Why buying bitcoin on Robinhood is a bad idea?
The world is becoming more and more crazy about cryptocurrencies. No wonder as bitcoin price has significantly increased since the end of 2020.. Therefore many people worldwide consider investing money in crypto. With a variety of ways to do this and to protect assets during times of economic crises, it is understandable to see why so many people opt for something like this.
Naturally, when deciding to invest your hard-earned cash, you want to ensure that you are investing in something that will pay you dividends while increasing interest and profit. Not to mention, you want someplace that is safe and secure.
Conducting adequate research into your available options is one way of doing just this.
If you are considering investing your money in something, you have most likely come across or considered investing in Cryptocurrency and Bitcoin. While there are several avenues to go down when investing, there are also some out there that should be avoided.
What is bitcoin?
To simplify bitcoin is a mix of computer science, economics, philosophy and politics…created to achieve a cashless society!
Bitcoin Deposits and Withdrawals
Naturally, when investing in something like Bitcoin, you want to ensure that you can quickly and readily put in and take out your funds. It certainly rings alarm bells and red flags when you are unable to do this.
For the most part, platforms offering the opportunity for interested individuals to invest in Bitcoin hand this to them on a plate. You can withdraw your funds from an online wallet through the means of exchanging them with a cryptocurrency exchange.
What is the bitcoin withdrawal policy on Robinhood?
Concerning the withdrawal policy for Robinhood, investors who use this platform are somewhat more restricted with how much they can withdraw or exchange in one go. Not being able to transfer your funds from this online wallet to another could cause some problems in the future. This is because robinhood.com is a custodial wallet which means that users don’t have full control over their private keys. There’s a saying in the community ‘not your keys, not your coin’. This means that you don’t really ‘own’ your crypto if you don’t have access to your private keys and you’ve just been given an IOU.
How you can deposit and withdraw money is a factor worth considering when deciding which platform to use when investing in Bitcoin in 2021 and beyond.
Alternative Bitcoin Wallet Options
Suppose you want to invest in Bitcoin and other cryptocurrencies but do not feel convinced about what platforms like Robinhood offers. In that case, you will need to do some research into alternatives. This can be tricky, especially as there are so many platforms on the internet; it can be challenging to know the best ones.
There are various platforms offering investment bitcoin or other cryotocurrency opportunities, including global companies like PayPal. You needn’t worry about your options for investing and withdrawing and can even use this as a form of payment for certain products and services.
A variety of platforms and forums have created helpful lists online detailing the best places for investing. If you are interested in exploring the world of crypto, buy Bitcoin with PayPal on Paxful. I feel confident you can buy as much or as little Bitcoin you would like there.
While the news about Robinhood might not be what some Bitcoin investors want to hear, it is always best to know precisely the ins and outs of where you will be storing your money, both physically and virtually. By taking the time to do your research, you should have all the tools necessary to invest safely.
I was totally annoyed when I installed Conbase to learn not all cryptos I wanted were available there…I then was annoyed with eToro as they asked for a certain amount of money to be transferred to start trading there and I wasnt comfortable with that amount.
I see Paxful looking interesting, however in the past I sued Binance as even though maybe not the most user friendly it finally offered me all I was after. But I love how Paxful Makes a Difference with #BuiltwithBitcoin: