Should You Be Using Blockfi?

I started using Blockfi back in September of this year. I was highly skeptical of sending them my Bitcoin considering I haven't heard much about the company itself however it was heavily advertised by several reputable companies.

That alone was enough for me to put trust into Blockfi. I know everything always comes with risk especially when you are in the world of crypto. You always have to watch out for the scammers and con artist alike.

I initiated a deposit in September and I was able to withdraw all my funds about 2 weeks ago. I had to give them the withdrawal test before I could in good conscious give my recommendation for you to earn interest on your crypto using Blockfi.

Why should you sign up before 10/31/2020 ???

When you sign up before October 31 you will receive up to a $275 bonus which is based upon how much money you deposit. That is a better offer then the Free $10 I got when I signed up.

You should really pay attention to the amount of interest you earn based upon the amount of crypto that you deposit. I am not sure if it is the same on everyone's account is the same with interest levels in mind. Now in my case I was earning less interest then I would had provided I only deposited $25.00 versus $100.00

I am not very sure about the logic or the reasoning behind the choice of a larger interest rate for a smaller deposit versus a larger deposit. I always thought the more you deposit the more interest you will earn...that is what I get for thinking about that one...lol

Loans?

You can also choose to borrow against the crypto that you have in your account with Blockfi. You have to initiate a minimum $5,000.00 loan in order to take a loan. However you can borrow against your crypto that you currently hold and still earn interest on it while you pay back your loan.

Myself personally. I think it could be a good thing for some people however for myself I don't like the risk involved of borrowing against my crypto. The off chance that bitcoin takes a major dip and leaves you out of more then the amount you borrowed has happened in the past. Lenders and Borrowers have lost major in the past.

I am not ready to put myself too high in the risk category just yet. Maybe here in a year or two when I am actually generating enough extra money by helping people like you earn money online. For now I will stick with what I can afford to lose which isn't very much this day and age.

My Final Thoughts.

I deposited $25 in order to earn a higher interest rate. I plan on keeping the funds in the account for a period of 365 days. In October of next year I will write another update on Blockfi showing how much my small $25.00 deposit will grow.

I would like to thank you for reading my post and be sure to follow me for even more ways to get free crypto and money. God Bless and Stay Healthy!

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