Circle no longer selling bitcoins

[Gobuckeyes0122]

Anybody that uses circle app for selling and sending bitcoins better find a new one. Circle teamed up with coinbase and now no longer sell bitcoins. You can get your bitcoins out tho if you have some saved there.

 

[movingiron88]

When did this happen. Used circle app on monday?

 

[Eman]

Bitcoin Powerhouse Will Pull the Plug on Bitcoin

 

[Corridor11]

Wait wtf


Sent from my iPad using Tapatalk

 

[Corridor11]

I just used it 1 second ago........


Sent from my iPad using Tapatalk

 

[Millard]

From the Circle blog yesterday:

Circle is now more than ever not a consumer bitcoin exchange, and we will continue to focus resources on global social payments and future next-generation blockchain technology rather than devoting those resources to supporting the buying and selling of bitcoins directly.

Circle customers who currently hold bitcoin instead of US dollars, pound sterling, or euros may convert instantly to any of those currencies (depending upon availability in the customer’s area). Customers who previously bought and sold bitcoin in the Circle apps may still sell, if they choose, by converting their bitcoin to dollars, euros, or sterling and then withdrawing the balance to their linked card or bank account. Once converted, the account will remain in dollars, euros, or sterling.

Consumers who seek to buy and sell bitcoin in the future may now leverage our new preferred partnership with Coinbase. Customers may still send their bitcoin to any wallet or exchange of their choosing, but Coinbase is our recommended consumer bitcoin exchange.

Circle to coinbase

Circle customers holding bitcoin balances may also simply continue to hold their bitcoin with Circle and receive Circle’s full bitcoin insurance. All Circle customers can leverage Spark-enabled markets and currencies without needing to buy or hold bitcoin directly.

Our continued use of bitcoin as a settlement token and network behind the scenes means that Circle will continue to be a leading participant in the digital currency markets and ecosystem, with our focus on getting more digital wallets to adopt public blockchains as open transaction settlement networks.
​

Source: Spark, New Markets, App Messaging, and Bitcoin Changes

 

[Gobuckeyes0122]

When did this happen. Used circle app on monday?

I just seen it today. Look at what Millard posted.

 

[Burrr]

Is making the switch to coin base as a btc buyer pretty simple ?

 

[Halfthor]

I just did it took about 20 minutes on my phone to get it figured out.

 

[Gobuckeyes0122]

Me too. I had some bitcoins left over in circle that I just transferred to coinbase. Pretty simple. I had used coinbase before but I preferred circle.

 

[Millard]

Is making the switch to coin base as a btc buyer pretty simple ?

Now that Circle is using Coinbase, you must consider this --> Attention Coinbase customers: The IRS may soon know you purchased Bitcoin

 

[Eman]

Now that Circle is using Coinbase, you must consider this --> Attention Coinbase customers: The IRS may soon know you purchased Bitcoin

That's the part that bugs me the most about it... I don't really have anything against Coinbase at the moment but I'm also apprehensive to be playing around with a company that is under the microscope as Coinbase is.

 

[Millard]

That's the part that bugs me the most about it... I don't really have anything against Coinbase at the moment but I'm also apprehensive to be playing around with a company that is under the microscope as Coinbase is.

Just follow the IRS rules concerning bitcoin and report your capital gains and capital losses. That will keep the IRS happy --> Bitcoin help.

 

[Burrr]

I think for those of us that use Bitcoin to make purchases this should remain fairly safe. I never anticipated having any Bitcoin income and only a reasonable amount of purchases.

 

[Millard]

I think for those of us that use Bitcoin to make purchases this should remain fairly safe. I never anticipated having any Bitcoin income and only a reasonable amount of purchases.

It doesn't matter if you use Bitcoin only for purchases, you still have to report capital losses and capital gains.

 

[Burrr]

So you basically have to treat your Bitcoin like it was a stock? Is there a certain amount where you are required to report anything over that? Like a 1099 not being required for under $600

 

[Millard]

So you basically have to treat your Bitcoin like it was a stock?

Yes.

 

[Burrr]

Ok,
I think I can handle that and stay on good terms with the irs.
Do they create a tax report for you, hopefully the same one they will make for the fed.

 

[Burrr]

@Millard Baker
Thank you for letting us all know about this, good to be prepared for this kind of thing.
I bet the irs does not give a shit what we buy, as long as we pay our taxes

 

[DAii]

I got the same notice when I logged into my account. What's a good bitcoin exchanger like circle and coinbase? I tried coinbase but I have had so many issues with them like bank limit of $0 and so much info like social security etc.