Monday, June 2, 2014
Backers Want Everyone to Use Bitcoin
The new Circle exchange was created by Circle co-founders Jeremy Allaire and Season Neville. They are doing the most to tackle the public concern of not understand Bitcoin. Their goal in starting the company was to help instill consumer confidence, whichcombats many of the public’s concerns. They use terms that make the currency more accessible. For example, instead of saying buying, selling and exchanging Bitcoins they use more common, banking terms like deposits, withdrawals and storage. They also help with the trust aspect of the currency by giving a free service, providing phone support, military grade encryption, and insurance from theft.
Another fund was established by the Winklevoss twins that allows people to invest in Bitcoin without actually owning any. This kind of exchange is the first of its kind an acts as a trading fund that can be bought and sold on the public markets like a stock or index fund. This allows people to reap the benefits of the Bitcoin exchange without experiencing the risk normally associated with the new currency.
These two new Bitcoin innovations are just the beginning of building trust and helping the public to understand that Bitcoin and other digital currencies are the way of the future. It will take time, but Bitcoin is on its way to becoming mainstream.