As continued adoption of cryptocurrency prevails, big-name fintech Revolut hopes to join in so that you can get your bitcoins with revolut.
Since 2017 Revolut, a digital financial technology company has been accommodating its customer’s needs when it comes to crypto. The British company, which was founded in 2015, offers a number of alternative banking services that go beyond what traditional financial institutions can offer.
Revolute not only offers online accounts, in which members can choose to send, receive, deposit and withdraw fiat currencies all over the world in 120 currencies. Which convenience toy circumnavigated many of the go-betweens and fees that normal banking structures succumb to when transferring money across borders.
They offer prepaid debit cards that are backed by big names like Visa and MasterCard. Fee-free currency exchange, and even stock trading. In 2017, the company announced that it would also be adding cryptocurrencies to its steadily growing repertoire of services. Giving their customers another choice when it came to purchasing cryptos, allowing access to exchanges and peer-to-peer payment systems alike.
Bitcoin with Revolut: Better Than Just Bitcoin
The company has held a long and impressively profitable past, achieving unicorn status in April of 2018, when the privately held startup was valued at over $1 billion. Looking to continue growing their business by developing better access to the fiat and cryptocurrency needs that aren’t just in demand now, but are poised for continued mainstream adoption in the very near future. Marking them as a very forward-thinking fintech whose radical ideas have so far paid off handsomely.
In the spirit of this continued innovation, the company doesn’t just deal in bitcoin. In an impressive move seen in few other places among widely adopted fintech, the company also deals with Ethereum, Litecoin, Bitcoin Cash, and Ripple. Which is a fairly bold range when considering that some of these cryptos are fairly new and not well known to the mainstream public themselves.
The company offers commission-free NYSE & NASDAQ stocks trading to all of its customers. Making it simple for many to skip individual exchanges and consolidate holdings and portfolios. Following a spike in popularity, the company had to hire more staff who specialized in traditional banking practices, as the company struggled to keep up with the surge in demand of all of its features, both banking and trading alike.
The company continues to make massive strides in both areas and seems to address criticisms and issues head-on, but hiring necessary staff, securing funding, and near-constantly innovating their available functions. In February of this year, Revolut was named the UK’s most valuable financial technology startup, after tripling its value in the previous year.
Read more articles like What Do Bitcoin Mixers Have to Do with Fungibility? and Crypto Debit Cards Allow Easy Spending Even When Merchants Don’t.
How to Use Revolut to Buy Bitcoin
Buying any cryptocurrency on Revolut is noticeably different in function and procedure, then buying them from a traditional crypto exchange. Perhaps the most glaring dissimilarity between the two is that when purchasing bitcoin on Revolut, you don’t get a crypto wallet.
Instead, any cryptocurrency that you purchase is stored along with every other crypto held by every other Revolut customer deal in crypto. For some, this is quite the tantalizing scenario, as your personal Revolut account will never be tied directly to anyone crypto coin or token in particular. Leaving off the need for certain security measures, like pricey hardware wallets or bitcoin mixers.
How Storing Crypto Works
Storing cryptocurrencies that have been purchased on Revolut is a novice trader’s dream come true. There’s little to no personal control needed. And perhaps the best part is- you never actually “legally own” any crypto you purchase on Revolut.
If that sounds a bit scary, stick with us. This is actually a great way to keep your crypto stash completely private and reduce the likelihood of any security breach that could occur with a simple mistake made when using a traditional crypto wallet.
Any crypto you purchase is technically purchased by Revolut themselves, meaning that as a “purchaser” you have beneficial rights to the coins or tokens, but they’re not held in your name. Instead, crypto is held in what Revolut refers to as a “virtual account”. This virtual account pools all the crypto that has been purchased by each Revolut customer. The app registers how much of that particular crypto you own and allows you to keep a keen eye on it.
This also keeps Revolut customers free from any contractual relationship between themselves and the big-name crypto exchanges that Revolut partners with- Bitstamp and Coinbase.
How Buying Crypto Works
Buying crypto on Revolut is incredibly simple. Building upon the idea that Revolut offers the less tech-savvy a trustworthy avenue to get in on cryptocurrency trading with far less hassle. To buy crypto on Revolut users simply follow these steps:
- Users will tell Revolut which cryptocurrency they would like to buy and instruct them how much to buy. Giving the platform a budget with e-money funds already existing in their account.
- Revolut then uses the present time exchange rate to tell users how much cryptocurrency their e-money budget is capable of purchasing.
- If a user finds this information agreeable, they just click “exchange”, and Revolut does the rest. Taking the e-money funds and purchasing the cryptocurrency in their name on the exchanges they partner with.
- If the transaction is processed by the exchange platform, Revolut purchases the crypto with the e-money removed from a user’s account and then stores them in Revolut’s virtual account.
How Selling Crypto Works
Revolut will also sell user’s cryptocurrencies for them at any time. This process is just as simple and straightforward as purchasing cryptocurrencies on the fintech’s platform.
- Users instruct Revolut to sell the amount of cryptocurrency they choose, provided they have these holdings to sell.
- Revolut then confirms the exchange rate and proceeds with the user.
- The proceeds are then added into the user’s revolute account as whatever e-money the account holder works with.
How Sending Crypto Works
While users still can’t use their crypto stashes to purchase goods and services directly, or trade one cryptocurrency for another, the company does allow users to send cryptocurrencies to any other Revolute customer account that they choose.
They can also “spend” their cryptocurrency by converting it into a users base currency or the currency desired by any given retailer.