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BlockFi $100USD Bonus with $200USD Deposit Paid in Bitcoin (New Sign Ups Only)

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Halving2020

I received an email and saw on their website that they have a great sign up bonus. It does say no other promos so not worth trying to be referred.

I have been with Blockfi for a few months and they are reputable. In the same category as crypto.com and celsius.network.
Essentially, their goal is to onboard lots of people and loan out your holdings and pay you interest. It has no appearance of being a ponzi scheme and I have been in crypto since 2017 when ponzi schemes were everywhere.

Please note you can not withdraw your funds until after 30 July. They will earn interest until then, however.

If you don't like bitcoin you can fund it with a stable coin like USD tether. Up to you. I believe in the long term value of bitcoin so I am happy to hold and fund with bitcoin.

To celebrate the historic Bitcoin halving event this month, we’re offering a limited-time promotion to earn some extra BTC. Fund your BlockFi Interest Account (BIA) for the first time between May 11 and May 14 May 16, and you’ll be eligible to receive $100 in BTC on us.

There’s no time to wait. We’ll add $100 in BTC to your July Interest Payment if you make an eligible deposit in a BlockFi Interest Account by May 14 May 16, 2020 at 23:59:59 UTC.

Here’s how it works:

Sign in to the BlockFi Dashboard.
Make a deposit in your BIA of $200 or more of any cryptocurrency type and hold until July 30, 2020.
Get paid.
It’s that simple. Get $100 in BTC on us for funding your account for the first time.

The terms:

https://blockfi.com/promotions/?utm_campaign=Halving%20Promo...

Their twitter:https://twitter.com/TheRealBlockFi

Referral Links

Referral: random (177)

Offers Change Monthly. If code doesn't show in signup form, copy the code after ?ref= in the URL.

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closed Comments

  • ain't nothing in life is FREE!

      • Lol the silent burn

      • +1

        all those freebies ask you to register and/or download their apps, right? so you're basically paying with your personal details, correct?!

        • I posted this below
          BlockFi uses Persona and OnFido to provide our KYC services. When you create your account, you will be prompted to complete your KYC check.

          You can do your own research on each provider.

        • +4

          I am paying with my time by replying to you.

  • +1

    I've got a few hundred in crypto referral and joining bonus from various sites, these are the same as credit card sign on bonus. The aim is to get a small percentage that will use their business.

  • I think I need to have Bitcoin first to make deposit. What is the best site for buy bitcoins?

    • See crypto.com halving special 50% off purcharse up to $200 usd

      • Link?

      • means if you bought $200usd worth bitcoins only pay $100usd? sounds a very good deal.

        • Well combine with the blockfi offer, if you manage to link them all up it's $100USD for $300USD.

          • +4

            @shadowangel: True. However, I have done a few syndicates, you won't actually get $200 worth of bitcoin. It is still worth doing it. Essentially you buy their token, CRO, and you subscribe to the sale. Everyone's token gets counted and is divided amongst everyone.
            Long story, you will be lucky to get $15 in btc. It is a long game though. The goal is not a millionaire overnight. The goal is to build up your assets, learn more, and be aware of where the future is going.

            I have 10,000 cro staked so I will be subscribing the max amount, 16000cro, and I predict I will get about $60-$70 of BTC. But I will be paying $30 to $35 so worth it!

    • +3

      I use a few but I recommend coinspot. Go through a referral and get $10 with your first deposit. Just search coinspot for deals and click on a random referral generator. You can also buy tether from them if you want but I believe in bitcoin for the long run. Prices go up and down and with the halvening about to take place bitcoin is expected to initially drop in value. Predictions I believe in is it will be $23,000USD by Jan 2021 though.

      Long story short, you want to withdraw August and convert to AUS dollars then go with tether, USD. You want to have a bit of skin in the game then go with bitcoin or ethereum.

      • +7

        Little hint when using Coinspot, a lot of people don't realise that if you buy BTC a specific way on Coinspot it actually has the lowest fees of any exchange in Australia.

        1: Open up the buy/sell page on one tab, open up the markets page on the other.
        2: Check that the price on the markets page is a similar level to the buy/sell price.
        3: Buy your Bitcoin through the markets page when the price is as good or better. As opposed to the 1% fee you will instead only be charged 0.1%.

        Doesn't sound like a huge difference but believe me it adds up.

      • @Bargain Seeker, I haven't seen anywhere yet that says Bitcoin is expected to initially drop in value. Do you happen to have a weblink? Do you agree with them and why?

  • Smells like ponzi

    • +1

      "New sign ups only" to pay for old sign ups? What made you think that?

      • +3

        Another thing I do is match betting. It's a little different now with the lack of sports and a change in legislation but last year you could sign up with say sportsbet.com.au and deposit $750 and get $500 or so in bonus bets. Using an easy to learn system you could make a profit on the bonus bets of about 75%. They rely on people gambling it and they make profit.
        Now, once you do one you can't do it again.

        In this situation the goal is to get people into the platform long term, but quickly. If they onboard 2000 people a week and it grows quickly up to 10,000 a week the mass adoption will allow them to make more money and pay out more money back to the users.

        Finally, it's just advertising. Spend $20,000 on an ad campaign or do this have word of mouth that generates huge interest.

        So it isn't a ponzi, your logic doesn't fit.

        • I've made a little over $6000 in profit with matched betting over the last 11 months. Have been gubbed (i.e. banned from promotions) from all but two of the Australian websites now, but it was a good run while it lasted.

          Would probably be tough to do the same now the legislation has changed and they can't "offer" deposit bonuses to new signups.

          • @seboya: Yeah it's harder, but still all the promo horses do well. Do you use tabtouch for coming in 2nd? Guaranteed profit when there are 6 horses in a race and the favourite is $1.99 or less.
            Basically bet $50 with tabtouch with come 2nd promo. Then lay $35 to come first and lay to place for about $22.

            Also, open accounts in your partner or best friend if they are down.

            • @Bargain Seeker: Don't they pick up on it if it's the same address though? I do wonder how people get away with multiple accounts.

              • +1

                @indeedido: Don't use same address, don't login on same device or IP address, and don't use their APP.
                If they find that you have won more than you have lost,then you will no longer be their target customer, they may ban your account at any time for no reason.

    • +5

      In the crypto space some major pointers for ponzis are:
      website created recently. Blockfi domain registered in 2015
      No known info on their team. Anonymous is a red flag. Plenty of ask me anythings(not as many as celsius.network which I think is the best but no epic bonuses at the moment). https://www.youtube.com/results?search_query=ama+blockfi

      Website downtime. Their website is fine.
      Bad social media with few followers. Their twitter is good. https://twitter.com/TheRealBlockFi

      I really would have to say, after losing money in 2017 to bitconnect and other ponzis, this has no red flags. The space is still new.

      • I'm gutted because I recently signed up on a $15 bonus deal. The reason I feel comfortable with using BlockFi as opposed to a cold wallet is Gemini is their custodian (Heavily regulated US exchange) with full insurance for everything that is held in hot wallets. The policy is on the BlockFi website.

        • +1

          they still have $50 partner links before this. There may be additonal promotions soon.

          • @shadowangel: Yes I had a look at the CEO's Twitter and he's stated that there will be some sort of trading promotion for existing users soon.

  • Where do I add promocode?

    • +1

      When you sign up there is a section under "Select account type". It says "referral, optional"

      • So instead referra code, I use "Halving2020"

  • and you must maintain a $200+ balance through 23:59:59 UTC on July 30, 2020

    does this mean you need to top up your balance if say Bitcoin devalued and your initial contribution of $200 is only worth $180 in 10days?

    • +4

      The deposit needs to hit your account at or over $200. it does not matter if it goes under after, as long as you do not attempt to remove it before the claim date.

      As exchanges have there own rates $200 might not be $200 on blockfi, always add 5-10% to meet the minimums.

      • I've always used stablecoins for this kind of promo for Celsius and hasn't missed any promo so far. Do you think it should be the same for blockfi?

        • +1

          Blockfi are very good with promotions too but unlike celsius where you can just deposit more, blockfi you can't. so 5%-10% extra is good to be safe.

          • @shadowangel: Thanks!
            Do you mind sharing your general portfolio (nothing specific) and platforms?
            I'm still on the conservative side so I've got about 70% in Crypto.com and 30% in Celsius all in stablecoins deposit.

            • +2

              @rookie317: I don't really trade. hold/spend crypto daily.

              Exchanges
              Gemini, Coinbase, Coinspot, BTCMarkets, crypto.com

              Savings
              Blockfi/Celsius - making use of those promo codes currently.

              Gemini i use for it's custodian wallet for funds i move often. Free to move inbetween blockfi, celsius, cold wallets or to an exchange. Unlimited deposit address creation is very handy.

              • @shadowangel: @rookie317 Not that you asked but I am a bit more bullish on crypto.
                I am similar but I also stake some Tezos, I have a self managed super fund and a portion of the assets are in Celsius.

                I believe this asset class, crypto, will be huge and we will have a bull run that will last a few years. For that reason, researching some little alt coins and investing in those I am also doing.

                One thing I have learned is to dollar cost average(invest weekly, not all in), to really research any project that a youtuber gets paid for, bitcoin and ethereum are my buggest holdings for safety, stablecoins I am not too into and I guess I only have a few hundred dollars of stable coins.

                I am looking into Teeka Tewari and his coin predictions. One of them is the MCO token, which is crypto.com's token, so I feel there is some truth in it.

              • @shadowangel: What's this unlimited deposit address creation your talking about? PLS explain. Many thanks

                Ben

              • @shadowangel: With Blockfi, Celsius, Gemini, Crypto.com - how do you get notified of these promotions?

                • +2

                  @abadacus: that's hard to answer as they come from everywhere. I have scripts that look and check, Email, Reddit, Twitter, Telegram, then i have people that message me if i miss anything. Only a very small percentage ends up here on ozbargin.

  • +3

    Copy and paste my comment from last blockfi deal

    For people who saw crypto and think of spam&fraud,

    Q1. Are my funds safe/secure?
    A1. Gemini is BlockFi's primary custodian. Gemini keeps 95% of their assets in cold storage and 5% in hot wallets that are covered by insurance provided by Aon. Gemini is a licensed custodian and regulated by the NYDFS. Deloitte recently completed a SOC2 examination of Gemini's custody solution — you can read more about Gemini's SOC2 compliance here and about their security here.

  • +1

    Noob here. Free money?

    • Free if you have/Buy crypto :)

      • noob here too, do you have to buy 1 crypto coin or can you buy like some % of a coin? since a coin is worth ~13,000 at current checking.

        • no, for BTC you can buy a dollar amount.

          I personaly recomend USDC, which is backed by USD. This is avaliable on Coinspot.com.au (make sure you use a referal) and Crypto.com

          • @shadowangel: A crypto backed by the USD? So it's basically the same thing as a prepaid visa card but without the security?

          • @shadowangel: question, if $1 of stablecoin like USDC is likely to be worth the same in the future, why do we invest in stablecoin instead of bitcoin? (P.S I just started googling stablecoin, USDC and shit. Didn't even know what they are before this post lol).

            • @Nick K: If you are an investor it doesn't make since. If you are to do this offer to limit potential loss it makes more sense.

              • @shadowangel: potential loss such as? (noob here).

              • @shadowangel: Cryptocurrencies are VERY volatile

                The most famous stablecoin is Tether (beware). A useful technique when trading (not buying and holding) is to ride the upward volatility…get your increase in value, and then before the downward volatility you transfer some of your value to a stable coin, where the value of your BTC or BTC equivalent has now been preserved relative to the USD. I.e. everyone else are losing value on the way down, but you have preserved your value relative to the USD.

                Then you can transfer your value back to BTC or an Altcoin in anticipation of another price surge. You can do this as many times as you want.

                It's not as easy as it sounds though, because timing the market, just like in the stock market is tricky, and also there is the whole danger of certain stable coins…..see Tether.

              • @shadowangel: edit double comment, my stupid mouse is acting up these days.

                • @rizza: Tether is not supported by blockfi. USDC and GUSD are the ones to use if you use any. GUSD is converted in to USD if you deposit in to Gemini.

                  USDC is supported on coinspot and coinjar.

                  • @shadowangel: Wasn't talking about blockfi. You asked about potential loss.

                    That is why stablecoins are used.

                  • @shadowangel: Wasn't talking about blockfi. You asked about potential loss.

                    That is why stablecoins are used.

  • After reading the terms this may also apply for existing accounts, as long as the account has not made a deposit before now.

    Just a note.
    Blockfi doesn't support Tether. USDC & GUSD is supported. USDC is avaliable on Coinspot.com and Crypto.com

    Gemini & Coinspot are investors in Blockfi.

    Also, Identity checks are done by third partys.
    BlockFi uses Persona and OnFido to provide our KYC services. When you create your account, you will be prompted to complete your KYC check.

    • Coinbase.com*

      Coinspot is the Australian exchange which you can also buy USDC from.

      • haha nice spot. Yes Gemini & Coinbase are investors in Blockfi.

        • +1

          Just FYI I happened to log in to my CoinJar account tonight and they have a better rate for USDC at the moment. Right now its $1.53 per USDC on Coinjar vs $1.565 on Coinspot. Not a huge difference but worth pointing out!

    • +1

      Does BlockFi just use a third party for KYC so you enter your license number or whatever and they verify it, or do you have to do the stupid upload your passport and photo etc. like the US based exchanges all used to do?

      • +1

        Third party KYC, took 2 minutes. Sent myself an e-mail link and did it all from the phone, photo of passport page and then a selfie of your face from 3 angles. At least you don't have to write a bunch of symbols on a bit of paper and hold it up with your passport!

  • Crypto will pump hard with bitcoin halving and ethereum 2.0 coming (2 massive events for the top 2 coins in crypto world). Just have a look at previous BTC halvening and the charts, dont be a fool.

    Ethereum 2.0 has been years in the making, there is huge anticipation for the next generation of smart contract network with staking.

    Future will be digital currency and everything run through smart contracts

    This is year of the crypto not stocks

  • +1

    This is an excellent deal. I'm very disappointed as I recently signed up through the Brave promotion for a measly $15 lol.

    Just had a look through the terms though and I think if signing up make sure you read the fine print:
    Halving 2020 Promo
    and you must maintain a $200+ balance through 23:59:59 UTC on July 30, 2020.

    Please note that cryptocurrency is notoriously volatile so I would be making sure there is more than $200 USD if you're expecting to get the bonus. Excellent promotion as long as you're aware of that fact.

    • +1

      I overlooked that. ill try and confirm with blockfi. Your better off buying USDC from coinspot.com/crypto.com for this promotion. BTC will be very volitile along with all other coins for at least a few weeks/months.

      • Ah of course, I didn't even consider buying a stable coin. Great point.

      • Is there any confirmation on the site when the deposit has been made for the $100? Like how celsius say x amount pending, or we just have to wait till July 30? And yes let us know regarding the 200. Thanks

        • +1

          no, it's only shown when it's paid. With the recent trading promotion it was paid early. If it does get paid early don't withdraw until the terms are met. Otherwise it will show on your interest statement when paid and on the website and mobile app.

  • Does this stack with other existing offers - e.g. May Brave as mentioned here?

    • no. the trading promotion last month did. this offer requires you to enter the referal code.

      • Yes thank you, we can only put in 1 referral code when signing up.

        Why do we have to fill up our personal details including home address and DOB after signing up? This is a bit worrying.

  • I do stocks but am a complete noob when it comes into crypto currency. Could anybody help a mate out? I wanna start having some bitcoin and this sign up deal looks good. From the comments I see you have to have/buy bitcoin first in order to get this deal? How do I start? Thanks in advance, oz people :)

    • I can help you, just send me a pm if you are stuck. BTC is best bought over time and not all at once. It's very volitile, durning halving more so.
      BTC has high withdrawal fees atm, to complete this offer your better off purchasing USDC and just keep the $100USD of BTC and keep adding to it.

      • stablecoin is basically stable price? The chance of it going up and down is low so why do we invest in it?

        • Nick that's exactly the appeal of the stablecoin. You move into it when you want to hold your value, say you think BTC will crash. It's not for investing in to make a profit per se. For this deal if you're only purchasing the required amount for the free $100 BTC then you would be better off with the stablecoin as you have to maintain an account value of over $200. So the benefit of the stablecoin is you will know that your balance will certainly remain over $200 for the promotional period as the fluctuations in BTC price might drop you below the required balance.

    • +1

      Instead of bitcoin which fluctuates in value, you are better off buying a stable coin as you need to maintain at least USD200 in your interest account throughout the period. You may buy USDC via CoinSpot first, make sure you buy 5-10% more in case of exchange fees and just to be safe, then transfer to your Blockfi interest account.

  • good chance btc will drop from a 'buy the rumour, sell the news' thing as usual so the 200USD you buy in BTC today could be worth 30% less if it drops back to 6k as it's been doing lately anyway ranging btw 6-10k

  • I accidentally deposit 200AUD… Does it work if I deposit 200 more…?

    • in blockfi ? no it needs to be $200USD or more.

      • Yes I mean to say, does it work if I deposit the second time to reach 200USD ?

        • Not sure as from the T&Cs - "you must have a balance of $0 on May 10, 2020, this must be your first ever deposit in the BlockFi Interest Account, and you must maintain a $200+ balance through 23:59:59 UTC on July 30, 2020"

          Not sure if sending over in the 2nd transaction would invalidate the requirement of the deposit being the first. But no harm trying I guess since you've already sent 200AUD over.

        • no, it won't work with a secound deposit.

        • +1

          Keep an eye out for other promotions, they are working on ones for existing users in the future.
          https://twitter.com/BlockFiZac/status/1259933629616132096

        • seems i was incorrect. read below. you should be able to make up the balence.

    • make sure you check out celsius, gemini, coinbase promotions.

    • +2

      I just confirmed with support that it doesn't matter if you do multiple deposits.
      Here's what they sent me:

      Hi bonezAU,

      Thanks for reaching out to BlockFi. Multiple deposits are fine. To be eligible, you must have never funded a BlockFi wallet before. Please disregard the referral code, as long as you fund your BlockFi account for the first time, you are eligible. Please see full terms below:

      Halving 2020 Promo
      Offer valid until 23:59:59 UTC on May 14, 2020. To be eligible for the promotion, you must have a balance of $0 on May 10, 2020, this must be your first ever deposit in the BlockFi Interest Account, and you must maintain a $200+ balance of any supporting crypto at BlockFit through 23:59:59 UTC on July 30, 2020. You must also have a valid Halving promo code or receive a targeted email to be eligible for this promotion. This offer is not valid in conjunction with any other current or past promotions. The $100 payout in BTC will be based on the price of BTC at the time of the payout. The bonus will be paid on the first business day in August, 2020.

      Please let me know if you have any other questions or concerns.

      Best,
      Daniel

      • great. very diffrent from there other promotions.

  • +5

    For anyone who's curious - to be as safe as possible, I just bought 250 USDC for about $400 AUD on CoinSpot. I then transferred this to my Blockfi's USDC address - the transaction fee was 1.3USDC (by CoinSpot) and interestingly you cannot transfer decimals so I did 248 USDC. Fingers crossed this works.

    • that will work. interest will help pay the transfer fee.

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