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bodask42
Alabama Fan
Tuscaloosa
Member since Aug 2009
1611 posts
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re: Crypto for Beginners: Guide to Start
I have a very simple question that I hope someone can answer.

Other than a limited choice of crypto currencies, why would everyone not just use Robinhood for buying/selling crypto? That’s what I’m using and it is very clean, easy to use, and zero fees. At any time I am able to sell 100% of my crypto for cash, and seamlessly buy back in to another crypto whenever I want.

I tried downloading Binance the other day, and it was confusing as hell. I couldn’t cash out the full amount of whatever coin I was selling, so I was left over with some small percentage of coin that I didnt want. And the fees seemed steep.

So again, if one were Ok with the options on Robinhood (about 8 in total and I am happy with them so far) why would you just not use it? Are there hidden fees? I feel like there is something fundamental that I am not getting...


rocket31
Toledo Fan
Member since Jan 2008
36538 posts

re: Crypto for Beginners: Guide to Start
with robinhood you don't have actual private keys to store your coins (you can't transfer them off the site and hold in in a hardware wallet for example)

so with robinhood you're essentially trading paper bitcoin. one of the concerns is that robinhood might not store actual bitcoins which back up what they sell at 1:1 (I'd assume they do hold bitcoin but some are skeptical)

I personally don't think it's an issue using robinhood for crypto to trade, because zero fees, but that's not a popular opinion... at all



bodask42
Alabama Fan
Tuscaloosa
Member since Aug 2009
1611 posts
 Online 

re: Crypto for Beginners: Guide to Start
quote:

with robinhood you don't have actual private keys to store your coins (you can't transfer them off the site and hold in in a hardware wallet for example) so with robinhood you're essentially trading paper bitcoin. one of the concerns is that robinhood might not store actual bitcoins which back up what they sell at 1:1 (I'd assume they do hold bitcoin but some are skeptical) I personally don't think it's an issue using robinhood for crypto to trade, because zero fees, but that's not a popular opinion... at all


Thank you. I guess the difference is I am just treating the cryptos as a volatile stock, and cashing out frequently so I am not super concerned about the security of my “coins” itself.


boomtown143
USA Fan
Merica
Member since May 2019
5278 posts

re: Crypto for Beginners: Guide to Start
buy Hex, stake it, and forget it!

https://hex.com/


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11
maclauer
LSU Fan
Member since Nov 2011
4517 posts

re: Crypto for Beginners: Guide to Start
quote:

Thank you. I guess the difference is I am just treating the cryptos as a volatile stock, and cashing out frequently so I am not super concerned about the security of my “coins” itself.

Good to use RH to short-term trade, especially since their tax reports are much better than what the crypto exchanges offer.

I personally swing trade GBTC for this reason and never sell my actual stack of btc. Lets me trade the moves without messing with my long term capital gains status of the actual property.

But if looking to invest / hodl don’t use RH


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TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
76514 posts

re: Crypto for Beginners: Guide to Start
Isn't the majority of bitcoin's energy usage from renewable or trapped sources?


TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
76514 posts

re: Crypto for Beginners: Guide to Start
quote:

Other than a limited choice of crypto currencies, why would everyone not just use Robinhood for buying/selling crypto?
You don't own that bitcoin. You own the "paper" bitcoin. You can't move it or send it to someone.

No keys, no ownership.


GREENHEAD22
LSU Fan
Member since Nov 2009
15130 posts
 Online 

re: Crypto for Beginners: Guide to Start
So am I a dummy or is there not a way to specify the type of buy you want to do on Coinbase? Can I not set orders? This is only available on Pro?


Pendulum
New Orleans Pelicans Fan
Member since Jan 2009
5199 posts

re: Crypto for Beginners: Guide to Start
Yes


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CE Tiger
LSU Fan
Metairie
Member since Jan 2008
40168 posts

re: Crypto for Beginners: Guide to Start
Buy Chainlink
This post was edited on 2/15 at 6:49 pm


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DuppyConqueror84
Alabama Fan
Member since Nov 2012
333 posts

re: Crypto for Beginners: Guide to Start
Kraken is only banned in Washington state and New York


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ChuckO1975
LSU Fan
Member since Feb 2021
90 posts

re: Crypto for Beginners: Guide to Start
quote:

Pretty sure it’s banned in the US


It's not


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ChuckO1975
LSU Fan
Member since Feb 2021
90 posts

re: Crypto for Beginners: Guide to Start
I can add a bit about privacy and anonymity later. Lots of bad info in the MSM shout that important topic.


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TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
76514 posts

re: Crypto for Beginners: Guide to Start
Kraken is available to US. I created an account a month or so ago


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DreauxB2015
LSU Fan
Poli Board President-Elect
Member since Nov 2015
6190 posts

re: Crypto for Beginners: Guide to Start
Buy BTC , ETH, and LINK all else is hogwash coin .
This post was edited on 2/15 at 7:05 pm


Easye921
Alabama Fan
Mobile
Member since Jan 2013
1146 posts

re: Crypto for Beginners: Guide to Start
Is etoro decent? I'm super brand new and just bought some ethereum from there.


CE Tiger
LSU Fan
Metairie
Member since Jan 2008
40168 posts

re: Crypto for Beginners: Guide to Start
Great article on purpose of crypto tokens and why they need value

LINK


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Douglas Quaid
TBD Fan
Mars
Member since Mar 2010
3199 posts
 Online 

re: Crypto for Beginners: Guide to Start
quote:

Isn't the majority of bitcoin's energy usage from renewable or trapped sources?


I have to ask where/how did you develop this impression...as in what are your sources? I'm not trying to be snarky or anything here. I'm genuinely curious as I believe it is important to understand how info (and disinfo) spreads in investing (really anything for that matter).

My view is that large scale mining probably takes place where it is most profitable. This means the cheapest power available and preferably in cool/cold climates should win with the cheap power part coming in first. I'm guessing the cheapest power is available in countries where there are the fewest regulations, reasonable access to coal and relative government stability....places like China and Russia.

I've read before (forget where) that China alone controls at least half of the BTC hashrate. That was years ago so not sure where it stands now .

I know that there is mining operation in Iceland that got some attention for being powered by renewables. Probably the exception rather than the rule.

The BTC media and big holders are no doubt going to be blasting to the heavens anything that gives the impression that BTC mining is powered by renewables and suppressing anything to the contrary.

I'd guess something like 1/5 of the BTC hash rate is powered by renewable energy at best. And that is being generous. I don't see how renewable energy mining could compete at scale with cheap unregulated coal power.

If anyone finds some good sources confirming or refuting any of this please post it. It is a good question as BTC grows in popularity and legitimacy.



TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
76514 posts

re: Crypto for Beginners: Guide to Start
No specific source, I was not confident in the answer which is why I posed it as a question. Many people I follow on twitter have stated something along those lines when the point is brought up that is wastes entirely too much energy. The answer is always a large chunk of the energy used to mine bitcoin is from trapped sources that are not economical to export out. Essentially a use it or lose it type source. China has a shitload of this type of trapped energy and I do know there is a major movement in the US to utilize flare gas to power large generators for mining.


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rocket31
Toledo Fan
Member since Jan 2008
36538 posts

re: Crypto for Beginners: Guide to Start
LINK

source ^

anyways, are you going to ban netflix and youtube next - they consume much more energy than bitcoin mining


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