Today, we discuss what BlockFi is and why you should have an account with them.
I use BlockFi to store roughly 15% of my cryptofolio. After my neighbor thoroughly vetted the investment opportunity, I remained skeptical for several months until I finally created an account in 2019. I think the rates they are paying us will come down in the future, but for now they remain much higher than what banks offer.
I've enjoyed receiving 6.2% interest on bitcoin deposits. My tax forms seem straightforward enough for claiming the interest (paid in bitcoin) for my tax filing due this year.
BlockFi offers loans to customers who have enough capital to secure a loan (similar to how banks have collateral requirements). I assume they charge more and then share a portion of that interest with people like us who deposit with them.
BlockFi continues to expand their service offerings to include exchange services. They offer 8.6% returns on cash deposits. I think they have an app, although I don't like having access to my crypto savings on my phone.
So while I wouldn't put all of your bitcoin into a BlockFi account, it seems like they aren't going anywhere soon. Hopefully, we can all enjoy some nice returns while their customers are still paying their loans back.
I think a referral gets me $10 these days: https://app.blockfi.com/signup?ref=071660df
Good luck and let me know if you have any questions!