If you’re wondering what cryptocurrencies are available to trade on Robinhood, wonder no more! In this blog post, we’ll give you the full rundown.
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Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Litecoin is a cryptocurrency that uses a faster payment confirmation schedule and a different cryptographic algorithm than Bitcoin. Litecoin was developed with the intention of providing a silver to Bitcoin’s gold.
Bitcoin Cash (BCH) is a cryptocurrency that was created as a fork of Bitcoin in August 2017. Unlike Bitcoin, which has a maximum supply of 21 million tokens, Bitcoin Cash has a maximum supply of 84 million. Currently, there are more than 18 million BCH in circulation.
Bitcoin Cash was created as a response to the issues that were facing Bitcoin at the time, namely scalability and transaction fees. Bitcoin Cash aims to provide faster and cheaper transactions than Bitcoin by increasing the block size from 1MB to 8MB.
Robinhood is one of the most popular stock trading platforms in the US and recently extended its services to include cryptocurrencies.Robinhood offers commission-free trading for cryptocurrencies, which means that you can buy and sell BCH on the platform without having to pay any fees.
Ethereum Classic is an open-source, decentralized, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic also provides a value token called “classic ether”, which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate member nodes for computations performed. The classic ether token is traded on cryptocurrency exchanges under the ticker ETC. As of January 2018, Ethereum Classic has a market capitalization of US$2.6 billion.
Ethereum Classic was created on July 20, 2016, following a divergent hard fork of the Ethereum blockchain after a $50 million hack exploited a flaw in a smart contract used by The DAO organization. The hard fork created two separate blockchains: Ethereum and Ethereum Classic, with the latter maintaining the original blockchain’s transaction history.
Created as a joke in 2013, Dogecoin (DOGE) is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Based on the popular “Doge” Internet meme and featuring a Shiba Inu on its logo, Dogecoin has become widely popular among enthusiasts and cryptocurrency investors.
Dogecoin is listed on Robinhood Crypto with the following trading pairs available:
Bitcoin SV (BSV) is a cryptocurrency that was hard forked from Bitcoin Cash in November 2018. The fork was a response to differing opinions on how to scale the Bitcoin Cash network. BSV is supported by Coingeek, a company owned by Calvin Ayre, and Craig Wright, who claims to be Satoshi Nakamoto, the creator of Bitcoin.
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allows different applications to be built on top of it, and supports all kinds of blockchain applications. Designed by block.one, it was first introduced in a white paper in 2017. Its native cryptocurrency is called EOS.
EOSIO operates on a delegated proof-of-stake (DPoS) model and uses a virtual machine (VM) to support smart contracts written in WebAssembly (WASM). EOSIO uses the WASM engine to achieve high performance and parallel processing. The EOSIO protocol has been designed to scale horizontally, meaning that it can theoretically support an unlimited number of transactions per second (TPS).
The EOSIO software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across hundreds of CPU cores or clusters. This is achieved by allowing developers to create customizable blockchains. In order to create a blockchain application on EOSIO, developers need to have access to an EOSIO development environment as well as the requisite skills and knowledge.
As of now, Robinhood Crypto supports only Stellar Lumens (XLM). However, the company plans to add more cryptocurrencies in the future. So, keep an eye out for announcements from Robinhood!
Chainlink is a decentralized oracle network that provides reliable, tamper-proof data sources for smart contracts on any blockchain. Chainlink was one of the first crypto assets to be listed on Robinhood, and remains one of the most popular.