Bitcoins are becoming more and more popular as a source of currency and as a result, more Bitcoin banks are opening up.

Bitcoins have been growing in popularity recently and may even become more mainstream than anyone could have ever predicted. A new bank for Bitcoins which will run under the name “Circle” has just opened up for business. Although there were already many Bitcoin banks that existed, Circle brings a much more competitive business model to the table. Contrary to the former Bitcoin bank “Mt Gox” which went bankrupt and caused its clients to lose their online assets in its collapse, Circle is insuring every client’s deposit which essentially erases the risk of users. Additionally, Circle is attempting to draw clients through a simple and user friendly interface which increases the probability of new technologically illiterate users joining. Circle’s use of a “focus differentiation strategy” sets it apart from the other existing Bitcoin banks through Circle’s unique insurance policies as well as the user experience. It is very likely that Bitcoin users who are currentlly with other Bitcoin banks will switch over to Circle considering Circle doesn’t charge a price that is too overwhelming in respect to the service they provide. Many successful businesses have found their success through using a focus differentiation strategy because often times clients want a service or good that is unique and is better catered to their taste.

http://www.theguardian.com/technology/2014/sep/29/bitcoin-circle-cryptocurrency-jeremy-allaire