[BREAKING]ROBINHOOD ADDING BITCOIN + CRYPTO TRADING
YOUR DAILY HASH ~ ROBINHOOD WILL BE ADDING BITCOIN + MORE, THOUGHTS?
News
Robinhood adding crypto is going to give approximately 3 million accounts exposure to an entirely different "asset" class. From the looks of it, so many people have signed up for the waitlist that it's malfunctioning. They're offering "instant" transactions with "zero" fees for trades under $1000 USD. Arbitrage may present itself on launch day (Sometime February).
Don't take my word for it. I think they'll charge a significant fee for transactions over $1000 in a week in order to cover some ground. Still legitimate competition for Coinbase. They're coming into the game with users. Keep your eyes on this.
Like Coinbase, you aren't in control of your keys. The wallets are handled by a third party. I also can't find any policies on forks,etc. Also can't find a policy on privacy in terms of the IRS (Look up IRS vs Coinbase). Why is that important? You don't want any government agencies knocking on your door, do you? I think this is interesting, but I want to know their stance on that, for safety purposes.
Pros:
- They also plan on adding crypto to their "Pro" trading platform with margin.
- More exposure to people who are already invested to hedge their portfolios with a different asset class, or the reverse. People who are in crypto can hedge their crypto portfolios with stock.
- Many millennials use Robinhood. It's a good way for young people to get their feet in crypto. I'm all for new users, I just hope Robinhood can convince these new users to "educate" themselves in the space.
- Your cryptocurrency that they control will not be "invested".
- People become less reliant on Coinbase.
- This is the next step towards going "mainstream"
Cons:
- The "PRO" trading platform is a premium service.
- Only 5 States will have access to crypto trading.
- Haven't gone in depth with the legal/tax implications
- Haven't published a framework for selecting HOW they decide what to add
- You don't control your private keys.
- No "crypto-dividends" (hate that word) from forks.
- Who is this "third-party" that they're working with to manage the wallets?
Coinbase may finally have competition. Hopefully Robinhood can provide better customer service too.
https://www.coindesk.com/micro-finance-giant-robinhood-makes-big-bet-on-bitcoin-trading/
sometimes I refer crypto to friends as stock exchange that happens much faster... I can see why they are having interest on it for sure!
This thing is going to be BIG. We're talking legit competition from coinbase. Combine that with NO fees? It's a killer. Let's see what Coinbase does.
This is fantastic news! I actually signed up for Robinhood 2 weeks ago for stocks and when you sign up they give you a free stock. I got Sirius (SIRI). Only worth about $5, but still cool nonetheless! I wonder if they'll do any type of similar promotion for Crypto!
...They seem like a very progressive company with the user in mind first and making efforts to grow!
The fact that they're a young company with a majority young userbase is fantastic for crypto. We're gonna see quite a bit of money flow into the market during these next months. Considering the amount of FUD I've been reporting, this is something that the space needs. Don't forget to give us a follow to stay up to date on what's going on in crypto!
Followed, I look forward to your content! I'm hoping A) RobinHood has more options than CoinBase and B) CoinBase will eliminate their transaction costs as well, or come up with an even better incentive to stay with them...
...can you see a CoinBase coin in the future?
Nah I don't see that happening. I've heard that Coinbase is looking to ICO. I'm trying to figure out what their long term game plan is.
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