I'm always trying new products. This past holiday season I saw my friend Spencer Yang from CoinMarketCap post about earning interest on your cryptocurrency. So naturally, I clicked on it to check it out.
To my surprise, you could earn up to 6.20% interest on your crypto! This is huge compared to the current US rate of 1.50–1.75%.
So I moved my crypto into Blockfi and waited. It was really simple, the interface is friendly and all I needed to do was move my assets into it. Then at the end of the month, I got a report for the interest earned. I asked customer support and the interest earned is base on pro-rata.
If you check Blockfi's table, they pay 6.2% up to 10 BTC. Since I had more ETH than BTC, I love their free exchange feature. I converted my ETH into BTC instantly for free.
Things I like about Blockfi:
- Beautiful and minimalist interface.
- No tricks. Just deposit your crypto. No need for staking.
- Free BTC to ETH exchange.
Things I don't like about Blockfi:
- Super slow withdrawal and withdrawal limit. Takes up to 3-4 days to withdraw your crypto.
- Not super secure and no insurance for your money. Be prepared to lose everything.
- Do not withdraw to an exchange. You will lose your crypto because it's transferred through a smart contract.
Conclusion
Look, Blockfi's withdrawal limit and long withdrawal time is very concerning. If they close down, you might lose all your money. But I consider crypto as a high risk investment and at 6.2%, it's a risk I'm willing to take. The interface is beautiful and for the amount of work, I think it's worth it.
If you liked this post and want to open an account, hook a brother up and use this referral link for some sweet bonus.
