Did you know that you can earn passive income on your cryptocurrencies? There are a lot of opportunities to earn free bitcoin but not too many people know how. I’ll show you how I earn free btc that compounds monthly with the BlockFi interest account.
How Much Interest Can You Earn At BlockFi?
BlockFi gives out one of the higher interest rates on bitcoin I’ve seen. If you deposit up to 5 btc you will receive 6.2%. Deposits after 5 btc will receive 2.2%. So for example, if you deposited 8 btc you’ll earn 6.2% on 5 bitcoins and 2.2% on the remaining 3 btc.
The interest rates on eth are 4.1% if you deposit up to 1000 eth. Deposits after 1000 eth will receive only 0.5%. With a rate that low it doesn’t make sense to deposit more than 1000 eth.
BlockFi has now added litecoin to their list of cryptocurrencies. You can deposit any amount of ltc and you will earn an interest rate of 3.8% on it.
Now for people who don’t want the volatility in price that comes with bitcoin, ether, or litecoin, with BlockFi you can earn interest in the GUSD and USDC stablecoin. With the Gemini dollar (GUSD) and the USD Coin (USDC) you will earn an interest rate of 8.6% with any amount.
The best thing with BlockFi’s interest rates are that they are compounding. This allows you to earn more interest on your cryptocurrency every month.
Are There Any Fees?
To deposit cryptocurrency into BlockFi there are no fees. To withdraw bitcoin, ether, litecoin, USDC or GUSD you will get 1 free withdrawal per month. After that there is a 0.0025 btc fee for each additional bitcoin withdrawal. Ether will incur a 0.0015 eth fee. Litecoin will have a 0.0025 fee after the first withdrawal. The stablecoins USDC and GUSD will charge a small fee of $0.25.
The fees are on the high side after the one free withdrawal considering other companies such as Celsius do not charge any fees. However, with the high interest rates that BlockFi gives on bitcoin, it makes it worth it.
Minimum To Deposit
There are no minimum deposits for the Blockfi interest account. All balances will be able to accrue interest.
How To Start Earning Free BTC
First go to the BlockFi website. Then click on the get started button.
After clicking the get started button you should arrive here. Go ahead and fill out your information. You can enter d024051e as my referral code. Next check all of the boxes then click continue.
After that you should be at the verification page. Check your email to see that they sent you the six digit verification code. Take that code and enter the numbers into the boxes.
After entering the 6 digit code, you will arrive at your personal information page. Click on the blue circle to edit your personal, contact, and location information. If you live in the United States you will need to enter your social security number in the personal section.
After this you will need to complete the identification process. You will have to upload your driver’s license, passport, or identification card. When you have completed the identification process you’ll have to wait for your account to be approved. It took less than 24 hours for mine to get approved. It was a quick process.
After your account has been approved you can start to earn free btc. Go to your dashboard and click on the deposit button.
Next, select which cryptocurrency you want to deposit.
I selected bitcoin as my deposit. Next you will see a qr code and a bitcoin address. You decide which one you want to use to deposit your bitcoin. To test it out I deposited 0.1 bitcoin to the given bitcoin address.
When you deposit your bitcoin you will receive an email from BlockFi saying the deposit is being initiated. In about 20 minutes I received another email from them telling me my deposit has been confirmed.
Now go to your dashboard and you should see your bitcoin has been deposited.
Next is where the fun part begins. After that you will receive a statement from BlockFi at the beginning of the month showing you how much interest you have earned from your deposits.
Congrats you are now earning free btc in your account! It was really simple, right?
Another Option To Earn More Bitcoin
A new feature that BlockFi just added is the ability to choose how you want your interest to be paid in. Meaning if deposit eth and GUSD you can choose to receive those interest payment in bitcoin. This is an amazing feature for everyone to earn more free btc.
To enable this feature click on your name then click on settings.
Next click on the interest button. Then you will see 2 options for interest preferences. Go to all interest paid in the currency of your choice (flex). Now select BTC.
Go ahead and select save changes.
Click on confirm.
Now you are earning bitcoin on your ether and GUSD deposits.
How To Withdraw Your Cryptocurrency
Now that you are earning all these extra bitcoins what if you need to withdraw them. To take your crypto out of your account go to the main dashboard. Click on the withdraw button in the top right corner.
After clicking on the withdraw button, you can select which cryptocurrency to withdraw.
Next fill out the amount you want to withdraw and your bitcoin wallet address. Also, there is no free to withdraw. You only get one free withdrawal per month then BlockFi charges a 0.0025 btc fee after that to withdraw your bitcoin.
After filling everything out your withdrawal will be processed.
Conclusion
As the price of bitcoin rises the ability to accumulate more bitcoin gets harder. BlockFi gives you that opportunity to get free btc with their interest account. Why not earn passive income while you are holding your cryptocurrency?
To start earning free bitcoin sign up at BlockFi. So far its been a great experience for me. Hopefully it will be for you to!
