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My money provably goes further replacing fiat with Crypto.

By Seumiseu | Smithy's blog | 11 Apr 2020

Speaking to a shop keeper a little while back about the economy, the conversation raised a thought provoking comment from himself. He stated "If you go to bed with a pound coin in your pocket, it's not the same pound coin, your money devalues every day" now I can't seem to back up that claim, however I imagine he doesn't mean it in an extreme sense, I imagine he is referring to inflation and the rate at which money is printed (supply, demand, and so on) which the Bank of England suggests there are many factors behind this. Judging by how prices are ever changing slowly but surly before our eyes, it got me thinking "how can I beat this". Although I am referring to Great British Pounds in this article, I would imagine this would be a similar case everywhere.

I have been holding Crypto for about four years now, and with the rise of many companies slowly beginning to offer cards whereby you can spend Crypto, I was yet to recieve such a card or have this functionality. And then I found Revolut. Revolut has does have it's cons for the avid Crypto fans. You don't hold private keys, they operate in a sense of a promise. You own the funds, yes, but not in the sense we are accustom to. But that hasn't stopped me. If I am already planning to replace fiat, and spend the funds anyway, it has the pro of being separate from my portfolio.


Revolut offers the ability to trade and hold Bitcoin Cash, Litecoin, Ripple, Ethereum, and Bitcoin. However you cannot send those funds to other addresses, nor can you deposit existing funds to spend. The Crypto stays within Revolut until exchanged back to fiat or spent. However, since using Revolut to replace fiat over two months, I am currently operating at an £11.06 profit. This sounds small indeed, though to make it clear; deposits have not been large due to testing purposes. But, to say that I have effectively beaten my initial goal, I am indeed impressed. So for clarity, calculating profit to loss was as simple as logging how much I deposited over the two months into a spreadsheet and respectively how much I had spent. Factoring in the current updated prices for each coin and how much assets I still have too. If on one day my assets are down (which was rare) I would restrain myself from spending. If on the opposite, my assets were breaking even or in profit, maybe i'd indulge a little.

Ultimately with the fluctuation of Crypto prices, i'm effectively making my money go further passively. This afternoon I additionally purchased £5 worth of Bitcoin Cash, £20 worth of Bitcoin and £5 worth of Ethereum. As it stands as of writing this, my spreadsheet reports I am sitting on -£0.06 on Bitcoin, +£0.04 with Ethereum and +£0.19 with Bitcoin Cash but an overall profit still of £11.06 thanks to previous purchases when rates were in my favor. Those figures may not sound like a great deal right now however those figures from purchases this afternoon are at those results due to exchange fees being factored in too.


As with any service; Revolut do have fees, and those are 1.5% on exchanging fiat to Crypto and vice versa. However it is worth noting this is a very competitive fee, comparable to the amazing Binance who charge a 2% fee on purchasing Crypto using a Visa card or MasterCard. This begged the question, "but does Revolut add a fee for Crypto expenditure when spending using the card?" because I would have assumed the Crypto is exchanged to pounds upon point of sale. This is what a support agent had to say about that "Our rate is derived from the Cryptocurrency exchange that we have partnered with - which at this time is Bitstamp - plus a 1.5% markup, to account for volatility." and later went on to reconfirm that this only applies to exchanges and not purchases using the card when Crypto funds are the only funds remaining in the account which is another great pro!

If you're planning to let those funds sit for a few hours to a day, you're likely to begin to see a profit if you're exchanging at the right times and prices go in your favor (because funds can still decline). And it doesn't even need to be complicated! How I judge which coin to buy is simply by using the Coingecko app, adding those four coins to my watch list and sorting them automatically by which is in the most decline in 24 hours. 




I wouldn't suggest for now going all in and replacing your fiat like I slowly am, that is your choice. And I wouldn't suggest this is guaranteed profit. This is a report of my experiment which has proven for me very successful. However I would suggest Revolut is offering a very easy and convenient way to make your money go a little further. And if you're not in profit with an asset, Revolut offer the ability to disable the currency from being used for purchases which is another very handy feature in keeping profit margins up.

If you would like to join Revolut, you can do so here. Revolut is available in the EEA countries, Switzerland, Australia and just this March, they have launched in the United States too. They have loads of currencies as they are a mobile competitor bank, and alongside trading Crypto on free accounts, they also offer trading gold on premium accounts. Though upgrades are not necessary or required for Crypto and almost all features the bank offers.


"Paper money eventually returns to its intrinsic value - zero." - Voltaire 

All images taken from Revolut blog, I will endeavour to keep all information up to date. I may also include updated figures under this paragraph.


Latest figures (12/04/2020)

XRP: +£0.01

Ethereum: +£0.01

Bitcoin Cash: +£0.26

Bitcoin: +£0.33

Overall profit: £11.45

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Smithy's blog
Smithy's blog

Ay up, I write things here to do with Crypto and other stuff maybe but i'm not sure. One thing for certain is there will be lots of words.

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