Can You Send Bitcoin Through Revolut?

Understanding Revolut’s Cryptocurrency Features

Revolut is known for its wide range of financial services that cater to both traditional and modern needs. The app allows users to spend, save, and invest their money seamlessly across various currencies. One of the most exciting features for crypto enthusiasts is the ability to buy, hold, and trade cryptocurrencies directly within the app. Revolut currently supports popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, among others.

However, Revolut’s crypto service comes with several key restrictions:

1. Custodial Wallet: When you purchase Bitcoin or any other cryptocurrency through Revolut, you don’t own the actual private keys. Instead, Revolut holds the cryptocurrency on your behalf in a custodial wallet. This means that while you technically "own" the Bitcoin, you don’t have full control over it like you would if you held it in a personal wallet.

2. In-App Transactions Only: One major limitation is that you can only send Bitcoin (or other cryptocurrencies) to other Revolut users. External transfers to non-Revolut wallets are not supported. This restriction significantly limits the functionality for those who want to use their Bitcoin outside the Revolut ecosystem.

3. Conversion to Fiat: Revolut does allow you to convert your Bitcoin to fiat currencies like USD, GBP, or EUR and then send this fiat money to other users or accounts. While this isn’t the same as sending Bitcoin directly, it offers a workaround if your goal is to transfer value rather than specifically Bitcoin.

4. No Deposit from External Wallets: Another drawback is that you cannot deposit Bitcoin from an external wallet into your Revolut account. The only way to acquire Bitcoin within Revolut is by purchasing it through their app.

Step-by-Step Guide to Sending Bitcoin via Revolut

Although Revolut restricts sending Bitcoin to external wallets, you can still send it to other Revolut users. Here’s a quick guide on how to do that:

1. Open the Revolut App: Ensure that you have the latest version of the app installed.

2. Go to the ‘Crypto’ Section: In the app’s dashboard, navigate to the cryptocurrency section where you can view your Bitcoin holdings.

3. Select Bitcoin: Choose Bitcoin from your list of available cryptocurrencies.

4. Choose ‘Send’: Tap on the 'Send' option. You’ll be prompted to choose a recipient from your contact list. Note that this person must also be a Revolut user.

5. Enter the Amount: Specify the amount of Bitcoin you want to send.

6. Complete the Transfer: Review the details and confirm the transaction. The recipient will receive the Bitcoin instantly within their Revolut account.

Alternatives for Sending Bitcoin

Given Revolut’s limitations, here are some alternatives if you want to send Bitcoin to non-Revolut users:

1. Use a Dedicated Crypto Wallet: If your priority is to send Bitcoin to external wallets, it’s better to use a dedicated crypto wallet like Coinbase, Binance, or Trust Wallet. These platforms provide full control over your private keys and allow seamless transfers to any Bitcoin address.

2. Peer-to-Peer (P2P) Transfers: Platforms like Paxful and LocalBitcoins offer peer-to-peer services where you can send Bitcoin directly to another user’s wallet, either locally or globally.

3. Decentralized Finance (DeFi) Wallets: DeFi wallets like MetaMask and Exodus give you the flexibility to send Bitcoin to anyone with a compatible address, without relying on centralized institutions like Revolut.

4. Exchanges with Lower Fees: Some users may also consider using exchanges like Kraken or Binance, which offer cheaper and more flexible transfer options for moving Bitcoin between wallets.

Is Revolut Suitable for Serious Crypto Enthusiasts?

Revolut is more suitable for beginners or casual investors who want to dabble in cryptocurrency without dealing with the complexities of managing private keys or navigating traditional exchanges. The platform offers a simple and user-friendly interface for buying, holding, and selling Bitcoin, making it a good entry point for those new to crypto.

However, for more advanced users, Revolut’s limited functionality is a major drawback. The inability to send Bitcoin to external wallets, coupled with the lack of control over private keys, makes it less appealing for those who want to fully control their assets.

Regulatory Considerations and Fees

It’s also important to note that Revolut is regulated differently depending on the country you’re in. For example, in the UK, Revolut operates under an e-money license, which is different from a full banking license. This has implications for how cryptocurrencies are managed and protected.

In terms of fees, Revolut charges a spread when you buy or sell Bitcoin. For standard users, this fee can be as high as 2.5%, while Premium and Metal users benefit from lower fees. Additionally, there may be hidden costs in the form of exchange rate margins when converting crypto to fiat.

Future Outlook: Will Revolut Expand Its Crypto Services?

There has been speculation about whether Revolut will enhance its crypto offerings in the future. With increasing competition from fintech companies and traditional banks entering the crypto space, Revolut may consider expanding its services. This could potentially include support for external wallet transfers, which would significantly boost its appeal to more serious crypto users.

Final Thoughts: Is Revolut Right for You?

If you’re looking for a simple way to get started with Bitcoin and don’t mind the limitations, Revolut is a solid option. The app’s ease of use, combined with its broad range of financial services, makes it an attractive choice for beginners. However, if you want full control over your Bitcoin, including the ability to send it to any wallet, you’re better off using a dedicated crypto wallet or exchange.

In summary, while you can technically send Bitcoin through Revolut, the platform’s functionality is limited to in-app transactions between Revolut users. For external transfers and greater flexibility, alternative solutions are recommended.