• BlockFi Review Is It Still Safe & Trustable

    A few days back, I talked about how to earn interest in Bitcoin, and based on our research, BlockFi came out as a widely used and trusted product. In the crypto-verse, an undisputed rule is “You are your bank”, and services like BlockFi raises a lot of questions, as we are literally lending our Cryptocurrencies like “Bitcoin” to a 3rd party to earn interest.

    Without a doubt, using a platform like BlockFi and Cryptocom is riskier than storing crypto in our wallet, and hence it should not be seen as the same thing. These platforms are typically an investment instrument, which offers you a lucrative interest rate on your crypto holding.

    Before we move ahead, I have one important question for you:

    What do you think is the future of the cryptocurrency market?

    If you believe cryptocurrencies offer better financial governance than the current financial system, then you may agree that it has to bring some of the good parts of the traditional financial system.

    Borrowing and lending are what fuels the financial market, and platforms like BlockFi, Celsius are bringing this to a retail user like you and me.

    But there are many questions which remain:

    • How safe is BlockFi?
    • Is BlockFi a scam or a legitimate service?
    • Can we trust BlockFi with our crypto assets?
    • How are the team/people behind BlockFi?
    • What happens if BlockFi shuts down tomorrow or worse get hacked?
    • Is BlockFi the best option among its current peer?
    • How easy or tough it is to use BlockFi?
    • How does BlockFi make money?

    Just like you, even I was curious and skeptical before I started using BlockFi.

    However, it definitely makes sense as services like crypto banks like BlockFi, Crypto.com are going to be there. They are definitely going to fuel the next wave of crypto adoption by creating more use cases for cryptocurrency assets.

    However, for you, it is of utmost importance to learn thoroughly about these platforms before you use them. In the traditional sense, you would definitely take a recommendation for picking a bank and will avoid shady banks. Similarly, in the world of “Crypto banking”, you need to follow the same principles.

    Now, in this long and detailed review of BlockFi, I’m uncovering everything about BlockFi that you should know. Also, since I’m a user of this platform, I will keep updating this detailed research so that it stays updated. I will timestamp the new updates at the bottom of this article