Circle question

**3runhomer** · 09-21-15, 11:55 PM

Circle must have recently changed some limits...I was told they had higher limits as well, and after recently registering, my initial limit is $300 as well. The friend who referred me said his limits went from $2,500 to $300 over night...

Does anyone have an answer from Circle on what is going on?

**poker6469** · 09-22-15, 12:02 AM

This just happened to me, yesterday my cash out limit was 5000. Had a pending withdrawal with circle and got two emails from them today telling me my withdrawal has failed and asked me to check with my financial institutions to see if my account is still working , it is fine and working and noticed that in the withdrawal that my cash out sell limit was reduced to 300.00 per week , yesterday day it was 5000, I think they just want to delay are withdrawal so they can try and make profit with the bitcoin fluctuations! !! I got a very large amount of bitcoin in nitrogen sports, can somebody please tellenter a good wallet besides coinbase.

**jacobw82** · 09-22-15, 12:02 AM

Yeah that's what happened to me literally Sunday it was 5k now Monday I looks and 300.

**3runhomer** · 09-22-15, 01:57 AM

Does anyone have an answer from Circle? I am very new there and have not made a transaction yet...

**Optional** · 09-22-15, 02:38 AM

Has anyone asked them if your limit will be raised again at some point?

**3runhomer** · 09-22-15, 07:21 AM

I tried making my first bitcoin purchase today...the buy limit was $300...and after initiating the transaction for $300, I got an email a few hours later saying it was denied. I'm still waiting for them to reply to my email asking what happened. I will report back.

**Optional** · 09-22-15, 07:36 AM

Anyone had a successful transaction with them in the last 48 hours?

**jacobw82** · 09-22-15, 08:35 AM

Email I got from them this morning.

Nina B (Circle)
Sep 22, 9:28 AM
Hi Jacob,
We are glad you’re a part of Circle and interested in transacting more with us!
We would love to help you, so we’d like to explain a few things worth knowing about limits and increasing your limits:

All customers have an initial limit of $300 for adding money, cashing out, and sending
These reset on a rolling 7 day basis

I will submit a limit increase request so our Account Services team can evaluate your account to determine if you qualify for a limit increase. They will be in touch with you via email on the status of your limit!
Best,
Nina - Team Circle

**3runhomer** · 09-22-15, 12:32 PM

Interesting

**raiders72001** · 09-22-15, 01:34 PM

Other news out of Circle

US Dollar Payments, Free Debit Cards, Circle App Updates

By Sean Neville and Jeremy Allaire
We founded Circle to help people share value in the same way they share other kinds of content and messages on the Internet: for free, safely, and instantly anywhere in the world. That vision includes everyone everywhere, and it isn’t limited to one currency we share with friends and family -- it spans them all.
Today we took another step toward realizing that goal. Now in the United States, you can send, receive, and hold US dollars in addition to using bitcoin for payments within the Circle app.
You can enjoy the benefits of Bitcoin without ever holding or buying bitcoin yourself, and without being exposed to bitcoin price volatility. Even if you prefer to hold US dollars in your Circle account, you gain security, speed, and open interoperability with bitcoin wallets and services around the globe. You can hold US dollars but still send someone bitcoin, and likewise someone can send you bitcoin and Circle can instantly turn it into US dollars in your account.
And if you still prefer to hold bitcoin instead of dollars? That’s perfectly fine; you can switch back and forth between currencies at any time with zero fees. As we add further currencies, you can expect the same.
Our iOS, Android, and Web apps are now called Circle Pay and they’re available now in the iOS and Android app stores. These apps sport a number of new features, including:

Debit cards are now free and instant. If you fund your account with a debit card, you receive the money immediately, and Circle charges no fees. Note that ************ are also instant, but the networks do charge a fee for ************. You can also still link your bank account, which is free of charge, but it may take a few days for your bank to complete a transfer. So debit card usage is recommended.
Higher limits for cashing in, spending, and cashing out. Most customers will start with a $300 USD weekly limit and have the opportunity to graduate to $3,000. These limits are much higher than our previous levels!
FDIC insurance on US dollar deposits, which complements our existing full insurance protection over customer bitcoin funds.
Many mobile app improvements including easier, faster account signup. Now when you send a friend money, that friend will have a simpler time signing up with Circle to receive it.

As part of this release, we’re also announcing full compliance with New York’s money transmitter and BitLicense regulations, which continues our ongoing compliance as a money services business across all US states.
We’ve been fairly vocal about our concerns with the BitLicense, especially in its initial incarnation. Many of those issues were resolved, and though still not perfect, the BitLicense and its requirements became clear and irrefutable prerequisites for serving and supporting everyone in New York. We are the first company to be granted a BitLicense, and we also hold a Money Transfer License for US dollar transactions in the state of New York. We want to help people everywhere around the globe, and that includes New Yorkers.
Grab Circle Pay by visiting the iOS or Android store and give it a try! We’re excited to hear your feedback.
Jeremy and Sean
Circle Co-founders

**BigDaddy** · 09-22-15, 04:52 PM

you can use debit card on circle to buy btc?

**Buffalo Nickle** · 09-22-15, 05:46 PM

If that says what I think it does, things have changed and not just a little.

**Buffalo Nickle** · 09-22-15, 06:30 PM

Basically they have made it now where you do not have to hold BitCoin. You can hold your money in your Circle account as cash FDIc insured. So you don't really need to send to bank any longer. Because of that, they are reducing the amount you can withdraw each week. So if you receive a big payout, you will just have to hold it in your Circle account but you no longer have to worry about losing money. Then you can just transfer to your bank $300 per week.

**Buffalo Nickle** · 09-22-15, 06:34 PM

Even better, you can send bitcoin without actually buying it. You just use the cash in your account apparently. I have not figured out how that works yet.

**Buffalo Nickle** · 09-22-15, 06:42 PM

They have almost made this bitcoin thing bitcoin free. You are almost doing EFT transfers.

**KVB** · 09-22-15, 06:42 PM

Originally posted by Buffalo Nickle

Basically they have made it now where you do not have to hold BitCoin. You can hold your money in your Circle account as cash FDIc insured. So you don't really need to send to bank any longer. Because of that, they are reducing the amount you can withdraw each week. So if you receive a big payout, you will just have to hold it in your Circle account but you no longer have to worry about losing money. Then you can just transfer to your bank $300 per week.

So is Circle the/an actual bank?

Who's backing these guys? You can own but not hold bitcoin and have that cost be FDIC insured. I think this needs some more research.

So, to ask opti's question again, anyone have a successful transaction recently?

**KVB** · 09-22-15, 06:43 PM

Originally posted by Buffalo Nickle

They have almost made this bitcoin thing bitcoin free. You are almost doing EFT transfers.

That's what I was thinking.

**Buffalo Nickle** · 09-22-15, 06:46 PM

Originally posted by KVB

So is Circle the/an actual bank?

Who's backing these guys? You can own but not hold bitcoin and have that cost be FDIC insured. I think this needs some more research.

So, to ask opti's question again, anyone have a successful transaction recently?

Yes. Circle is licensed as a bank and is FDIC insured.

First, they want to do away with all these transfers from banks. That is expensive. Second, they want to make bitcoin more widely used and this is going a long way toward making it a currency.

**Buffalo Nickle** · 09-22-15, 06:51 PM

To further clarify, you have the option of owning bitcoin in your account or holding FDIC cash. You choose which option. If you want to be a bitcoin investor, you can still do that. But if you don't want anything to do with it, you can just use it temporarily which is huge.

**KVB** · 09-22-15, 06:51 PM

I believe shares of Circle, public or private, are either going to make someone rich or go completely belly up scam style. I would invest if given the opportunity. I wonder if there are any offerings.

**Buffalo Nickle** · 09-22-15, 06:54 PM

Originally posted by KVB

I believe shares of Circle, public or private, are either going to make someone rich or go completely belly up scam style. I would invest if given the opportunity. I wonder if there are any offerings.

They are a venture capital firm that wants to make bitcoin widely used. They are willing to eat costs like Amazon right now. They will probably go under but use it while you can. EVentually, they are going to start charging.

**KVB** · 09-22-15, 06:56 PM

Originally posted by Buffalo Nickle

To further clarify, you have the option of owning bitcoin in your account or holding FDIC cash. You choose which option. If you want to be a bitcoin investor, you can still do that. But if you don't want anything to do with it, you can just use it temporarily which is huge.

I see, so if you are, at the moment owning bitcoin, it is no longer FDIC.

Could be a matter of time before other banks grab the model. The big banks will make sure those bitcoin markets are well controlled before getting into it. Or the big banks will push these guys out, Michael Milkin style.

**KVB** · 09-22-15, 06:57 PM

Thanks Nickel, some good info.

**Buffalo Nickle** · 09-22-15, 07:00 PM

Originally posted by KVB

Thanks Nickel, some good info.

Right. Bitcoin is bitcoin. But if you have money with Circle, it is covered by FDIC insurance. If bitcoin goes to zero tomorrow, you are bust. But if you have $300 in your Circle account, you've still got $300.

**Buffalo Nickle** · 09-22-15, 07:27 PM

If you are familiar with a brokerage account, they are basically giving you a cash account or core account. You can use your cash account to buy bitcoin or send it. If you receive bitcoin, you can sell and the money goes straight to the cash account and you sit on it until you want to buy bitcoin or send bitcoin again.

**BigDaddy** · 09-22-15, 07:28 PM

i use coinbase and thats it so far.

can i send blockchain to circle and vice versa and not get limited?

**Buffalo Nickle** · 09-22-15, 07:31 PM

Originally posted by BigDaddy

i use coinbase and thats it so far.

can i send blockchain to circle and vice versa and not get limited?

Yes. You can send to blockchain. No, you will be limited to $300 until they raise your limits.

**BigDaddy** · 09-22-15, 07:33 PM

i meant shutdown for tranfers.

if they hold money in usd i wont worry about limits weekly

**Buffalo Nickle** · 09-22-15, 07:40 PM

Originally posted by BigDaddy

i meant shutdown for tranfers.

if they hold money in usd i wont worry about limits weekly

Not quite sure I am following. But I think you are saying that if you are holding your cash at Circle, you are not worried about sending to your bank. If so, yes.

You can send as much as you want to blockchain and back keeping in mind that you are starting with a $300 limit and will be building up from that.

If you send Coinbase to Circle to hold as cash, I am not sure how that would work. If you had a $1,000 in cash would they let you send $1,000 in bitcoin? Don't know. I would think so. Maybe $300 just applies to new deposits. Not sure.

**poker6469** · 09-22-15, 10:12 PM

Got my money this morning.

Originally posted by Optional

Anyone had a successful transaction with them in the last 48 hours?

Opitional, got a transfer this morning. In my circle account it still says pending, and got two emails Monday saying that the transfer failed and to check my banking info, but I did receive my tranfer.

**Optional** · 09-23-15, 05:55 AM

Thanks for the info poker6469.

At least that makes it sound like it is just technical issues around the changes.

**cincy** · 09-23-15, 12:16 PM

Very disappointed with circle. I opened an account and sent them a large deposit and then after 3 days they said it failed but there was plenty of money in my bank account. Bitcoin price rose in those 3 days so I had to do another deposit transaction at the new bitcoin price and it cost me over $100 and circle was not willing to cover the difference even though it was their fault it failed. Then I tried to do my first transaction yesterday and circle said my limit was $300 per 7 days but they would put a request to raise my limits but I was notified this was denied.

Circle told me it doesn’t matter whether I hold my account in dollars or bitcoins but either way I will have a $300 limit for transactions. So if I hold bitcoins then it is the bitcoin equivalent of $300 (so only about 1.3 bitcoins).

Are there any other bitcoin companies with lower fees than the 1% fee that coinbase charges for deposits and withdrawals to a bank account. If so, what are the limits for those companies.

**poker6469** · 09-24-15, 09:54 AM

circle limits

talked to circle rep and was told my buy/sell limits would reset after 7 days, I transferred some coins to coinbase and to my surprise they tranfered money to my bank in two days. I would say its best to have a few wallets for payout to your bank. Sports betting is fun again!!!!!! but or how long will this last. I gotta go, Im busy im on a heater!!!!!!!

**raiders72001** · 09-24-15, 10:51 AM

Misc. info

The company received US$76 million in venture capital from 3 rounds of investments from 2013 to 2015, including US$50 million led by Goldman Sachs.^[4]^[5]^[6]In the April 30, 2015 edition of The New York Times reporter Nathaniel Popper wrote that the Goldman Sachs investment "should help solidify Bitcoin’s reputation as a technology that serious financial firms can work with."^[7]
In September 2015 the company received the first BitLicense issued from the New York State Department of Financial Services

https://en.wikipedia.org/wiki/Circle_(company)