Revolut Not That Friendly For Crypto

in bitcoin •  8 months ago

Revolut is an amazing idea and its worth having account there but from crypto side.. its not as good and doesnt give advertized freedom.

For starters indeed you can buy and sell BTC, LTC, ETH there and send them to other users but.. you cannot withdrawal or deposit coins. So you are trading offchain something that promises to be what it is.

But okay lets say keeping nodes and wallets open is hard and insecure for banks. I can take it.

Problem is if you want to create business account, they do not allow you to take in or our any wires from or to cryptocurrency exchanges!

So to sum it up - good service but not really cryptocurrency friendly at this point. No deposits, withdrawals or bank accounts for companies in our sphere.

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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@kingscrown it is timely information for me.
Thanks for post about Revolution. I voted you.

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same here i was thinking about opening an account with them, thanks for the heads up 'kingscrown'

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@bunix thanks, I appreciation for your opinion. A lot of application for to knowledge .

I haven't heard of Revolut yet, thanks for the heads up! Upvoted!

So if you can’t transfer in or out you are relying on them for storage, using them as a trusted third party which completely undermines the entire concept of crypto.

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Agreed--it sounds like they'd only be useful for cryptocoin if you really wanted their app as your wallet. If you already have a wallet, you don't need them. I can transfer from my existing phone or PC wallet straight to coinbase.

And the fact that their rates are so lovely is meaningless if I have to pay another fee to transfer it to someone who will actually convert it to fiat for me!

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Worse, the article said you cannot withdraw or deposit coins. So you could buy btc but the only thing you could do with it is transfer to another user on the platform or sell it. None of these transactions are on chain which completely defeats the concept of using crypto!

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They have a European Banking Licence, not many companies can claim that. The bank is good for some things, but they will not risk their licence for the sake of shifting cryptocurrency. They are a real bank, they are not a blockchain bank.

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So they are jumping on the bandwagon by pretending to offer crypto services but in reality, offering nothing of value.

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Well you could look at it that way, but it is just a way of gambling just the same as any exchange. You can purchase crypto wait for it to go up or down then exchange it for fiat taking your winnings or losses.

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I know exchanges are often used like that but after the multiple thefts/ frauds/ hacks/ bankruptcies you have to be mad to keep coins on an exchange.
In addition you do t really own the crypto (as you don’t have the private keys) and are in no way taking part in the crypto movement as you cannot transfer value in any way, or run Dapps using ethereum etc etc.
You don’t even know if they actually have the crypto you notionally hold in your account!
I’ll be staying clear.

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It's not an exchange, it's a real bank, with a European Banking Licence, that means your funds are protected upto 100,000 Euros. If the bank fails the European Market Quangos will repay your loss.

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Ok But how do you use your crypto for anything other than buying and selling?

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Agreed. It really sounds like if you just want a bank that will help you say "I play with cryptocurrencies" (or don't mind 2-4 extra transactions because you already have a Revolut account anyway), then Revolut is a fine choice. If you actually want to use the full functionality of crypto, then stick with blockchain wallets/exchanges/etc. until a traditional bank makes a more solid attempt.

I use Revolut, if I need to get cash from crypto I send the crypto to coinbase, then sell it for euro, then send it to Revolut. This takes a day or two.

This keeps it away from my main bank accounts.

Revolut's exchange rates for foreign fiat currency are the best I have ever seen.

It works for me.

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@steveuk thanks for post the procedure to use Revolut it help me to understand the tech.
I like your post. I voted you.

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Cheers I appreciate that. Revolut is not perfect, but it can help in certain matters.

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Thanks for answer my opinion to your Revolution post @steveuk. I did no follow Revolution yet.

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I agree! That’s how I handle it as well and it works perfectly for me!!!

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That's cool--it sounds like you already had an account with them, too, in which case any crypto capability is just icing on the cake.

Hmm interesting sistem.

What is needed is an investment group of Steemians that provide business loans very much like a bank does. Then no need to get a bank loan.

Agreed for now, true cryptocurrency ownership via Revolut isn't acheivable, but my understanding, they are working on a solution. I think Revolut does a fairly good job for beginners in terms of dabbling with cryptocurrencies and to have exposure to it. If one has explored deeper into the tech behind cryptocurrency ownership, there is a whole slew of technical challenges and options. For your cryptocurrency to be fully secure, it's preferable to use a hardware wallet like Trezor or Ledger etc. and even so, it can be a whole lot of effort than it's worth for your non-technical minded user. For example, it's a couple of smart phone app screen taps and you can instantly buy or sell compared to how much hassle it is at present to deposit to GDAX for free, wait three days, then buy your crypto. Right now that is a big trade off but I'm sure the Revolut team will solve this. I've used Revolut for 1.5+ years without much issues and trust the direction the company is heading. There are plenty of ICOs and other Fintech companies in the space which will attempt to solve this FIAT->Crypto on-ramping, so Im sure Revolut would not want to let this first mover advantage slip

thanks for the article you got to pay attention to this process very bad

That's strange, I feel like if your adding crypto you should have everything ready immediately so that company can attract more attention.

Nice post and good job dear

It’s finally here! After months of blood, sweat and tears, Revolut customers will now be able to buy, hold and exchange Bitcoin, Litecoin and Ethereum in just 30 seconds at the best possible rates.

We wanted to open up cryptocurrency exposure to everyone and not just the enthusiasts. We’ve simplified the complex signup process, removed the high fees and brought cryptocurrency exposure to everyone at the touch of a button. 📲

But before you get started, we wanted to explain the process again, highlight the risks involved and spell out how we’re going to initially roll out the feature. 💸

How to get instant access to crypto
The demand for cryptocurrency exposure has been overwhelming. To ensure that our onboarding process runs smoothly in response to high levels of demand, we’ve set up a temporary queue.

Standard customers can get instant access to the new cryptocurrency feature by inviting three friends to join Revolut or by upgrading to Premium. Existing Premium customers will be given immediate access once they have agreed to the terms of use and clicked through the legal disclaimers.

How to buy crypto through Revolut
Buying cryptocurrencies has never been easier. Simply download the latest version of the app for iOS or Android and then enable cryptocurrencies from the 'More' tab. Please ensure that you read the terms and conditions and understand the risks associated with cryptocurrencies before proceeding. Nice @kingscrown

interesting

I just got my premium card in the mail and will see how things go, hoping that soon, it will be more crypto friendly as well. Nice to find your article with detailed feedback. I like the “health insurance” feature, a part of premium service.

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I think it's very difficult if we are not free to express there. but they are already thinking how best they are

Not so sure about this. I have not heard of this previously, so not going to be much on it. I believe it is absolutely critical that we go where we are sure. I say look at Multiversum, it got just the kind of deal which you would wish to see. I look at it because it got all the ingredients that you wish to see. It got the kind of concept based upon the 4th Generation Blockchain platform; it is going to be truly revolutionary project that’s just not to be missed especially with up to 40% bonus to get in Pre-ICO phase. https://www.multiversum.io/