Robinhood is a financial services company. It provides an application for IOS and ANDROID phones to let people buy stocks of American Companies without paying fees. They recently declared that they will start selling CryptoCurrencies (check the list below) same way (no exchange fees).
The application lets people to buy stocks with the US dollar, which means cryptocurrencies will also be exchanged with USD. That is a good news for the crytocurrency world. This is because the investors previously was buying the altcoins with the maincoins (BTC, ETH, USDT, or BNB). This makes them to follow this path: First, enter COINBASE website to buy main coins with the US dollar, then send them to the other exchange websites to start buying the altcoins.
Now it is time to buy directly with your money. I believe that this is a game changing step because Robinhood's list includes main coins (BTC and ETH) as well as the altcoins. Even though their list does not includes all the altcoins, they start having a huge membership demand after this news. My guess is that they will extend their altcoin list gradually. Finally, it might be a leading cryptocurrency exchange company not later than a year.
I want to touch on another point that Robinhood is going to influence. Now, CryptoMarket is very dependent on bitcoin because it covers big chunk of the market. If bitcoin price changes, altcoins also being affected from this. To be able to buy altcoins with USD will make people leave bitcoin. What I am trying to tell has two aspects: 1) BTC price might drop, 2) BTC affect on altcoins will decrease.
BTC is already old technology and has a scalability problem. ETH is being accepted as second generation block chain technology. It is programmable and there are a lot of ERC-20 on the market depending on ETH. In my opinion, ETH and BTC will swap in the value at the end or before at the end of this year.
Lets think about COINBASE: If coinbase does not add altcoins to its system, I can clearly tell that Robinhood will beat it. However, my expectation is that COINBASE will extend its list, maybe wider than Robinhood.
THE COMPETITION HAS ALREADY STARTED!
DONATIONs
BTC: 16DR2YQbkxouPLu3GN5qiPJU7uB4FGAH2S
ETH: 0x256eb2f5c9e690bfc3467c02a78ba231918ed23b
LTC: LYJqMiMxp5ksJaomkqVa14QZvogMPoWWvB
DASH: XiNRNtX5NnFA8pjqX2XqAhVX9Hr4zGFr1U
Referral Links:
Robinhood: https://share.robinhood.com/gurkanc1
Binance: https://www.binance.com/?ref=11257893
Coinbase: https://www.coinbase.com/join/5a028e504965d4037d50190c
Robinhood Cryptocurrency List
-bitcoin
-Ethereum
-Ripple
-Bitcoin Cash
-Litecoin
-Qtum
-Ethereum Classic
-Stellar
-NEO
-Zcash
-Monero
-Dash
-Bitcoin Gold
-Lisk
-OmiseGo
-DogeCoin
Interesting. I was curious how long it was going to take for another company to try and take some of the marketshare from Coinbase. Removing the fees and offering altcoins is certainly going to make them competitive against Coinbase and with their solid background with stock trading, they will be able to enter the space with credibility.
Crypto start becoming part of our life.
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