You're looking for a simple way to buy Bitcoins and you're on Revolut. You gain access to the cryptocurrencies in seconds, decide to transfer it to your external wallet, but it turns out that this is impossible. So, are you really owner of those Bitcoins?
The most important information:
- Cryptocurrencies cannot be bought on Revolut, you can only buy so-called exposure to it.
- Users of this application buy and sell exposure to Bitcoin, but they cannot manage it outside the application in any way - send it to an external address etc.
- Revolut is not a cryptocurrency wallet, nor does it have a function similar to cryptocurrency exchange.
When you buy exposure to BTC, you are not real owner of Bitcoin
Although Revolut allows for instant exchange of fiduciary currencies into cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) or Ripple (XRP), the user cannot manage them outside the application. This is the so-called exposure to the above mentioned coins. It can be bought and sold - earning or losing on price changes. However, an account on Revolut does not function as a crypto wallet.
In fact, Revolut does not allow you to buy Bitcoin or other coins. They cannot be transferred to an external wallet address or paid for goods or services in shops where this form of payment is accepted.
The advantage of this application is the ease of purchase of exposure to cryptocurrenciess. Its user can do it with a few clicks. However, it should be remembered that in this way he will not come into possession of BTC or other coins. The minus is a centralized environment, in case of any problems Revolut may refuse access to the account.