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

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Bargain Seeker on 12/05/2020 - 08:29 blockfi.com (1410 clicks)
Last edited 15/05/2020 - 10:43 by 1 other user

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

Financial Cryptocurrency

16 May 2020 9:59am

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Shwayne on 12/05/2020 - 13:41

So you're telling me I can deposit an amount of crypto, get 8.6% in interest, then take out half of the deposit as a 5% cash loan using the crypto as collateral, buy more crypto, and reinvest?!
- ghoul666 on 12/05/2020 - 14:02
  
  Nope, the loan interest rates on blockfi around 12.5% which is how they can pay you 8.6% on your crypto deposit.
- shadowangel on 12/05/2020 - 14:31
  
  no, when you take a loan your crypto is collateral. You also earn no interest on it.
  
  That collateral used Blockfi earns interest on, which is one of the ways they can pay more.
- firestint on 12/05/2020 - 18:52
  
  At a guaranteed return of 8.6% p.a., isn't this much better than any other investment you can currently find in Australia such as shares, bond? Am I missing something here?
  - shadowangel on 12/05/2020 - 19:40
    
    That is correct. There is a conversion fee to buy and sell USDC in Australia, there will also be a small withdraw fee from an exchange.
    
    Blockfi Pays monthly.
    Celsius pays weekly
  - MattL on 13/05/2020 - 00:09
    
    You're missing that you get a free $100 USD,
    
    Also shares are not guaranteed at all. You're probably guaranteed to lose money on shares within the short to medium term future.
    
    Think of this type of investment like a bank savings account. You're not going to get crazy rich off it, but you'll get a consistent return for very little risk.
    - firestint on 13/05/2020 - 11:08
      
      Yes not to mention the free 100 USD too! And you're right that a better comparison is a fixed deposit / savings accounts which give even more miserable returns.
d-hunterz on 12/05/2020 - 13:42

Could anyone confirm if a wire transfer of $200 USD would be eligible for the promotion?
- shadowangel on 12/05/2020 - 13:58
  
  I sent them a message on twitter. It should work as it will be converted to USDC. How are you doing the wire transfer ?
  - d-hunterz on 12/05/2020 - 14:36
    
    as far as I can remember reading, It will be converted to GUSD. But considering the hassle of doing an international money transfer, I would not do it.
    - shadowangel on 12/05/2020 - 14:42
      
      GUSD yes you are correct. blockfi has 1-1 trades with usdc and vice versa.
- ghoul666 on 12/05/2020 - 13:59
  
  Why are you gonna wire it? pay such high fees, just open an btcmarkets account osko your aud buy btc, transfer to blockfi.
  - d-hunterz on 12/05/2020 - 14:37
    
    Because of the price stability.
    - shadowangel on 12/05/2020 - 14:41
      
      the only concern i have is wire transfers might not clear in time. Wire deposits are converted to a stable coin GUSD. GUSD-USDC can be converted on blockfi 1-1.
    - TheGoodPart on 12/05/2020 - 21:56
      
      If you purchase USDC off an Australian exchange to send there it will be pegged to the USD so your balance in USD will not actually fluctuate.
- Spazmos on 14/05/2020 - 10:04
  
  Done a wire transfer from my citibank plus transaction account at midday yesterday. Sent 230usd thinking that the receiving bank may take fees, but to my surprise the full 230USD was received in blockfi and automatically converted to GUSD at 11:50pm last night. The citibank conversion rate from aud to usd was not to bad either (0.635 compared to 0.645 on XE).
  
  The only thing is how do we get the money out? Looks like there is a $30usd fee when trying to wire money out of blockfi… Anyone knows a cheaper way around this?
  
  edit: also it looks like the minimum withdrawal for wires is $5000USD…
  - shadowangel on 14/05/2020 - 10:35
    
    GUSD is directly supported on Gemini. You should be able to add your account there.
    make sure you search on Ozbargin for the referal code there as well, Activate active trader mode and collect another $10usd BTC on your way to cash out. (Paid next working day)
    
    I have not yet tested this. The other alternative later on is to send everything to a local exchange like coinspot. GUSD can be converted on blockfi 1-1 for USDC.
  - d-hunterz on 14/05/2020 - 11:03
    
    I noticed it too yesterday, Withdrawing BTC fee is 0.0025 which is almost AUD$37 which is shocking. IMO keeping it there until the end of July to get your $100 in BTC then convert/Swap all to ETH then transfer to your crypto account, the fee for which is 0.0015 et( almost $0.50).
    - shadowangel on 14/05/2020 - 11:04
      
      +2
      
      1 Free withdrawal per month for BTC, ETH
      1 Free withdrawal per month for stable coins.
      - d-hunterz on 14/05/2020 - 11:09
        
        @shadowangel: Oh really, I didn't see it anywhere.
        
        shadowangel on 14/05/2020 - 11:33
        
        @d-hunterz: you are right. it's not on the fee page, they use to charge for all withdrawals but it's been this way for over a year now. If you login to your account and go to the withdrawal page.
        click the (i)
        
        this will bring up that information.
        
        On the withdraw page it will show the fee, if it does not currently say it's free it should be next month.
hornet400 on 12/05/2020 - 13:59

+6

celsius deal was legit and so is this don't be mislead by some user comments, these platforms probably have better security than most shopping websites you browse and buy from everyday. Just my 2 cents.
- shadowangel on 12/05/2020 - 14:34
  
  +2
  
  yes it was, keep an eye out on the Celsius posts. Promo codes are posted often. Also by the sounds of it Blockfi will be doing promotions for existing users there too.
- pmx7 on 12/05/2020 - 20:22
  
  +2
  
  what's the celsius deal I must've missed it?
  - shadowangel on 16/05/2020 - 17:02
    
    +1
    
    Most of the promo codes expired now. At one point it was $200usd for $500usd deposit and the release new deposit codes every few weeks that work for existing members.
    - pmx7 on 17/05/2020 - 20:20
      
      wow thats huge. ill need to keep an eye out for those deals
      - shadowangel on 17/05/2020 - 23:56
        
        +2
        
        @pmx7: There is one running thats $150 USD :)
        
        pmx7 on 18/05/2020 - 11:35
        
        +3
        
        @shadowangel: oh really? where can i find this? on the celsius deal page most seem to be expired?
nugga1984 on 12/05/2020 - 14:29

+2

Thanks OP and @shadowangel and others for the great user support!
iLoveYourFace on 12/05/2020 - 16:00

+1

I just signed up and made a BTC transfer without realizing I needed to put in the promo code :facepalm:
- shadowangel on 12/05/2020 - 16:15
  
  Oh, no there is still celsius.
- barghunt1 on 12/05/2020 - 16:29
  
  What was the sign up process like?
  - shadowangel on 12/05/2020 - 17:05
    
    Celsius is the same or similar to Blockfi. they both use onfido for ID checks (KYC).
MattL on 12/05/2020 - 20:08

+2

For anyone new to Crypto I recommend you check out Nuggets News. His youtube videos have been awesome over the years, he's also got a great website with a lot of information for beginners
https://nuggetsnews.com.au/resources/
G Wok on 12/05/2020 - 20:10

is it cheaper to send ETH or LTC then convert to btc on block-fi?

Unclear what the spread is because they don't had a set %conversion fee
- shadowangel on 12/05/2020 - 20:57
  
  blockfi has a hidden spread in trade.
devilbabies on 12/05/2020 - 20:24

crypto.com was better for me than coinspot when buying USDC.

just spent $au343.44 to buy 219 USDC on crypto.com (after 1 withdrawal fee) (and paying in $US using ING)

the same $au343.44 would only get me 215.45 USDC on coinspot (after 1.3 withdrawal fee)
- G Wok on 12/05/2020 - 20:29
  
  yeah…cost me 367AUD for similar amount 220USD in LTC…damn spread
  - TheGoodPart on 12/05/2020 - 21:54
    
    G Wok be careful, per the terms and conditions of the comp if your balance drops below 200 USD you're ineligible for the free $100, so Litecoin could possibly fluctuate below that $200 limit.
- shadowangel on 12/05/2020 - 20:56
  
  Crypto.com still has there 0 fee promotion, there is nearly no fee on the transaction and withdraw fee.
  - bonezAU on 13/05/2020 - 00:32
    
    There is a withdrawal fee. I purchased $225 in BTC today and paid a 0.0003 BTC fee to get it across to BlockFi. No credit/debit card fees until the end of June though.
    - shadowangel on 13/05/2020 - 00:42
      
      BTC has a high withdrawal fee. ERC-20 coins like USDC, ETH will be lower. you need to watch that the deposit does not dip below $200usd.
pHyR3 on 12/05/2020 - 22:02

+1

If anyone is interested I put up a detailed guide of how to take advantage of this deal if you haven't dealt with bitcoin much before (like me) on the subreddit /r/beermoneyaus

Mod: Edited
- JHoliday on 12/05/2020 - 22:28
  
  +1
  
  How do I transfer the $210 USD from Crypto.com to BlockFi?
  - pHyR3 on 12/05/2020 - 22:34
    
    +1
    
    Ah, you'll need to signup to BlockFi before you can transfer. I've edited the instructions :)
    - JHoliday on 12/05/2020 - 22:41
      
      +1
      
      Yeah I've done that as well… then what? :)
      
      Thanks for your help BTW
      - pHyR3 on 12/05/2020 - 22:42
        
        +1
        
        @JHoliday: To transfer, get the QR Code from BlockFi by hitting 'Deposit' and Bitcoin, then go to the crypto.com app and click 'Transfer' then 'Withdraw,' 'Crypto' and 'External Wallet'
        
        does that work?
        
        JHoliday on 12/05/2020 - 22:57
        
        +1
        
        @pHyR3: And how long does the transfer take from Crypto.com to BlockFi?
        
        "Your USDC withdrawal request has been received. We will notify you when it has been completed. If you didn't initiate this request, please contact our customer support immediately."
        
        pHyR3 on 12/05/2020 - 23:07
        
        @JHoliday: took me maybe 30min - 1 hr
        
        JHoliday on 12/05/2020 - 23:17
        
        +1
        
        @pHyR3: Nearly had a heart attack there!! Thought I just lost US$218 as it wasn't showing up in my BlockFi account straight away.
        
        It has just come through now, phew :)
        
        You are right took about 20-30 mins….
        
        shadowangel on 12/05/2020 - 23:20
        
        @JHoliday: You can use the tracking ID to check. Few hours can be normal.
        
        BTC is can be much slower.
- JHoliday on 12/05/2020 - 22:39
  
  "Transfer your 3200 CRO units to the web version of crypto.com.
  
  Hit 'Transfer' in the app, 'Crypto' then 'Crypto.com Exchange' and withdraw 3200 CRO"
  
  When I hit 'Transfer' in the app I only have Deposit and Withdraw options, there is no 'Crypto'? You mean 'Withdraw'? Then there is 'Crypto.com users' or 'Crypto.com Exchange' or 'External Wallet'? Which one
  - pHyR3 on 12/05/2020 - 22:42
    
    +1
    
    oops, click Transfer then Withdraw then Crypto. I missed a step
- faze on 12/05/2020 - 23:26
  
  Can I follow your guide but buy USDC instead of Bitcoin to transfer over, and also omit the purchase of MRO?
  - JHoliday on 12/05/2020 - 23:30
    
    That's exactly what I did… or at least tried to do :)
  - shadowangel on 12/05/2020 - 23:49
    
    download app > Verify account
    click the bottom middle icon click wallet
    search USDC
    click buy
    add a card click buy.
    
    Then on the same usdc screen click transfer > withdraw
    scan the blockfi qr code for the USDC address double check the address is correct. When you get the email from crypto.com check that is correct then approve the withdrawal.
    
    This process can take a few hours.
- bonezAU on 13/05/2020 - 00:38
  
  +1
  
  Your Reddit post contains several mistakes. You say to buy $50 worth of MCO, it's 50 units of MCO (approx $280 USD) in order to apply for the Ruby card.
  
  You mention to 'stake' the 3200 CRO on the exchange. You don't stake it for the 50% off BTC promo, you just pledge it. You require a minimum of 10,000 CRO to stake. Staking is not required for this promo.
  
  You also say "Voila! You should have $100 USD from BlockFi, some cheap bitcoin in a couple of days". They don't pay out until the first business day in August.
  
  Not criticising, just pointing it out, maybe you want to tidy the post up.
  - pHyR3 on 13/05/2020 - 06:57
    
    thanks a lot for the comments! I have adjusted it, let me know if there are still any issues
- metalvalour on 13/05/2020 - 01:36
  
  I signed up to 86 400 using your referral, doesnt seem like I can pay with a "virtual card" until i get the card in the mail? I have the "card" in my apple wallet but i can only see the last 4 numbers, so i'm not sure how I would set up for the card to buy the BTC?
  Am I missing something? Thanks for the help.
  - shadowangel on 13/05/2020 - 01:42
    
    +1
    
    why use a virtual card? any card with no currency conversion fees is fine. Citi, ING, Up
  - pHyR3 on 13/05/2020 - 06:52
    
    +1
    
    You should definitely be able to use a virtual card instantly, I use Google pay so I'm not too sure about apple pay but for me there was a button in the 86400 app that asked me to set it up
JHoliday on 12/05/2020 - 23:12

Nearly there….

"4)) Transfer your 3200 CRO units to the web version of crypto.com.

Hit 'Transfer,' 'Withdraw', and 'Crypto' then 'Crypto.com Exchange' and withdraw 3200 CRO in the app?"

Before I do this, do I need to get the QR Code from BlockFi by hitting 'Deposit' and CRO, then go to the crypto.com app and click 'Transfer' then 'Withdraw,' 'Crypto' and 'External Wallet'? How does it know where to withdraw the 32000 CRO to so that it goes into my account?

Haha this is all so complicated for a n00b like me, but thanks for your patience and help
- pHyR3 on 12/05/2020 - 23:16
  
  +1
  
  no actually. so you're just transferring it within crypto.com in that step
  from the app to the web version (exchange) if that makes sense. no clue why they are separate, this bit confused me for a while
  - JHoliday on 12/05/2020 - 23:26
    
    OK I think I have done everything except the crypto.com ($50 USD bonus) - that one seems a bit iffy…
    
    Last question - those 3200 CRO that I 'staked to subscribe'… what happens to those? Are they automatically converted to Bitcoin? Or are they still 3200 CRO?
    
    My head hurts now, bed time! Thanks to everyone for their help tonight!
    - pHyR3 on 12/05/2020 - 23:32
      
      +1
      
      You should hopefully already have the $50 in crypto.com, just need to put it in the debit card they have for 6 months to unlock it.
      I'm not actually too sure! First time for me too but I assume you get the 3200 back and have the option to convert into Bitcoin? Or maybe it does it automatically
      - JHoliday on 12/05/2020 - 23:38
        
        @pHyR3: Yep the $50 was showing in my account as well which I thought was weird since I didn't apply for that debit card - makes sense now that it's not usable yet/unlocked.
        
        Will probably convert to Bitcoin and withdraw after I get the bonus… and just keep the USDC until 30th July
OzFrugie on 12/05/2020 - 23:43

+1

Back to basics here.. is crypto actually still more of speculation not investing?
Why people believe it will go up long term?
Has it been real life use of it yet that may justify its existence and potential long term value appreciation?
- alphaai on 13/05/2020 - 00:20
  
  +1
  
  My two cents
  
  Mostly speculation. The value of the coin is determined by what it can do for you, now and later. The more it can do for you, the more you want it and if that was the same for everyone else, the coin value would go up.
  
  Ethereum coin can do things for developers so they are the kind of people that want or need that coin. Eg. Erc20 and smart contracts.
  Some stable coins can generate interest when held on specific platforms.
  Some coins are stakeable so if you want some extra income, staking coins might be worth it.
  
  Theres alot of people riding on a coin to encourage others to buy so that they benefit from others that buy. Crypto can do everything fiat can do plus some more. Will it replace fiat? Probably not. It wmay exist alongside fiat.
  
  The way I view crypto is to Imagine that flybuys was crypto. you could use your points anywhere. Your points could grow in value or drop in value. The fall or rise in value depends on the company.
  You could earn interest on your points. Can't do that with reward points. This makes reward points look like a toy.
  
  Most people don't give a rat's arse about decentralisation, blockchain, or crypto cos most people don't relate in a way that matters to others.
  
  Stimulus or airdrop? Coin burn or stock buyback?
  Talk to people, Ask them "did you know you missed out on a stimulus that paid out in some other currency that you, I and everyone else was entitled to it?"
  
  Now you got them interested.
  
  Ben
itsfree on 13/05/2020 - 20:02

AHHH! I signed up using the referral box above rather than entering the code on the deal page. 😖
- shadowangel on 13/05/2020 - 20:13
  
  that's an easy $10usd at least, diffrent terms. You only need to deposit $100usd and deposit it before the end of the month (29-30th) Bonus will be paid on the 1-4th next month with your interest statement. Widthdraw at anytime after that.
  Blockfi mentioned there will be promotions for existing members in the future.
- niknah on 14/05/2020 - 10:28
  
  I forgot too. But the ad on their front page it doesn't mention this code at all. Neither does the terms page.
  - shadowangel on 14/05/2020 - 10:31
    
    If you used the link on the ads page it may have automaticly added it. Give Blockfi an email maybe it was applied.
  - itsfree on 14/05/2020 - 11:27
    
    Yes, I messaged them last night on Twitter and they confirmed this!
    
    Thanks for reaching out! Don't worry about the code. As long as you fund your BlockFi account for the first time, you are eligible. Please see full terms below: https://t.co/bO2jiULNdH
JHoliday on 14/05/2020 - 20:22

So how much did everyone earn from the BTC allocation syndicate sale?
- alexh on 15/05/2020 - 01:38
  
  0.0019232 BTC
  - shadowfangz on 15/05/2020 - 12:36
    
    Same, which was like $18 USD. Barely paid for the fees from buying and swapping currencies to do the stake.
babolat360 on 15/05/2020 - 07:45

I believe the terms have been extended 1 day. "Offer valid until 23:59:59 UTC on May 15, 2020"
- shadowangel on 15/05/2020 - 10:43
  
  yes, there was an extension. i reported it.
  
  Also if anybody has issues with the ID check, download the app.
  Take your ID and selfie againsed a plain background.
chiefbodge on 19/05/2020 - 23:12

The following personal details have now been leaked: Name, Email Address, Date of Birth, Postal Address, Activity History

Great so now people can easily do identity theft with our details…
- shadowangel on 27/05/2020 - 10:29
  
  You can contact blockfi communications [at] blockfi.com
  And ask for compensation. This did not effect everyone.
JHoliday on 20/05/2020 - 21:09

Can anyone walk me through selling the 3200 CRO and transfer this back to my bank account?

Do I need to convert CRO to BitCoin, then transfer it to somewhere like CoinJar? Or can I transfer direct from Crypto.com to my bank account?
- IsTops on 27/05/2020 - 07:40
  
  +1
  
  Yes, so what you need to do is;
  Convert your MCO tokens to a different coin.
  As MCO is their native token, only their proprietary platform can do this for you. It's not listed on other platforms yet.
  Once you've converted it over, you can then transfer the coin to your coinjar account and use their EFTPOS card to make any transaction you wish, using their exchange rates.
firestint on 27/05/2020 - 08:27

+2

I received an email confirming my eligibility on receiving the $100 bonus by end of July.
- shadowangel on 27/05/2020 - 10:49
  
  +1
  
  Great, you should get a statement of interest paid on the 1-4th every month as well.
- JHoliday on 27/05/2020 - 20:42
  
  +1
  
  Did everyone get this email? I don't recall receiving one.
  
  How long after investing did you get the email?
  - JHoliday on 27/05/2020 - 20:54
    
    +2
    
    Never mind I just found it in my Junk Folder, was received today!

This was posted 3 years 11 months 13 days ago, and might be an out-dated deal.

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

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