Curious how much demand there might be out there still for cryptocurrencies?

in cryptocurrency •  last year  (edited)

The Robinhood Trading App reported that over 1 million people have already signed up to be put on their wait list for cryptocurrency trading.

That sounds awesome right?

But wait, it gets better...

Over a million people have signed up in LESS THAN 4 DAYS!

How's that for demand?!

For some perspective...

The Robinhood App had roughly 3 million users prior. Which means that they would see over a 33% increase in their user base in just 4 days.

Now that is some serious growth!

I wrote a little about some of the specifics on how it will be rolled out a few days ago and can be read here:

https://steemit.com/cryptocurrency/@jrcornel/today-crypto-just-became-a-little-more-mainstream

A tidal wave is coming?

Blockchain Capital co-founder Bart Stephens had this to say in response to the figures:

"To me, this speaks to a generational interest in crypto."

And then also this...

"I think we're going to be seeing more and more of these on-ramps. I think this is the beginning of a huge wave embracing this asset class."

(Source: https://www.cnbc.com/2018/01/29/more-than-1-million-people-sign-up-for-early-access-to-robinhoods-new-crypto-trading-service.html)

A huge wave embracing this asset class?

Yes please.

Stay informed my friends.

Follow me: @jrcornel

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Just wait utill India enters the space with both feet. We're talking hundreds of millions of people with smartphones: https://www.statista.com/statistics/467163/forecast-of-smartphone-users-in-india/

india

1 million in such a low amount of time?
Robinhood is definitely happy with their great decision of including crypto on their platform.
A lot of money will be coming in, so the 1 Trillion dollars market cap might be a reality in the next months!

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I was thinking the same exact thing! This is going to be huge, such a big unexpected move by RobinHood. I cant wait to see what happends with this.

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  ·  last year (edited)

1 trillion here we come chooo chooo, about time we had some positive price action too much Fud at the moment

People are excited for it, that's good but the thing is interesting would be to see how they react if we have a bubble burst.

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it can't be called a bubble if you didn't pay money for crypto but rather gained it ala Steemit

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FYI it can still be called a bubble, if the valuation of a particular asset is solely dependent on demand.

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it is ALWAYS dependent on demand.

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Even on steemit you are not gaining it for free. You are not winning it in lottery. You are putting effor in your writing and then you become able to generate some cash. Again it is given you on market value, so I think we can still call it a bubble.

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In order to win in a lottery, you still pay for a ticket. You don't pay anything for posting on Steemit.

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Yes that's true so what you would say if someone is earing over the vlogs what he/she uploads on youtube?

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double pay with no cost? XD

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There is no "bubble" in tech adoption. There is only users and non-users. If it's a good technology, most people will use it. Look at the growth rate of cell phones, or microwaves, or cars... all S curves tapering off as more people use them. Eventually everyone will be using crypto, just as everyone will be using cell phones.

techadoptionrates.JPG

This makes me think that the current correction we're in won't be too extended. I posted an important update on Bitcoin here:

Bitcoin (BTC) Update - Analysis
https://steemit.com/bitcoin/@benkalashnikov/bitcoin-btc-update-analysis

Screen Shot 2018-01-30 at 17.49.18.png

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My thoughts as well. I'm prepared for a dip down to $8k-$6k, but I'm hoping it never comes.

  ·  last year (edited)

Though Robinhood interest is a good news, however, we touched a local, long term peak at Bitcoin $19.8K, end of bull run for this time. It is still in correction mode, it is quite possible to sideways move from $8-12K until a big correction at $6K and then another bull run that will see new ATH at $20K and more. How long we will see another ATH, who knows- 1 month, 3 months or a year? My gut says that we will stay in bear mode for another 4-6 months.

I am all signed up and waiting to fund my account. I will report back when I make my first transaction. Wish me luck!

Thanks for this post @jcornel. That's very interesting to see how many are still interested in joining the crypto community - although I can't say that I'm surprised.

All one needs to do is look at Metcalfe's law to know that this is a very positive development for the cryptocommunity, and that's before you take in to account the volume of the cryptocurrencies that these newcomers will buy.

Thanks for sharing, I did a post yesterday outlining Metcalfe's law and how it works for the Steemit platform - I would really appreciate any feedback you have on it!

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In deed, I live in Germany, I would tend to say that it is not so well developed in regards of Cryptocurrency, the topic is being discussed more and more though and people ask me where they can actually trade. Signs are good. Government decisions would be good though so we get back to calm water.

Hey jrcornel, appreciate your posts, thanks for contributing to the community! I think a lot of participants in the crypto-revolution need to study Statistics to gain further insight. A lot of important information can be garnered, such as the patent fallacy of using "Market Capitalization" (which cannot be applied to a currency at all, only a business entity) as an indicator in digital currency, as well as drawing inferences based on convenient-sampling method (saying cryptos will grow at the rate of 2017, without taking 2009-2016 data into account, for example).

There is still a steep learning curve for participants, despite applications like Robinhood and the seemingly easy profits many have seen by doing absolutely nothing last year. IMHO by 2020, we will have proper mainstream adoption (with commensurate price stability for many assets), until then, its like the wild west!

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  ·  last year (edited)

Great comment and I agree, though I think it might be slightly sooner. I think there is going to be a lot of headway in that direction this year and next. Regulations are coming and they are going to help the masses get in and feel much safer doing so.

that sounds very promising!
thanks for sharing

Cryptocurrency, most of the exchanges are having tremendous growth.
I heard Coinbase made close to a $Bil. I'm sure 2018 is going to be even better.

The crypto revolution is about to hit 2nd gear

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That's the truth..
the revolution is just beginning.

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Absolutely yes, waiting Robinhood

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indeed

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What would you guys suggest to start learning? How can I put $5-$30 in to test it out? I just want it all to be anon, I'm just about done with credit cards recording every single thing I buy. Do you guys really think cryptos will go up much more? Will bitcoin go over 20k for almost sure?

  ·  last year (edited)

Those of you who are active off exchanges, mostly on Telegram groups, noticed a trend change. While most coin sales were CMC+5%, now and for several days already, you can easily buy crypto coins at CMC with no commission, and sometimes CMC-1%

That means that the off market shifted from sellers market to buyers market = Huge dropdown might occur soon, unless the big players who holds 10k+ bit, bit, will decide to change the game again.

Do you agree with me?

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I agree 100%! They say over 40% of BTC is being held by only a group of people...

Can we use SBD with it?

Thank you so much for giving your time to write this precious information really glad !
stay blessed
cheers!

Newcomer is also in line, need some support to be a success!, i'm serching in playstor can't get that app, can you give link?

big thx @jrcornel

Who was it that said cryptos is a bubble waiting to burst? A million people and.. aren't seeing NO BUBBLE!

Thanks @jrcornel for informing us!!!

Massive tidal wave coming for all of us in the crypto market! Robin hood will have 3 million total users and coinbase has 13 million. I'm ready to sell on that quick spike

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amazing!cryto is the [email protected]

Crypto is the future. Big banks and payment processors know this and are doing their best to derail the progress with FUD.

Cryptocurrency is breaking into the mainstream. Let the bull run begin.

This will help bring some much needed money into the crypto world. Thanks for your blog and lets keep sharing the blockchain technology to the world #tothemoon

I have been using Robinhood to purchase standard stocks for about 4 months now. It is an excellent platform and no fees. I was able to sign up around the 300k mark before the news of its move into the crypto market got out there. I am excited to see how it will effect the price of the major currencies. It will also push Coinbase to add more coins/tokens either prior to or shortly after their launch. This is good news my friends!

A lot of people seem to be assuming that the new subscribers to Robin Hood are new users.
Maybe its just a million people who are already involved in the crypto world that are just signing up to another exchange, we are all members of multiple exchanges, right?
Of course I'm going from one extreme to another and of course some of these people will be new but we have no way of knowing.

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  ·  last year (edited)

Yes good point, but even if they are all existing users from Coinbase, yes that means not much new demand, but it would mean competition for Coinbase in terms of fees. Which ultimately would be a good thing as well, because as competition increases the fees for customers come down. A different positive, but a positive never the less. :)

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It is still positive news though, I don't want to put a downer on anyones posts, just something to think about

What's the difference, Robinhood vs Cobinhood?! Just started hearing about both this week...

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Robinhood is an existing stock trading platform that recently announced that it was launching a crypto trading platform.

Cobinhood is a crypto exchange launched in September 2017. Robinhood has sent them a cease and desist for basically impersonating their platform. They also have their own Ethereum token which ran its ICO in late 2017.

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What he ^ said.

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Thanks for the info!

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Robinhood has stocks and it started off with stock. I use to use Robinhood it would tell me what it recommend to invest in with certain plans about a year ago. Cobinhood is strictly crypto. I hope this helped

I have to admit after reading this even I'm excited about this new development in the Robinhood app. Especially at someone who has used the app up until recently, I've only not been using it for about the last month now. And I have to tell you for my past experience that it is one of the most convenient investing platforms for any beginner or intermediate Trader on the stock exchange Robinhood has always been a top pick for not only me but many others, due to its convenient low trading fees/cost! it is truly a Marvel to behold compared to the many expensive other alternatives (trading boards).


So I'm definitely really excited about this new development in the Robinhood app. And I hope they continue to improve it,and if you end up cryptocurrency space as well as stock market. Robinhood is definitely something you should jump aboard and become a part of.

Rolling out like gangbusters...Earl Campbel and a runaway freight train......woooooweeeee

Please see my steemit as well! Twitter, Steemit, Youtube now has over 60K followers and I provide FREE TA on request with regular BTC updates.
https://steemit.com/bitcoin/@philakonecrypto/bitcoin-btc-jan-30-afternoon-update-bears-retain-control

The market has been moving in very interesting ways these past weeks. I think most of the crypto community is biased and think the price will skyrocket after news like the robinhood new investors. I believe the price will keep increasing but at a slower pace than what we saw at the end of 2017. However, if more useful creations like Steem it start arising from cryptos we will for sure see an AMAZING 2018.

Thank you

But as soon a that's over we are going back to the moon!!!! $900 billion or bust!!!

Thanks for the Post I guess I need to sign up before they too stop accepting applications ;)

Very good!

They are all coming again, as soon as their fear wears off :)

If you still haven't signed up for Robinhood make sure you try to use someone's referral link so you get a free stock. Feel free to PM me if you want to use mine :)

Is commision to high to pay on robinhood or less than other market players/brokers?

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It's supposed to be free :)

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Are you sure i was youtubing a little and came across there are charges to buy and sell imean commission

February is going to be a great month for crypto.

i like this blog nice

Upvote to me

EVERY CRYPTOCURRENCY PRICE GOING DOWN😂

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Cryptocurrency is down today... If you bought in November you would still be down but over all up 300%+. You won't be a millionaire over night. Events like these happen the weak sell the strong wait.

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That's the Bitfinex / Tether news effect. Buy the dip now. This is like Bitconnect, another scam being weeded out just in time for the Robin Hood generation.

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  ·  last year (edited)

Agreed. Perfect timing if you have cash to invest. Plus the Chinese New Year will pass soon and Americans will be getting their tax refunds. Perfect storm?

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Good analogy. I know a waiter says he's coming in with his first $500 in crypto with his tax refund check.

I think that people want to edge themselves from the stock market and with the block chain at least they know they can trust that. Cryptos are still very young and even if bitcoin doesn't do to well I think that some of the others will still pull through.

I'm wanting to try bitcoin or another crypto. Is there something I could put $5 in to test it out? I'd love to have a crypto I could put in $30 a month in. Both would be fun. I nornally collect silver coins but I'd like some crypto, I'm just very new to crypto and don't know how to make them anonymous (flipping, or washing, I forget)

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If you only pick one coin to drip small amounts of funds into for a long term project, check out Raiblocks (XRB). It is instant, feeless transactions, and no mining involved as all the coins that will ever exist are already in circulation. Do some research and make an informed decision.

Thanks for the post! It would be interesting to see how many of the 1,000,000 users are actually new users vs. people who have already invested in Crypto and want another exchange to diversify buying opportunities.

Furthermore another point which I think is important to consider is that Robin Hood may only be eligible for US citizens however in the signup process there was nothing which prevented non-US individuals to sign up.

Whilst its great to see so much interest - I cant help to believe that the 1,000,000 number is inflated due to (1) anyone could have registered interest but not actually be eligible to be a user on Robin Hood and (2) the 1,000,000 may just be coinbase users who are sick of the fees there and just migrating platforms.

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Certainly possible :) Though, I'd venture to say that when they do eventually launch, they will likely provide a practical on-ramp for many first time crypto users.

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So regarding the above, you've inspired me to write a full post on my views on Robin Hood's million users - feel free to check it out here.

I agree that yes they will make it easy for first time users, but that growth is organic growth vs. genuinely capturing new users - so would probably have happened with or without Robin Hood joining the Crypto game as anyone who plans to join this year would probably have gone through Coinbase.

I have been very excited since I have learned of the crypto world. I feel I have come on board at an excellent time and encourage everyone I know to invest!

there is huge demand for crypto this year , its just the exchanges and coinbase servers cant handle the huge wave of new people coming in,

esto es solo el principio. algún dia explotará, pero el futuro está empezando ahora

I like it is coming to the market. However, I think Ethos will have a superior product. I see it becoming bigger than Robinhood, bigger than coinbase, yet few people have heard of it. I wonder how that is in 3 months time...

Great info man, I just love to see another BTC friend.

I believe in the team. Hope Rohinhood can make it throuugh and become one of the giants.

  ·  last year (edited)

I was using Robinhood well before the waiting list and now I’m on it. The waiting list seems to be a mixture of the current userbase and new people so to call it a 33% rise in 4 days is probably off. It may very well rise to that and beyond though

EVERYTHING IS ON SALE!!!!

Individuals are energized for it, that is great yet the thing is intriguing is perceive how they respond on the off chance that we have an air pocket burst.

lol.jpg

Woooooow @jrcornel. In fact, I couldn't agree more. The crypto storm is coming, and when its here, it will be better to be with it than against it. Thanks for sharing.

Interest in crypto is huge and this is just the beginning. The best is yet to come 🚀

it seems I'm still too far behind, must learn more, the world of crypto is growing very rapidly, the possibility of paper money will be abandoned.

Thx @jrcornel for valuable information!

Agreed, the new generation is more interested in crypto versus traditional stockmarkets who is mostly clogged with traders. With the markets going up and down, instead of buying into the stock market where it failed multiple times crypto can be the answer for the new generation. The question is, is this market good enough to handle the manipulators yet?

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Thats good news for us. I always felt 2018 was ganna be a big year these pull backs are healthy and we need it in order for bitcoin to continue to grow and take the rest of the alts for a ride. Something will takeover bitcoin but not anytime soon in my opinion.

There will always be demand for cryptos with minnows coming in to the market with FOMO while their friends are bragging about how much money they made in crypto world.

Lucky to be in 1 of the 5 states that's allowing crypto trading on the platform!

sounds awesome! thanks for sharing that

Hello, I am Korean.
You have a lot of good writing.
I will visit you often.수란_사이징_작게.gif
I cant wait to see what happends with this.

Great business move for RobinHood. I'll be interested to see how they expand in the coming months.

We love Robin Hood but not communism. As long as the app is all about free markets and stuff instead of Obama stuff. I'm Oatmeal. Liked. Shared. Upvoted. Resteemed.