$50,176.36 -9.67%
BTC · 3w

How to get free bitcoin (..slowly)

(Tried to post in r/cryptocurrency but was removed due to lack of Karma hopefully it works here) So before anyone gives me any grief I’m well aware credit cards can get people in a lot of trouble so if this applies to you please avoid an idea like this entirely! I have quite a few credit cards I’ve made loads of cash back and rewards from! When used responsibly they can be a great financial tool. (Key word responsibly) Anyways, I have been using blockfi for several months now and have been very pleased with the platform! Who doesn’t love some extra passive crypto.. anyways it got me to brainstorming how I might be able to juice up my blockfi interest payments without acquiring any significant additional risk. Most credit cards (granted you have good credit) off introductory interest free periods. I just signed up for one that is 0% APR for 15 months as well as 3 percent cash back on groceries. Blockfi allows you to deposit USDC and GUSD and earn 8.6% apr compounded monthly on your stable coin deposits. The cool part is you can get paid that interest in BTC each month! So where does the “responsible” credit card leverage come into play?? I plan to buy all my groceries with this new credit card. As I purchase items I will deposit the exact cash value of the groceries into my blockfi account as USDC and continue to let the balance roll over each month. At the end of the 15 months 0% APR period I will simply use all the deposited USDC to pay off the balance entirely but will be left with the 8.6 percent equivalent in bitcoin as well as the 3 % cash back from the card I can use to buy more BTC The real risk here would be blockfi as a whole screwing me over but granted they are a trustworthy long sustaining/thriving business there’s no reason this shouldn’t work to get some extra crypto. Yes I know it isn’t crazy money but if you’re like me any and all extra BTC is welcomed! Long BTC short the bankers!!!
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BTC -9.67% · · 15h

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