BlockFi Review: How to Earn Interest On Crypto

With over $150 million in funding from notable community figures, BlockFi is the go-to place to Earn Interest In Crypto!  In this BlockFi Review, we focus on how you Earn Interest On Crypto.  Growing your cryptocurrency on autopilot is now the preferred banking choice.  Before we get started, you can expect a 3.5 to 7.5% APY on various cryptocurrencies on BlockFi including Bitcoin – which is absolutely is incredible.  (try that Wells Fargo™…)

How Much Money Can I Earn In a Bitcoin Savings Account?

For the sake of this example, we will assume you have 1 Bitcoin.  With 1 Bitcoin at 6% APY you earn 0.06 BTC each year.  (USDC coin you earn 8.6% APY).

Important you understand: You earn interest in the cryptocurrency in which you own and is shown in US Dollars.

This is a good thing!  Your goal should be to accumulate more Bitcoin, not more USD.  This is a new way of thinking.

Anyway, at today’s rate ($35,600) and having earned 0.06 BTC, that is roughly $2,300/year in FREE Bitcoin!   You can do this for Ethereum, Litecoin, USDC, and others at different rates.

Now consider you save for 2 years at a compounded rate and Bitcoin in 2022 is now worth $1,000,000 (taken from Stock 2 Flow model proving it’s possibility and likelihood from much smarter global financial minds than mine).

In this scenario, in just 2 years you’ve now earned an additional 0.12 (estimated) Bitcoin in interest.

This means that 0.12 earned Bitcoin is now worth $120,000 in roughly 2 years!

Now tell me it’s not worth it?  (This is only an example and we cannot predict what Bitcoin will truly do.  Nor can we know that BlockFi or other companies may change their rates at any time).

Excited yet?  Good.  Now, let’s answer some of your questions and concerns so you to help you make the best decision.

Breaking it down: Is BlockFi Safe?  What are their rates?

To begin, Is BlockFi Safe, and just how much interest can earn?  Yes, BlockFi is safe and uses cold storage with the Gemini platorm.  The rates can range anywhere from 5.5-8.6%.  Let’s take a deeper look into BlockFi in this quick review.

When Did BlockFi Begin?

Founded in late 2017, BlockFi is a US-based, decentralized crypto finance company that supplies a variety of financial services for both private and institutional clients.

BlockFi interest accounts or BIA’s for short, enables users to earn up to 8.6% interest annually on cryptocurrency deposits into their accounts.

The way this works is that BlockFi is a Financial institution that lends the user’s deposits to institutional and corporate borrowers who pay an interest rate to block fi which in turn pays its users. Although user deposits are prioritized over other company equity to reduce their risk, they are not FDIC or SIPC insured.

How to Get Into Bitcoin?

Did you know there are actually few places where retail investors can purchase Bitcoin ($BTC), Ethereum ($ETH), Chainlink ($LINK), Cardano ($ADA), Ripple ($XRP), and many others?

This is done on exchanges.  With BlockFi, you can easily set up an account, deposit $100 or more, and earn $15 to $250 in FREE Bitcoin, once you buy Bitcoin inside their platform.  You will need to transfer money into BlockFi.

The banks don’t like crypto and the transfer can take 3-5 business days.  Be patient.  Purchase the GUSD stable coin (more on that in a bit) and then buy Bitcoin from there.  Plus, you can keep in on the platform and earn 6% APY like I mentioned or choose to store it on a hardware wallet, like Trezor.

How Many Bitcoins Are There?

By 2030 there will only be 21 million total BitcoinsToday, there are roughly 18.5 million mined.  Once it’s tapped out, that’s it.  Institutions are in fact boarding the train and there’s no turning back.  This is the future of global currency even if you don’t understand it or like the idea at all.  That’s okay.  Do you like the money?

The ending value of Bitcoin is projected to be worth over $10,000,000 for one Bitcoin by 2030-2040.  You see, unlike the Fed, Bitcoin cannot be manipulated into quantitative easing or magically “printing” more Bitcoin.

The code cannot be adjusted unless a global vote is taken.  So how can you get free Bitcoin in the process?  It’s probably obvious by now but with BlockFi, earn interest like a traditional savings account and use the interest to buy bitcoin (which is what I do), and/or buy Bitcoin and earn interest on that, also!


The information contained herein should not be considered financial advice or construed as financial recommendations to buy, sell, or hold a cryptocurrency.  These are only my personal experiences and should only be considered educational. These opinions are my own and will not be held liable for the companies I recommend others look into or the cryptocurrency market in general.  Investing in crypto can be considered high risk.  My opinion (backed by research), however, is that the dollar is an even greater risk.  Also, many links on this page are affiliate links which means I may receive a commission at no additional cost to you.  It helps support our blog and expenses.  

BlockFi Review: Earn Interest On Crypto Begins

Discover BlockFi Lending as One of the Best High-Interest Savings Accounts in Cryptocurrency

BlockFi also allows users to deposit cryptocurrency as collateral and borrow up to 50% of the collateral value in US dollars.  Through this service, users can get access to cash almost instantly without the need to trade their cryptocurrency avoiding hassle fees and a taxable event.  There is no monthly fee.

Buy Bitcoin on BlockFi and earn High Interest

Open a BlockFi account today with at least $100 and earn $10 FREE Bitcoin

Which Cryptocurrencies does BlockFi Offer, and How is Their Support?

You will be able to buy, trade, transfer, and earn interest on several coins.  Let’s look at what the company offers and a brief description of what the cryptocurrency is:

  • Bitcoin (BTC):

Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. Bitcoin Project. “Frequently Asked Questions.” Accessed Sept. 1, 2020.

The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.

There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins. (source:

  • Ethereum (ETH):

Ethereum is a decentralized, open-source blockchain featuring smart contract functionality. Ether (ETH) is the native cryptocurrency of the platform. It is the second-largest cryptocurrency by market capitalization, after Bitcoin.[1] Ethereum is the most actively used blockchain.[2][3] (source:

  • Litecoin (LTC)

Litecoin, like its contemporaries, functions in one sense as an online payment system. Like PayPal or a bank’s online network, users can use it to transfer currency to one another. But instead of using U.S. dollars, Litecoin conducts transactions in units of Litecoin (source:

  • Gemini USD Coin (GUSD):

Gemini Dollars, commonly abbreviated to GUSD, is a stablecoin cryptocurrency issued by Gemini, one of the United State’s largest cryptocurrency exchanges. (Source:

  • Paxos Standard Token (PAX):

This an ERC-20 token issued on the Ethereum blockchain. As a regulated stablecoin collateralized by the U.S. dollar, it brings benefits of the blockchain technology and stability of fiat currencies together. It results in a steady cryptocurrency that offers: Instant worldwide transactions (source:

No Fee Crypto Trading Servies

Finally, BlockFi provides no-fee crypto trading services.  However, some users have complained that even though there is no direct fee, the final exchange rate is less than optimal.  BlockFi is basically using arbitrage to help cover costs and make money off the trade.

BlockFi’s customer support, in my experience, has been average.  The main user complaint being the lengthy withdrawal process of funds.

However, it is important to understand why.  The company only stores a certain amount of cryptocurrency within its platform for daily transactions.  The rest is secured in cold storage within the Gemini platform.  This is extremely good.  When an asset is in cold storage it means it is not accessible to hacks within the platform.  This is a highly secure way to store your cryptocurrency.

BlockFi is a Centralized Company – A look at Security

One thing to point out is that BlockFi is a centralized company, meaning they have control over your funds. This means whoever controls your keys to your cryptocurrency, owns it.

Can BlockFi get hacked?

If something is online, it is exposed to high risk.  Every bank, website, business, school, or blog.

In May of 2020 BlockFi experienced a security breach.  While no funds or sensitive documents were stolen (likely thanks to their layered security and cold storage protections), some of its user’s personal information was compromised.

To conclude, BlockFi provides a fantastic answer to the old, outdated, traditional savings accounts which often pay .03%APY or less.   High Yield Savings in cryptocurrency are a great way to receive interest on your cryptocurrency.  It’s also easy to secure super quick loans against it.  They are just releasing their BlockFi credit cards and should be a welcome addition.

Best High-Yield Online Savings Accounts for January 2021 • Earn Interest On Crypto

With a High Yield Savings Account, you will find a new world of passive income.  A savings account carries an 8.6% annual percentage yield.  However, you must purchase a stablecoin like USDC or GUSD to receive it.  It’s considered a $1 for $1 exchange.

This is well above any national average savings account without the restrictions.  Meaning, you are not limited to the number of withdrawals per month at a federal level.  Fees may vary but they are pretty minimal and not worth stressing over.  It gives Goldman Sachs a run for its money.

To earn interest on crypto we will look at this example:

With $25,000 stored in a USDC stablecoin earning an 8.6% annual percentage yield, you will earn $2,150.  However, it is compounded monthly so that the total comes up to $2,236 a year.  It’s a great option.

On the other hand, if you had purchased $1,000 of Bitcoin at the start of President Trump’s presidency, that would be worth roughly $50,000 today.

BlockFi Review: Earn Interest On Crypto continued

BlockFi Wire Transfer, Mobile Banking, Initial Deposit, and Customer Service

Mobile App

BlockFi has a relatively acceptable mobile app.  It allows the user to buy and sell their cryptocurrency or transfer it in or out of their wallet.  All from their phone.  Mobile banking with your cryptocurrency is a party in your hand.

I have experienced issues when Apple updates its software and BlockFi app will log me out often.  I’ve since uninstalled the app and reinstalled it and seems to be working fine now.

At the end of the day, it’s awesome to watch my interest amount grow and refresh my screen to see my account go up, on average, in real-time.

Minimum Deposit

A $100 minimum deposit is recommended.  However, this online bank does not actually carry a minimum deposit.  You won’t get rich off 8.6% APY and $100, but it’s a start towards protecting your wealth.  There is no minimum balance requirement unlink a traditional bank.

However, take a look at these awesome bonuses of $15-250 in FREE Bitcoin when you deposit $100 or more!

Free Bitcoin of $15-$250 starting at just $100 deposit (opens in new tab)
Get $15-$250 in Free Bitcoin • Click the Picture to get started!


Profile Know Your Customer

It only takes a few minutes for you to open your BlockFi account.  It is backed by Gemini owned by the Winkelvoss twins (you know, the guys who arguably created Facebook™ in the first place?).

You will have to go through the KYC (Know Your Customer) process.  This may take a few days to review and approve your profile.  You will need a government ID front and back, like your driver’s license.  Also, have your social security number on hand.

The reason, BlockFi must follow SEC government restrictions to help avoid fraud within cryptocurrency.  This is separate from Gemini as that is only where your assets are held.  Which, again, are in cold storage.

Does BlockFi report to IRS?

Yes.  They must in order to follow SEC guidelines and federal regulations.

How do you get in contact with BlockFi Customer Service?

Customer Service can simply be found by going to the main page, scroll all the way to the bottom, and click Contact Us.  All great reasons to consider the company.  So what is my final review recommendation?

Can I Trust BlockFi to Earn Interest on Crypto?

Yes, you can trust BlockFi.  Here’s why:  When it began in 2019, there were several large corporate backers.  These include Gemini founders and Billionaires Tyler & Cameron Winkelvoss.  There are thousands of customers for social proof.  Plus the company is SEC-approved and monitored by the US Banking system.  They are located in the United States and have become a leader in the Lending, Stablecoin Interest-earning Cryptocurrency Companies.

Final BlockFi Review: Earn Interest On Crypto Recommendation

We consider BlockFi a solid platform for growing your crypto holdings passively.  They are adding debit and credit cards soon.  Additionally, the savings accounts high yield savings annual percentage yield is outstanding among several coins with no limit, no monthly fee, mobile app,

Get started with BlockFi today and earn $10 FREE Bitcoin with a deposit of $100 or more.

Start your journey in cryptocurrency today with an 8.6% APY savings account rate (as we know it) on stablecoins such as GUSD or USDC.  Earn 6% on Bitcoin, and 5.5% on Ethereum.  A remarkable way to grow and protect your wealth from what I’ve experienced.


Buy Bitcoin on BlockFi and earn High Interest

Open a BlockFi account today with at least $100 and earn $10 FREE Bitcoin



BlockFi Review: Earn Interest On Crypto

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