Blockfi Honest Review - Earn interest on your Crypto

Blockfi Honest Review - Earn interest on your Crypto

By LiteLiger | LiteLiger Blog | 23 Nov 2020


BlockFI Honest Review

Earlier I reviewed Celsius Network here and I thought since there was a lot of interest in it, I could possibly review more of these platforms and their inherent benefits. Today we are gonna focus on Blockfi a service that has been around for a while now and is reasonably trusted. 

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Now I want to start talking about strong points of the service, one of them being swap between assets that you are holding there. When it comes to other players like Celsius or Nexo they do not offer any sort of trading between assets you are holding on their service. If certain positions are looking dire for let's say Bitcoin or Litecoin then you have easily the chance to swap them to a better performing currency instead.

Supported Coins & Tokens

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)

As for stablecoins, you can deposit these

  • PAX (PAX)
  • PAX Gold (PAXG)
  • Gemini Dollar (GUSD)
  • Tether (USDT)
  • USD Coin (USDC) 

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Now when it comes to loaning and lending, you are able to collateralize with the currency of your choice when you are taking a loan from their service. When it comes to depositing to their platform you are given out payments on a monthly basis, while this is not exactly a very competitive term there haven't at least been any issues with it before

When it comes to the actual % rates stablecoins having 8.6% is not exactly very high, but a decent sum nonetheless. The Ethereum and Litecoin rates alongside bitcoin I would argue are a lot more competitive. Also, tether has 9.3% which is by far the most popular stablecoin (only ethereum one supported).

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Pros & Cons Of Blockfi

To finalize and kinda give TL;DR viewpoints of this service so people can make a quick judgement if they don't want to watch the full video above.

Pros

  • Big investors funding the project with a lot of capital
  • No region-blocked countries so far
  • Comes with mobile app option 
  • Pretty easy to use 

Cons

  • Requires KYC (Granted pretty much all of the CeFi ones do)
  • Your crypto doesn't have insurance
  • Not that many coins available 
  • Doesn't hold competitive rates for all coins 
  • Monthly payouts 

That's pretty much my rundown of the service, it has its good sides and bad sides. It must be understood that there is always big benefit of using multiple services like I am so you don't have to worry about one failing or getting hacked possibly. 


LiteLiger
LiteLiger

Crypto Enthusiast


LiteLiger Blog
LiteLiger Blog

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