BlockFi - The future of finance or a Celsius copy-cat?

BlockFi - The future of finance or a Celsius copy-cat?

By PVMihalache | Mind Puzzle | 5 Apr 2021


BlockFi promotes their services as the future of finance. Users can earn interest on their crypto holdings, borrow money and trade cryptocurrencies without worrying about waiting time or hidden fees. BlockFi is a trustworthy platform insured by Aon and backed by top names in the crypto space, such as Coinbase Venture, Winklevoss Capital, Morgan Creek, etc.

The users feedback is mixed, many complain about the "antique" login system and layout while others are praising the customer service. On Google Play has nearly 2200 reviews and the average ranking is 3.9 stars, just 0.4 marks more than Celsius Network.

But is it BlockFi the future of finance or just a competitor for Celsius? I will push this rivalry and find out if BlockFi stands out! Going back to the origins, both were founded in 2017, as a demand to create a banking alternative in the cryptocurrency sector. 

I agree with the users feedback regarding the log in page, as I can't find any reason why you have to add the email in the app than wait for the browser to pop up and insert the password, only to return to the app. This process can be simplified and made in a user-friendly way. Star Celsius 

Customer support is always important and users must feel appreciated. I didn't needed support from BlockFi but it cannot be as bad as the one I received from Celsius. See the whole story in my article about how I waited 45 days to receive a 300 BUSD transaction. This was added with another issue I had with an instant Stellar Lumens transfer that never arrived and I had to wait nearly two months for Celsius to manually add the XML in my wallet. Star BlockFi

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The BlockFi list of supported currency is not as diversified as the cryptocurrencies supported on Celsius. Users can deposit and earn interest on Ethereum (ETH), Litecoin (LTC), LINK, PAXG, Tether, USDC, BUSD, PAX and Gemini USD. Celsius users can earn interest on over 40 cryptocurrencies and Yearn.Finance (YFI), Curve Dao Token (CRV), Hedera Hashgraph (HBAR) and Cardano (ADA) are planned for implementation. Star Celsius

The BlockFi interest for stablecoins is between 9.30% and 8.6% while on Celsius is 10.51%. BlockFi offers 6% for Bitcoin, 5.25% for Ethereum and 6.5% for Litecoin. On Celsius, the interest is lower, users will earn 4.06% for Bitcoin, 5.05% for Ethereum and 4.08 for Litecoin. The lower interest on stablecoins is compensated with a higher percentage of interest on the top 3 most valuable cryptocurrencies. I find it more attractive to earn more on Bitcoin, Ethereum and Litcoin than holding stablecoins for extra interest. Star BlockFi

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The feeling inside the app is retro as well, compared to Celsius. I find it easier to move and check rewards, prices or values in the Celsius App than on BlockFi. You can find the same amount on information but it feels like you always have to make an extra tap/click and enter in another tab. Star Celsius

BlockFi users can use default interest and earn in the same currency they hold in the wallet or use the Flex Interest option. This feature makes it possible to earn interest payments in any supported currency. Celsius has only default interest or interest in CEL, the native token. Star BlockFi

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The BlockFi referral system offers $10 BTC for every person that joins and deposits $100 in their account, and the same amount for the referrer. Celsius offers $20 BTC to every person that joins and deposits $200 in their account, and a matching reward to the referrer. Will be a tie in here but after five referrals, BlockFi will raise the bonus to $20 BTC for any additional referral. Star BlockFi

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And we finally reached the BlockFi unique selling point, the feature that adds bonus points as Celsius can't match the card offered by BlockFi. Users can apply for the card and join the waiting list to reserve their spot. The BlockFi Card offers unlimited cashback in Bitcoin, set at 1.5% of every purchase.

It's a really long waiting list but you can get ahead in the line by referring friends and family. I am currently #6994 from 217471 users, but it is possible to move backwards as others may invite more people and jump forward.  Joining the waiting list does not guarantee the user's card eligibility. There is no higher cap on the number of referrals a user can invite. Star BlockFi

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Join the Card waiting list for unique advantages on top of the normal referral bonuses. Card users will receive an additional $250 bonus in Bitcoin (BTC) if they spend $3000 within the first three months. For the next three months, month 4 to 6, the Bitcoin reward is upgraded to 3.5% up to $100 bonus per month.

Hold your stablecoins and get an extra 2% APY on the daily average balance and receive 0.25% cashback on all trades, both perks paid in Bitcoin. The card referral system will reward an extra $30 BTC on top of the basic Refer-a-Friend program, if the referral becomes a BlockFi cardholder.

Even if BlockFi lacks some user-friendly and interface aspects, it compensates with better and customizable interest and the upgraded rewards from referrals. The BlockFi Card is the tool that makes the difference and in my opinion makes it a better choice than Celsius.

BlockFiCelsius : 5 - 3

Resources:

BlockFi card waiting list

Join Celsius and earn $20 BTC

Is this the level of support expected from Celsius Network? - School boy error follow-up!

Residual Income:

PVMihalache Amazon Books

DeFi bounty at CakeDeFi with $30 DFI for new users

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PVMihalache
PVMihalache

Self-Published Author, Football Referee, Football Coach, Early Crypto Investor, Personal Trainer, Well-Being Guru, Open-Minded, Traveller, Social Media Enthusiast, and many more...


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