you do not need to use complicated programs that has a complex GUI in order to spend and use your bitcoin

[sushibi]

Hi -

I don't believe Bitcoin is in need of a killer app.  I belive Bitcoin is in need of a killer incentive.

Without incentive to use the currency in the first place, the general public is never going to use any "killer apps" that become available.

Circle could be the easiest thing ever to hit the Bitcoin space.  If consumers don't give a fuck about Bitcoin, they aren't going to use Circle.

It will simply be a killer app for people already in the Bitcoin ecosystem.

-B-

Agreed! It's up to the specific industries adopting it to give back to the community and provide their own value adding incentives.  But I think apps like Circle bring everything to life and simplify the process.  If your bored check out www.yocrypto.ca. Trying to build a database of marketing material and promotional ideas that encourage crypto accepting businesses to add value to bitcoin purchases. Slowly but surely!

[MichaelBliss]

We shall soon see.  Seems pretty killer to me; it's always been a problem to explain how people can buy bitcoins.  Not everybody is comfortable with getting verified, then buying coins on an exchange.  I'm waiting for the app that everyone and their grandmother could use.  Circle might be it.

[santaClause]

We shall soon see.  Seems pretty killer to me; it's always been a problem to explain how people can buy bitcoins.  Not everybody is comfortable with getting verified, then buying coins on an exchange.  I'm waiting for the app that everyone and their grandmother could use.  Circle might be it.

Coinbase makes it just as easy to buy bitcoin as circle does (with the exception of circle allowing users to use a credit card to buy bitcoin, which is a huge mistake).

The reason that circle could revolutionize bitcoin adoption is that it is seeking to change the user experience when someone uses bitcoin.