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CCFCN: Managing My Personal Finances with BlockFi

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Written by   78
3 months ago (Last updated: 1 month ago)

Many crypto market participants are managing their personal finances by establishing crypto accounts that earn interest and using credit cards that allow them to earn cryptocurrency for their purchases. Let me explain further.

A BlockFi interest account (BIA) can earn up to 8.25% APY on their crypto assets. Interest accrues daily but is paid monthly. In USA, different states are legally challenging these interest-bearing accounts. So check the state you are in for Important Regulatory Developments. For example, in Kentucky, BlockFi was told to “Cease and Desist”. But I'm in Texas and in this state BlockFi is being given an opportunity to prove that there BIAs are lawful and appropriate. Whew! I was happy to read that Disclosure.

A BlockFi credit card can earn you an unlimited 1.5% back in Bitcoin on every purchase. Imagine that! I can use my credit card to buy groceries and earn bitcoin. Seems like an easy way to earn cryptocurrency.

An interest bearing account and a credit card that gives me back bitcoin for my purchases are the two (2) main reasons I opened a BlockFi accounts. It is also set up for cryptocurrency trading, but I have not used that feature yet. You can also get a loan, but I am not interested in that service either ... yet.

You can open a personal or a business account. My account is personal. (NOTE: BIAs are available to anyone worldwide, unless you live in a country sanctioned by the USA, the UK or the EU. When you get ready to create an account and you enter your country code, the system will let you know.)

Oh! One last thing. BlockFi has excellent Customer Service. You can message them via their Twitter OR contact them via eMail OR you can do your own research and scan the informative articles published via their Help Center for the answer to your question.

♦ If you would be interested in opening a BlockFi account, click here.

Thanks for reading.

  • Content includes my referral link.

  • I am not a professional financial advisor.

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Written by   78
3 months ago (Last updated: 1 month ago)
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Comments

What about the KYC process for BlockFi?

$ 0.01
3 months ago

I had to do a face-to-face video chat with the company representative and answer certain questions to verify my identity. Conversation was recorded; audio and video. If I told the truth, they have proof. If I lied, they have proof. 😁😁

$ 0.00
3 months ago

Ok, well its worst than I imagined but not that bad... This will have to change. I wanted to use DFI Cake to stake my DFI tokens but they "KYC" me. They "Kill Your Customer". Their process was so long and complicated with proof of addresses, selfie, write this on a piece of paper, send you national ID, ... they just lost me. I sold my DFI tokens. They killed their customer.

Well thanks for the reply and I liked you article.

$ 0.01
3 months ago

LOL. I was terrified when they said they had to do a face-to-face. My first thought was: "I told them the truth. What else do they want??" I am extremely camera-shy. The process was not near as painful as I had imagined.

Kill Your Customer? I'm going to remember that. Some companies actually do scare loyal customers away. Hey! It's their loss. They're scaring away future business. I've got family and friends. Treat me good and tell them all about you. You're probably the same way.

$ 0.01
3 months ago