Friday, February 3, 2017

Circle Coin Launch Part at Kpub, The Fort.

Cryptocurrency is fast gaining traction as a viable investment tool and monetary medium. It can be used to pay for goods and services at lightning fast speeds as well as secure anonymity in online transactions for that added layer of privacy. It all started with Bitcoin, then more and more market players participated in the past few years. These players created their own independent currencies. Circle Coin is one of those. It is a Japanese creation that has started a few years ago and is actively being used in other countries in the Asia Pacific region. According to the representatives, Circle Coin has increased its value in other countries.

In the Philippines, Circle Coin has been operating for less than a year. The company behind it seeks to develop Circle Coin as a premier cryptocurrency brand in the country. Hence, the company offers affiliate bonuses to investors plus a milestone for value increases relative to the number of investors and money converted.

I was fortunate to have been invited to Circle Coin's launch party in KPub the Fort. The food and drinks were great, plus we had amazing treatment from Kpub's general manager, Sir Mike. We also had excellent musical numbers from special guests. Guests were able to win special prizes from the organizers.

I am pretty much convinced that cryptocurrency has amazing potential as a medium of transaction. Add to that its power as an investment tool. Hence, I surely am keenly interested in using it in the near future. However, this doesn't change the fact about my doubts on this product.

My thoughts on Circle Coin are:
1. If the developers are creating it as a form of independent cryptocurrency, then why is it heavily tied to the bitcoin? For every transaction, users have to go through a very tedious process of ordering bitcoins through a Fort Satoshi then exchanging it for Circle Coins in the standalone website. Users have to navigate a complicated process to copy-paste delivery and exchange codes from one website to the next in an attempt to link their accounts. Non-techies may find this frustrating and confusing.
2. The second qualm I have is the increased volatility of one's investment since the money has to be exchanged from bitcoin to circle coin. What if I bought Bitcoin then the price sharply dropped the next day? How will I be able to effectively buy circle coins if my bitcoins lost their value overnight?
3. Thirdly, what is the use of creating a cryptocurrency that is a slave to the Bitcoin? Can't Circle Coin have its own identity and market that is created as its own brand without relying on another well established brand such as the bitcoin?
4. Also, I am still not sure of the level of security provided by the Circle Coin website. Cryptocurrency transactions have had a history of vulnerabilities ranging from disappearing funds and unreliable websites. Given Circle Coin's status as a new player in the market, their short presence has not proven reliability. I'd give them some time, though.

In sum, I still have a hard time gauging Circle Coin as a viable investment option as still as they do not address these questions.

Pictures of the event:

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