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I remember sitting in an Atlantic City hotel room in June 2017. I was with a few of my buddies for a summer trip and one of my friend’s was buying up Bitcoin. Priced at around $2,500 a coin, it seemed too good to be true. Bitcoin was rising so rapidly there was no way it would last. I thought it crazy for my friend to be buying at what was the top of an emerging bubble. Boy, was I ever wrong.
We all know what came next. Bitcoin had its incredible run that you can see on the chart above. By December 2017, Bitcoin reached around $20,000 per coin and cryptomania swept the nation. My friend was right, I was wrong. By 2018, everyone was buying cryptocurrency and usually it was through Coinbase.
Coinbase truly isn’t a bad service and if crypto is your main investing play, it arguably could be better than Robinhood. I was more interested in stocks and crypto was more of a side play. Racking up fees on every transaction with Coinbase was also no fun. So in January 2018 when Robinhood announced a waitlist for a cryptocurrency service with no fees I immediately jumped on. Literally, the first day Robinhood announced the service, over a million people were on the waiting list.
What happens when the wait is over?
Once you have access to the service, decide which currency you would like to purchase, and simply click the preferred currency and the amount you’d like to purchase. As of now, Robinhood offers Bitcoin, Ethereum, Litecoin and Dogecoin. Much like buying a fractional share of a stock on Robinhood, you don’t have to buy a full price of each coin but rather what ever dollar increment you’d like. For example, in the image below it shows what it looks like when a user buys a $1 increment of Bitcoin.
And there you have it. The popularity of Robinhood is truly based upon its simplicity. If you are interested with experimenting with the buying and selling of Bitcoin, it is a great way to get started without any added fees. Remember, exercise caution and realize you are dealing with real money and you never know what will happen to the price. Questions? Feel free to contact us or comment below. Still not on Robinhood? Sign up here today.