I've been using Robinhood to trade stocks since they first launched their Android app. It's been a lot of fun to learn about the market and trade stocks big and small without worrying about losing money due to fees.
If Robinhood does successfully implement a way to trade fiat for digital currencies without fees, there will be many excited users. Coinbase is easy and it works, but having to pay several dollars to transfer your money back to your bank account can be absurd.
Thanks for sharing your thoughts. I'll be watching closely to see how successful this venture is!
I'm hoping they're very successful. The industry needs a new reliable way to convert cryptocurrencies into Cash. I feel like it's a form of control, they can't control the currencies so they try to control how we can exit from them. I have no doubt that if Robinhood can achieve this successfully they will be a huge company. The company was Cutting Edge from the beginning, so it'll be nice to see them evolve.
Indeed. I think at the least, it might cause Coinbase to lower its fees. Right now, since they're the largest exchange, it's easy for them to charge higher fees because they are the most trustworthy of fiat exchanges. Once there's a competitor, that will change. Thanks for sharing your thoughts!
That's exactly why I am hopeful. it's kind of the same thing with YouTube if you think about it. They have set themselves up to have no competitors and therefore feel they can discriminate against who they allowed to use their platform.
Definitely. We've seen that recently with their new affiliate program, which they say they are doing to only run ads with quality content. To be fair, they have had a lot of issues with advertisers and questionable content recently, but it does alienate people who want to start making content. 1000 subscribers is a difficult mark to reach while not getting any revenue from your videos.
I think that's where DTube will help. We've seen a lot of quality content start to go up there, and the creators make significantly more per video and view than they do on YouTube.
Coming back to Robinhood, the app now lets you add a few cryptocurrencies to your watchlist alongside your stocks. I thought that was interesting considering that I'm not in one of the states where they plan to roll out the service first.
I hope it comes here eventually, because I'd love to be able to send my currency to Robinhood instead of Coinbase. Anyhow, thanks again for your thoughts.