Robinhood : Zero commision !

Robinhood : Zero commision !

Bitcoin Transactions Without Fees?

On Jan. 25, Robinhood brokerage application announced that as of February users will be able to trade bitcoin and ethereum without any fees. Given that commissions on platforms such as Coinbase currently range from 0.1% to 4%, news has excited enthusiasm among those interested in trading cryptocoins.

The Robinhood app will also allow users to keep up with the prices of other coins like ripple and others, but the trading option will only be limited to bitcoin and ethereum.

The purpose of this decision is to attract more traders on the platform, which currently have more than 3 million users.

The co-founder of the application, Vlad Tenev, said:

We plan to operate these transactions without looking for profits in the future. The purpose of Robinhood Crypto is to increase our customer base and cover the needs of existing users. We believe cryptocoins technology has the potential to fundamentally reorganize how money works, as the past power of financial institutions is now in the hands of the general public.
The Robinhood ad has generated a wave of over 1 million users who signed up for using the app.

A few days later, Square Cash, used for sending and receiving fiat money, introduced Bitcoin as a trading currency for almost all users (except New York, Georgia, Hawaii, and Wyoming).

Square Cash operates on a PoS network, which means that the inclusion of BTC among the accepted currencies will facilitate payment in the future to any merchant who uses the parent company’s payment system.

Square CEO Jack Dorsey said they would not impose trading fees for bitcoin versus currencies, but would use the average market price (averaged over the prices of the largest existing exchanges) as a reference.

According to the company’s website, users can buy bitcoins worth up to $ 10,000 per week and there will be no sales limit.

In November 2017, Square announced that it would launch a bitcoin trading option of 3 million selected customers, which led to an increase in the company’s share value by one billion dollars in five days.

Following the announcement of the availability of trades with BTC for most users, the value of their shares increased by 3 percent in a day.

It is clear that interest in cryptocoins is growing among the general public, but it remains to be seen if technology development can keep pace with this trend.

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