Dignan evening breaking news Robin Hood app ads crypto or is going to add crypto
very soon what should you expect talking about it in this video so stay tuned
what's going on crypto trading day trading people wherever you are whoever
you are welcome my name is Patrick I talked about crypto currencies day
trading all that fun stuff if you guys haven't already you're new to this
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stuff hit the subscribe button right now go ahead and hit that subscribe button
but back to the breaking news back to the breaking news here Robin Hood is
getting in to cryptocurrency here's their new website crypto Robin Hood calm
don't sleep don't ever sleep they basically want you to use their app 24
hours a day seven days a week and you can do it all for free what's the catch
there's got to be a catch right so it's free but why is it free for well the
reason it's gonna be free is gonna be really really bad and now I'll be fair
oh yeah I'm gonna be optimistic here but coinbase they charge you to buy and sell
and they can't even keep their website working when cryptocurrency starts
crashing so Robin Hood they're doing this for free hey hey you know I'm all
about free things I'm all about people be able to buy and sale for free that's
awesome trust me I would love to be able to do that and I think it's amazing
which I do do that anyway with GDX is Robin Hood gonna be the answer to people
getting into cryptocurrency obviously it's gonna make it a little bit more
accessible it's gonna make it easier for people to get into cryptocurrency so it
could be a good thing this could be a cool thing maybe they add digi buy and
digi bike goes to the moon because everybody's a buddy to buy you know
fingers crossed here for me let's kind of break down what they're talking about
so if you haven't used Robin Hood before it's a stock trading day treat not
really it's more stock trading let's call it a place you can buy and sell
stocks for free there's no Commission's so you can buy and sell any stock that
you want depending on volatility some days you can't buy and sell every sock
you want cuz there's volatility but I'm not sure how it's gonna work with a
cryptocurrency so some of these penny stocks that go crazy in the stock market
Robin Hood limits what are they gonna do when Bitcoin drops 50% in one day are
they gonna let people and sale I'm confused about that part so
I am interested to see what their whole you know mindset is because they are
kind of you know big into stopping people from putting all their money into
risky stocks that's one of the things they're kind of known for is keeping
people from buying crazy stocks but let's say Bitcoin starts crashing in one
day are you gonna be able to buy and sell it fast enough coin base crashes
every time Bitcoin crashes every time Bitcoin goes up big coin base crashes
every time I drops big coin base crashes Robinhood are they gonna be able to
handle the volatility I'm not sure about that and kind of looking at their you
know their whole thing is you'll be able to buy stocks you'll be able to buy
cryptocurrency and do it all on one app I think you can also do options now as
well so you get instant access to funds get instant access to your funds we need
to pause it or sell stocks to buy crypto currencies on Robinhood you'll never
miss out on an investment opportunity again I promise you you will miss out on
an investment opportunity when you're using Robinhood because it will end up
freezing on you or you won't be able to buy or sell or something's gonna happen
that was a fan of Robin Hood I'm a still a fan of it when it comes to people
first getting into stock trading stuff like that it's fun it's easy you can buy
and sell you know one share of a stock it's cool in essence you can start to
learn trading but it has a lot of flaws when it comes to actually trading stocks
I'm very skeptical on how this is going to work with the cryptocurrency world
like I said cuz Bitcoin goes up big crashes big is Robin Hood really gonna
keep working when everything's going crazy so really it looks like it'll be
February before this actually launches I'll be available to our first group of
customers in February on a state-by-state basis so depending on
your state you might not be able to buy or sell Robin Hood crypto will initially
be able to be available to customers in California Massachusetts Missouri and
New Hampshire we plan on adding support for more states soon so that's the
drawback so it's not going to be every state right away crypto trading what is
the minimum amount of crypto currency I can purchase on Robin Hood crypto so you
can place an order or buy or sell for any US dollar amount above $0.10 so okay
so here they're talking about how it's gonna work
with their trades it says crypto currency prices are volatile to help
protect your market orders against dramatic moves market orders are
adjusted to orders up to 1% for byes and 5% of cells
let's say you go to sell your cryptocurrency it crashes more than 5%
right away you're not gonna get sold you're gonna have a limit order which is
interesting that they're doing it like that how long will it take to eat your
proceeds from my sales you'll receive the proceeds from your sales to purchase
stocks options and other cryptocurrencies immediately there is no
settlement time on Robinhood crypto how does robbing crypto calculate cost basis
for cryptocurrencies first-in first-out okay boom boom it sounds like you won't
be able to transfer your cryptocurrency out of Robinhood cryptocurrencies
purchased on the Robin Hood platform are stored in a mix of hot online and cold
offline storage we use cutting-edge security measures that are both
processed and technology driven to secure your coins that is another
questionable thing so now they're gonna be holding everyone's coins and I can
already see what's gonna happen they're gonna get hacked I'm not gonna hope that
it happens because it's gonna be terrible if it does happen but it does
seem like this could possibly happen and be a big issue so you'll bow to buy the
coins on Robin Hood but you're not gonna be able to transfer them to other
wallets so it's not like you can buy Bitcoin and then transfer to your
outside wallet it's gonna be all kept on Robin Hood so that's that's interesting
that's interesting that's not really what cryptocurrencies all about
cryptocurrency was Robin Hood there holding it and then you'll be able to
sell it in the future but you're not gonna be able to actually have it it's
gonna be pretty basic you're gonna go buy sell
cryptocurrencies you can't transfer to your own wallet there's not gonna be any
fees it's gonna be interesting to see how well the app works when you have a
massive sell-off when you have a big move in crypto currency like I said you
know coinbase crashes all the time they crashed once a week whenever Bitcoin
goes crazy coinbase crashes and they're making millions of dollars now Robin
Hood is not making millions of dollars because they're not charging fees so how
are they going to be able to handle the volatility it seems that the news was a
little bit more exciting than what it really is now that there's only four
states that are gonna actually be able to buy and sell do not even have access
in Florida not that I would use Robin Hood to buy and sell but you know
whatever in terms of how do I think this is going to affect the price of
cryptocurrency it's going to make it a little bit more accessible for
able to buy and sell cryptocurrency but in the big picture you know the big
whales aren't gonna be using Robinhood I think a lot of people gonna be buying
and selling using Robinhood are gonna be small fish not gonna make a huge move
and the overall cryptocurrency is it great that people can buy and sell
cryptocurrency through Robinhood yes it's that's awesome that people will
have more exposure to it but the same time it's gonna be more risk people are
gonna lose money quicker because they're gonna be able to buy and sell for free
they're you know just getting into it or whatever they're doing they don't really
know what they're doing and we'll see what happens in that sense but I think
overall this isn't gonna have a major major effect on cryptocurrency world I
think a lot of people who are you know diehard cryptocurrency people aren't
going to want to be able to buy and sell just through one app they're gonna want
to hold their own coin that's the whole part of cryptocurrency is having that
decentralized system where this whole Robin Hood system is more so just you
know hey you can buy Bitcoin we'll hold them for you and then when you want to
sell them we'll sell them for you but you can't really do anything with them
other than that which is really kind of against the whole idea of cryptocurrency
Robinhood already has kind of a bad rap in the stock trading world is this
really gonna be used to be trading cryptocurrencies probably not most
people gonna be buying with Robin Hood like I said there's gonna buy a little
bit they're gonna just kind of want some kind of exposure but I think the real
people that are into cryptocurrencies are going to stay away from Robin Hood's
so there it is my take my opinion my ideas if you don't like it there's the
door don't let it hit you where the good Lord split you if you guys haven't
already hit that subscribe button I will talk to you guys later on