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.
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: https://blockfi.com/?ref=2367ce86
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.
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