BlockFi Review  Earn 8.6% COMPOUND INTEREST!
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eight point six percent interest rate with no maximum or minimum contribution which means that for every one thousand dollars you put into this account you get eighty six dollars back at the end of the year compare that eight point six percent of the bank’s average of 0.09 percent and it’s basically time to end this video already and for you to sign up to blockfy using the link in the description down below so and i’ll catch you next time now i’m just kidding guys welcome to my blog fire review where i’m gonna be going over absolutely everything you need to know about blockfi to help you make a decision on whether or not you should be putting your money in here spoiler alert you should do it just do it now i understand that it is a troubling time for prudence savers around the world right now interest rates have been slashed as governments deal with the current pandemic and subsequent financial fallout from it those with cash savings are losing wealth by the day as their currencies become less valuable due to inflation people today looking to earn interest from their cash savings will struggle banks simply don’t offer a decent rate of return anymore and even millionaires aren’t exempt in the past if you had cash savings you could rely on a decent return as banks value the prudent and those who were willing to keep their money with them today however is a different story having any of your wealth in cash is a long-term losing game banks simply don’t value it as proven by the extremely low interest rates that they are offering these days while this is true across traditional banking new kinds of wealth management services are launching that can help you earn a decent rate of return on your savings when regular banks are offering a measly 0.1 interest rate or less on cash savings what if i told you you could earn up to 8.6 interest elsewhere what if i also told you to earn interest like this you don’t need to have a huge amount in savings either enter block fi a landing platform that provides high interest on your crypto savings regardless of how much you have if you own either bitcoin ethereum and litecoin or stablecoins usdc gf gusd and pax you can open a blockfy interest account and earn anywhere between three percent and 8.6 percent on your crypto savings so it basically works like this you provide block five with your cryptocurrencies and they will loan it out and give you a percentage of the interest cryptocurrencies can be volatile and are not for everyone so blockfish inclusion of stable coins provides the risk averse more peace of mind whatever dollar value they put in they know they will be get back out plus interest of course so let’s talk a little bit about block fire so block five was founded in 2017 and is a privately owned new york city-based lending platform it calls itself a provider of wealth management products focused on cryptocurrencies and crypto investors now block by offers three main services number one is a crypto interest account you deposit crypto with block fi and receive interest each month the interest rates depend on the crypto you deposit which i’ll get a little bit more into very very shortly number two is the crypto trading now here you can trade cryptocurrency pairs between bitcoin ethereum litecoin usdc and gusd and number three crypto backed loans now instead of selling your crypto you can get a crypto backed cash loan against it block fight provides up to 50 percent of the value of the crypto asset in usd now this block fire review is of his interest account specifically i have yet to use its trading service or crypto backed loan option so that’s why yeah in this video i’m mainly focusing on their crypto interest accounts and i want to focus on that anyway just because they do have this crazy 8.6 percent apy so block fire is a company which seems to be going from strength to strength with a good management team and some well-known investors in august 2019 block fight received a 18.3 million dollar from a series a funding and in february this year it raised a further 30 million dollars series b funding some of blockfish investors include peter thiel’s velar ventures mike novogratz’s galaxy the winklevosses brothers winklevoss capital consensus ventures and acuna capital they’re backed by some heavy hitters in the industries of technology and crypto and the company grew revenues more than 20x in 2019 and at last count boasts more than 650 million dollars in deposits so let’s talk a little bit more about block fight’s interest rate now the interest block by offers in its interest account varies depending on the cryptocurrency you hold with them as you can see in the table on your screen right now so if you store up to five bitcoin you can earn six point two percent on it each month any more than five and the rate drops to a still healthy three point two percent bitcoin is the only currency that has an interest cap on the amount you invest with the other currencies you can invest as much or as little as you like without any change in the interest rate for example if you store gusd usdc and pax you can earn a whopping 8.6 percent interest on your savings regardless of how much you have these three stable coins are pegged to the us dollar meaning their value has little volatility and doesn’t suffer the highs and lows of a cryptocurrency like bitcoin personally though i like volatility as it’s a sign of a growing asset but if you prefer to have your cash in us dollars you can convert it to a stable coin and be safe in the knowledge that your money will still be worth the equivalent of your deposit plus 8.6 interest and better yet you can even get your apy paid out in bitcoin if you’d like to so you’ll be earning bitcoin on any investment including the stable coins which is just awesome so the big question on all of your minds is probably is block file legit or safe so let’s talk about legitness first because i think being legit and being safe are two very different things so is block filer jet in other words is block fire a scam and are they going to steal your hard earned crypto well the short answer in my opinion is no the block fire management team come from a variety of backgrounds within the technology and financial industries which is what you would hope for given the business model the ceo and co-founder zac prince has had various leadership roles at multiple successful tech companies in ad tech and broker firms what’s just as important for me as a block fight customer is he is active on social media and occasionally appears on podcasts in the crypto space he’s a highly visible and public ceo which is a very very good sign the official blockfy twitter account is also very active regularly posting updates and memes and responding to customers questions now like i said there is a difference between asking if blockfy is legit first asking if it’s safe to keep your crypto with them now it’s an important question because by giving block by custody of your crypto assets you are entrusting the company to safeguard them and return them when you ask the crypto industry is riddled with stories of people have lost small fortunes through hackings scams and negligence and it’s estimated that around five million bitcoins have actually been lost due to negligence alone now first and foremost cryptocurrencies aren’t legal tender which means they aren’t backed by government insurance blockfi specifically states on its what are the risks page of just that while it isn’t covered like a bank block by has a robust custodian policy which is supported with the cryptocurrency exchange gemini which is owned by the famous winklevoss brothers so as you can see here i’ve taken some info straight off of blockfire’s website so it says gemini is block vice primary custodian gemini keeps 95 of their assets in cold storage and 5 in hot wallets that are covered by insurance provided by aon any funds comprised in cold storage would be covered by their new insurance policy which you can read about here gemini is a licensed custodian and regulated by the nydfs deloitte recently completed an soc 2 examination of jennifer jenner’s custody solution you can read more about gemini’s soc 2 compliance here and about the security here so this is a passage taken from their website i interpret this as the crypto you lend to block file is insured but like any insurance a claim has to meet the requirements of the policy to be valid i assume that block 5 follows the correct protocol to ensure any insurance will be valid so therefore the crypto ireland 2 block fight is both safe and insured so long answer short block fight is safe but like any prudent investor you should evaluate and understand the risks beforehand so do i actually recommend blockfy well if you’ve watched this blockfire review all the way through until now you’ll probably guess that yes in my experience so far blockfi is a great way to earn interest on your money and i would highly recommend it at a time when interest rates on savings have never been lower and we’re moving towards an era where it may even cost you to keep your money in a regular bank services like block fight are pioneering a new way to save to generate wealth your assets should earn while you sleep and block fi is one such service that helps you do it after all why should savers be penalized for being sensible even if you don’t intend on owning crypto like bitcoin litecoin or ethereum and want to stay in the dollar or any other fiat currency the rates are so good that converting it to a stable coin to earn 8.6 interest is just a no-brainer now block fight isn’t a bank so it’s crypto interest service comes with risks obviously but i believe the company has mitigated any potential downsides with insurance and its partnership with gemini the quality of its investors provides peace of mind also for me personally as long as the service continues to remain the same or indeed gets better i will continue to allocate more of my bitcoin to blockfy and will continue to be a cheerleader for the company compounding interest is what makes you wealthy albert einstein said compounding is the eighth wonder of the world and warren buffett even attributes his billions of dollars of wealth to it read the book the compound effect to understand why but as for this blockfire review that is it thank you so much for watching if you do have any questions for me about blockfy or anything else for that matter drop a comment down below please don’t forget to like the video share it on social media and subscribe if you haven’t already and i will catch you in the next video
This Post Was All About BlockFi Review  Earn 8.6% COMPOUND INTEREST!.
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💰 Join BlockFi And Start Earning 8.6% APY! 👉
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Welcome to my BlockFi Review: Interest Rate Account | Let’s review BlockFi and their 8.6% interest rate account to determine whether or not you should use it. We’ll review exactly what BlockFi is, how they generates their interest rate, their security features and whether you should use BlockFi as your interest account.
Interest rates around the world are being slashed, high interest savings accounts are offering slightly over 2% at best. BlockFi on the other hand offers you an 8.6% APY on your hard earned money!
This BlockFi review is not sponsored. I decided to review BlockFi after discovering its shockingly good 8.6% interest rate which is phenomenal, especially during this time when the interest rate for a ton of other interest accounts in banks are near 1%.
💰 Join BlockFi And Start Earning 8.6% APY! 👉
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