Revolut just offered a short course in crypto and gave me 29AUD worth of polkadot to answer the question correctly
The link says up to 15 but that might be USD
Posting from my phone sorry
Complete a Short Course & Receive A$29 Worth of Polkadot DOT Cryptocurrency @ Revolut (App Required)
2870
namanuu on 29/09/2022 - 19:05 blog.revolut.com (3439 clicks)
Last edited 29/09/2022 - 19:09 by 1 other user
Last edited 29/09/2022 - 19:09 by 1 other user
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https://www.gfinityesports.com/cryptocurrency/revolut-crypto…
The answers can be found at this link.
Legend! Thank you very much. Breezed through it on mine and my wifes accounts.
Thank you! Only took a few minutes :)
Brilliant - thanks
Is this on the ETH main network? Can the tokens be sent to another wallet?
It's not real crypto just follows the crypto price. Can only be exchanged for fiat.
Cool, any ID requirements to be provided?
There is some Id required for opening a revolut account.
It's not. But curious to know why you are after ERC20 DOT tokens when you can transfer DOTs cheaper to a polkadot network wallet.
$0.73 fee to sell them. Godspeed OP
Does this mean you can cashout immediately?
Yep!
2% or so fee is ridiculously high. Lmao
Nice time now to educate the public about this when the GBP is going shits!
AUD going shits too
Not as shit as the GBP.
It’s rather shameful for a 1st world country’s central bank like in the UK for doing what they did.
Not only that, other major UK institutions like the LME are shameful in their actions too:
https://www.standard.co.uk/business/fca-pra-london-metal-exc…
New government has only been in for ~3 weeks too
"Shameful" is not quite the word. Besides, the implosion is global and planned; it's an inside job.
@wisdomtooth: Shameful in the sense that you name and shame, let the rest of the world judge them by their actions, and subsequently
make appropriate decisions based on these judgements.
Nice time now to educate the public about this
Here's all you need to know about cryptocurrency: https://en.wikipedia.org/wiki/Ponzi_scheme
People who often say this are those who do not understand how cryptocurrencies work.
One of the fundamental pillars of crypto (which differentiates itself from traditional finance) are in transaction fees. It is in the transaction fees which provides the earn interest rates in cryptocurrencies.
https://www.coindesk.com/business/2022/08/03/bank-of-america…
Or we will just continue to let the top 1% of the world keep getting richer (like how the mini UK budget a few days ago passed tax cuts for the richest), and let wealth inequality broaden.
People who often say this are those who do not understand how cryptocurrencies work.
Cool. Let's see who knows the most…
One of the fundamental pillars of crypto (which differentiates itself from traditional finance) are in transaction fees.
Fees are fees, none of this is new.
It is in the transaction fees which provides the earn interest rates in cryptocurrencies.
So a middle man earns a profit, just like everything else. Nothing new.
Or we will just continue to let the top 1% of the world keep getting richer
Wait what?
There was a bit of a logic jump there so let me see if I have you straight. Some people are getting richer and you think this is bad for some undefined reason, so your solution to this perceived injustice is to promote a Ponzi scheme because you think it will prevent some people from getting richer?
Feel free to explain that further if I have that wrong…like how the mini UK budget a few days ago passed tax cuts for the richest
Another leap of logic.
So because marginal tax rates are a thing, any changes to the current rates are tyranny and your solution to this is to throw the entire economic system in the toilet and switch to this new Ponzi scheme you just heard about?@1st-Amendment: What you had missed is decentralization. Decentralization means less of a middle man involved, which means more of the collected transactions fees goes back to market participants.
Unlike centralized entities keeping most of the transactions fees in traditional finance.
It’s a shambles in the UK. Central banks are suppose to be independent of govt to instil integrity in the system, but Lizzie just admitted the govt is working closely with the central bank. So much for being a 1st world country.
What you had missed is decentralization.
Didn't miss it…
Decentralization means less of a middle man involved,
No it doesn't it means many, many more middle men. And there are still fees involved, but Crypto transactions are still more expensive and take longer than a bank. Where is the benefit?
which means more of the collected transactions fees goes back to market participants.
Lol… Have you heard of a share-market? Buy shares in your bank, you are now a participant. No Ponzi scheme required
It’s a shambles in the UK.
Right, so back to your original leap of logic. 'I don't like something therefore Ponzi scheme'. Do you see the gap there?
@1st-Amendment: No the whole purpose of crypto is there are no centralised parties, not many many more. Say for eg. sending crypto to someone else does not involve a centralised party.
No crypto transactions are not more expensive and takes longer. There are now advancement in new blockchains (like Polygon) which costs a few cents and it’s quick.
Buying shares in traditional finance is unrelated to the transaction fees feature in crypto.
I had never said what’s going on in the UK now is a ponzi. I said things are bad with the GBP sinking and a system which has no integrity.
there are no centralised parties, not many many more.
Centralised means you can have one centralised provider. Decentralised mean you have many providers in some sort of group. Many is more than one. So yes, many more.
Say for eg. sending crypto to someone else does not involve a centralised party.
That's right, it require many peers in the decentralised network, each of which demand a fee for service.
You don't sound like you know the basics, maybe do the course before thinking you can change the world.No crypto transactions are not more expensive
https://www.gobankingrates.com/investing/crypto/how-to-minim…
"the daily average cost of a Bitcoin transaction has ranged from $1.17 to $10.65 after surging to over $63 in April 2021."A transaction on Osko costs me zero. So yes, transaction costs are higher with Crypto.
and takes longer.
https://originstamp.com/blog/here-is-why-bitcoin-transaction…
"In most cases, Bitcoin transactions need 1 to 1.5 hours to complete."A transaction on Osko takes about 5 seconds. So yes, transaction times are longer.
Buying shares in traditional finance is unrelated to the transaction fees feature in crypto.
Your claim is that only with crypto can "transactions fees goes back to market participants". If you have shares in your bank, which most people do through their Super, then they as participants share in the profits of any fees. So your claim is yet again false.
I had never said what’s going on in the UK now is a ponzi. I said things are bad with the GBP sinking and a system which has no integrity.
Go back and read what I wrote then try again.
@1st-Amendment: You have the concept of decentralisation in crypto wrong. Decentralisation means anyone can be a validator, not just exclusively dominated by institutions like banks.
Fees are not kept by an exclusive group of peers (like banks in traditional finance). Anyone can be a peer and can earn transaction fees.
Using Bitcoin for your example on transaction fees is backwards. Like I said there are advancements now to use other lower fees blockchains to transact Bitcoin.
Osko does not allow borderless transactions, unlike crypto which allows both local and borderless, and with new blockchains now it costs cents.
Like I said there are new blockchains now which takes seconds.
There are no earning fees involved in holding shares.
No, go read back my comments as I have clearly clarified this.
You have the concept of decentralisation in crypto wrong.
Because you said so? Maybe try less of that and you might learn something…
Decentralisation means anyone can be a validator, not just exclusively dominated by institutions like banks.
Cool, you got that far, now tell me ONE bank is more then MULTIPLE validators? Is ONE more or less than MANY?
Anyone can be a peer and can earn transaction fees
That's right, more people earning fees means more fees, hence when crypto fees are higher than a bank.
Anyone can own shares in a bank and earn dividends. What problem have you solved here?Osko does not allow borderless transactions, unlike crypto which allows both local and borderless, and with new blockchains now it costs cents.
I just posted you data which showed the cost to transact with Crypto has been as high as $63 PER TRANSACTION! And you just ignored that becasue it didn't suit you?
There are no earning fees involved in holding shares.
So you don't know what a dividend is? You're not doing a great job here…
No, go read back my comments as I have clearly clarified this.
I have read and addressed all of your points. You ignored all my points about higher fees, longer transaction times, more volatility and unreliability.
In the time we've been having this conversation DOT has dropped from $6.70 to $6.30, about 5% loss in 2 days. Good luck changing the world with that sort of Ponzi Scheme.
@1st-Amendment: Each validator is not a bank. It can be an individual person and the barriers of entry into being a validator are not as high as being a bank. That’s decentralization.
No, more people earning fees does not mean more fees. In fact, more people earning fees, means less fees for everyone. It is when more people transacting which is what makes there to be more fees.
Dividends on shares are calculated after taking away overheads like office rental, wages etc. DeFi platforms has much less overheads (due to nature of being code/software) leading to almost all of the transaction fees are given back to participants.
No I didn’t ignore your link on the transaction fee. I have responded to you that there are now advancements in low fees blockchains, such as Polygon. Google this.
Yes I know what dividends are. In the crypto space, dividends also exists and it’s different to transaction fees.
No, you have ignored several times my point on that there are now advancements in new blockchains which has low fees and takes seconds to transact. Yes indeed crypto is volatile, I have never disagreed on this. In unreliability, I disagree because all transactions are on the blockchain and blockchains are designed to be reliable (ie. transaction won’t go missing or wrong amount being transacted etc).
Any educated person would know that because crypto prices are volatile, a longer term view is needed, not just 2 days.
That’s decentralization.
Cool story… You keep repeating the word decentralised without really understanding what that actually means.
No, more people earning fees does not mean more fees.
Lol It actually does mean exactly that. It means more middle men all earning fees, which is why crypto has more fees, because every participant demands a fee for service and there are more of them. This is Crypto 101, how can you not know this?
My transaction fees with my bank is zero, BTC is currently at $1.76AUD per transaction (PER TRANSACTION!) :https://ycharts.com/indicators/bitcoin_average_transaction_fee These transaction fees have gone up over $80 twice in the last 5 years. What do you think that would do to the global economy if every single transaction in the world cost $90? You really have no idea…I have responded to you that there are now advancements in low fees blockchains, such as Polygon
Polygon is down from $2.50 to $0.77 this year alone. That is -69% in 9 months!!! Polygon's transaction fee is currently about $0.03 which is exactly $0.03c more than what I pay now. Do you accept that $0.03 is higher than $0.00?
Yes indeed crypto is volatile, I have never disagreed on this
Your whole argument was that the UK economic wobble of <10% was too volatile for your liking so we should throw the entire system in the toilet and go with your Ponzi_schme_of_the_month instead. Even a cursory glance shows your proposed solution is a much more volatile system that produces much worse results.
Any educated person would know that because crypto prices are volatile, a longer term view is needed, not just 2 days.
Lol. That makes no sense. Volatility is a bad thing in economics. More of it means it gets worse the longer you go. So an educated person would know that if something is too volatile, it can never work long term. Thanks for the laughs though…
@1st-Amendment: I have already provided you the meaning of decentralization in crypto, yet you are not listening and addressing this meaning. You are only sticking to your meaning and denouncing everything else. Decentralization in crypto means the barriers to entry to become a centralized middle man is lowered and not just exclusively for institutions like banks.
No, not every participant demands a fee. Some participants are in there for day trading, some are just holding, some are buying/selling NFTs, some are in earn-to-play etc.
I am glad you finally listened and googled Polygon. Yes there is a small fee for Polygon as compared to free local bank transfer. The difference is Polygon transfers are borderless, local bank transfers are not borderless. If you need to make remittances, blockchain is a strong option. If you only need to make local transfers, then local bank transfers are the way to go.
I never said the UK economy was too volatile, and more volatile than crypto. I only said the GBP was going shits and I question the integrity of their govt and central bank. Are they working to cut taxes for the rich only or are they working for the everyday people.
Lol, everyone would know if an investment is more volatile, a longer time horizon (rather than shorter) is needed. If you are going to invest in something which is volatile, you can’t just expect to be in it for a couple of days. Technology stocks are a good example, being more volatile than say banking stocks, but over time gives a higher return (in particular established tech stocks).
I have already provided you the meaning of decentralization in crypto, yet you are not listening and addressing this meaning.
Yeah because you are confused.
Decentralization in crypto means the barriers to entry to become a centralized middle man is lowered and not just exclusively for institutions like banks.
Actually it doesn't. You are confusing centralisation with barrier to entry. Two completely different concepts.
Blockchain, what all Crypto is built on, is simply a distributed ledger, so 'decentralised' here means MULTIPLE peers validating the transaction as opposed to a SINGLE 'centralised' authority, like in a bank. That's all it means. So with a dencentralised ledger there are MANY MORE validators rather than just ONE. Because if you had just one, it would be a centralised system. Do you understand this very basic concept?
So MANY is MORE than ONE. This is exactly my point from 3 days ago that you still can't seem to grasp.Let's check in now. Do you accept that MANY is MORE than ONE?
This sounds so simple yet you still fail to grasp a very basic concept.
No, not every participant demands a fee.
Mining is required to validate each transaction. It is the fundamental building block of Crypto. So while new coins are minted this fee is earned in new coins, once all the new coins have been mined there will be additional transaction fees. No-one is working for free here. Considering Crypto uses the amount of electricity of a small country to process these transactions, how many people do you think will participate in that if the are not earning a fee?
If your whole belief system is based on the false premise that there are no fees with crypto, then you are a lost cause.
You clearly do not understand Crypto if you don't know this fundamental point.
If you need to make (international) remittances, blockchain is a strong option
This is true, which is why banks already have their own private inter-bank blockchains for such things, no Ponzi_scheme required.
This is probably the biggest point that Crypto bros don't seem to understand. Blockchain is just code, and any financial institution can create their own among themselves and skip all the bro talk and speculation and ponzi_schemes. No Bank or government is going to be using public crypto which is so volatile when they can create their own stable versions for private use.If you only need to make local transfers, then local bank transfers are the way to go.
Oh so now you agree that domestic banking is a better system? Only 3 days ago you wanted to throw the whole lot in the toilet and replace it with $Ponzi_SchemeI only said the GBP was going shits and I question the integrity of their govt and central bank.
So the GBP dropping a few percent is bad, and your solution is Crypto which drops double digit percentages every week?
Do you not see the logic fail here?Lol, everyone would know…
Where 'everyone' exists in purely in your head…
… if an investment is more volatile, a longer time horizon (rather than shorter) is needed.
Needed for what specifically? If I need to transact money today how long do I have to wait until my money is worth the same as yesterday?
If you can't work out that volatility is bad in an economic system then I can't help you.
@1st-Amendment: And it costs me $0 to transfer my EOS from one wallet to another. I also get to keep my money for myself instead of trusting some bank that'd curbstomp me if it was profitable.
And it costs me $0 to transfer my EOS from one wallet to another.
It cost me $0 to transfer my actual money to anyone in Australia in seconds, and those transactions are backed by government protection, and I get to buy stuff with that money whenever I feel like. How does your Ponzi coin compare to that?
Can't find where the Short course is on the app? (android)
Wait till you've been verified
Thanks will wait until it gets verified.
So far so good, I know a little about Crypto and have been able to guess most of the answers.
Now if only I could find people to refer for the $100 bonus >.>
Edit $28.24! No hesitation!
Ha ha thanks OP, that's really cool, would've definitely missed this!
The problem is how they give nothing to the person you are referring, it specifies in the terms that if you share it with them they won't give it to you.
That's pretty rough, of course people are going to want to share it and cover the 3x $10 spends :/
how do they know you are going to share the money with your referee and not pay you out?
I can't seem to find the "Learn" section under crypto. I just downloaded the app and added in my personal info, but can't see the lessons in crypto.
Did you just sign up?
Yep, are new users included in the promotion?
Probably need to verify first and be sent a card.
easy $28.19 lol
Cheers $28.20
Did the course. Got it in account. Is there a reason to keep it long term? Or selling right away is better option?
In the immediate term, when there is a giveaway on one ledger like this, the price should only fall. Fee for selling was about $0.72, but as this deal just came out I expect the price to keep going down on Revolut.
I originally bought DOT at A$40 last year.
Hodl
If you sell now you will miss the once-in-a-lifetime opportunity to ride this roller coaster into ground zero
fair warning, verification needs either a passport or licence photo
You here that hacks? You can get your crypto this way.
It's a bank account, the virtual cards are free and very handy for giving unique card numbers for each website.
That being said, it's unlikely they have an Australian banking license, so I wouldn't store any real values in there.
The cash is stored by anz so pretty safe
Please use referral links
Mostly one-sided like mine is currently $100 to me only.
Love free money
Try wfh if you want more!
$28.15 for a copy of my Optus details, thanks OP!
How do I sell? Cash in
I have to do the Basics one first for $4 :)
How do I withdraw??
I don't think you can transfer crypto from this app, I would just sell for AUD and transfer via PayID.
How do you sell to AUD though?
Took me a bit to work it out also lol.
Go to the crypto page, then go down the bottom where it says popular crypto, click on DOT, click sell.
@Churna: hahaha another mission I went through, go to the accounts tab (where it shows the money in your bank), then click transfer down the bottom, then click "+ new" in the top right. Should be ok from there.
Just a reminder to set aside some of your free money for the tax on your capital gains… you’re welcome!
These types of gains are windfall and don't count as capital gains, only if you continue investing.
These types of gains are windfall and don't count as capital gains
What are you talking about?
Don't you mean capital loss
If you hold on to it for long enough you’ll break even! (LOL)
I didn't think my very basic crypto knowledge would suffice but I got all the answers right without reading the material. Easy $28!
I think dot is worth buying and has great potential, just not sure about the timing.
I don't think most people know what a block chain is. Also it feels like way more effort.
Check you’ve got the latest version of the app
💰 Head to Home > Hub > Crypto > Learn
💰 Start with ‘Crypto Basics’
💰 Then take the ‘Polkadot’ course
In the Crypto section - I don't have "Learn"
It is a new, verified account.
Weird.
Nevermind - it was there when I checked an hour later
How to withdraw?
Sell for AUD & transfer via PayID.
no payid on this platform yet
They don't have PayID specifically, I meant to say Osko instant payments. I transfer between them and my bank instantly, just with BSB/ACC.
@Jimbuscus: how to you transfer from the Revolt app to your personal bank accoutn within the REvolt app?
$28.04, cheers!
This will generate a capital gain, so it’ll be the value you sold it for less tax next year :)
You can calculate here: https://swyftx.com/au/crypto-tax-calculator/Or hold for 12 months for a reduced CGT event.
This does not constitute financial advice.
Generally, a gift or prize is regarded as a personal windfall gain and not as ordinary income unless the taxpayer has received the prize or gift because of, in respect of, or in relation to any income-producing activity of the taxpayer.
Good to know!
income-producing activity
AKA the quiz
Could be an airdrop - all my other airdrops have been taxed as income.
Airdrops are a marketing tool that distribute crypto assets through a group of people to build their use and popularity….The money value of an established token you receive by airdrop is ordinary income at the time you receive it. You need to declare this in your tax return as other income.
[ATO] (https://www.ato.gov.au/individuals/investments-and-assets/cr…)
aww hell this is.
- Oz B forum post - check
- any type of internet advice by arm chair experts - check
seems legit meme insert
I guess i am the only one who is really unlucky.
Tried to verify ny passport for several times but keep failing.
Then the newly created account is deactivated.
A waste of time, sigh…Probably your personal details were already sold from Optus hack and someone else opened an account in your name /s
Is “/s” the international code for a high five? If so, /s
Yeah me too. Photographed my licence 3 times and rejected 3 times. "too blurry". My licence IS blurry. I've given up.
but my ID is not blurry… Anyway, I guess the system knows I only want the $29, so they don't want to offer me…
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Just did it, the questions where very easy and anyone with some crypto experience can just skip to them.
In the time it took to answer the Q's, my $29 worth dropped to $28.80, DOT is at 76% sell of in the app because everyone is naturally cashing out. Even if you want to keep it, sell now and get $28 after fees, then buy back later.