BlockFi is Out of the Game, Now What?

in LeoFinance4 months ago

As I am cinchly sure my fellow peers who actively seek passive income opportunities have noticed, BlockFi has finally confirmed what I've long been dreading. They've finally cracked under the pressure, and cut the rates to such an extent that holding Bitcoin in there has become unavailing, downright a risk in and of itself, given the aggressive nature of lending and borrowing, not to mention the arbitrage involved, in this space.

This abrupt, but otherwise understandable move was not dished out to anyone's surprise, really. Given how the business model they adopted and the way they make their surplus of profit all involve dangerously treading on thin ice. Hell, I even vowed to never deposit more than I can afford to lose in their services given the disposition of this business.

So... now what? If BlockFi is the creme of the crop, then what even comes close to it? In other words, what are the alternatives?

Nexo.io

...Is the biggest blip in the radar for BlockFi's throne, and the service I'm dealing with right now. They offer an interest of a solid %6, %8 if you so opt into receiving interest payouts with their special token. The thing that makes me sleep at night at ease with this service is every corner of the website is insured to the fullest. They've been paying out consistently and adequately, and with a capital big enough, I'm quickly approaching $100 dollars a month. That might sound like pocket change to you, but the purchasing power of the dollar in the middle east is quite hefty!

FreeBitco.in

Now, that name might sound sketchy to you, something which I hope you'll change your mind on once you realize that it ranks amongst the highest in Alexa when it comes to casinos. The strongest point about this website is that it offers lower withdrawal/deposit requirements than any website worth its salt out there, with an annual interest of %4.08, expandable up to %5.27 if the loyalty program strikes your fancy.

Celsium Network

Coming in strong with a stable %4.06 is Celsium.Network.
The thing thats really pulling about this website is its commitment to decentralization and transparency, making several statements against traditional banks, and for the true direction of the freedom of banking on crypto , and as an ode to just how reliable this website is, they are celebrating their collective pool of assets crossing the $10 billion mark!

In Conclusion

What bothers me about the majority of people is how they are so adamant so as to overlook the earning potential in cryptocurrencies. Not just through appreciating prices, but also the many facets through which you could earn through savings accounts, without lifting a finger. After all, wherefore do you not make your satoshis work for you?

The problem, however, eventually became evident. it does not lie in the severity of the shock itself BlockFi has brought about. Rather, the aftershock of this move might beget more of its kind. Given that virtually all the services out there follow the (previous) captain of the ship, BlockFi, in its business model, In addition to exponentially rising prices of Bitcoin. It is, therefore, reasonable to conclude that interest rates across the board are all going to sink further, BlockFi was but the trigger to this coming chain reaction.

Posted Using LeoFinance Beta