While being a Client of Blockfi now for a short period of time I have a few insights for would be users.
While there is no minimum deposit which is somewhat of a rarity with accounts in the crypto
space that earn interest, there can be fees associated with withdrawing. Even more,
you will be a client of Blockfi.
This means they own the bitcoin you send them and they then handle your entire account.
While I myself am risking only a few 100 dollars at this moment, someone with a much
larger sum of crypto may be at unease with this. The implications could be devastating if
Blockfi were to go out of business. With their slogan
being "BlockFi provides the wealth management products crypto investors need, all powered
by blockchain technology" , I have found these few cons
but also many pros to their services.
While offering high yielding interest accruing
accounts, Blockfi also will provide fiat loans backed by your own crypto. deposit $10,000
btc and you could recieve a $20,000 fiat loan. This option really works well for miners and
other folks that would rather not sell their crypto in a squeeze. Also a wonderful and much
sought after option. furthermore,
on word- Compounding! Blockfi takes it upon themselves to compound your earned i
nterest so that it can snowball upon itself monthly. This means that amount considered to calculate
will be more monthly, equating to a higher amount of btc
in your account which means more gained interest. Simple.
This is how Warren buffett made alot of his wealth by the way.
not crypto- but compound interest. Blockfi has the capacity to
host multiple coins you may want to earn interest up to 8.6%
on including BTC, ETH, LTC, USDC and GUSD. The user will also experience one free withdrawal
per month and no long term lockup periods of their crypto which can be very important in such a
volatile market. While this post covers some important aspects of BLockfi's services.
I would advise you to do your own research and have p
rovided a link below. All information provided is based off of my own experience
and is not to be taken as investing advice.
