How to Earn Interest and Passive Income on your Crypto Assets with Blockfi

Then add your location details: country, address, city and zip code. Click the edit icon to enter these details.

2. Verify Identity

Click VERIFY IDENTITY (make sure all add blockers are turned off).

3. Select your Preferred Identity Document

4. Identification Document Verification

You have two options, use your mobile to take a picture of your preferred Identification Document and follow a secure link to upload to Blockfi. The second option is to upload a copy of your Identification Document from your computer directly. I used the second option.

5. Approving you Identification Document

Note: this did take a little time to approve. If you are having any issues with processing your Identification Documents contact Blockfi Support at support@blockfi.com. I have found them to be very responsive with any issues raised.

6. Blockfi Account Approved

You will be notified when you account has been approved.

You can now deposit your crypto assets into your account to start earning interest.

Note: Blockfi has removed the minimum deposit requirements

1. On the Account Summary page select which crypto asset you want to deposit (Bitcoin, Ether or GUSD)

2. Click DEPOSIT to display your unique deposit address

3. Unique Deposit Address

Deposit funds into your unique deposit address.

You will then receive an email to confirm the deposit has been received.

Note: Some users have reported delays in receiving Ether deposits into their Blockfi account (up to 24 hours). If this occurs, don’t panic as nothing has been lost, I would suggest you reach out to Blockfi Support at support@blockfi.com.

4. Earning Interest

You are now now earning interest on your crypto funds, interest is paid monthly and compounds over time. So for example if you deposit 1 BTC into your Blockfi account, at the end of 12 months, your new balance would be 1.062 BTC thereby earning 6.2% in annual interest.

If you hold the Bitcoin in your Blockfi account for a longer period, say three years, that would in turn result in 1.197 BTC or nearly a 20% total return due to compound interest effects.

You will receive a monthly statement that is sent to your registered email address that shows the interest payments received.

You can also review your interest payments and account amounts on your on main page.

So you are now earning interest on your crypto funds. A couple of practical things to consider.

1. Withdrawal Limits

You are entitled to one free withdrawal per month. This free withdrawal can only be applied to one currency each month. For each subsequent withdrawal request within that same month withdrawal fees are applied. The fees currently stand at 0.0025 BTC & 0.0015 ETH. There is no withdrawal fee for GUSD.

So, if you plan ahead you can easily avoid the withdrawals fees and take advantage of your one free withdrawal per month.

2. Enable two factor authenticatior

To provide a second layer of protection of security, I would recommend you enable two factor authentication on your BlockFi account. When you login, you’ll be prompted to input your password and a verification code generated by authenticator app.

You can setup 2FA on your BlockFi account easily using the Google Authenticator available on Android and iOS mobile devices. Don’t forget to write down and store your authenticator token code in keep it a safe and accessible place.

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Published at Sun, 08 Dec 2019 15:41:31 +0000

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