Robinhood App Saves The Day!
Due to high demand the no-commission stock trading app, Robinhood is entering the world of Cryptocurrency. As of January 25, 2018, Robinhood started allowing users to track the price, news and set up alerts on Bitcoin, Ethereum and 14 other top crypto coins, including Litecoin and Ripple. Starting in February, they will allow you to buy and sell Bitcoin and Ethereum without any added transaction fees. This is in contrast to Coinbase’s 1.5 to 4 percent fees in the US.
The co-founder of Robinhood Vlad Tenev said:
“We’re planning to operate this business on a break-even basis and we don’t plan to profit from it for the foreseeable future”
“The value of Robinhood Crypto is in growing our customer base and better serving our existing customers.”
By offering this service they stand to expand well beyond the 3 million users they already have. Unlike Coinbase and other apps, Robinhood gains advantage because cryptocurrency is not their primary business model. This allows them to run this service on a break-even basis, giving the trader a break on transaction fees. The announcement stands to further legitimize the cryptocurrency community because it will marry the traditional stock, ETF, and option trading with cryptocurrency in a singular app.
How Will it Work?
You will be able to instantly transfer up to $1000 from your connected bank account (more if you have a Gold membership), with the ability to add more funds through the slower ACH transfer. For smaller traders, this could mean the end of missing out on low prices while you wait for an ACH transfer.
When a buy or sell order is placed, Robinhood will give you an estimated price. It then connects to various trading venues, exchanges, and market centers to find the lowest price. To counter market volatility, Robinhood places what they call a “collar” around your trade. This means if it doesn’t execute it at close to the estimated price, it waits for the price to return or lets you know. If the coin price skyrockets or plummets, you can place limit orders to set a price where you automatically buy or sell.
Coins you can currently track on Robinhood;
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold
However, only BTC and ETH will be available for trading in February with future plans to add more.
The co-founder of Robinhood Vlad Tenev also said:
“We’re extremely selective about the cryptos we’re making available on the platform”
“We’re introducing those first because these are the most mature coins that people are trading these days. Multiple times people have declared them dead and they’ve come back stronger than ever.”
The company will also add new two-factor authentication options, including integrations with authenticator apps to ensure people don’t get their wallets stolen and dumped.
“Cryptocurrency is a great idea” – Ron Paul
During a recent “Squawk Alley” interview, Former Republican congressman and presidential candidate, Ron Paul- discusses how he is in favor of cryptocurrencies as well as block change technology. Apparently, he enjoys competing currencies and believes they are a good idea.
He also believes that the governments only have the right to step in to prevent fraud from taking place. In the interview, Paul states that, “the government has a role. And if somebody has a case that there is fraud, I think it should be investigated.” Paul then goes on to state that what he wants to do “is legalize the freedom of choice, absent blatant fraud.” Agreeably so, this is exactly the type of perspective that the crypto world needs.
Throughout the interview, Paul compares crypto to gold in many ways. He points out how both assets are competing with traditional fiat money. He discusses how our government has never been “very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
This isn’t the first time that Ron Paul has discussed his views on crypto. Back in 2014, the Former Republican Congressman displayed his concerns about the foundation of crypto and Bitcoin. However, he acquired a bearish pro-crypto outlook on the future of fiat money. Paul believes that the dollar won’t last long as “they all self-destruct.” According to Paul, the only competition for the dollar is the euro and yen- which “isn’t any good.”
Binance got hacked for $40 Million Dollars in Bitcoin, is your money safe?
The short answer is Yes, your money is safe.
Fortunately, Binance was prepared and your money is safe in due to SAFU. Meaning the ‘Secure Asset Fund for Users’ will cover this completely. This is the very reason Binance is self-insured.
Technically speaking the Binance exchange itself was not hacked, it has officially been stated by Binance that a large number of API Keys, 2FA Codes, and other user info was acquired by said hackers utilizing techniques such as phishing, viruses and other types of digital attacks. This means that it was user accounts that were compromised by the users themselves and not Binance.
In an age where digital security is more important than ever, this is a stark reminder to keep your data safe and secure at all times.
TLDR About the Binance Hack:
• 7000 BTC was stolen
• The BTC was stolen from Binance’s Hot Wallet
• Binance’s Hot Wallet holds only 2% of their total holdings
• All funds are insured and do not affect users
Interview with “CZ -The most powerful man in Crypto” talks Binance, Mining & Lifestyle
Here is @cryptomanran‘s recent interview with CZ, the founder & CEO of Binance, the largest and most powerful crypto exchange in the world. Is CZ the most powerful man in crypto right now? Comment below and let us know what you think!
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