Why Blockfi Is My Top Choice For Interest Bearing Accounts

Why Blockfi Is My Top Choice For Interest Bearing Accounts

By Sapphire | Sapphire Crypto | 12 Jul 2020


The First Prize Of Crypto

Being in Crypto, one is aware of the reality that holding Crypto is probably the single most powerful investment strategy going into the future. Many of us, myself included, trade the short-term movements and price action. However, the real game being played here is very much a long-term game and there are ways that one can act upon to compound those future returns.

I have often spoken of different staking options as well as exchange tokens, which bring daily dividends. There is one concern here and it is generally the concern of the Bitcoin maximalists, as they don't wish to convert their BTC into any other altcoin, no matter the reason.

So for the maximalists and those who want to earn on their BTC, they have to explore the avenue of lending. A lot of people make use of Celsius and Crypto.com, which are really great companies in my opinion. However, when I am going to make use of a third party organization or entity, I prefer to take the most regulated road.

More Is At Stake For Blockfi

Custody solutions for Blockfi are managed by Gemeni, which is a very reputable name in Crypto. Gemeni is owned by the "Bitcoin Billonaires", the Winklevoss twins. Blockfi also have insurance on customers funds, which I know can also be a very grey area when things do go wrong. However, it is better than none at all and it does promote accountability, which ultimately invokes trust. Mike Novagratz of Galaxy Digital is also involved with Blockfi as they recently received $52.5 million in funding from Galaxy Digital.

Where big names reside, so too resides the preservation of reputation. Reputation that is protected at all costs. Another top name in the lending space could see troubled times and be remembered no more. These names however are not prepared to be smeared and so will ensure things are tight and as safe as possible. 

Decide On The Type Of Interest You Earn

While interest rates are set by Blockfi, there is another option which is pretty unique and one that I make use of. Say for instance that you have deposited BTC, ETH and LTC into your Blockfi account and are now earning monthly interest at the respective interest rates. Ordinarily you would be earning LTC on your Litecoin and ETH on your Ethereum. Blockfi offer the unique setting of choosing your preferred choice of currency to receive all your interest in.

217a7f133e41be20de6a02e7daf24059b77e77b88645b73f39ea6c6728bb9743.png

With this option your holdings of BTC, LTC and ETH can now all earn BTC, or any currency you wish to select. In other words BTC can be earned by holding ETH or vice versa. I find this very useful and am really glad that they offer it.

Transaction Fees

Especially when it comes to BTC and ETH, transaction fees can be a bit heavy, especially if you are only wanting to send smaller amounts. With Blockfi, deposits are free and they offer one free withdrawal per month.

If you were wanting to withdraw your interest every month, you would be able to do so at zero cost. This adds up over time and is yet another benefit in choosing Blockfi.


Sapphire
Sapphire

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Move into Crypto with Sapphire Crypto!


Sapphire Crypto
Sapphire Crypto

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Move into Crypto with Sapphire Crypto!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.