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BlockFi Credit Card Review: Is $1,250+ worth it?

If the BlockFi credit card is the first bitcoin credit card you’re thinking of applying for, you’re not alone; the cryptocurrency credit card category is very new and few people are using crypto cards over legacy credit cards.

BlockFi’s gist is simple: upon approval, you get a credit limit in USD and get 3.5% cashback in bitcoin on every purchase in the first 3 months, and then 1.5% on all purchases after.

It’s a credit card, not a debit card with perks like some of its competitors.

The card no longer has a $200 annual fee. The variable interest rate is between 14. 99% and 22. 99% on outstanding balances.

The bitcoin rewards are transferred to your BlockFi Interest Account (BIA) every month and immediately start accruing interest. So, let’s say you spend $3,333 in August and earn $50 in bitcoin- your BTC would immediately start earning 6% APY in the interest account, earning you an extra $3 if held for the full year.

Three dollars doesn’t sound like much to do a backflip, but the possibility to earn interest in cryptocurrency is an exciting development of the cryptocurrency market. You also get a 2% APY boost on stablecoins in BIA.

The BlockFi Credit Card is currently on waitlist but started shipping orders in July 2021.

The card comes with solid perks that can be used for cryptocurrency or not.

Note: Check out our BlockFi review for a detailed analysis of its cryptocurrency interest account.

Quick Facts:

  1. Sign-up Bonus: There are no sign-up bonuses at the time of writing.
  2. Annual Fee: None
  3. Other Perks: Increased stablecoin APY on interest accounts and trading bonuses.

BlockFi Company Bio: A Quick Look

BlockFi is a New Jersey-based company that focuses on cryptocurrency lending and borrowing founded in August 2018. It has over 265,000 retail and 200,000 institutional clients, with reported monthly revenue of $50 million, as of March 2021.

Led by Zac Prince and Flori Marquez, the company saw a rapid acceleration in both user growth and funding in Q4 2020 and Q1 2021. It raised the bulk of its $508.7 million total funding in a $350 million Series D in March 2021; reputable firms like Valar Ventures, Winklevoss Capital, Kinetic Capital, Galaxy Digital, Pomp Investments, and ConsenSys Ventures have invested in BlockFi.

BlockFi Credit Card Perks:


The BlockFi card

The BlockFi card (source: BlockFi)

BlockFi’s credit card is straightforward: you get 1.5% back in bitcoin, deposited in your BlockFi Interest Account, on every purchase. It doesn’t have any categories, it’s a general 1.5% back.

The credit card is currently on waitlist but has started shipping. Register soon to reserve your place. You can always sign up for the interest account.

The BlockFi credit card offers the same benefits as Visa Signature cards: no international transaction fees and roadside dispatch. It also provides travel emergency services.

1.5% offers the highest base bitcoin reward rate. However, some cards offer higher percentages (we’ve seen up to 20%) if shopping with specific merchants, such as earning 9% back when buying from Dominos.

There are some notable bonuses for the first year that come with the card. We’ll discuss them below.

BlockFi Credit Card Bonuses: Earn up to $1,000 in Crypto Bonuses

The BlockFi credit card offers several sign-up bonuses as well as ways to make money.

Sign Up Bonus: There isn’t currently a sign-up bonus; the beta version of the card hinted at a $250 bonus, but the company has since decided to remove it (and the $200 annual fee. )

BlockFi offers an additional spending incentive called the Bitcoin Rewards Rate Bonus: Cardholders using the card for three months will see a 2% increase in their bitcoin rewards (from 1.5% to 3.5%) for the following three months. This bonus caps out at $100 in bitcoin by the end of the 6th month.

The other credit card bonuses are incentives for users to immerse themselves with the BlockFi ecosystem, such as depositing stablecoins into the BlockFi Interest Account, trading crypto on the platform, and referring friends.

Stablecoin Bonus: Cardholders that also have stablecoins like USDC and GUSD in their BlockFi Interest Account (see our BlockFi review here) can earn an additional 2% APY on top of the current stablecoin APY after the annual card renewal, up to a $200 total.

If BlockFi’s stablecoin rates remain at the current 8.6%, BlockFi credit cardholders will be able to earn up to 10.6% APY on their stablecoin deposits.

According to BlockFi, the stablecoin bonus percentage will accrue based on the cardholders’ average daily stablecoin balance. This bonus is capped at $200, and cardholders must renew to earn this payout.

Trading Bonus: BlockFi credit cardholders will earn 0. 25% of their trading volume back in bitcoin, up to a $500 maximum per month. This bonus does not apply to stablecoins.


Bonuses from BlockFi's credit card landing page

Bonuses from BlockFi’s credit card landing page

BlockFi Credit Card Fees:

The BlockFi credit card initially launched with a $200 annual fee, but it has since removed the fee.

Outstanding balances are liable to be charged a variable interest rate between 14. 99% and 22. 99%, which is pretty standard for most credit cards.

How to Max Out Your BlockFi Credit Card Bonuses

The BlockFi credit card offers some unique bonuses and some require using the BlockFi Interest Account.

We took the time to save you from having to solve Sudoku to figure out how to maximize your BlockFi bonuses.

Start Month 1: BlockFi credit card. You don’t need to hurry to reach your spending limit, as there’s no signup bonus. You will receive 3.5% in bitcoin for every dollar you spend within the first three months. Then, 1.5% after that.

End Month 3: Every dollar you spend will earn you 1.5% in bitcoin

The real meat of this card is how it works with the BlockFI Incentives Account.

– Log in to the BlockFi Interest account:

By including stablecoin deposits in the BlockFi Interest Account (BIA), which earns a 2% lift over the 8.6% APY with the card, we can earn up to $1,060 in stablecoin interest over the one-year period.


The BlockFi Interest Account

The BlockFi Interest Account (source: BlockFi)

  1. $5,000 in stablecoin deposits in the BIA will get you $100. The standard 8.6% rate will get you $430 for the annual period, at a stablecoin interest total of $530.
  2. $10,000 in stablecoin deposits in the BIA will get you $200. The standard 8.6% rate will get you $860 for the annual period, at a stablecoin interest total of $1,060.

With all the steps followed above, you’ll get around $1,000 to $1,530 in your first year of using the BlockFi credit card in bitcoin and stablecoin interest.

This is enough for us as customers. Trading on BlockFi (0.) can help more motivated customers make more money. 25%) and referring friends ($30 per referral.) These options were not included in our calculations, for simplicity and ease. The chart below shows two possible scenarios from BlockFi.


BlockFi Credit card bonuses maxed out (source: BlockFi)

BlockFi Credit card bonuses maxed out (source: BlockFi) – note the $250 sign-up bonus is no longer active.

If you decide to go all out in the BlockFi ecosystem by spending an average of $3,500 per month, holding $10,000 in stablecoins, trading $13,333+ per month, and referring 10 people, you can earn a maximum of $1,000 in bitcoin and stablecoins bonuses in your first year, as well as an additional $860 in stablecoin interest generated by the BIA, and $630 in bitcoin rewards from the flat 1.5% rate.

  1. Bonus Total: $1,000
  2. 1.5% bitcoin rewards rate ($3,500 per month): $630
  3. Stablecoin interest ($10,000 at 8.6% APY): $860

Total Amount Earned with the BlockFi Credit Card and Interest Account in One Year: $2,490

How to Sign Up for the BlockFi Credit Card

The card hasn’t launched yet and potential applicants can sign up for the waitlist. Seeing as the card’s perks require an Interest Account as well, it’s worth opening one now to familiarize yourself with the ecosystem and cryptocurrency interest accounts in general.

Here’s how to open a BlockFi Interest Account:

  1. Go to the BlockFi website. CoinCentral readers can get up to $500 as a sign-up bonus for this account alone, as well as the credit card bonuses listed above once available and if approved.
    1. Earn $15 with a $200 deposit
    2. Earn $20 with a $500 deposit
    3. Earn $40 with a $1,000 deposit
    4. Earn $75 with a $5,000 deposit
    5. Earn $150 with a $10,000 deposit
    6. Earn $250 with a $20,000+ deposit
  2. Hit the “Sign Up” option in the homepage slider, or “Get Started” in the menu.
  3. Enter your email and make a password to create your account.
  4. Enter the verification code sent to that email.
  5. Once logged in, select “Deposit” to verify your identity and make your first deposit.
  6. Enter your personal information for verification (part 1)
  7. Upload a form of ID such as a passport, driver’s license, or ID card and wait to be approved.

BlockFI's BIA incentives

BlockFI’s BIA signup incentives (source: BlockFi)

Is the BlockFi Credit Card Worth It?

With a 1.5% flat rewards rate paid back in BTC, the BlockFi credit card makes for a great addition to your credit card arsenal. This is a great way to increase your bitcoin exposure. The BlockFi team removed the $200 annual fee, which really caps the bulk of the initial downside of the product.

Pros: What’s Great About the BlockFi Credit Card?

  1. Increased exposure to bitcoin without having to buy bitcoin. 1.5% on everything adds up.
  2. It’s an excellent introduction to cryptocurrency interest accounts. The BlockFi Interest Account is much more valuable than the card, so if this is your first exposure to it, it’s worth diving in and doing a bit more research on how it works- check out our BlockFi review.
  3. First-year perks are solid: The BlockFi team engineered the first-year perks to get users involved and engaged with the ecosystem, and the dollar amount earned is very competitive; it beats most legacy credit cards.
  4. Supporting the cryptocurrency ecosystem: This final point shines a bit more optimistic, but by using something like a cryptocurrency credit card, you’re encouraging more innovation in the cryptocurrency space.

BlockFi’s rates as of 6/14/2021

Cons: What We Think BlockFi Could Do Better.

  1. Drop off in value after year 1: The first year with the card comes with an array of bonuses and ways to earn cryptocurrency. We expect new perks and features to be revealed as this is a brand new product.

BlockFi credit card

BlockFi’s newest product, the BlockFi Credit Card (source: BlockFi)

Final Thoughts: Is the BlockFi Credit Card Legit?

We are bullish on cryptocurrency credit cards and believe that BlockFi will be a strong example for cryptocurrency companies entering personal finance.

The first year is loaded with enough bonuses for you to sign up. This card can also be used with the cryptocurrency interest account.

To sign up for the BlockFi Credit Card waitlist you can do so here.


Credit card waitlist

Our spot in the credit card waitlist!

Whatever you decide to do, we hope that this BlockFi credit card review has helped outline the landscape and your options. Our opinions and content are written independently. We are proud of that fact. This is not financial advice or an endorsement.

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New Non-Custodial Telegram Trading Bot Bitbot Raises $300k In First 72 Hours Of Presale

New York, USA, January 24th, 2024, Chainwire Within 72 hours of its presale launch on the 17th of January, Bitbot raised an incredible $300,000. Bitbot aims to lead the market for Telegram trading bots, a rapidly growing segment of the trading app market that has seen a considerable $7 billion in lifetime trading volume. Telegram…


New York, USA, January 24th, 2024, Chainwire

Within 72 hours of its presale launch on the 17th of January, Bitbot raised an incredible $300,000.

Bitbot aims to lead the market for Telegram trading bots, a rapidly growing segment of the trading app market that has seen a considerable $7 billion in lifetime trading volume.

Telegram trading bots let traders manage a cryptocurrency trading portfolio within Telegram’s app. In practice, this means those investors with heavy telegram usage, which of the 800 million active Telegram users is substantial, no longer need to operate across two applications to manage their trades: an exchange and the Telegram app. Furthermore, Telegram trading bots offer all of the automated trading features seen in exchange apps, bringing the best of two worlds together into one seamless package.

Bitbot’s Technical Product Advisor, Andrew Jacobs, commented: “As we experience a pivotal point in Web3’s evolution, I’m happy to announce Bitbot’s launch. Our mission is to equip retail traders with powerful institution-grade tools in a simple and intuitive trading interface that is backed by robust security. We have a great team and I am looking forward to driving the product’s evolution and meeting the Bitbot community on our regular AMAs, which will be announced on our social channels throughout the presale.”

The Bitbot team is looking to act quickly with a comparatively small $4.3 million raise target, predicting a rapid presale, with prices starting at $0.0100 and ending at $0.0200, potentially offering 100% gains for the early investors prior to the project listing. An additional incentive is the attractive proposition that Bitbot token holders will receive 50% of the company’s profits distributed as a percentage of their holdings once it launches this year.

Bitbot (BITBOT) is available to buy on the official site.

Bitbot’s Push for Mass Market Adoption

Telegram trading bots enhance convenience by enabling users to execute the entire trading process within Telegram, the preferred messaging platform for crypto, bypassing the frequently convoluted user experience associated with exchanges.

Whilst trading volumes on Telegram trading bots have been impressive, it’s obvious that there is still a majority share left in the pie currently dominated by traditional cryptocurrency exchanges. Even Bitspay, consistently ranked among the top 70 exchanges on CMC, has a volume similar to that of all the Telegram trading bots combined. The sheer scale of the opportunity becomes evident in terms of the potential market share, and it’s this kind of potential that’s driving the product and development team and Bitbot to deliver a product suitable for mass adoption.

This is arguably one of the issues with Bitbot’s competitors. Telegram trading bots can be stubbornly complex, with many relying on user commands to operate them. Furthermore, a number of security issues have plagued even the biggest players in the market, leaving a sour taste for some but a potentially very sweet upside for the Bitbot brand.

Bitbot takes both of these issues head-on. Firstly, it gets rid of the need for complex commands by offering an intuitive in-app interface that will be immediately recognisable to exchange users.

Secondly, it offers non-custodial trading, meaning users can integrate Bitbot with their cold wallets and eliminate the uncomfortable need to give up their private keys for the bot’s powerful automated trading features to kick in. This is supported by the brand’s partnership with secure custody technology developer Knightsafe, and is thus far an unprecedented offering in the Telegram trading bot market, a truly unique and innovative approach focusing on institutional-grade asset security.

The bot offers a myriad of advanced features that will appeal to both beginner and advanced traders, from copy trading to automated sniping.

Tokenomics and Presale Roadmap

As per the project’s whitepaper, the Bitbot presale will run through Q1 and see the project list on exchanges in Q2 (unless the presale sells out early, which is possible at the current trajectory).

Allocation details include 30% reserved for the presale, 20% for the development team, 14% earmarked for marketing, 3% for liquidity, 2.3% available to the community (comprising rewards and airdrops), and 10% allocated to a treasury.

The 20% designated for the development team will undergo a 1-year vesting period, ensuring long-term commitment from the team.

Bitbot’s Impressive Journey In the Crypto Market

Unibot and Banana Gun, competing trading bots, swiftly gained prominence, with Unibot’s token price passing $230 in just three months of launch. Investors in Unibot’s presale reportedly saw gains of around 200x, according to a recent CoinDesk article.

Bitbot hopes to follow in their footsteps and its impressive raise has been aided by its community, which rapidly grew over 90K followers on X and over 5100 members on its Telegram within a week of the presale’s announcement. The project is now already in Stage 2, with the token priced at $0.011 and only 9,200,000 tokens left before the price increases by 5% for Stage 3.

Bitbot hopes to attract presale investors on the heels of the recent Bitcoin ETF acceptance and increased trading activity in the cryptocurrency market. This has drawn a significant social following and been picked up by notable crypto publications like Invezz who have already listed Bitbot among their top cryptos for 2024.

About Bitbot

Bitbot is a new Telegram trading bot that aims to put institutional-grade trading tools in the hands of retail users, to enable them to trade using a variety of advanced features including sniping and copy trading.

Audited by Solid Proof, Bitbot focuses on security and follows the motto, “your keys, your assets.” To this end the project has partnered with Knightsafe to deliver the world’s first non-custodial telegram trading bot, mitigating against counterparty risk and reinforcing this with anti-MEV and anti-rug technology.

For more information and to buy Bitbot (BITBOT) users can visit Bitbot’s website.

Contact

CEO


Bitbot


[email protected]


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Ethereum Classic, Blur, and Rebel Satoshi: experts share their price predictions for early 2024

Experts are bullish on Blur (BLUR) in 2024, predicting a surge for the DeFi coin price to 2.3500 by the end of the first quarter. Price predictions for Ethereum Classic (ETC) inspire hope among investors. Top ICO experts advise investors to get in on Rebel Satoshi ($RBLZ) for the best ROI. According to crypto market experts, the…


  • Experts are bullish on Blur (BLUR) in 2024, predicting a surge for the DeFi coin price to 2.3500 by the end of the first quarter.
  • Price predictions for Ethereum Classic (ETC) inspire hope among investors.
  • Top ICO experts advise investors to get in on Rebel Satoshi ($RBLZ) for the best ROI.

According to crypto market experts, the recent Bull Run suggests that investors in top crypto coins may find success in a few projects, such as Rebel Satoshi, as well as certain top DeFi projects, such as Blur and Ethereum Classic. 

Let’s look at what sets $RBLZ apart from the crowd of altcoins, like BLUR, ETC, as one of the best cryptos to buy in early 2024. 

Analysts predict a significant uptick for BLUR

As of December 18, OKX’s NFT platform outperformed the 24-hour trading volume of Blur, a well-known NFT marketplace. However, two weeks later, the Blur marketplace has recovered, accruing more volume to claim second spot among the NFT marketplaces in terms of volume. 

Following these developments, the value of BLUR has risen. The value of Blur on December 18 was $0.4324. Since then, the BLUR token price has risen to $0.6664 on January 19, indicating a 54.12% increase. Experts are pleased with these developments and have predicted that the price will rise further to $2.3500 by the end of the first quarter.

On the contrary, in their price forecasts, some other BLUR analysts have cited price volatility as the reason why BLUR will decline in value to $0.1600 by the end of the first quarter. 

ETC surges after the dissolving of ETHW Dev team

Recent news reports from the Ethereum Classic ecosystem claim that the Ethereum Proof of Work’s main development team was dissolved on December 19 to transition to community governance. This has translated to a proposal for a similar action for Ethereum Classic. 

The value of ETC on December 19 was $19.71. In the two weeks since then, the DeFi coin price has risen to $24.75 on January 19, indicating a 25.57% increase in ETC’s valuation.

Regarding the ETC price prediction, experts on Ethereum Classic have expressed satisfaction over these developments and have predicted that the value of ETC will see a further rise to $40.00 by the end of March.

Conversely, some other analysts of Ethereum Classic have cited the lack of partnerships in the Ethereum Classic ecosystem as the reason why ETC could decline in value to $15.50 by the end of March.

Rebel Satoshi (RBLZ) continues to rise in presale

Rebel Satoshi has distinguished itself as an interesting investment option among a sea of cryptocurrency meme currencies. This meme coin, inspired by Satoshi Nakamoto and Guy Fawkes, has piqued investors’ interest even in the pre-sale stage. Rebel Satoshi’s native token, $RBLZ, aims to usher in a new era of decentralization. Its goal is to create a community that allows underdogs to collectively oppose centralized systems.

Rebel Satoshi‘s native coin, $RBLZ, has set presale records as the Early Bird Round 1 and Rebels Round 2 sold out completely in 10 and 15 days, respectively. Additionally, in the just finished Citizens Round 3, $RBLZ traded for $0.020. Over 120 million $RBLZ tokens have been sold thus far, with the Monarchs Round 4 of the Rebel Satoshi presale currently underway, seeing $RBLZ valued at $0.022.

This pricing provides a 120% ROI for those who bought $RBLZ at the $0.010 Early Bird Round price. When $RBLZ reaches its listing price of $0.025 in February, it will reward early investors with a 150% ROI. 

For the latest updates and more information, visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram.


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BIS unveils 2024 strategy: focus on CBDCs and tokenization

BIS’s 2024 Strategy Unveiled: CBDCs and Tokenization Key Focus. Project Promissa to digitize Promissory Notes using blockchain tech. Project Aurum advances CBDC privacy in retail payments with HKMA. The Bank for International Settlements (BIS) is set to make significant strides in digital currency research, emphasizing central bank digital currencies (CBDCs) and tokenization in its 2024…


  • BIS’s 2024 Strategy Unveiled: CBDCs and Tokenization Key Focus.
  • Project Promissa to digitize Promissory Notes using blockchain tech.
  • Project Aurum advances CBDC privacy in retail payments with HKMA.

The Bank for International Settlements (BIS) is set to make significant strides in digital currency research, emphasizing central bank digital currencies (CBDCs) and tokenization in its 2024 strategy.

The BIS Innovation Hub has outlined a comprehensive program, featuring six new projects, exploring cybersecurity, financial crime, CBDCs, and green finance. Among the key initiatives are the second phase of Project Aurum and the launch of a blockchain-based tokenization project, Project Promissa.

Project Promissa: revolutionizing financial instruments with tokenization

Project Promissa, a collaborative effort involving BIS, the Swiss National Bank, and the World Bank, aims to usher in a new era for financial instruments. Focusing on digitizing promissory notes, a traditional yet paper-based financial commitment, the project leverages blockchain technology to enhance transparency and simplify management.

This proof-of-concept platform is set to revolutionize the handling of promissory notes by digitizing them, aligning with the BIS’s commitment to exploring innovative solutions in the realm of tokenization. The initiative is anticipated to conclude its proof-of-concept phase by early 2025.

Project Aurum: advancing CBDC privacy in retail payments

Building on the success of its wholesale interbank system and retail CBDC prototype in 2022, Project Aurum, conducted jointly by BIS and the Hong Kong Monetary Authority (HKMA), progresses into its next phase.

The project explores the privacy aspects of retail payments using CBDCs. With the HKMA’s achievements in developing a robust foundation for Aurum, the research now delves deeper into understanding the intricacies of privacy in retail CBDC payments. This initiative aligns with the broader BIS strategy, highlighting the pivotal role of CBDCs in the evolving landscape of digital currencies.

BIS’ additional initiatives

Alongside tokenization and CBDC-focused projects, BIS introduces four other initiatives – Project Leap, Project Symbiosis, Project Hertha, and Project NGFS Data Directory 2.0 – addressing cybersecurity, green finance, and financial crime.

These projects underscore BIS’s commitment to a multifaceted approach to shaping the future of financial technology. Additionally, the continued focus on projects like Mandala, Pyxtrail, and Cambridge showcases BIS’s dedication to innovation, automation, and experimentation across diverse aspects of the financial industry.


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