One of the main issues people will notice when they first start to invest in Bitcoin is that fees can be extremely high, often taking away most of your profits depending on the size of the trade. That has sparked many issues within the community (actually, Bitcoin Cash was created because of it). But, traders probably won’t need to fear this anymore since the RobinHood app is more than another investing app, but one to buy Bitcoin with no fees.
The Issue With Fees And Bitcoin.
Bitcoin Legacy, the official name (right now) for the “original” Bitcoin blockchain (and the most valuable one) has passed quite a traumatic change from being an obscure payments protocol to becoming one of the most popular assets to invest in and trade.
That has increased the trade volume that its blockchain has to process, which has caused massive slows on transactions.
You see, miners are the ones who take care of recording transactions. Those operations line up in a queue and wait for their turn to be confirmed and for the values to be sent from one address to another.
One way to speed up the sale is to pay a mining fee so that the miner prioritises your operation over others. The higher the fee, the fastest it gets approved.
However, with the massive increase in trade volume, queues are getting longer and more people are trying to pay their way through it. That has made mining fees skyrocket in price and have made it expensive to invest in Bitcoin.
How The Robinhood App May Solve This.
Many people can say that the solution is to drop cryptocurrencies and buy stocks instead, with many saying cryptocurrencies to be just a bubble. However, the chance for profits and the acceptance they’ve been getting can make this not an option.
Others can say to drop Bitcoin instead and focus on other coins. But with the volatility inherent in this market, fees can soon become an issue for any other crypto asset.
As such, the need for a feeless investing app rises and remains.
The Robinhood app supports both market and limit orders, similarly to those used by people to buy stocks. When doing so, this investing app displays the best prices available based on the exchanges it’s connected to. As such, the execution price will be the total of what you will pay. You can also limit the maximum or minimum amount you are willing to buy or sell at.
Everything In One App.
The Robinhood App not only allows you to buy Bitcoin with no fees, but it also provides with accessibility to cryptocurrencies, ETFs and stocks, all in one app, so you can manage your investments comfortably whether you invest in Bitcoin or buy stocks.
Additionally, you gain instant access to funds whenever you deposit or sell stocks so you can buy cryptocurrencies and never miss an investment opportunity due to not having your capital quickly enough.
If you’re interested in signing up for the Robinhood App while also getting free stock, you can use the following link:https://robinhood.com
This article was originally posted on our blog: https://btcupload.com/bitcoin-news-blog/the-robinhood-app-trade-cryptocurrencies-with-no-fees