HomeCoinsBitcoinMore Than 1 Million People in Line for Bitcoin Trading Software

More Than 1 Million People in Line for Bitcoin Trading Software

-

Young Americans are flocking to a new cryptocurrency trading service, demonstrating the market’s massive unmet demand for more bitcoin trading venues. Cryptocurrencies will soon be available on the Robinhood platform, and traders appear to be eagerly anticipating their arrival.

Robinhood Scores a Victory

More than a million people have signed up for Robinhood’s Bitcoin Trading App.

According to the company’s launch website, over a million people have already signed up for early access to Robinhood Markets’ bitcoin and cryptocurrency trading service. The US stock brokerage app, which is based in Palo Alto, just announced the new service a few days ago.

To put things in perspective, Robinhood has a user base of only about 3 million people, which means that by adding cryptocurrency trading, it could grow by as much as 33 percent, or that a third of its customers will switch to bitcoin. Of course, this will not happen right away, as the company will only begin rolling out the service to a select number of American states in February.

Commission-free BTC and ETH trading will be available in California, Massachusetts, Missouri, Montana, and New Hampshire at first. Bitcoin, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk, and dogecoin are among the 16 cryptocurrencies for which market data is already available.

Taking Users from the Wealthy

More than a million people have signed up for Robinhood’s Bitcoin Trading App.

Many analysts saw Robinhood as an early attack by Silicon Valley against Wall Street when it was launched in 2013 with financial backing from Google Ventures, Andreessen Horowitz, and others. It was rumored to be a prelude to a larger assault by tech behemoths on established stock brokerages, but it never materialized. It may now be wreaking havoc on a whole new industry: cryptocurrency exchanges.

During the 2017 bitcoin rally, the major trading venues in the bitcoin world were unable to handle the influx of new customers, resulting in withdrawal delays, degraded services, and a lot of frustrated customers. At the same time, the exchanges continued to make massive profits, with Coinbase alone reportedly raking in a billion dollars during the period. It’s fair to say the market is ripe for disruption, but whether Robinhood, a company not known for excellent customer service, will be the one to bring it about remains to be seen.

Are you willing to stand in line to trade bitcoin with Robinhood or do you prefer to use an exchange? Leave your thoughts in the comments section below.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Interview: Bitcoin Transactions and American Tax System

The tax season is rapidly approaching, and the IRS is keeping a close eye on cryptocurrency investors. A question about "virtual currency" appears near the top...

Singapore Mall Offers Bitcoin Mining Hardware Station

As more retail computer hardware stores enter this booming market, cryptocurrency miners in Singapore can now buy their rigs pre-assembled right at the mall. This...

Bank of Japan: No Serious Issues With Bitcoin So Far

According to a Bank of Japan (BOJ) Director-General, things with bitcoin appear to be going relatively well in Japan so far. With increasing calls from...

Ethereum Bottleneck Enforces Exchanges to Stop Withdrawals

Scaling issues that have been affecting the Ethereum network on a sporadic basis have resurfaced. The Ethereum blockchain was fighting to restore some semblance of...

Most Popular