Topic: Bitcoin startup Circle unveils no-fee digital currency banking - page 2. (Read 3327 times)

so far it has been...Nothing. i gave them my name and email.
This is what i've got in response:
i don't want to be social with my bank. What a bunch of baloney; mosolo or solomo or lomoso? Freaking gibberish (as per "Silicon Valley").
You lost me at "hello"
Forget about it.

Yes, it's global service in a sense that anyone can create an account, but when I contacted the support, I was told it is US only for now if you want to link your bank account, credit or debit card.

Jeremy Allaire, the CEO, was one of the main keynote speakers at the last NYC Bitcoin conference.  He has been involved with other projects for many years, including helping to create Adobe Flash for Macromedia, and there has been a lot of VC funding in Circle.  I personally have a lot of faith in the company.  I currently use Coinbase, but plan to try them out.

I wouldn't be surprised if they are willing to lose money up front on the $10 bonus and no fees to grab market share away from Coinbase.  

Back around 1999, before Paypal was popular, I started a small business.  Paypal spoke to us to use their services.  I recall them saying that they profit on the float on using people's deposits, like a bank will use customer's fiat deposits or checks to make interest off it.  Paypal used to/may still offer a similar free bonus deposit in new accounts, and Coinbase does too.  Thats nothing new.

But I wouldn't be surprised if Circle will have other avenues of making profit, such as through their merchant services.

Thx Hunyadi !  
Luckily I sent by pm a help request for a wrong password for nxt wallet, ended up I was mistyping it each time (spaces and all) would have been a fail first post !!

 
It does need some knowledge to be able to do that, competences, material, not everyone can afford having a computer never connected on internet just to back your coins on cold wallet, not talking about the manipulation in softwares, keys, it seems a lot here think all humans are born with computer skills, which is not the case, you don't skyjump alone on first time do you, so wity bitcoin it can be the same, to begin a clear system letting time for the user to develop the right skills, but abling him to have quick coins, and that's what bitcoin community wants, even if security and decentralization take a little hit, (I did hear many have a cold wallet in a safe in some bank cause a house can burn), it's not smart to be your own bank when you are worth 1000000 let's say, imagine the possible situations that could come up.
The "compliance" part is the essential difference with many stock exchanges that did ignore all legal aspects, totally not protecting the end-user,  so cryptos will spread apart, have a basis of really involved, skilled users and developers staying with their habits and the average human, finding it a good potential money, but not more, needing strong back ups in the "before cypto" world, making it simple cause it is hell not right now !!
 

Banking is always a NO-NO as long as BTC is concerned. Every user of BTC are their own bank.

Allister (!) specifically says in the video it's a global service.

Is this US only service? Haven't found much on their website...

Sounds very untrustworthy I would prefer to keep it safe with blockchain wallet.

It does seem like a pretty good way to go from the crypto world to the original banking system and thus it will ease the introduction of bitcoin to the Whole global market where the average not-too focused on crypto person could benefit from the main advantages of an accessible bitcoin wallet (debit-card, secret key at relays worlwide, atm's). They probably have many potential features to add to the "bank" to attract the financial system (which is in the end the case, acceptance of bitcoin by the mass) and probably where fees might occur due to the levels of transactions.
We'll have 2 balances, to start, usd and btc, guess we'll have to choose in what form to keep them, usd to be "safe" or BTC (and benefit from market price)
For the 0 fees, I trust them to have created a profitable for everyone product, including them.
And it does seem much more serious than 90% of what is being proposed right now, safe, easy, accessible, and there is no better way to change a system than using it, always has been, bitcoin can only go mainstream through these kinds of implications, Ethereum, Nem, Circle... probably many more on the way or already out. And lots of major companies are lurking heavily on cryptos 
The cryptocoin users wanting anonimity can continue on in parallel with wallets, keys, codes, mining, beta-testing, trading, it doesn't block anyone.
An enthousiast newbie 

yes, but I admitted that we don't know that for sure


what does that have to do with a Bitcoin startup?

I am sure the merchant services will bring a nice revenue stream as well.

I have also requested an invitation. Once i get it and get a chance to play around with it a bit I will post about it here.

Yes and yes. Initially they will be at a loss due to the 10 dollar bonus and lack of advanced products in order to play catchup to coinbase client list. Later on they will profit off the spread and fees from other yet to be announced features.

Would anybody like to speculate on Circle's business model?  They didn't throw millions of dollars into this to have a completely free service. Is the only money they are making on the spread between exchange rates for buy and sell orders?

I suppose that could be enough to cover the credit card fees, the merchant fees, the miner fees, and their overhead.

They lose money on each transaction but make it up in volume right? 

Can the make a profit on the spread?

Or are they just trying to grow market share and then sell ancillary, yet unannounced, services?

thats what we need! cool company.

If you watch the cirlce promotional video, you see the circle account with $10 in it change value to $10.05.

You are suggesting Circle has a business plan that completely defeats the best thing BTC has to offer?
Bitcoin isn't about making sure your worthless paper is still worth $100.

watch the context:  "...Funds can then be sent and received globally in their digital form. Upon withdrawal, bitcoins will be changed back into the local currency..."

Local currency meaning another country's currency. 

Also, just because they convert it to BTC, doesn't mean you have control on it.  They could just as easily say you own $100 worth of BTC after a $100 deposit.  This gives the mainstream users an easier grasp on their accounts.  They feel more comfortable "knowing" that their $100 in BTC will still be worth $100 tomorrow (or in 5 years)

we shall soon see.

Thanks guy, I'll have more time later to fully read up on it. just getting twitter/btalk updates so far...definitely sounds like a fair way to run it...even tho it may have a huge affect on my small business plans.

Awaiting invitation and sent support ticket, so should be able to do some beta testing, shortly.

I suspect that they'll add a premium to their spot BTC/USD or BTC/FIAT rate. Perhaps slightly higher rate than offered by Bitstamp/Coinbase

Definately the later. Temporal, based on the time you complete transaction with them.

I actually like the Circle model and think it's good for the Bitcoin community. In near future, there maybe a way to decentralise and cut-out banks altogether, but for now it offers bitcoiners a viable solution for our businesses.