In this post, you will learn how to earn interest on crypto.
You can gain interest on your cryptocurrency through a variety of websites/companies.
BlockFi is a platform that allows you to do just that and this is the platform that I use.
What is BlockFi?
BlockFi is a platform that allows you to open a Crypto Interest Account and earn interest on various crypto’s.
This platform also allows you to trade – buy, sell, or exchange a variety of cryptocurrencies at competitive prices and start earning interest the moment your trade is made. You can also borrow money at rates as low as 4.5 APR. To get cash, you don’t have to sell your crypto. BlockFi would allow you to borrow money against your crypto assets, allowing you to get a loan while keeping your crypto.
BlockFi also has a credit card available soon which gives 1.5% back in Bitcoin on every purchase using the card.
An Important Point
Bear in mind with any kind of crypto and if something were to happen to BlockFi, and you had your crypto with them, you are subject to potentially experiencing a complete loss.
Why does BlockFi seem so attractive?
When people look at savings accounts, they see interest rates of 0.6% or less, whereas when they search BlockFi, they see 10x that.
You can gain anywhere from 3% to 9.3% depending on the cryptocurrency you own, which is much better than those ostensibly high-yield savings accounts that pay less than 1%.
At the time of this post, I’ve made ten Bitcoin deposits into the BlockFi wallet. I have received $20.14 in interest since January 28th. This interest pays a 6% ANNUAL PERCENTAGE YIELD (APY), and I prefer to have it paid in Bitcoin. You are effectively gaining compound interest. That’s not something you’ll find in a savings account!
How to start with BlockFi
Go to https://blockfi.com/?ref=24e01a47 (my referral link) and then when ready click Get Started. This will take you to the Sign-up page, fill in the appropriate details.
You will have to verify the email, once verified you then log in with your newly created login details. Once logged in you will then set up what type of account you want – Individual or Business. Enter your country and postcode, address, and the type of income stream you have such as employment or your own business.
The next step is to confirm your identity by uploading a copy of government-issued photo identification, such as a passport. Once completed you can then go ahead and deposit up to eleven different cryptos and stable coins (pegged to the dollar).
To sign up, please use the referral code I provided above. You will be eligible for a tiered bonus paid in BTC or another Crypto of your choice if you sign up using my referral code and deposit at least $100 into your account during the promotion period (current calendar month ending at 23:59:59 UTC on the last day of the month).
This must be the first deposit into the BlockFi Interest Account to be eligible for the promotion. To remain valid, you must have a $25+ crypto balance on the 14th of the month at 23:59:59 UTC, two and a half months after the month of eligibility. The higher the crypto balance the higher the tier bonus will be.
As you can see, this is a fantastic opportunity for you to increase your crypto holdings while still gaining Compound Interest on your Bitcoin.
As Bitcoin becomes more widely adopted this year, the value of your Bitcoin will rise, and the interest you receive will expand exponentially.
If you have any questionss, please leave them in the comments section below.
*Are you a Crypto newbie? Click here to read: Are you a Crypto newbie?