Bitcoin is a digital currency that has been gaining popularity over the years. It is a decentralized currency that is not controlled by any government or financial institution. Bitcoin can be bought, sold, and transferred to other users through different platforms. In this article, we will discuss how to transfer Bitcoin from Revolut to Coinbase.
Revolut is a digital banking app that allows users to manage their money and make transactions in different currencies. Coinbase, on the other hand, is a cryptocurrency exchange platform that enables users to buy, sell, and store cryptocurrencies, including Bitcoin.
Before we delve into the steps involved in transferring Bitcoin from Revolut to Coinbase, it is important to note that Revolut only supports the buying and selling of cryptocurrencies, while Coinbase allows users to store and trade cryptocurrencies.
Step 1: Set up a Coinbase account
To transfer Bitcoin from Revolut to Coinbase, you need to have a Coinbase account. If you don’t have one, go to the Coinbase website and sign up for an account. You will be required to provide some personal information, including your name, email address, and phone number. You will also need to verify your identity by providing a government-issued ID.
Step 2: Add Bitcoin to your Revolut account
To transfer Bitcoin from Revolut to Coinbase, you need to have Bitcoin in your Revolut account. If you don’t have Bitcoin, you can buy it using your Revolut account. To do this, go to the “Cryptocurrencies” tab on your Revolut app and select Bitcoin. Enter the amount of Bitcoin you want to buy and confirm the transaction.
Step 3: Transfer Bitcoin from Revolut to Coinbase
Once you have Bitcoin in your Revolut account, you can transfer it to your Coinbase account. To do this, follow these steps:
1. Open the Coinbase app and click on the “Accounts” tab.
2. Select the “Bitcoin” wallet and click on the “Receive” button.
3. Copy the Bitcoin address that appears on the screen.
4. Open the Revolut app and go to the “Accounts” tab.
5. Select the Bitcoin wallet and click on the “Send” button.
6. Enter the Bitcoin address you copied from your Coinbase account and confirm the transaction.
7. Wait for the transaction to be confirmed on the Bitcoin network. This can take a few minutes to an hour, depending on the network’s traffic.
Step 4: Verify the Bitcoin transfer
Once the Bitcoin transfer is confirmed, you should see the Bitcoin in your Coinbase account. To verify this, go to the “Accounts” tab on your Coinbase app and select the Bitcoin wallet. You should see the transferred Bitcoin in your balance.
Conclusion
Transferring Bitcoin from Revolut to Coinbase is a straightforward process that can be completed in a few steps. However, it is important to note that Bitcoin transfers can take some time to be confirmed on the network. It is also important to exercise caution when dealing with cryptocurrencies and ensure that you understand the risks involved.