Michael Arrington Gives 'Zero Stars' to Bitcoin App Circle The TechCrunch/CrunchFund founder wasn't impressed with the Jeremy Allaire startup.5.0K It’s taken some time for Bitcoin to gain traction as a viable crypto-currency.Now, though, you can buy bitcoin at more than 2,500 kiosks nationwide, and a growing number of businesses accept it as a form of payment, including a number of Boston-area restaurants and retailers.Circle, a Boston startup from Brightcove founder Jeremy Allaire that launched its service in the fall, is seeking to bring Bitcoin in the mainstream by making it easier for consumers to convert, store, send and receive digital currencies.So, is it any good?The core mission, of course, is to make Bitcoin transfer super simple.But on his blog Uncrunched, prominent tech guy Michael Arrington revealed a frustrating experience with Circle that suggests quite the opposite.The review is especially worth paying attention to because of Arrington's stature in the tech industry, as the founder and former co-editor of TechCrunch and currently the co-founder and partner of venture firm CrunchFund.

Screenshot via Uncrunched Arrington disclosed that Circle suspended his account while they were reviewing and verifying his information—presumably in the interest of fraud protection—but failed to alert him that they would be doing so.He copied the wallet address and sent himself Bitcoin from another wallet, and while the transfer went through and was confirmed in the blockchain, he saw no pending or confirmed transactions for hours.check bitcoin transaction confirmationIn the mobile app there was no sign of Bitcoin received, either pending or confirmed, and no indication that his account had been shut down.bitcoin ponzi sitesWhile attempting to access the service on his laptop, Circle kicked him out with the message “Additional Review Needed.” Meanwhile, Arrington’s friend, entrepreneur Nik Cubrilovic (also formerly of TechCrunch), tried to transfer Bitcoin to Arrington through Circle and also had a harrowing experience.ideal bitcoin exchange

Hours later, Arrington's account was un-suspended, but when he attempted to make a purchase, he received a notification that Circle was unable to complete the deposit.Adding insult to injury, Visa shut down the credit card he used with Circle."Overall, I rate Circle zero stars," Arrington wrote.china embraces bitcoinUpdate: We reached out to the Circle, and VP of marketing Josh Hawkins has now offered a comment on this review.bitcoin assassinationArrington hit a rare sequence of events that resulted in a very poor customer experience," he told me in an email.bitcoin quarterlies"We've been taking steps to improve the onboarding flow and anticipate that the majority of the issues he encountered will be resolved in the near future.litecoin buy in india

There are also some aspects of his experience that are out of Circle's control.It is still early days for digital currency and some banks/cards deny or suspend transactions based on policies toward bitcoin-related companies.Arrington encountered a combination of events in our system and with his card's bank that created a perfect storm of unhappiness we hope none of our customers ever experiences again."change bitcoin to western unionIt's worth noting that Circle has garnered 4.5 stars and 4.2 stars in the iTunes store and Google Play app store, respectively.bitcoin gratis yahooWhile one user complained that Circle couldn't verify their identification based on the required selfie, a number of users have claimed Circle is easy to use.Still, Arrington says that we "deserve a better bitcoin experience than Circle."And if he, a tech-savvy individual, can't figure it out—what hope is there for the rest of us?

SIGN UP FOR THE BOSTINNO BEAT DAILY NEWSLETTER ORGoldman Sachs Group Inc.is one of two lead investors in a $50 million funding round for bitcoin startup Circle Internet Financial Ltd.Goldman adds its name to a growing list of Wall Street institutions exploring digital-currency technology’s potential to provide faster and cheaper financial transactions and payments.Circle, based in... Most Popular Videos Film Clip: 'The Big Sick' Lower Your Wireless Bill With These Tips 'Bridge Crew': Voice Command Comes to 'Star Trek' VR Videogame A New Road to Income: Barron's Buzz Film Clip: 'The Beguiled'From The News Desk The Wall Street Journal is reporting that Boston-based Bitcoin platform Circle has added $50 million in new funding — valuing the company at $200 million.The company's latest investment was led by Goldman Sachs and Chinese investor IDG Capital Partners.Previous investors Accel Partners*, Breyer Capital, General Catalyst Partners, and Digital Currency Group also took part in the round.

The involvement of the Wall Street entrenched Goldman and IDG -- an investment titan in China that backed Baidu and Tencent -- reflects the growing mainstream acceptance of Bitcoin in America and abroad.I'm not sure which firm will have a bigger impact, but both could play significant roles in advancing the viability of Bitcoin and the growth of Circle moving forward.With Goldman Sachs' investment, Circle — and by proxy Bitcoin — gets a huge uplift in visibility outside of the smaller venture capital community.While General Catalyst and Accel carry weight in the world of entrepreneurs and fast-growth startups, the approval of a multinational investment bank like Goldman, even with all its baggage, is a signal of Bitcoin's arrival in the consciousness of the financial world at-large.It's also impressive to get backing from IDG, in another sign that Circle's international aspirations separate it from other purveyors of Bitcoin, as Michael Carney pointed out last year.As great as it is to have support from a Wall Street giant such as Goldman Sachs, the prospects of unleashing what is fast becoming one of the most legit Bitcoin services platforms on the massive, tech-hungry emerging market that is China is a potential game changer for both Circle and Bitcoin as a mainstream cryptocurrency.

Bringing aboard Goldman Sachs and IDG also coincides with a shift in the services that Circle, which has been primarily known as an entry way into Bitcoin acquisition and transfer, will offer going forward.Circle users will now be able to store and transfer dollars through the service, a product offering similar to those of Venmo and Stripe, with the obvious exception that the fiat currency (cash dollars) can also be easily transferred to Bitcoin.As part of the company's willingness to be transparent about many of its operations and security, it was revealed that dollars stored on Circle will be held by a regulated banking entity, in this case the FDIC-insured Silicon Valley Bank.Another benefit of IDG's investment is that it will can help make inroads in China as Circle rolls out more offerings that are part of its current vision, like bringing similar money transfer services to other fiat currencies including the yuan, euros, yen, etc. Becoming the brand name of trusted Bitcoin services is one thing, which Circle has taken a major step towards today with the backing of Goldman Sachs.