Maybe Circle can make cryptocurrencies popular
Having been founded in 2013, Circle has finally launched and allows for users to purchase, store, spend and convert bitcoin. You can even link credit and debit cards to Circle accounts so currency conversion is even easier.
So far, so almost any other bitcoin exchange. However, Circle is about making cryptocurrencies acceptable and easy to grasp for many, thus helping spread adoption.
While those at the forefront of bitcoin tech see it as the speedy future, for many it’s far too cumbersome and complex. Put simply, it needs to be streamlined.
That’s where Circle come into play.
Circle says transactions are instant for all users, with no bank fee to add bitcoin or convert it to a currency. In fact, it won’t charge any fees for its usage as, right now, it’s focused on driving adoption rates. However, that’ll change moving forward as new products will be built in that can help generate revenue for the service.
Circle also looks to overcome the security foibles that have plagued many exchanges and digital wallets of late, most notably Mt.Gox. To do this, it says it’ll make the most of multi-signature architecture, offline wallets and two-factor authentication. It’s also claiming to have had its systems tested by a national cyber security firm, so you know it’s safe.
At the moment the service is invite only to ensure that everything launches smoothly, but the promise of easy, immediate exchange and storage should really help push bitcoin’s acceptance into mainstream use immensely.
What are your thoughts on Circle’s proposition? Do you think that people will want to use such a service? And if so, will it take off?