Is it safe to transfer my 100k from bank saving account to BlockFI? Don’t want trade, but 8.6% interest looks tempting.
Multiple questions
1: Any applicable fee when I transfer to or from BlockFI?
2: How safe is my money. What if BlockFI stop working or go bank corrupt tomorrow?
3: Can I get it back in back account anytime?
4: How much will be the interest on 100k? BlockFI agent told $90@ @month, sounds incorrect as per my calculation.
5: Any other considerations you like to share?

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It’s not FDIC-insured so there is more risk compared to a bank account but it’s up there in the list of most legitimate companies in the crypto space. Extremely liquid and easy to withdraw to a bank account (one free stable coin withdrawal per month). I personally use it for keeping quite a bit of my “cash” but not all of it in case something happens and it goes under.

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Use Celsius, not blockfi. Higher interest rates, $500 promo code right now (see website), more robust company overall. Also unlimited free withdrawals (not one per month like blockfi).

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I have been using Celsius and it’s better than BlockFi. Dm me for referral if you need one.

1. You get one free stablecoin withdrawal / month. Free to deposit USD, BlockFI will auto convert to GUSD for free
2. You lose your money if BlockFI goes down. The owners lose their money first, though. Don’t know what you mean by “go bank corrupt”
3. Once / month, there are some reports of it taking a long time. YMMV
4. 8.6% APY, compounded monthly
5. It’s not FDIC insured

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I have $80k split between BlockFi and Celsius. On BlockFi I keep USDC, and on Celsius I keep GUSD.

That way I split the risk as much as possible.

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I agree with splitting it up for safety since it isn’t FDIC insured. I have $25k at BlockFi and $25k at Voyager for my down payment.

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Only do what you’re willing to lose. I have a lot of crytpo holdings and I’ve only put .5 ETH there so I can get on the waitlist for their credit card. It may be safe, but BlockFI is a few years away from being a trusted space in crypto

Yea i did it (not 100k but 5 figures)

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