You are viewing a single comment's thread from:
RE: Revolut Not That Friendly For Crypto
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.
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!
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!
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.
So they are jumping on the bandwagon by pretending to offer crypto services but in reality, offering nothing of value.
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.
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.
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.
Ok But how do you use your crypto for anything other than buying and selling?
I don't use it to buy and sell, I just use it to transfer money from coinbase.
Then I go to the cash machine and withdraw lovely new banknotes.
This way it keeps the money away from my normal bank accounts.
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.