When it comes to cryptocurrency, traders do not have many friends. That might all change soon if the rumor is true. A source told Bloomberg, E*Trade is working out the logistics of trading Bitcoin and Ethereum. If they do so, they would consider other currencies moving forward. There is no definitive answer to when this trade will occur. The company has refused to comment at this time.
Those familiar with this currency and even those with a basic awareness know this type of thing exists. The involvement of such a well-known brand trading in this cryptocurrency can lead to its legitimacy as a viable investment option. These currencies are currently ripe with scandals because Bitcoin cannot be traced. This also gives way to the amateur buyer who may not know how to start trading in this cryptocurrency but would be beneficial for them.
E*Trade would be one of the largest securities brokerages to allow crypto trading. It will enter into a competitive market with startups like Coinbase Inc., which have made names for themselves as go-to places for such transactions. Closely held Coinbase reached a valuation of $8 billion in 2018 and projected sales of $1.3 billion. Fintech startup Robinhood, most recently valued at $5.6 billion, has also added cryptocurrency trading as a way to woo millennial customers.Julie Verhage, Bloomberg
What is Cryptocurrency?
Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.Thomas Carper, US-Senator
Satoshi Nakamoto is the unknown inventor of Bitcoin. It is the first of its kind and still the most important cryptocurrency. He never intended to create a new type of currency. He announced in late 2008 that he had developed “A Peer-to-Peer Electronic Cash System.”
According to Tianna Laurence:
Cryptocurrencies, sometimes called virtual currencies, digital money/cash, or tokens, are not really like U.S. dollars or British pounds. They live online and are not backed by the government. They’re backed by their respective networks. Technically speaking, cryptocurrencies are restricted entries in a database. Specific conditions must be met to change these entries. Created with cryptography, the entries are secured with math, not people.What Is Cryptocurrency? Blockchain for Dummies