If you’re like most people, the word “cryptocurrency” probably conjures up images of Bitcoin and other digital tokens that have made headlines for their soaring (and sometimes crashing) prices. But there’s more to cryptocurrency than just an investment; cryptocurrency is also a payment system, one that’s gaining popularity as an alternative to traditional fiat currencies like the US dollar.
One of the most popular cryptocurrency payment systems is Revolut, which launched in 2015. Revolut allows users to hold and exchange a variety of fiat and digital currencies, including Bitcoin, Ethereum, Litecoin, and XRP. But how does Revolut work, and is it a good choice for those looking for an alternative to traditional payment methods?
Here’s a look at how Revolut works and what you need to know before using it.
How Revolut Works
Revolut is a digital banking platform that offers a variety of features, including the ability to hold and exchange multiple currencies. Revolut users can hold and exchange up to 27 different fiat and digital currencies, including popular ones like Bitcoin, Ethereum, Litecoin, and XRP.
To use Revolut, you’ll need to create an account and link it to your existing bank account. Once your account is created, you’ll be able to add funds to it using your debit or credit card. You can also set up a direct deposit from your bank account.
Once your account is funded, you can start exchanging currencies. Revolut uses real-time exchange rates, so you’ll always get the most up-to-date rates. You can also set up price alerts, so you’ll be notified if the rate you’re watching reaches a certain level.
In addition to holding and exchanging currencies, Revolut also allows you to make international money transfers. Revolut doesn’t charge any fees for international transfers, and you can send money to over 150 countries.
Is Revolut Safe?
One of the concerns that people have about Revolut is safety. After all, Revolut is a relatively new company, and it’s handling a lot of people’s money.
Fortunately, Revolut is a licensed and regulated company. In the UK, Revolut is regulated by the Financial Conduct Authority (FCA). In Europe, Revolut is regulated by the European Central Bank (ECB). And in the United States, Revolut is regulated by the Financial Crimes Enforcement Network (FinCEN).
In addition to being regulated, Revolut is also insured. In the UK, Revolut is insured by the Financial Services Compensation Scheme (FSCS). In Europe, Revolut is insured by the European Deposit Insurance Scheme (EDIS). And in the United States, Revolut is insured by the Federal Deposit Insurance Corporation (FDIC).
Other related questions:
Q: What happens when I buy crypto via Revolut?
A: When you buy crypto via Revolut, the process is simple. You add money to your account, exchange it for the desired cryptocurrency, and then hold onto it until you’re ready to sell. When you’re ready to sell, you simply exchange it back for the currency of your choice and withdraw the funds.
Q: How does crypto on Revolut work?
A: Crypto on Revolut works by allowing you to buy, sell, and hold cryptocurrencies within the Revolut app. You can also exchange cryptocurrencies for other currencies within the app.
Q: Can you cash out crypto on Revolut?
A: Yes, you can cash out your crypto on Revolut.
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