When you buy a Bitcoin on Robinhood, it is not actual bitcoin but only a paper derivative. I would not recommend buying Bitcoin using this method because 1) You have to keep this paper derivative Bitcoin on Robinhood. 2) You cannot transfer it to your own wallet. 3) It cannot be used for transactions like the real bitcoin you can buy on other exchanges. 4) "Not your keys, not your coins". If Robinhood gets hacked I am not sure what is the level of protection. Robinhood Crypto is a different entity compared to Robinhood Financial. The stocks you buy from Robinhood Financial are protected by SPIC up to a limit of $500,000. For Robinhood Crypto they do mention having insurance from an external party but you need to validate policy limits and read the fine print. It is better to open up an account on Coinbase or Binance.US which allow you to own your crypto and also provide many more coins besides bitcoin and ETH.