Today I got access to cryptocurrencies in Revolut. Finally! I was really excited when I received the notification. Sadly, that excitement was short lived. I’m ok with revolut setting the sell/buy price and markup, but there is a fundamental flaw I can’t really live with and I won’t be using crypto on revolut until it’s resolved.
The issues is I can’t transfer cryptocurrencies in any way. I can only exchange from fiat currencies to crypto and viceversa, but that’s absolutely the only thing I can do. This has very serious implications:
Security: it’s cryptocurrency 101 not to keep your money in exchanges. They’re being hacked all the time. Bitcoins and other cryptocurrencies should be kept in a wallet for which only I have the private key (paperwallets, hardware wallets, wallets held in full clients, etc…). Since revolut won’t allow me to transfer funds to any other address (not even my own), I wouldn’t be able to keep that money secure. And since it’s revolut holds the private key for the wallet that would hold that money, in case of a hack, my funds would be compromised. Not acceptable. Specially when there are ways to prevent it.
Interoperability: the first thing I wanted to do was to transfer some bitcoins from an exchange to revolut. But I can’t do that, because revolut won’t even give me an address (let alone private key) to operate with.
Purchases: since I can’t transfer to any other bitcoin address, I can’t make any purchase in bitcoins. It’s not like that’s a big limitation for the time being, but it goes agains the whole point of cryptocurrencies.
Trading: being unable to transfer cryptocurrencies also means I’m locked in to revolut. I can’t benefit from the different exchange rates at different exchanges.
So, the only thing I can do with revolut’s current approach to cryptocurrencies is to do some speculation. And that would be severely limited since I have only one rate to choose from, and it’s not that good.
I went from excited to disappointed in a matter of minutes. I used to think of revolut as something halfway between a bank and a exchange. Now I see it’s just a bank that offers crypto as a financial investment, just like a fund.
I know you can’t change this overnight, but please take this into consideration. There’s no way anybody with a basic understanding of cryptocurrencies is going to be ok with your current offering.