Robinhood is a mobile stock market trading app. It has gained wide popularity because it allows you to buy and sell stocks and securities for no fees. The platform will soon allow stocks, options, ETFs and cryptocurrencies. I have owned this app, which required me to be on a waiting list for a long time for over two years now, and I am very happy with the integration and progression of the company. The app has a very simple and stylish design with 4 colors total and is completely mobile. A desktop version is coming soon.
The mobile app has just announced that they will be adding Cryptocurrencies in their new ad “Don’t Sleep” relating to the fact that currencies especially cryptocurrencies trade on a 24/7 global market around the world. This is very different from the American market which runs from 9:30a to 4:00p. According to news outlets and their site they will allow users to track 16 of the top cryptocurrencies and they will allow you to trade the top two “bitcoin” and “Ethereum”. This is largely due to the recent craze among these investment vehicles and gaining popularity around the world. It seems like these days, mobile companies are trying to capitalize and keep up with the times. They will still allow trading to be commission free even on the new cryptocurrencies. This is interesting because lately Bitcoin has been having issues with its high transfer fees and transfer speeds.
The Sixteen Currencies that you can track include: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin. This implementation will begin in February 2018. Stay Tuned.
I have been fooling around with cryptocurrencies for a while now and a few days ago one really just caught my attention. IOTA. The coin a which is a play off the phase “IoT or Internet of Things” is a coin/cryptocurrencies created to be traded between different machines on the “Internet of Things”. This coin caught my attention because it does not use classic Blockchain technology that we have seen on other very popular cryptocurrencies such as Bitcoin, Ethereum or LiteCoin, instead it uses Directed Acyclic Graph technology, which is a blockless ledger. IOTA refers to its DAG technologie as “tangle”. Confirmation times are fast and transactions are basically free. As of Dec. 2017. The market cap made it the 4th largest cryptocurrency by market cap, which is around $12 billion. IOTA was created in 2015. These coins are not able to be mined so there was a set amount that was created 2,779,530,283,277,761. In May 2017 IOTA was listed on its first exchange: Bitfinex and is now also listed on Binance as well.
I follow a lot of tech/coin personalities on Instagram and this was getting a lot of attention. At the time the coin was selling for approx. $3 dollars and in a day or two went to $5.5 and has since retracted to mid $3’s. Since I first started trading crypto I had only used the widely popular american exchange “coinbase”. Because this currency doesn’t sell as a fiat currency pair such as IOTA/USD I had to first convert my USD to ETH or BTC and then trade indirectly on a separate exchange “Binance” which is a UK based platform. Binance is one of the top 5 crypto trading platforms in the world according to Coinmarketcap.com.
Another big reason this coin has become popular is because in the past week Microsoft made a big announcement that they were going to collaborate and partner with IOTA coin. This made the currency grow in value with a 90% increase in market cap basically launching it into the 4th position. IOTA has previously partnered with large companies such as Samsung, Cisco, and Volkswagen. Tangle will help with the large process of trading information Business-to-Business between these large corporations using the technology. The tangle system is designed to allow users to create transactions by validation (making sure all transactions are secure, immutable and without fees). The no-fee part of the technology model is huge for information sharing between businesses because tiny micropayments for information between businesses cannot be handled well and complicates the transactions on a large scale. IOTA hopes their technology and the tangle structure will allow a widespread of micropayments for data between companies. This will allow for the transfer of data and information from all kinds of IoT devices with little to no fees to give a greater feeling of interconnectedness between smart technology machines.
Lately, everyone who knows me knows I can’t shut up about crypto currencies. Tired of sharing my excitement with uninterested parties, I thought I’d share my knowledge of cryptocurrencies and blockchain technology with other millennials like you who could really benefit. I am really passionate about this topic for so many reasons. Now this topic is very broad so I will be keeping it surface level here and provide an overview of my experience with the emerging technology thus far.
My interest in cryptocurrencies really picked up about five months ago, when my boss pulled me aside and told me to read up on the newest crypto technology called Ethereum. To start with some background definitions, a cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. A crypto currency is unique in that it operates independently of a central bank. You can think of this as a monetary unit that only exists and is valuable in the digital space. One of the unique aspects of this currency is that it is not regulated by a centralized base, as the US dollar is by the Federal bank. Instead, Ethereum is decentralized by the mere fact that it exists within Blockchain technology. A blockchain is made up of a network of computer users that jointly manage the digital transactions of currency created by a universal ledger of accounts that cannot be erased. The universal ledger is a record of all transactions that have occurred since inception of the Blockchain.
What I just said probably made your head spin, if you’ve never heard of these topics, but i needed to get the formal definition out. The blockchain is the technology that these currencies are built upon and whenever the currency is traded, there is a permanent digital record that is kept to keep track of what took place. This record happens instantly and cannot be changed or modified. This ledger of records is decentralized and universally recorded, which is the brilliance behind the technology.
Now at this point I had heard of bitcoin from way back in 2013 when there was a lot of buzz about the new technology, but I never really invested much thought into it before. I’m sure some of you have similar memories, maybe you heard of the Silk Road, the bitcoin crash or other scandals. But up until recently Crypto has been getting a lot of buzz because businesses are starting to catch on and realizing that the world can really utilize this technology for business applications. After doing preliminary research on Ethereum I was interested and started checking the currency rates every day against the US dollar. I noticed the market was very volatile. I was interested when the price of Ether jumped up from $83USD/ETH to $183 USD/ETH in the span of a few days. This is where it hit me, REAL MONEY COULD BE MADE! The market was extremely volatile and going back and forth like crazy. Yes, money was my primary motivation for taking an interest but it wasn’t until I started learning about the technology behind the cryptocurrency before I knew that this was going to be something big because even if Bitcoin and Ethereum fail, the principles and the guiding technology is what would prevail. This is when I fell down the rabbit hole.
I did what everyone else who was in the know was doing. I downloaded an App called CoinBase and threw in $1,000 just to see what would happen. I purchased half a bitcoin and a number of Ether Coins and some Lite Coins. These are the three main coins available for purchase on the popular CoinBase App. I was able to quickly double my investment in the coming weeks. At this point I was hooked. At first it did seem like I was winning the lottery but what I realized and was told before was that the currencies were highly volatile. Also i had been invested in the stock market for quite some time and had to wrap my mind around the fact that these currencies were not shares of a company but exchangeable currency pairs. Because of the volatile nature of these currencies you have to have an appetite for risk. Everyday I would gain/lose hundreds of dollars in unrealized gains and losses. But after a while you start to notice trends and patterns that you can use to your advantage. You can see when to hold your investment or buy the dip. My biggest recommendation for anyone would be to try out the market. When i initially put my first investment into the market if forced me to pay attention. I was seeing headlines i wouldn’t normally read and focus in. What was causing the value to rise and fall? What technological advances have occurred since? The material and future ideas were so intellectually stimulating that I had to dive right in.
Personally I believe in the technology more than anything and that is why I decided to get some of my savings and invest in these three currencies. Blockchain technology and the idea behind a universal permanent ledger for transaction verification will be crucial for the development of future technological infrastructure in our everyday lives. This is one of the biggest reasons I am focusing my time and energy into studying this technology and investing in these currencies.