BlockFi Review: Pros and Cons. Is BlockFi safe?

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#1

Are you a native crypto user? Or perhaps you're curious about digital currency investing? If so, you've likely heard of BlockFi, one of the most popular exchanges in the industry today.

This is a companion discussion topic for the original entry at https://bitcompare.net/reviews/blockfi
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#2

Thanks for the detailed review :+1:

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I would like to learn more
#3
#4

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#5

Is BlockFi decentralised?

#6

Does BlockFi offer interest accounts or loans other stablecoins like AUD, EUR, GBP, HKD etc?

#7

Does BlockFi have an app?

#8

How long does it take to withdraw bitcoin from BlockFi?

#9

How do BlockFi pay such high interest rates?

#10

I notice that logging into BlockFi, it goes through a handshake with FaceBook. Why? What is the relationship between FB and BlockFi?

#11

How often does BlockFi change its interest rates?

#12

How does BlockFi make money?

#13

What currencies can I use with BlockFi?

#14

Hi Sam,

It takes one business day to withdraw funds from BlockFi.

Best,
Dean

#15

Hi Sarah,

You can have a savings accounts that earns interest on BlockFi with Bitcoin, Ethereum and GUSD.

You can get a crypto loan with BlockFi with Bitcoin, Ethereum and Litecoin.

Best,
Dean

#16

Hi Kyle,

BlockFi is not decentralised. It’s a centralised company that’s run and regulated in New York, United States.

While it uses some blockchain technology, it is technically not a DeFi (decentralised finance) product.

Best,
Dean

#17

Hi Dan,

Unlike others in the industry, BlockFi is a centralised platform that is funded through venture capital. While their rates are somewhat based on supply and demand in the market, they’re able to offer a higher, more stable rate because of their funding.

It could be a good idea to take advantage of that while you can.

#18

Hi Anna,

Yes, they do have an app for both iPhone and Android. The released it in early 2020.

#19

Hi Brad,

BlockFi makes money by having a “spread” on the interest rates. A “spread” is the difference between what BlockFi charges lenders and the interest rate they pass on to savers.

A hypothetical example of this is BlockFi could charge lenders 10% to borrow Bitcoin and pass on 8% to savers. The “spread” would be 2% and that would be part of BlockFi’s revenue.

#20

How do I see the latest BlockFi interest rates?