Lending Bitcoin for DolphinsIntroduction
Let’s start by getting one thing out of the way. Not your keys. Not your bitcoin. I’m going to get bombarded by people telling me this. It’s great advice. For the rest of you who don’t keep all your money in the form of mattress stuffed cash, let’s move on.
Here’s the second thing. I wrote this article not as a way to spam people about referrals. I really hate the amount of ass kissing articles on medium about this sort of thing which are nothing more than long winded referral links when viewed with a critical eye. I am writing this as an honest review of all these places and I hope that will show in this work. This will be a long one. I’m hoping to answer all the questions that I myself had earlier this year for everyone else.
I did a significant amount of research before I put some bitcoin into these places. Despite feeling them out as much as I could, I still felt like I was plunging in. Most reviews and articles made no mention of how much money was put in. Or they were small amounts. It’s quite okay to show a platform works when you deposit $100. But it’s another thing for someone who wants to deposit $1,000,000 and test the limits.
I put a significant amount of bitcoin in whilst exploring various institutions.Lending BlockFi
BlockFi offered the Bitcoin Interest Account in March 2019.
Let’s assume you’re willing to trust BlockFi. They do lend out cash for crypto collateral. And that gives them profit. Don’t listen to their pitch about low 4.5% low interest rates on crypto backed loans. I submitted an application for $250,000 and when it came time to sign the loan, it was 11.25%. This was shitty enough for me to walk away but good for BlockFi if they’re making money on this. I don’t have enough space in this article to speculate on how profitable they are and whether to believe that they make their money how they say they make their money. But they make no qualms in t...