Dec 072016
 

Circle ends Bitcoin buy

In a major blow to the way Bitcoin enthusiasts can buy Bitcoin, Circle, one of the best funded venture capital firms in the space has decided to end the ability to purchase Bitcoin through its service. Instead, Circle is referring customers and potential customers to Coinbase, once considered its competitor. Thus, Coinbase has become the best Circle alternative for those in the United States and rest of the world as well. Circle, led by Jeremy Allaire, is instead ‘pivoting’ to a ‘blockchain’ without providing any details. However, by the looks of their new marketing, Circle wants to pivot into being a ‘social payments app’, akin to Venmo.

For the Bitcoins already held by Circle, the owners can move them into a wallet they control, or leave them on the Circle app. They can also convert the Bitcoin into USD at Circle’s market rate.

Circle is the latest startup in a series of high-profile and well funded startups that were born as Bitcoin companies but have since pivoted into other areas. Chain, another Silicon Valley startup had done the same, pivoting from a Bitcoin API provider to a private blockchain solutions provider. It is unclear if this is a push from the startup founders or from the venture capitalists that back them during the initial growth stages and push for exit paths either through acquisitions or through going public.

For its part, Circle has remained a controversial company in the Bitcoin space. It charged no fees to buy and sell Bitcoin on its platform, thus helping many who were new to the space get their first Bitcoins. It also made it very easy to buy Bitcoin on its platform. However, its founder has gone on record criticizing Bitcoin and saying that he doesn’t believe it will last for a decade.

Circle was thought to be in competition with its other Silicon Valley startup, Coinbase. With Circle shutting its doors to Bitcoin, Coinbase remains the simplest way to purchase Bitcoin, other than on exchanges. However, be aware that Coinbase now charges 1.5% fees to buy or sell Bitcoin through its platform.

The other alternative US based investors have is to buy Bitcoin through exchanges like Gemini, or even Coinbase’s own exchange called GDAX.

Photo Credit: h-e-a-p

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Dec 062016
 
The IRS Moves in on Bitcoin Users

The U.S. government has always taken a somewhat hands-off approach concerning Bitcoin. With some countries around the world flirting with the idea of recognizing Bitcoin as legal tender, or officially adopting it, U.S. financial regulators instead classified the cryptocurrency as a commodity. This means that it’s viewed in a similar way to a stock or […]

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Nov 202016
 
Dividend Paying Cryptocurrencies: The Ultimate Guide

Dividend paying cryptocurrencies are becoming a dominant, emerging trend. Crypto-investors should be aware of their dynamic, and how they can enhance returns. Given their similarity with dividend-paying stocks, we can look at historical data and models from the stock market to try and make predictions on how the dividend paying cryptocurrencies will or could evolve […]

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Oct 252016
 
In Bitcoin, Who Pays for Transactions?

In Bitcoin, who pays for transactions? In every Bitcoin transaction, there are two parties, the sender and the receiver (technically, it is possible to create more complex transactions types but we’ll ignore all that for now, and assume a Bitcoin transaction as a simple financial transaction between the sender and the receiver). There is also […]

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Jun 052016
 
Bitcoin Prepares for Summer Surge in Price

This is a guest post by Andy Jenkins. Things have been relatively quiet on the news front for bitcoin for some time, but that doesn’t mean the digital currency has gone anywhere. In fact, bitcoin has been steadily gaining momentum, rebuilding its value since bottoming at the beginning of 2015. Bitcoin has managed to bounce […]

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Jun 022016
 
Marc Andreessen on Bitcoin, Startups, and Tech

Tim Ferris, of the four hour workweek fame, did a great podcast with Marc Andreessen, the famed venture capital investor who is really into Bitcoin, and puts his money where is mouth is, by funding several Bitcoin startups like 21 Inc and Coinbase, and more recently Mediachain. Andreessen talks about a lot of topics, and […]

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