Post
Topic
Board Service Discussion
Re: Circle Announces Global Launch of Bitcoin Banking Platform
by
mgio
on 01/10/2014, 00:05:46 UTC
Finally, the biggest downside with Circle is that you can't ever withdraw bitcoins from it (although you can deposit bitcoins into it). This essentially means that Circle is always going to "hold" your bitcoins which means you will have to trust them. Yes, I know I've heard they are insured but I do not see the FDIC logo anywhere on their site, and that is the only insurance that means anything. Plenty of other fraudulent companies have said "trust us" and then they either they ran away with the money or the bitcoins were mysteriously "stolen". Why should I trust Circle, then? With Coinbase I can buy coins and then immediately send them to my wallet, only sending them back to Coinbase when I want to sell. I prefer that much more.
?  You can send bitcoin to any bitcoin address..

That would be the biggest problem with Circle by far if that is the case.  Does anyone know?

Have some common sense. It would be pretty stupid if you could buy bitcoins but you couldn't use them.

It turns out you can do it. But Circle claims they are not an exchange! You don't "buy" coins on the site. You deposit either fiat or bitcoins and the money is held in your Circle account as bitcoins.