🔴🔴 Is Revolut a Reliable Platform for Purchasing Bitcoin and Cryptocurrency? ✅ ✅

Is Revolut Good for Buying Bitcoin and Cryptocurrency?

Hey, welcome back guys! Today, we’re going to discuss whether Revolut is a good platform for buying Bitcoin and other cryptocurrencies. This is a question I’ve been receiving a lot lately, so let’s dive right in.

Introduction to Revolut

Revolut is a popular app that allows users to buy and sell stocks, cryptocurrencies, and offers a money transfer service. It has gained significant popularity due to its ease of use and accessibility. However, when it comes to buying Bitcoin and cryptocurrency on Revolut, there are a few important points to consider.

The Downside of Revolut for Bitcoin and Cryptocurrency

One of the main drawbacks of using Revolut for buying or selling Bitcoin and cryptocurrency is the lack of a wallet function. Unlike other platforms, Revolut does not provide users with the ability to transfer their Bitcoin to external wallets or to other individuals who are not Revolut users. This limitation restricts the full potential of cryptocurrency, as it eliminates the ability to use Bitcoin for transactions outside of the Revolut ecosystem.

While this may be a significant downside for some users, it’s worth noting that other platforms, such as Robinhood and PayPal, initially lacked wallet functionality but eventually introduced it. Therefore, there is a possibility that Revolut may introduce a wallet feature in the future. However, as of the time of this recording in 2022, Revolut does not offer a wallet function for Bitcoin and cryptocurrency.

Available Coins on Revolut

Revolut does offer a decent selection of cryptocurrencies for users to buy and sell. While it may not have an extensive inventory like other platforms such as binance, it does include popular coins like Bitcoin, Litecoin, and ethereum. As you scroll through the available options on Revolut, you’ll find around 30 different coins. For many users, this selection is sufficient. However, if you’re looking to invest in more obscure or niche cryptocurrencies, Revolut may not have them available.

Ease of Use on Revolut

One of the advantages of using Revolut for buying Bitcoin and cryptocurrency is its ease of use. The process of purchasing cryptocurrency on Revolut is straightforward and requires minimal effort. All you need to do is fund your Revolut account and then convert your fiat currency into Bitcoin or other cryptocurrencies. Revolut claims to have no fees for conversions or transfers, although they may charge a margin. This makes it convenient for users who simply want to buy and hold Bitcoin without the need for a wallet or complex trading features.

Conclusion

In conclusion, whether Revolut is a good platform for buying Bitcoin and cryptocurrency depends on your specific needs and preferences. If you value the ability to transfer your Bitcoin to external wallets or make payments to individuals outside of the Revolut ecosystem, then Revolut may not be the best choice for you. However, if you prioritize ease of use and simplicity, Revolut can be a convenient option for buying and holding Bitcoin.

Frequently Asked Questions

Q: Can I transfer Bitcoin purchased on Revolut to an external wallet?

A: No, currently, Revolut does not offer a wallet function, which means you cannot transfer Bitcoin purchased on Revolut to an external wallet. You can only buy and sell Bitcoin within the Revolut ecosystem.

Q: Does Revolut charge fees for converting fiat currency to Bitcoin?

A: Revolut claims to have no fees for conversions or transfers. However, they may charge a margin, which means you may be paying slightly more for Bitcoin compared to other platforms.

Q: Are all cryptocurrencies available on Revolut?

A: Revolut offers a decent selection of cryptocurrencies, including popular coins like Bitcoin, Litecoin, and Ethereum. However, it may not have a comprehensive inventory of all cryptocurrencies available in the market. If you’re looking for more obscure or niche cryptocurrencies, you may need to consider other platforms.

Q: Can I use Bitcoin purchased on Revolut for transactions outside of the Revolut ecosystem?

A: No, currently, you can only use Bitcoin purchased on Revolut for transactions within the Revolut ecosystem. You cannot make payments to individuals or businesses outside of Revolut using your Bitcoin holdings.

Q: Will Revolut introduce a wallet function for Bitcoin in the future?

A: While there is no official confirmation, it is possible that Revolut may introduce a wallet function for Bitcoin in the future. Other platforms, such as Robinhood and PayPal, initially lacked wallet functionality but eventually added it. However, as of the time of this recording in 2022, Revolut does not offer a wallet function for Bitcoin and cryptocurrency.