In news out today, the Robinhood trading app announced that they will be rolling out trading in cryptocurrencies.
Before we get too excited, Steem was not named as one of the currencies that they will be offering.
At least not yet. :)
According to the news, Robinhood announced that they would be offering trading in Bitcoin and Ethereum to start with.
What is Robinhood?
Well besides being one of my favorite stories as a kid about someone stealing from the rich and giving to the poor, Robinhood is also a trading application.
It was designed to bring stock trading to millennials by offering fee-less trading that takes place mostly from a mobile device.
Not surprisingly, the fee-less feature has attracted a decent sized audience as they currently have over 3 million customers and about 80% of those would be considered millennials.
That is important because many of the cryptocurrency investors would also be classified as millennials.
Seems like the perfect fit!
Some specifics:
Robinhood says they plan on having no investment minimums or maximums for clients using their app.
There will also be no withdrawal limits which is something fairly unique to cryptocurrency trading and could be attractive to many traders/investors.
The plan is also to offer fee-less trading to their cryptocurrency traders as well. Something that would also be very attractive to traders as exchange fees can be somewhat high currently.
The company had this to say on the topic:
"We will connect to many exchanges, up to a dozen or more, over the next several months. We want to break even on this business, not to profit from it. We view this as an opportunity to expand our customer base and give our customers more access to functionality."
Awesome!
Robinhood also stated that they will hold most of the digital coins offline in what is called cold storage, which prevents hackers from stealing the coins.
The catch to all of this?
Robinhood will only be launching in 5 states to start with.
Customers in California, Massachusetts, Missouri, Montana and New Hampshire will all be able to trade bitcoin and ethereum through the app beginning in February.
The rest of us?
Not so much.
However, the plan is to eventually expand to other states as regulations are met and proper licenses acquired.
Until then, I guess we have to watch with envy as our neighbors take advantage of potentially a great new feature.
Either way, I think the cryptocurrency market just opened up to potentially a whole wave of new buyers.
Now we just have to get Steem on there... ;)
Stay informed my friends.
Source:
Image Sources:
https://techcrunch.com/2017/04/26/robincorn/
http://disney.wikia.com/wiki/Robin_Hood_(character)
Follow me: @jrcornel
Glad I live in Cali. I will get the App and report back on its functionality. May have to say goodbye to Coinbase 🤪
Yes! Let us know how it works! I am interested to hear about some first hand experiences. :)
Would be awesome to get STEEM on ther :)
Good. Coinbase is a bane at times
I would say hell with coinbase hahah
Coinbase doesn't have the most economical fee structures, but I haven't heard too many issues with their security or confirmation of trades. Really simple user interface too. Probably the easiest for novice crypto investors. What is your beef with Coinbase?
Coinbase knowingly clogged up the mempool for last several months inflating BTC fees. Coinbase fakked everyone over with BCH listing for several days. Coinbase is difficult to use for noobs taking sometimes several days just for verification. Coinbase sucks. An alternative is much needed. Should I say more because there is a lot more?
What a pity, that I live in Norway :(
It is not a pity. Because if you didn't live in Norway we would not have met! I will kill you for talking like this! grr <3
oooo you are so romantic <3 but don't kill me, you would be sad without me :D
I personally like your love story here.... cause this Robinhood news doesn't matter to me :)
Thank you for a good article. Have a good day :)
It’s funny cause I deleted the app off my phone today. Then later I read the news about this and redownloaded it. Thanks for sharing & Steem On :)
That is hilarious. Hopefully you like the crypto features much better! :)
This is great!
Great write up, here's HOW TO - Get free stock from Robinhood AND get on the waitlist for Robinhood Crypto https://steemit.com/crypto/@johnthompson/how-to-get-a-free-stock-then-get-access-to-robinhood-crypto-coinbasekiller
I'm in, thanks for the tip!
Cool thanks!!
I doubt if those of us in Nigeria can use it.
Don't think so, sorry. I should add that to my write up for clarification
That will be nice @johnthompson. Good job
▀
Hmmmm. Fee-less!
That is very attractive.
I am so sure many more exchanges will roll out this year with more juicy options.
It wouldn't be about the perks, it will be about security, efficiency and integrity
It's so funny how this platform don't consider steem in their first listing. It seems understandable but it is to their disadvantage.
Steem is 🔥 hot
It did $450 million dollar volume yesterday. That is bigly.
Hmm... That is indeed big
Rough world out there eh?! :)
This is just the beginning - Blockchain will change everything in the coming months! Future is going to explode like anything with AI, VR, IOT and much more!
Yeah. That's it. It is not just about blockchain. It is about decentralization and possibly the popularity of other technologies similar to the blockchain.
Got a bit excited until I reached the catch, what about international customers, any app or exchange to suit their needs? Any ideas are welcomed.
Hey. That’s an awesome step for them. I used them shortly before i learned about crypto. Then i jumped into crypto and everything took off from there. Hopefully add more states quickly. This would be great for their business and for customers.
But on a random note, have you heard of the debate to lower the price of SBD to $1 and peg it with the dollar? Well i think this is an under reported issue by fellow steemians. I wrote a post about it here:
https://steemit.com/steemit/@ginquitti/high-sbd-or-usd1-sbd-putting-greed-aside-high-sbd-is-still-best
Now I’m not asking for an upvote or resteem. Simply that you talk about this issue and make a post for all your followers to see. I have a limited support group and very few active followers. So my post didn’t reach as many as yours can. You may even take the opposing side of mine, but i feel like more people need to hear about this issue. Not many people know about it. So please spread the word and all that. Thanks for listening to my whole speech lol
Yea I have seen a little of this debate. Where are people leaning at the moment? I haven't been following closely. Personally, I would absolutely be against purposely bringing SBD prices down. This has been a huge boon to the growth of the platform. We are no where near sustainable to be purposely bringing down prices when that is the sole purpose people are here.
It seems like some of the witnesses are in favor of the change to $1 but a lot of people seem to be against it. You’re definitely right. The platform isn’t at the right stage to do this and I think it would cause a mass exit from steemit. Not to mention steem would slow its growth or even drop, which i touched on in my post.
I believe the community should decide,not a hand full of witnesses since it would be a change that would affect the platform so much
** This is a HUMAN service, no bots! :) **
If this post bothers you, feel free to just flag it! No need to be bitter.. Thanks! :)
maybe this will clear up some of the fud
I am waiting for Robinhood to be implemented in other States & perhaps world wide. A Coinbase atlernative is ver much needed.
Making Crypto mainstream is my new moto as well !
Also guys check out this p2p crypto-fiat coin a hidden gem I like to call such coins "Hawala.TodaY"
Here is my post on it
https://steemit.com/cryptocurrency/@cryptosignz/hawala-today-world-s-first-real-time-p2p-crypto-fiat-currency-exchange
This is how Bitcoin will hit 100k - Explaining Free Money, Hyperinflation, & U.S Dollar Collapse - Helicopter Money Drop https://d.tube/v/josearteaga/jangu5wl
Forks are going to be a big part of it for sure.
Thank you for the information. I am interested in crypto money for 1 month. but I was having difficulty checking on the phone. I will try this practice.@jrcornel
Great initiative against the high fees of coinbase and to break its monopoly would love it even more if it offers more countries to buy and sell.
Cool thanks!
Crypto?
Wasn't it the name of Superman's dog?
If it was, it would Krypto ;)
There is always a risk when crypto goes mainstream that the people in mainstream find someway to fk it up. Lets hope as more wake up to crypto that it doesn't get further targeted by governments.
Nice info. About robbinhood and crypto
Thank you for sharing this valuable information, i will be watching, and hopefully, they will add steem,
In yesterday first Weiss cryptocurrency rating Steem ranked in second position just after Ethereum and EOS,
You can check it over here
I actually wrote about it yesterday as well, you can see it here: https://steemit.com/news/@jrcornel/weiss-rating-agency-issues-ratings-on-cryptocurrencies-and-steem-lands-in-top-5 ;)
Yes and it's well explained, you are a good writer :)
that is cool. thanks!
I was somewhat interested in the Robin hood investing app before but now I definitely am.
No withdrawal limits, holding most of the digital coins offline to prevent hackers from stealing them, fee less trading, Robinhood trading app is beginning to sound like the Robinhood character known to be in the story books we enjoyed as children.
Steem has got to get there, it's already doing well in the coincap market. Lets share this link to get more people informed of Robinhood trading app, to keep them from making errors they have been enduring.
I hope they move quickly, the more things like this that exist as legislation is being proposed, the more protections we'll have in place to keep crypto as free as possible from interference. I read today that Steem entered the top 20 coins listed! So, maybe we'll be added soon. @markrmorrisjr
Nice. That certainly helps the cause. Yesterday steem did $450 million dollar volume... that's bigly.
Robinhood plan is to capture masses from Coinbase and other exchanges - they are targeting customers and focusing on support system! They are ready to take losses to be #1 exchange with no fees!
At least some new people will get introduce to crypto. Especially for those who don't have the know how of signing up to exchanges and trading.
Nice to read. Just wish they weren't so slow in implementing. Snooze and lose.
Im definitely using them in the future!
This will be great... if they started nationwide it would probably crash the App. Hopefully they will roll it out soon. Coinbase needs a strong competitor!
Agreed. It appears they must have money transmitter licenses in those states?
Awesome. This really look like a secured app and less charging fee on crypto currencies trading and with its current popularity written down,its obvious alot has keyed into it due to its functuonalities. Great job and great app as i aspire to make use of it in relation to my fellow bitcoinners.. thanks for much interest on the ease on crypto currencies trading..🖒🖒
Awesome Post! wish it was available in the UK
Just one bombshell after another I guess. Seriously, it's exciting to wake up every day and see the incredible new steps that have been taken toward mass adoption.
This is huge! And with those Weiss ratings, there's a good chance that if it goes well for them, they'll be adding STEEM soon enough.
Too bad only five states at first... but still, huge.
Thanks for the info! :D
It will be a coinbase killer , They already got 3M subscribers . Imagine how much money would flood in to crypto through them . This is one step closer to the mass adoption we all are waiting for !
Agreed. It's great news.
This is huge news. With Robinhood offering free trading, the other existing exchanges are going to have to rethink how they operate.
Thanks for sharing!
hahaha moving to New Hampshire I guess!!
Looked at your post, I really liked it, thank you for sharing your information.
Well, there's always something fishy in this FEE-less, no limits promotions. I don't know what to say about this they have to profit from it in a way or another.
Another good project for exchanging is bankera, they got fees though as any other bank do, but they're needed in order to sustain them in the beginning at least ;)
They collect interest off of the coins held in your wallet I believe. I am not sure the exact numbers as I haven't used it yet, but I did read something about that. Plus they offer a premium service geered towards traders that is a paid service. So yes, they make up for it in different ways.
Main stream is great, but also watch out when the millionaires start controlling the game!
I have never heard of this app but this is great news!
Progress is progress !
That's awesome, I've already got the app. Can't wait!
Great news, well very soon steem will be one of the currencies they'll be accepting.
coinbase needs some good competition to keep it straight!
fee-less trading, OK, but what about withdrawal fees? Some exchanges let you trade cheaply but transfers out are pretty costly.
Haha, so far I have managed to keep my regular investments away from my cryptos as I have very different habits for both. This will surely ruin me.
Whatever will better the lives of people across board is welcomed. This is good news.
Thanks for sharing this!!
Thx for sharing man:) I hope they will feature Steem soon to.
I didn' knew Robin hood.
I am new to the community,be sure to check out my blog. I recently just featured Substratum there!
Great news, very excited! Here is a referral link to get a free random share of stock when signing up for Robinhood. It could be Apple!
http://share.robinhood.com/davida823