Circle, Bitreserve, and BitPay are turning their backs on bitcoin

A volunteer smashes a computer during REUTERS/Lucas JacksonA volunteer smashes a computer during “Good Riddance Day,” an event designed to allow people to shred their bad memories from 2009, in New York December 28, 2009.

Some of the most high-profile and well-funded startups looking at bitcoin are now pivoting their businesses and distancing themselves from the digital currency, less than two years after the hype around bitcoin blew up.

Circle, BitPay, and Bitreserve — who between them have raised over $130 million — have all shifted away from bitcoin in one way or another in recent months.

That’s after people failed to adopt it in the way entrepreneurs and venture capitalists had hoped.

Circle — which makes a mobile bitcoin wallet and is backed by Goldman Sachs — recently began accepting US dollars and when I met the founders in London recently they told me that bitcoin was just the first use-case of their technology.

The future, according to CEO Jeremy Allaire, lies in using the technology that underpins technology, called the blockchain, to make sending any form of money as easy as sending an email. He didn’t want to talk about

Read more ... source: TheBitcoinNews