We tend to not necessarily be the earliest of adopters but rather perhaps one of the earlier adopters that follows fairly closely behind the true trailblazers. That is the approach on a personal level with DeFi. Everything sounds intriguing and promising, but we aren't about to yet send a substantial amount of sats (say more than 1 full BTC) to a credible and established DeFi player this early in the game. Which brings us to BlockFi.
Get The BlockFi Credit Card - Earn Free Bitcoin
Admittedly what initially caught our attention was the teasers for the looming BlockFi credit card that popped up months ago. Having had interaction with Coinbase and always wondering why they didn't offer both credit cards and debit cards with rewards (they do have a debit rewards card now), the BlockFi push for a true credit card was intriguing.
Having received and used the card profusely now for a month or so, we can relay to others that it is in fact real and it does work just as seamlessly as any other Visa. BlockFi even sends out emails saying how many BTC they have awarded to users as cashback, and the amount awarded in the first couple of weeks was not immaterial. It was meaningful. We also already saw awards show up and drop right into our yield generating BTC balance. So far, so good. No complaints. The goal is to use it for every expenditure possible that would have been made anyways. You know, buying exciting stuff like groceries, the Saturday night order out, live streaming, and anything else possible frankly. This obviously helps to stack sats while also supporting an ecosystem that can put another consistent bid under BTC (think of how 401Ks have provided essentially an eternal bid to various assets). "Allocation" is one big factor in getting BTC to and beyond "moonboy prediction" levels.
The UI overall is about what you would expect from a well financed, cutting edge technology company in 2021. It does about the same things conceptually as our old school bank's website, but it is much more slick and easier to use overall. The process and procedures are intuitive and everything functions quite smoothly. All the standard stuff is there in terms of managing your accounts, reports, balances, trades, etc.
Speaking of accounts, lest we omit the opportunity to get free Bitcoin via BlockFi's yield generating options. We are using both the Bitcoin yield generating tools and the stablecoin options. Both work as advertised and the accounting and reporting is robust and frequent to keep you in the loop.
Let's see how things progress from here.
