Blockfi: 5 new coin added!

By Mcthru | mcthru | 21 Aug 2021


Blockfi is a fantastic crypto investment app.

Since the mobile app was created, it took me a moment to realize that ease of use was going to be the key. In fact, less than a year ago I started investing in the platform. Thanks to market variations and to a feature that I consider unique in its kind (and which has only blockfi), I was able to earn money and through exchanges at the right time, I multiplied my capital considerably.

The feature in question is the possibility of paying out the interest earned in any currency contained in blockfi. In fact for the uninitiated, only blockfi uses this tool. The other apps like nexo, celsius wallet, etc. they use the same tool, but with the possibility of earning only in the currency of interest of these exchanges; in the case of nexo its currency (NEXO) and in the case of celsius the token CEL.

 

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#UPDATE OF 17/08/21

The terms have recently been changed. Basically, the interests earned through other cryptocurrencies are subject to a 1% fee. If you think about it for a moment, it is nothing compared to what you would spend on a normal exchange on an exchange. It is better to accumulate coins through interest than to constantly exchange money.

 

Recommended: Trading with Uphold | How to create a crypto portfolio | Pipeflare token: I don't make any moves until it reach 1$.

 

New coins added

In addition, 5 new coins have been added:

  • BUSD
  • LINK
  • BAT
  • DAI 
  • UNI

 

These coins help to increase capital in the long run, as two are stablecoins, and have a higher interest rate than the other coins. The only disadvantage if we want to be honest is BAT, which has a paltry 1.5% interest, significantly lowering the total average interest, which at this time and with the current rates amounts to 5.046%. However, having coins like PAXG in your crypto wallet can be very useful. Only criticism, I would have liked them to add support for Cardano and some other undervalued currency, maybe in the future.

 

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N.B. At the moment the interest in stablecoins is equal to 7.5%, while in the last place we find BAT with 1.5%.

 

How to earn through compound interest

I have always considered compound interest as a faithful friend who makes the difference in long-term investments. In fact, by investing in a single currency on blockfi with a single deposit, you can get another 12 different coins in 12 months. Why do I do this reasoning? Because using this strategy I now own coins that I didn't have before in a simple way, automatically converting interest into that currency. Nothing easier.

Normally you should have used an exchange, and for some coins that rely on different protocols (such as BAT, BUSD or UNI) you should have also used ETH or GAS to complete the exchange. This is why blockfi is a game changer in all of this, and is the best weapon small holders can use to enlarge their coin wallet.

 

Final remarks

I personally consider Blockfi a 'must have' among my crypto apps. I use several, and I wrote an article about it. The ability to stake by getting other coins in exchange is something I would like to see by default on ANY crypto app (even wallets that stake). Getting interest in this way is the best way to have complete control of the shares within a portfolio, and in case a single position becomes too large, you don't need to have a huge amount to be able to make a simple trade. That's why I recommend this platform, and inside the article you can find my link to sign up so that you both have a small welcome bonus.

 

BONUS: If you want more information about blockfi, here is an interesting article for you. 

 

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*cover image moneyminority.com

 

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Mcthru
Mcthru

Content Creator, Streamer


mcthru
mcthru

Content Creator since 2008, I have been dealing with cryptocurrencies for several years. I regularly analyze markets and trends to find out if I can get something good out of them. I also have a personal website, 'sebastianotrunfio.it' where I give vent to my creativity by writing texts.

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