My CeFi Experience: BlockFi

My CeFi Experience: BlockFi

By Lucasgaio | The Microcoiner | 16 Aug 2021


The services that allow me to earn on what I already own are always my favorites. They allow you to manage your portfolio profitably and guarantee an income that a bank would not be able to match. For this reason, I recently wanted to try a very well-known service offered by a company that has been operating in the crypto world since 2017. It is BlockFi, a company based in New Jersey and which basically offers three types of services:

  • Interest accrual: BlockFi returns interest on initial capital.
  • Loan: it is possible to request it against a collateral.
  • Trading: as the conversion of coins held with others that are supported.

For those living in the US, a Bitcoin cashback card is also available. We look forward to making it available in the rest of the world to try it out.

614583b21164fad9b809d1fbe476e7540eff2a6e30896613518192a8bd170544.jpg

The annuities offered are the main reason why I approached the application of BlockFi. Being a hodler, in fact, my main interest is to make my possessions work for incrementals as much as possible and that is also why this article is on this blog. In particular, on Bitcoin and Ethereum it is possible to have an APY of around 4%, which is credited to us every 30 days directly on the wallet of the specific cryptocurrency, or in another one of our choice. Yes, you got it right: you can choose which coin to receive the interest in! But this is only one of the interesting possibilities of this Ce-Fi service. For now, 9 supported cryptocurrencies are available, among which there are also LTC, BAT, UNI and DAI.

eedeca47e66b84c0779c40ebc9a4f672d06253b6338725df449012454793ea46.jpg

Now let's see how to use this application in a few simple steps:

1. To start the registration, use this link which will allow you to receive a welcome bonus of $10 in Bitcoin after having transferred at least $100.

2. Click on the “Get Started” option in the menu.

3. Fill in your details and a password to create your account.

4. Input the authentication code sent to your email.

5. Fill in your personal information to get verified.

6. Upload a government-issued ID and wait for confirmation from their support team.

The difficult phase ends here because in reality everything is very simple from now on. With the verified account, just go to "Fund" and you will be offered two ways to transfer money: with a bank transfer or crypto. I, having already some cryptocurrencies in my possession, I chose the second one and I was given the public address to send them to. In a short time they were already on my account and began to gain interest. In fact, the interest is shown daily but credited on the first day of the month. In this way, the interest is composed on a monthly basis.

bc96c50ca480a75980ff28eedf4d9442177fc8f5b735cc0c87b5fe721bb19e18.jpg

In the end, if you want to withdraw your coins, you must click on "Withdraw", enter the address where to send them and the procedure ends here. There is one free monthly withdrawal for cryptocurrencies and one for stablecoins. If the number of withdrawals you intend to make is higher, you pay a small fee.

 

Final thoughts

I must say that I liked this service a lot for several reasons: first of all it offers interests that beat those offered by companies like Binance or Coinbase on the main cryptocurrencies. These in fact reach 1% APY on BTC. Also, unlike the CeFi competition, you don't need to expose yourself to the volatility of a token you don't want to hold in order to earn higher interest. Just deposit your cryptocurrencies and start earning. Finally, I found its use extremely simple and immediate, also suitable for those who are not experts in the sector and simply want to gain some interease. I really appreciated that the application is available for Android and Apple mobile phones, as well as for computers. 

To the detriment, I consider it appropriate to mention the risk associated with any company or bank that holds money for us. We do not have the private keys of the BTC that we deposit, therefore we must trust whoever offers us the service. The company is solid and has been operating in the sector for some years, but you must always keep in mind: "not your keys, not your coins". It is for this reason that I advise anyone wishing to experiment with Ce-Fi (or De-Fi) to divide their portfolio into sections to be dedicated to different services, so that if one turns out to be malicious or deceptive, one does not incur the total loss of savings.

 

If you've been interested in BlockFi while reading this article, this is my referral link. If you sign up from this link you will receive $10 in BTC after having deposited at least 100 and kept it for a month.

 

➡ LINK: https://blockfi.com/?ref=37502b5c 

 

 


 
Not yet subscribed to Publish0x? Sign up with THIS LINK and start earning cryptocurrency by reading.

 


 

If you liked this article please support me by following me here and on Twitter, leave me a like or use one of my referral links below👇

-Thank you-

 

➡️ Binance, 10% discount fees

➡️ Coinbase, 10$bonus in BTC

➡️ Join Tradingvew

➡️ FTX, 5% discount fees

How do you rate this article?


6

0

Lucasgaio
Lucasgaio

I am a pharmacist and a scientist.


The Microcoiner
The Microcoiner

Methods, guides, reviews and opinions on how to create small profits. Passive annuities, Airdrops and other ways to slowly but steadily increase your assets.

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.