There have been some blips for Bitcoin as it tries to be more widely accepted as a legitimate form of currency, but Bitcoin bank Circle is hoping to make the digital currency more accessible, secure and safe to use.
Circle just opened up and as of now, it's only open by invite. With Circle, you're able to deposit American money and have it converted to Bitcoin, totally free of fees. While there are other Bitcoin banking services out there where you can take advantage of anonymity, Circle discourages this and requires several pieces of information to verify your identity, including a name, phone number, email address and the last four digits of your Social Security number.
Another thing that sets Circle apart is that it is insured, so if anything should happen to your digital currency, you won't find yourself at a loss.
Circle's Bitcoin Bank Aims to Make the Digital Currency More Secure
1. Secure Cryptocurrency Banking - Circle's Bitcoin bank aims to make the digital currency more secure and safe to use.
2. Accessible Bitcoin Conversion - Circle allows users to deposit American money and convert it to Bitcoin for free, making the process more accessible.
3. Identity-verification in Bitcoin Banking - Circle requires multiple pieces of information to verify user identity, including name, phone number, email address, and Social Security number, setting a new standard for identity verification in Bitcoin banking.
1. Cryptocurrency Banking - The emergence of secure Bitcoin banks like Circle creates opportunities for cryptocurrency banking services to establish themselves as trusted institutions for the digital currency.
2. Financial Technology (fintech) - Circle's Bitcoin banking model showcases the potential for innovative fintech solutions that provide secure and accessible access to digital currencies.
3. Identity Verification Services - The adoption of rigorous identity verification processes in Bitcoin banking, as demonstrated by Circle, opens avenues for identity verification services to cater to the growing cryptocurrency market.