Hi,
I searched the community forum but I couldn’t find any topic on this (sorry if this was addressed elsewhere).
I’d like to ask what is Revolut’s position regarding the Segwit2x (B2X) hard fork which is expected on the 28th of Dec?
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i think they will keep it for themselves… I’m gonna be getting all of my btc off revolut, too much shady shit going on!
We are waiting for an official response. Please Revolut, be active!
In Fork time i prefer to have full control of my coins. As long as you don’t have your own wallet it will be difficult to get the fork reward. I personally use the offline XAPO vault for storing bitcoin, on Bittrex I also always got the forks. I saw that Coinbase was quite late to release the BTC for their customers and didnt see them releasing the Bitcoin Gold yet. I’m using XAPO since 2014 and was always happy with them.
You can’t get your BTC out of Revolut because you don’t own BTC. You got economic exposure to the coin price as determined solely by Revolut, a derivative if you like, where the Revolut is the sole and only market maker hence the large spread. In a way you have BTCRevolut, kind of like Tether USDT vs real dollars. But unlike Tether, or rather unlike Tether’s claim (which is dubious at best), weather Revolut edges this on the underlying assets by buying from GDAX or Kraken or whatever is unknown and not really our problem, as far as I can see Revolut do not specifically claim to hold reserves of BTC etc…
It is unlikely you will benefit from BTC altcoin airdrops like BitcoinDiamond etc… as that would imply them holding the coins.
Thanks mattx9 for your reply. I do recall someone from Revolut explaining on this forum that they do hold the equivalent Bitcoin. Is it something you really looked into or just a hunch?
On the other hand, and while I’m not sure how involved the Revolut representatives in this community forum, but if this remains unanswered officially then that might just gives some sort of a clue of what to expect.
I dont have visibility into Revolut operations, but the fact they don’t allow incoming Bitcoin transactions (i.e. you cant sell them an external bitcoin), and you can’t sell the bitcoins to anyone other than Revolut makes the product a derivative in my mind. It’s actually a poor derivative as don’t define what price is based on plus the spread - e.g based on GDAX midpoint price, plus 3% spread either side… You kind of just hope they are giving you a good deal, it’s coinbase without the coin.
However since you would expect Revolut maintain a somewhat consistent spread tracking the underlying asset it is feasible they hedge this by indeed holding BTC, if they would were really sneaking they could in theory just grow the spread to an extreme amount to cover any exposure they had, it’s not like you can sell it anywhere else or they’ve promised to do anything else.
It’s actually a very poor way to start crypto exposure in my opinion. Revolut either need to define and stand by how their derivative tracks the underlying assets and/or allow customers to move coins to/from their own wallet.
Found the post where the explanation from Revolut is offered (click on ‘Bitcoin price difference’ to see the trhead):
I totally agree about the need to be able to transfer cryptocurencies to external wallets and exchanges.
Still no reply from Revolut regarding the fork.