As continuing acceptance of cryptocurrency prevails, big-name fintech Revolut aims to come in so that you may obtain your bitcoins with Revolut. Since 2017 Revolut, a digital financial technology business has been fulfilling its customer’s demands when it comes to crypto. The British startup, which was launched in 2015, provides a multitude of alternative banking services that go beyond what conventional financial institutions can offer.
Revolute not only provides online accounts, in which users may choose to transfer, receive, deposit, and withdraw fiat currency anywhere over the globe in 120 currencies. Which convenience gadget circumnavigated many of the go-betweens and expenses that standard banking institutions resort to when moving money across borders. They provide prepaid debit cards that are supported by large companies like Visa and MasterCard. Fee-free money exchange, and even stock trading. In 2017, the firm stated that it will also be adding cryptocurrency to its gradually increasing portfolio of services. Giving its clients another alternative when it comes to acquiring crypto, enabling access to exchanges and peer-to-peer payment methods alike.
Bitcoin with Revolut: Better Than Just Bitcoin
The firm has enjoyed a long and remarkably prosperous existence, earning unicorn status in April of 2018, when the privately owned startup was valued at over $1 billion. Looking to continue expanding their firm by establishing greater access to the fiat and cryptocurrency demands that aren’t only in demand today, but are primed for continuing widespread use in the very near future. Marking them as a highly forward-thinking fintech whose unconventional ideas have so far paid off handsomely.
In the spirit of this constant innovation, the firm doesn’t only trade in Bitcoin. In an astonishing step observed in a few other locations among highly embraced fintech, the organization also works with Ethereum, Litecoin, Bitcoin Cash, and Ripple. This is a rather broad range when considering that several of these crypto are quite new and not widely recognized to the general population.
The organization provides commission-free NYSE & NASDAQ stock trading to all of its clients. Making it easier for many to bypass particular exchanges and combine assets and portfolios. Following a jump in popularity, the firm had to recruit additional personnel that specialized in conventional banking methods, as the company battled to keep up with the boom in demand for all of its products, both banking and trading alike.
The organization continues to make enormous progress in all areas and appears to face complaints and concerns head-on, but employing essential people, gaining finance, and near-constantly developing its offered features. In February of this year, Revolut was voted the UK’s most valuable financial technology company, after doubling its worth in the previous year.
Peruse more articles like How Do Bitcoin Blenders Need to Manage 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 obviously different in function and method, than buying them from a regular crypto exchange. Perhaps the most noticeable dissimilarity between the two is that when buying Bitcoin on Revolut, you don’t receive a crypto wallet.
Instead, every cryptocurrency that you acquire is kept together with every other crypto owned by every other Revolut user trading in crypto. For others, this is quite the tantalizing situation, since your own Revolut account will never be connected directly to anybody crypto currency or token in particular. Leaving off the necessity for some security precautions, including costly hardware wallets or Bitcoin mixers.
How Storing Crypto Works
Storing bitcoins that have been acquired on Revolut is a beginner trader’s dream come true. There’s little to no personal control required. And arguably the nicest thing is- you never truly “legally own” any crypto you buy on Revolut.
If it seems a bit alarming, stay with us. This is really a terrific technique to keep your crypto hoard entirely hidden and limit the possibility of any security breach that may occur with a simple error made while using a regular crypto wallet.
Any crypto you acquire is officially bought by Revolut themselves, meaning that as a “purchaser,” you have benefit rights to the coins or tokens, but they’re not kept in your name. Instead, crypto is housed in what Revolut refers to as a “virtual account”. This virtual account aggregates all the crypto that has been acquired by each Revolut client. The software captures how much of that specific crypto you hold and enables you to keep a watchful check on it.
This also leaves Revolut clients free from any contractual tie between themselves and the big-name crypto exchanges that Revolut collaborates with- Bitstamp and Coin base.
How Buying Crypto Works
Buying Bitcoin on Revolut is really straightforward. Building around the concept that Revolut gives the less tech-savvy a trustworthy path to join in on bitcoin trading with significantly less fuss. To purchase crypto on Revolut customers just follow these steps:
- Users will inform Revolut which cryptocurrency they would want to acquire and advise them how much to buy. Giving the platform a budget with e-money dollars already existent in their account.
- Revolut then utilizes the current time exchange rate to notify consumers how much crypto currencies their e-money budget is capable of buying.
- If a user finds this information satisfactory, they only click “exchange”, and Revolut performs the rest. Taking the e-money funds and acquiring the crypto currencies in their name on the exchanges they work with.
- If the transaction is completed by the exchange platform, Revolut purchases the crypto using the e-money withdrawn from a user’s account and then saves them in Revolut’s virtual account.
How Selling Crypto Works
Revolut will also sell users’ cryptocurrency for them at any moment. This approach is equally as quick and straightforward as acquiring cryptocurrency on the financial platform.
- Users ask Revolut to sell the amount of bitcoin they wish, providing they have these holdings to sell.
- Revolut then validates the conversion rate and continues with the user.
- The revenues are subsequently added to the user’s revolute account as whatever e-money the account holder works with.
How Sending Crypto Works
While customers still can’t use their crypto stashes to buy products and services directly or swap one cryptocurrency for another, the firm does enable users to transfer coins to any other revolute customer account that they desire. They can also “spend” their cryptocurrency by changing it into a user’s base currency or the currency requested by any specific store.