One of the things we complain about when trading cryptocurrencies, perhaps most importantly, is high stock market commissions.. Exchange commissions bother many of us, even when transferring money from one place to another or trading different cryptocurrencies for the stock market.. However, there is an initiative that will change this business recently, this initiative attracts great attention.. The number of people who participated in the early registrations of the crypto money exchange named Robinhood, which set out with the aim of zero commission in crypto money trading, exceeded 1 million. It is a matter of curiosity whether this move, which he made by giving his due, will change the work and balance among crypto money exchanges.. In particular, it is not yet known how exchanges such as Coinbase will approach the event and whether it will be affected by it.
The vast majority of cryptocurrency exchanges led by Coinbase are basically not decentralized.. In this way, the control of the events in the stock market is provided from a single source.. However, the idea of an exchange like Robinhood that comes with a centralized system, but this time gives the direction of power to users rather than top management, seems revolutionary enough.
Zero Commission Fee
We gave Coinbase as an example and from there lets continue. Users of this cryptocurrency exchange currently pay significant commission amounts for each transaction, ranging from &0.1% to 4% of the transaction.. Especially if you entered this market with a small amount of money mainly because of your curiosity, trading with such commission fees can turn into a real persecution because you pay the small amounts you earn to commission fees.. In fact, there are many people on the internet who claim that they actually make profits in this way, but claim that they have written a loss on their main balance sheet due to commission fees.
These high commission fees we mentioned above are in stark contrast to Bitcoin’s exit purpose. . When Bitcoin first launched, its purpose was to break down the already high commission and bank share fees.. So Bitcoin wasn’t something that was expensive to use.. But of course, the market grew abnormally, many people were aware of this event and serious congestion began among the transfer networks.. Still, a solution to these ever-increasing commission fees had to be found.
Here’s Robinhood,exclusively as the solution to this very problem.. Announcing that it will not charge commission fees from transactions, the stock market will not be able to earn money in this way.. But what the stock market focuses on is something else.. Robinhood, which mainly wants to expand its own crypto currency customer portfolio, also plans to steal the customers of other exchanges with this revolutionary move.
For now, we can say that they are progressing in line with these goals.. With the announcement that the stock market will be traded, many crypto money trading people were aware of the development and people must have been so fed up with these commission fees that they immediately rushed to register.. According to various data, the number of people allegedly waiting on the early registration list is over 1 million people.
Buy the Rich Give to the Poor
We all know that the origin of blockchain and cryptocurrencies is to produce decentralized things, but when it comes to cryptocurrency exchanges, the situation changes. In particular, the majority of crypto currency exchanges, which are the main actors of the market, are managed by a centralized system.. People are trying to increase their crypto money savings here, trying to earn money by buying and selling, and meanwhile, the stock market cuts itself a commission from their work and submissions.. I mean, the system actually works like a bloody bank.
Well, if there’s centralization involved, some things are inevitable.. For example, the cryptocurrency exchange determines a commission fee according to itself; can increase or decrease them. This is a bank-like move.. Again, with these movements, the place that holds the control over the market ultimately becomes a single center. However, Robinhood is still centralized however, its aim is different.. Reducing power from the management level to the user base…
Time Will Tell
Time is the only thing that will tell whether Robinhood will be successful. User experiences, whether it is successful, how the system works and other feedback mechanisms will only be revealed after the exchange is traded.. The effects of the zero commission fee approach on the stock market are expected with great interest.. It is not yet known what the company will do or whether it will do something, at least for now, with this approach they have developed to solve one of the most important problems of the Blockchain system on the basis of the cryptocurrency exchange, commission fees.
With the current great demand, the future success or failure of the stock market will be an important reference point for many crypto money-related businesses that are planning to be launched in the coming period.
Join our Telegram channel to be informed about all developments and shares!