One Million People Are Waiting To Trade Crypto With Robinhood
Content adapted from this Zerohedge.com article : Source
by Tyler Durden
Robinhood Financial, the"fastest-growing online brokerage in history", announced last week that it was getting into cryptocurrency trading. And since then, Bloomberg reports, more than one million people have put their names on the company's waiting list in four days...
Digital currency trading will mark the first paid product for Robinhood, which became wildly popular among millennials by letting anyone buy and sell small amounts of stock without fees. The company said it'll only charge for cryptocurrency transactions to recoup the costs associated with trading the assets and won't take a commission.
Still, the total transaction costs will be lower compared with Coinbase's 1.5% to 4% fees in the US. Robinhood is already allowing users track the price, news, and set up alerts on those and 14 other top crypto coins, including Litecoin and Ripple.
There are now 1,004,016 people waiting for approval to trade crypto on @RobinhoodApp
— I am Nomad (@IamNomad) January 29, 2018
Robinhood Financial LLC said last week it plans to let its users buy and sell digital coins without fees starting in February. It'll roll out the option gradually, with the intention of having it available to customers in most states by midyear.
That won't be easy, as even the biggest exchanges are suffering from slow trading, rising transaction fees and other issues as demand for crypto has skyrocketed. Complaints about Coinbase Inc., one of the largest crypto exchanges instance, have surged recently as transaction times has soared and the company has frequently been forced to cut off trading and withdrawals when cryptocurrency prices are plunging. Stripe Inc., an online credit-card processor, recently said it would stop accepting bitcoin payments because of the rising fees.
According to Bloomberg, the extremely long waiting list for Robinhood crypto trading proves that consumer interest in the crypto craze isn't slowing even after Bitcoin tumbled more than 50 percent from its mid-December record as regulators step up scrutiny. Not even one of the biggest thefts in crypto history could spoil the excitement.
That could bode well for the crypto market, which has suffered from lackluster performance since the start of the year following its best year on record.
I think this is good news IF you can be one of the ones signed up already. It is getting cryptocurrancies more well known, getting a voice if you like on another platform. With more and more people willing to trade crypto the security will be under tighter restrictions and hopefully the bugs that plague the transaction times and ceasing of trading will be a thing of the past.
As one of those 1 million people waiting to join the party, I'm really excited. It will definitely be interesting to see how the implementation of it all goes though because there are going to be issues with state regulatory bodies as well as the tax implications for those who have never traded crypto before. While I agree that the market will increase as a whole as more folks join, I'm not sure that Robinhood will be the app that pushes cryptos into the mainstream.
This is really a very special number
We're all excited about it, that's very cool
True, Robinhood is going to be very huge , as they are offering trading without fees ...
I saw this a few days ago and became very excited - the shear volume of people incoming to the market should increase the value of the market proportionately, according to Metcalfe's law.
I think that trading platforms without fees are essential - they make users feel much more happy about trading on the platform, and creates an amicable sense of relationship between the user and the platform - thus retaining more users.
I'm definitely going to try this out when it goes live, I'm excited to see what happens in the market after the general downtrend that it has experienced this month.
Thanks for sharing!
This will be really excellent
From February, Robin Hood will allow users to buy and sell encrypted digital currencies such as btc and eth without any additional trading fees, while the US CoinPase site charges excellent trading fees. "We intend to work on a parity basis and we are not looking to make a profit from this service in the foreseeable future," Robin Tweed, co-founder of Robin Hood, said. "Robin Hood is a growing customer base and better service for our existing customers."
Robin Hood currently has around 3 million users, which means that it has a good base to take advantage of the new service. The availability of a service to follow the prices and news of digital currency users can contribute to the spread. Combining the circulation of shares, derivatives and digital currencies into a single application can legitimize these digital currencies, which are currently controversial in various countries of the world. Robin Hood, founded five years ago, is worth $ 1.3 billion. It has secured $ 176 million in investment from a group of investors such as Andersen Horvitz, Index and NEA.
Digital currency is the future. @zer0hedge
This application will be very special for Robin Hood users, starting this month, buying and selling encoded digital currencies such as Ltc and xrp, especially with the absence of Roussum, while the site «Queen Pies» US charges more than 1.5% and the value of Robin Hood Creto The growth of our customer base and the provision of better service to our existing customers. "The number of users of Robin Hood currently stands at 2 million users, which means that it has a good base to take advantage of the new service. The availability of a service to follow the prices and news of digital currency users can contribute to the spread. Combining the circulation of shares, derivatives and digital currencies into a single application can legitimize these digital currencies, which are now widely controversial in various countries of the world.
This will contribute to the rise and rebound of the market
It was 20k two months ago, tell that to the dumb assholes who bought it then and are now down 50%.
@zer0hedge...History has shown us that when a deal looks too good to be true, it'not.Robinhood is a trap to grab as much cryptos as it can and walk away with the money after selling what it grabs by claiming a massive hack.Because, whether you understand them or not (and clearly most don't have a clue), you have to be one of the above to be cheering on for the end of something that could actually finish the Bankster monopolies you all purport to hate so much.There is more mental fucking gymastics and cognitive dissonance on here than in fucking Berkley Campus.Complaints about Coinbase Inc., one of the largest crypto exchanges instance, have surged recently as transaction times has soared and the company has frequently been forced to cut off trading and withdrawals when cryptocurrency prices are plunging. Stripe Inc., an online credit-card processor, recently said it would stop accepting bitcoin payments because of the rising fees...thank you for sharing with us...
You can’t say they’re trying to steal coins for sure. I’d respect your comment more if it didn’t have that big of an assumption. How are you SURE?
they don't want to leave fiat.... they want to pull a tiny $1k or so off their cc cash advance, with visions of hitting a lottery ticket. most have no clue what their exit strategy is. most would be scared shitless to "leave fiat". most can't afford to gamble..Signing up a massive number of account holders while losing money on every transaction? Check. As long as you can keep your new subscriber base growing faster than the losses you incur from your current subscribers, all should be good for a multi-BILLION dollar enterprise.Unfortunately, this current business model is simply the epitome of the old joke: "We are losing money on every sale, but we will make it up on volume..They are a joke you can only fund via visa and bank wire. Can't transfer over cryptos from your wallet or transfer your cryptos to your personal wallet.recently as transaction times has soared and the company has frequently been forced to cut off trading and withdrawals when cryptocurrency prices are plunging. Stripe Inc., an online credit-card processor, recently said it would stop accepting bitcoin payments because of the rising fees.According to Bloomberg, the extremely long waiting list for Robinhood crypto trading proves that consumer interest in the crypto craze isn’t slowing even after Bitcoin tumbled more than 50 percent from its mid..thank you for sharing with us...
@zer0hedge...bro Unfortunately, this current business model is simply the epitome of the old joke: "We are losing money on every sale, but we will make it up on volume..They are a joke you can only fund via visa and bank wire. Can't transfer over cryptos from your wallet or transfer your cryptos to your personal wallet.recently as transaction times has soared and the company has frequently been forced to cut off trading and withdrawals when cryptocurrency prices are plunging. Stripe Inc., an online credit-card processor, recently said it would stop accepting bitcoin payments because of the rising fees.whether you understand them or not (and clearly most don't have a clue), you have to be one of the above to be cheering on for the end of something that could actually finish the Bankster monopolies you all purport to hate so much.There is more mental fucking gymastics and cognitive dissonance on here than in fucking Berkley Campus.Complaints about Coinbase Inc., one of the largest crypto exchanges instance, have surged recently as transaction times has soared and the company has frequently been forced to cut off trading and withdrawals when cryptocurrency prices are plunging. Stripe increase the value of the market proportionately, according to Metcalfe's law.I think that trading platforms without fees are essential - they make users feel much more happy about trading on the platform, and creates an amicable sense of relationship between the user and the platform - thus retaining more users...thank you for sharing with us...