Has Anyone Gotten Robinhood wallets yet?

[krusepig]

I'm on the waitlist for Robinhood wallets, has anyone gotten the wallet yet?
Once I get access, my 1 bitcoin will be transfer to Celsius where it will start earning me interest.

[mk4]

Probably only a small minority of people here use Robinhood for buying bitcoin/crypto. A lot of people here dislike using exchanges that require AML/KYC.

Quick reminder that you're handing over custody over your bitcoin when using services like Celsius. I'm not telling you to not do it, but you might want to reconsider.

https://NotYourKeys.org

[tranthidung]

https://NotYourKeys.org

Newbies should know the importance of key or seed (depends on specific wallet, they will have private key or mnemonic seed) with which they will have a non-custodial wallet to use. With such wallets, they will have control of their wallet and Bitcoin.

Read Recommended wallets and pick an appropriate wallet to use.
Bitcoin Q&A: What is a Private Key?
Bitcoin Q&A: How Do I Choose a Wallet?

[bL4nkcode]

I'm on the waitlist for Robinhood wallets, has anyone gotten the wallet yet?
Once I get access, my 1 bitcoin will be transfer to Celsius where it will start earning me interest.

I will not utter the risk of using exchange coz you obviously dont have control over the funds there which you should knew before using such platform, other than using a non-custodial wallet, but can you share how many % you will get from the interest per month/year?

How much profit you will get from them compare to the profit you will get if you just hold that 1 btc to a cold wallet and then get back after months or a year.

[DaveF]

Unlike Conbase / Gemini / other exchanges. I see people using RH as treating BTC more like stock then BTC.
So yes, not your keys, not your coins. BUT, in theory since RH operates under FINRA and the SEC it is probably safer (note not SAFE just safer) then other locations.
From what I have heard a very select few of their larger investors have gotten it. But that's all rumor.

The interest on Celsius is not worth the risk IMO, but everyone has their own limits on how much BTC they want to gamble.

-Dave

[GeorgeJohn]

https://NotYourKeys.org

Newbies should know the importance of key or seed (depends on specific wallet, they will have private key or mnemonic seed) with which they will have a non-custodial wallet to use. With such wallets, they will have control of their wallet and Bitcoin.

Read Recommended wallets and pick an appropriate wallet to use.
Bitcoin Q&A: What is a Private Key?
Bitcoin Q&A: How Do I Choose a Wallet?

I really like this tutorial explanation to newbies, actually this is not meant for newbies alone, because i know how many minutes i spent going through it, both the YouTube video channel and the article itself, it's absolutely understandable from my perspective, at least this will brainstorm any beginner who come across this wallet tutorial. Because on my own i have grab some elements of fact's.thanks bro.

[Lucius]

I'm on the waitlist for Robinhood wallets, has anyone gotten the wallet yet?
Once I get access, my 1 bitcoin will be transfer to Celsius where it will start earning me interest.

I may not be aware of the connection, but what are the connections between such a crypto wallet and the service to which you will give 1 BTC to earn interest? I will not go in the direction of saying now that it is a bad idea (others have already explained), but it is difficult for me to understand that someone buys 1 BTC and then lends it to someone else because of profit, how much 4% or maybe 8%?

Yes, I know people are guided by the idea that money that is not invested loses value due to inflation - but Bitcoin has exceeded all expectations when it comes to profit, so only since the middle of last year, the price has risen as much as 10 times. The one you lent that 1 BTC made a huge amount of money, and you got a crumb of a few percent - it’s nothing more than classic banking where the bank always profits on the client’s account.

[krusepig]

basically my plan is to transfer my BTC and ETH from Robinhood using the wallets feature (whenever it finally is available) to Celsius so I will earn interest 5-6% on BTC and ETH on top of the hopefully appreciating value of bitcoin.

I'm on the waitlist for Robinhood wallets, has anyone gotten the wallet yet?
Once I get access, my 1 bitcoin will be transfer to Celsius where it will start earning me interest.

I may not be aware of the connection, but what are the connections between such a crypto wallet and the service to which you will give 1 BTC to earn interest? I will not go in the direction of saying now that it is a bad idea (others have already explained), but it is difficult for me to understand that someone buys 1 BTC and then lends it to someone else because of profit, how much 4% or maybe 8%?

Yes, I know people are guided by the idea that money that is not invested loses value due to inflation - but Bitcoin has exceeded all expectations when it comes to profit, so only since the middle of last year, the price has risen as much as 10 times. The one you lent that 1 BTC made a huge amount of money, and you got a crumb of a few percent - it’s nothing more than classic banking where the bank always profits on the client’s account.

[RickDeckard]

I'm baffled in seeing that people still use Robinhood after all the events that occurred this past year. The fact that they require KYC is already bad but they seem to be trying to make it even worse regarding their crypto wallet[1]:

In August, the company’s CEO promised that wallets would be coming and said that the company wanted its security to be “bulletproof.” Robinhood now says that wallets will have identity verification and multifactor authentication (which will sometimes include asking for a picture of your ID or a selfie to ensure that it’s actually you trying to carry out a transaction), as well as email and phone verification.

basically my plan is to transfer my BTC and ETH from Robinhood using the wallets feature (whenever it finally is available) to Celsius so I will earn interest 5-6% on BTC and ETH on top of the hopefully appreciating value of bitcoin.

Do realize that you're basically going from a wallet where you don't know your private keys (Robinhood) to another wallet that you also don't know your private keys (Celsius). So, in essence, you're still basically in the same system, the only thing that changes is the service that you're using. I do know that the perks that Celsius offers may seem enticing but proceed with caution. If I were on your shoes I would first try to understand how is it that Celsius manages to provide such high interest rates,which would look highly suspicious on the "standard" financial market. This[2] article provides some information, but for sure do even more investigation before you decide to do whatever you end up doing.
[1]https://www.theverge.com/2021/9/22/22686377/robinhood-crypto-wallet-currency-bitcoin-ethereum
[2]https://blog.celsius.network/celsius-network-interest-rates-explained-a336a52e163d

[The Sceptical Chymist]

Unlike Conbase / Gemini / other exchanges. I see people using RH as treating BTC more like stock then BTC.

Yep, especially after the Game Stop stock debacle happened and drew a lot of people's attention toward Robinhood (or it could have been their massive advertising campaign and/or zero-fee trades). 

But if I were a stock trader, there's no way in hell I'd use Robinhood after what they did, which was to capitulate to the government and freeze Game Stop stock trading.  They're run by a bunch of amateurs and they don't even have a customer service telephone number.  If you need to call them for whatever reason, you can forget about it.

As far as crypto and Robinhood goes, I'd also look elsewhere for my needs--especially if I was looking to buy and hold and not actively trade.  "Not your keys, not your coins" has already been referenced, and for a damn good reason.  If you've got your coins in your own wallet, you aren't at the mercy of a 3rd party, no matter how trustworthy they seem to be.  Things can change in a heartbeat, and why give up all that control over your crypto?  Isn't that kind of the point of owning it in the first place?

[RickDeckard]

Yep, especially after the Game Stop stock debacle happened and drew a lot of people's attention toward Robinhood (or it could have been their massive advertising campaign and/or zero-fee trades). 

But if I were a stock trader, there's no way in hell I'd use Robinhood after what they did, which was to capitulate to the government and freeze Game Stop stock trading.  They're run by a bunch of amateurs and they don't even have a customer service telephone number.  If you need to call them for whatever reason, you can forget about it.

How the hell does a listed NYSE company doesn't provide a customer service telephone number? This is ridiculous, how can customers accept this kind of behaviour? What you're describing seems more like the start of an anecdote rather than how a company really treats their customers ...

As far as crypto and Robinhood goes, I'd also look elsewhere for my needs--especially if I was looking to buy and hold and not actively trade.  "Not your keys, not your coins" has already been referenced, and for a damn good reason.  If you've got your coins in your own wallet, you aren't at the mercy of a 3rd party, no matter how trustworthy they seem to be.  Things can change in a heartbeat, and why give up all that control over your crypto?  Isn't that kind of the point of owning it in the first place?

The kind of thing that itches my soul is the fact that these exchanges - who already have a huge customer base due to their fee-less system when compared with "standard" financial institutions - are way faster in implementing (and accepting) BTC purchases than implementing a system for their users to withdrawn their recently bought crypto. I know that in the past they've said[1] that whenever a user buys crypto they go into the market and buy crypto in a 1:1 system, nothing really assures me that is happening. To me, as a suspicious person, the fact that I'm not even able to send my coins out of their system makes me believe that I'm just speculating on BTC price and nothing more. To see that they just care about money without understanding the concept of blockchain/crypto, just look at this answer regarding "Know your keys":

For people who preach “not your keys, not your coin”, we’re actively working on supporting deposits and withdrawals. As soon as that feature is available, you’ll be able to withdraw your crypto.

[1]https://www.reddit.com/user/RobinhoodTeam/comments/mz86sx/hey_reddit_im_christine_brown_robinhood_cryptos/gw2jyps/