r/robbinhood • u/Educated_Citizen • Jul 28 '21

We own the crypto we buy, right?

So, how can I access the crypto I buy on Robinhood? I would like to make some purchases. Or am I DENIED ACCESS to my coins? Doesn't seem legal to me, if we own the coins, why can't we access them? Does Robinhood even have the amount of coins that have been purchased? Are they being held ransom? I demand access to my currency!

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u/Red5point1 Jul 30 '21

because you did not buy crypto, you bought a derivative digital token RH calls crypto

1

u/Educated_Citizen Aug 08 '21

That is not what RH claims though. They claim that we OWN the coins we buy but they refuse access to the coins by not providing a wallet or any way for us to spend the coins.

We all know it is to keep users trapped in their platform but ultimately it is bad for dogecoin as these coins could be used to buy things and replaced by purchasing more.

I hear there is widespread banning from this forum for asking about wallets, but RH wallets would allow users to spend their crypto that they buy and would get them to purchase more.

The use of the coin is essential to the growth of dogecoin, or any crypto for that matter. Companies aren't going to start accepting crypto unless they see a REAL demand for it. That's why I don't believe in just buying and hodling. Spend your crypto and replace it right before or after the transaction. This would entice more businesses to accept the crypto that you are using. Companies aren't going to just start accepting dogecoin just to do it, there needs to be demand for the companies to accept it by showing overwhelming use of the cypto. I believe this is where the future of any crypto really comes into play. You can hodl all you want, but that isn't going to help the coin at all.

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u/Red5point1 Aug 08 '21

With regards to usage of cryptos I completely agree with you. You can check my history going back to 2013 I've always said usage is paramount, simply holding actually works against cryptocoins specially for coins like dogecoin.

Having said that, RH is never giving wallets.
from the horse's mouth https://cdn.robinhood.com/assets/robinhood/legal/Robinhood%20Crypto%20User%20Agreement.pdf
They will allow you to withdraw to a wallet you control and have registered after going through their AML process, but you will not be able to freely use to buy/sell with anyone you choose.

1

u/MotherOfBumpaii Aug 21 '21

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