Tutorial - How to Setup a BlockFi Account
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Hello Hive Fam!
There was so much excitement and stuff happening during the Bitcoin Halving this week - but one thing that really caught my eye was that BlockFi was offering a free $100 in bitcoin to new accounts.
For those who don't know what BlockFi is - they basically offer interest accounts for our crypto. So instead of them sitting in your wallet, you can be earning a return. On blockfi it looks like bitcoin gets a 6% return.
I've been meaning to open an account with them and experiment with the whole idea of using an interset account - but just hadn't gotten around to it yet. The free $100 made it a pretty easy choice to finally do it.
The deadline to take advantage of the $100 is May 14th... so it's coming up quick! Just use code "HALVING2020" when signing up. Here's a link to the page that has all the details - https://try.blockfi.com/bitcoin-halving-promo/
One day I may do a full video talking about the pro's and con's of using interest accounts - but for now, I thought I would just share my screen as I was setting up my own account in case anyone found that helpful!
XO, Lea
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▶️ 3Speak
wow 200 +100 , no need kfc proof, amazing thank for sharing interest account info blockfi
Yeah i thought it was a pretty good deal! Usually stuff like that you have to deposit like $1,000 to get $50. haha
"Interesting" (lol). From reading their main page, i noticed it says "$200 worth of ANY currency..." I'm assuming they mean = to $200 usd? One issue that might arise tho is that crypto prices keep wildly fluctuating...
So users will have to keep watching their respective accounts in order to maintain this $200+ (usd?) balance until July 30th. There could be a sudden dip in BTC that puts you under $200 mark for a minute and that could disqualify you i'm guessing lol.
"Promotional terms: Offer valid until 23:59:59 UTC on May 14, 2020. To be eligible for the promotion, you must have a balance of $0 on May 10, 2020, this must be your first ever deposit in the BlockFi Interest Account, and you must maintain a $200+ balance through 23:59:59 UTC on July 30, 2020. The $100 payout in BTC will be based on the price of BTC at the time of the payout. The bonus will be paid on the first business day in August, 2020.
Hmmm that is an interesting point! I read it as you had to deposit $200 before May 14th and then if you didn't withdraw any you would be good. Someone that works there was commenting on my twitter post about this - let me DM him and ask.
Ya keep me posted. Guess you could purchase their stable coin and avoid that issue... I would just want to be sure that if u had $200usd worth of btc and the price dipped, u don't get excluded from obtaining the $100 offer. Also they say "ANY" currency, but they don't actually mean that I'm guessing...
Also did you have to fill out all the personal info in the sign up "profile" such as phone number and house address etc...? Why do they need our house address lol.
I had to fill in some personal info like my address and SSN - but I didn't actually have to KYC which was really nice.
Bah, It's asking me for ID and Selfie etc...
Oh bummer!! I wonder if that’s a Canadian/American difference because I didn’t have to. 😬
Yea, I'm guessing it's anywhere else accept USA.
Boo 👎🏻
Okay just got a response! Here’s what he said:
So it looks like as long as you had $200 in your account at one post during the period - you’d be good.
Thanks for finding that out. That's how it should be! The other way around would have been total bs lol.
100% agree! I would have been so pissed if it was the other way around. lol Glad they are doing it right.
Not sure what would be the price of bitcoin by August 2020 but it sounds like a nice deal indeed. Those who have spare Bitcoin or other crypto that Blockfi is trading can consider as it is like having 50% of what we put in but the waiting can be killing as it would need to be stuck there. Nice to see that you are still going really strong on social platform. I remember I started to follow you when you were posting your music video but you have not posted any music video for a long time.
i use them since long time, good service
oh cool! This is my first experience with them. Good to hear from someone that has been using them for a long time.
Such a nice information about setup BlockFi Account. And yes the offer is also reasonable. Thanks for share.
Glad you found it helpful!
Doh I missed out shame I use celsius for my crypto loaning.