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I’m going to start by saying, this isn’t financial advice. I am not an expert, and you should do your own research after reading this.
Bitcoin has reached an all-time high right now, and it’s never been such an exciting time for crypto investors. If you have bitcoin stashed away, it’s probably not earning you extra money. This is money you could be earning while bitcoin goes through its ups and downs.
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BlockFi is a company where you can send them your bitcoin, and some other cryptocurrencies. They will then lend out the bitcoin to borrowers. In return, you receive a percentage of the money lent out. It is very risky because your money isn’t protected, which you probably already realised anyway. If you have a large amount of bitcoin, I would recommend sending some of it, and seeing how it goes.
I only have a tiny amount of bitcoin which I received for free and built up over time. All of my bitcoin has been moved over because if I lost it, then it would be no loss to me. I recommend you do the same. If you have made extra amount from holding, then it might be worth investing some of that into BlockFi.
I gave BlockFi my bitcoin last month, and it was around $50.70 worth at the time. So far, as bitcoin has risen, my money in has gone up to $60.33, and the interest received since then is 24 cents.
It’s not a lot, but then I haven’t been doing it for long, and I haven’t invested much. If you invest more or spend longer on the platform, then you will earn more. The interest earned on bitcoin is 6%, and they do allow other cryptocurrencies. Some earn more than others. I think it’s best to take a look and decided whether the platform and what you invest is best for you.
If you want to take a look, and decided if it’s right for you. Head over to BlockFi to learn more. If you have any questions, then you can comment down below. I will do my best to answer them.
If you would like to learn more and see a wider range of options, then I suggest you take a look at this article. It goes into a lot more detail, and you will come out of it with more confidence. Also, I can recommend a YouTube video which helped me make the decision. (Timestamped to help you out).
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