BlockFi Honest Review | 8.6% Compound Interest | GOOD OR BAD IN 2020??

We are reviewing BlockFi, which offers a cryptocurrency interest account! 💵 Try BlockFi: https://link.adamventure.net/blockfi 💵 Try Gemini: https://link.adamventure.net/gemini 💵 Try Coinbase: https://link.adamventure.net/coinbase 💵 BlockFi Card: https://link.adamventure.net/blockficard

UPDATE: BlockFi seems to have decent exchange rates now! You could ACH transfer to BlockFi and use their exchange to buy supported cryptocurrency like Bitcoin (BTC) and Ethereum (ETH). Definitely keep an eye on them, and shop around to make sure you're getting a fair deal.

ABOUT: In this video we’re taking a look at BlockFi which offers a cryptocurrency interest account. Very similar concept to a normal bank account that offers interest, just with cryptocurrency instead of dollars and an interest rate of up to 8.6%! We go over the company, product, and considerations to take about using BlockFi. At the end I give you the verdict on BlockFi. Thanks for watching!

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0:00 - Intro
1:23 - Overview of BlockFi
3:22 - Considerations
5:01 - The Verdict
6:16 - Outro

#blockfi #cryptocurrency #bitcoin

Inspired by 99Bitcoins, Vincent Chang, Bitcoin For Beginners, Meet Kevin, Graham Stephan, and Andrei Jikh

Check Out These Awesome Videos:
1. 99Bitcoins | BlockFi Review in 2 Minutes (2020 Updated) | https://www.youtube.com/watch?v=m6HqomYXO_A
2. Vincent Chang | BLOCKFI Review: 8.6% INTEREST RATE ACCOUNT | https://www.youtube.com/watch?v=FdoVp8sDL7Iv=zgZN4Zm5GRM
3. Bitcoin For Beginners | BlockFi... Worth It? A Deep Dive! | https://www.youtube.com/watch?v=gJ4oFJU4C1o

MORE INFO: BlockFi was founded in 2017 right here in the US by Zac Prince who is also the CEO, and has a lot of experience with start ups. They offer a cryptocurrency interest account where you can earn up to 8.6% APY at the time of this video, with no minimum deposit.

BlockFi uses their holdings to lend primarily to institutional and corporate organizations which is pretty much the exact same as what banks do with the money in your bank account, it doesn’t just sit there collecting dust.

BlockFi holdings are held by the Gemini Trust Company, who also run one of the largest crypto currency exchanges and are regulated by the New York Department of Financial Services. They keep 95% of assets in cold storage and the other 5% are in hot wallets that are insured by Aon. Users can also borrow money almost instantly up to 50% of their total account value with cryptocurrency as the collateral

You can trade cryptocurrencies directly on BlockFi but the exchange rate is pretty bad. I would just buy whatever crypto you want on a dedicated exchange like Gemini, Coinbase then send it to your BlockFi wallet.

Some considerations - cryptocurrency in general is still relatively unstable, to be fair its not as bad as it was a few years ago but still unstable. There are cryptocurrencies called stable coins that anchor to the price of fiat currency, so these could be used to stabilize your investment, and they also happen to give the highest APY.

BlockFi manages and stores your wallets on their end so there is the concern of not your wallet not your coins. They’re a reputable company working with other reputable companies and they’re probably not just going to just run off with all your money. Also because they manage and store your wallets on their end, there’s also the concern of security breaches, which they experienced in May of 2020. No funds or sensitive documents were stolen but some user data was leaked, and since inception BlockFi has never lost any customer funds.

Here’s the verdict - there are 2 cases where you might want to use BlockFi. First is if you’re hanging on to your cryptocurrency long term but also want to earn interest on it. This works the same as with a high yield savings account where you can earn interest on the dollars you put in, but instead it's with crypto and the interest is way higher.

Number 2 is if you’re looking for an investment that can offer you a consistent return. The average return on stocks is about 6-7% per year but with BlockFi you can get up to 8.6%.

My honest opinion: its a phenomenal financial tool to add to your belt, which enables you to earn money on a long term asset in a relatively safe way.

Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!

Видео BlockFi Honest Review | 8.6% Compound Interest | GOOD OR BAD IN 2020?? канала Adam Venture