How I will earn $20 in free Bitcoin from BlockFi

BlockFi is crypto lending start-up that offers compound interest on Bitcoin, Ether, and Gemini Dollar (GUSD) deposits.  To be honest, I had some doubts about the whether BlockFi is a legitimate business, but I decided to take the plunge, and make a deposit because of a promotion that I saw on their website.

Edit: BlockFi now accepts Bitcoin, Litecoin, Ethereum, USD Coin, Tether, Paxos, Paxos Gold, Gemini Dollar deposits. 

Promotion #1 - $10 In free Bitcoin by Maintaining a Positive Balance

A few weeks ago, they started a promotion that offered customers with a new BlockFi Interest Account (BIA) $10 in free Bitcoin if they had a zero balance on August 31, 2019, and maintained a greater-than zero balance through September 30, 2019.   The appeal to me was that BlockFi recently eliminated minimum balance requirements to qualify as a customer.  That promotion is now over, but I can confirm that my account now has an additional $10 worth of Bitcoin credited to it (see the Promotion transaction on the screen cap below).  



Promotion #2 - $10 In free Bitcoin by Keeping your Crypto in Your Account

I also received e-mail to notify me that a new BlockFi promotion has started.  I can earn another $10 in free Bitcoin if the balance in my BlockFi Interest Account on January 1, 2020 is equal to, or greater than my balance on October 1, 2019.  So in addition to earning compound interest, I will have earned $20 in free Bitcoin by the near year!  


Related reading: Have 20% of all bitcoin really been lost forever? Part 1


BIA account holders are allowed one free withdrawal per month, and the terms of the promo seem to allow your account balance to fluctuate.  But since I'm HODLing, why bother moving my crypto around and incur charges?  Essentially, they are providing me a gentle incentive to keep my crypto in my account.  


My thoughts?

What I do like is that I received an e-mail update about my account on Oct 1 telling me how much interest I have earned.  I'm guessing that I'll receive regular monthly updates, which will be nice. 


Is BlockFi safe?  Only time will tell...I don't think it's perfect, but I'm treating this whole experience as an experiment.  If BlockFi goes belly up, I then I will have lost some of my crypto holdings.  In the interim, I'll be earning compound interest, and some additional crypto through their promotions if they continue to be a viable business. 


If you are interested in earning compound interest on your Bitcoin, Ether, or Gemini Dollar (GUSD) holdings with BlockFi, consider signing up for a BlockFi Interest Account with my referral code 


I'll continue to post updates on my experience with BlockFi, so please stay tuned!

Edit: I have received regular interest payments, and I have also started depositing my Publish0x ETH earnings into BlockFi. I'm a happy customer, and BlockFi appears to have staying power!


Thanks for reading, and stay safe!

Follow me on Twitter: @CryptoWordsmith


Edited September 11, 2020.


Cover art: Photo by OpenClipart-Vectors on Pixabay

Useful links

It's the perfect time to start earning free crypto while you learn about it!

The Publish0x community is always looking for new members and for aspiring authors. Previous writing experience is not required! This is a friendly environment where you can earn ETH, BAT, or LRC tokens for free! I invite you to create an account using my referral link here.

I'm earning up to 8.6% annual interest compounded monthly on my crypto deposits at BlockFi, and you can too. When you sign up for a free account using my referral link here, we can both receive a bonus!

BlockFi hack: You can even choose which cryptocurrency to receive your interest payments in!

Did you know that crypto tokens can be sent from your Coinbase account to another crypto wallet with zero fees? Register for your free account using my referral link here, and we can both receive a bonus!

Coinbase hack: You can also earn free crypto such as EOS or XLM by watching Coinbase Earn videos!


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Author ⌨ • Host of Blockchain Chat podcast 🎧📻⛓ • Early beta tester for NBA Top Shot & for NFL All Day 🏈 • Nine Lives Lounge member 🏀 • If I commented on your P0x post then you got a "like" and 100% of the tip! Twitter: @CryptoWordsmith

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