— Circle (@circlepay) April 6, 2016
US-based Bitcoin startup Circle has launched in the UK, bringing a free digital currency exchange with it. The good news here is that the Bitbond community can now send bitcoin from a Bitbond account into their circle account and withdraw those funds to a linked funding source. This is apparently completely free.
We asked them straight out and received an affirmative answer via their CEO:
— Jeremy Allaire (@jerallaire) April 11, 2016
For those of us located in the UK and US, this represents a significant shift in our Bitbond experience. Borrowers located in the UK, will now be able exchange their bitcoins for GBP and vice versa for free. Similarly, borrowers in the US will be able to exchange their newly acquired bitcoin for USD .
Sending bitcoin into your Circle account from another service takes about 40 minutes to complete. This timeline depends on how quickly the transaction completes on the bitcoin network. Sending money from Circle can take 1-4 business days. This article has more helpful information on completion times.
- Adding Money into your Circle account from a linked debit card is instant!
- Once funds are added into the account, you have the opportunity to change your currency from bitcoin to USD or GBP if you wish. You can do this in your ‘Settings’.
Then head over to ‘Advanced’ and change your local currency to USD or GBP.
- You should now be able to buy and sell bitcoin in the currency of your choice, for free.
To move funds from your Circle account to the linked funding source, select ‘Cash Out’. This takes around 1-4 business days.
Please note that we are not affiliated with Circle in any way. We are simply making our community aware of a newly launched (5th of April 2016) service that seems to harbour significant advantages for our US and UK-based community. Please ensure you read up on the service yourself in order to understand the product and potentially negative factors such as hidden fees! (We couldn’t find any but there may well be some)
If the service is to your liking, please consider it for your activity on Bitbond. For users based in the UK and US this may well be an attractive way of adding funds to invest or pay off loans. Similarly, it may be a great new way to withdraw your loan amount cheaply.
[Update: Circle’s blog post states that it has now introduced limitless spends and withdrawals. While writing this post, I found that limits still seemed to be in place on the Web and Mobile App. Please verify for yourself and let me know on Social Media about your experience]