Sunday, January 12, 2020

How to set up a BlockFi Interest Account (with screenshots)

So you want to earn the disgusting high interest rates on USD and take on crypto custodial risks? You have come to the right place my friend. (see post for how I am doing this, but for 1000 ETH)

Here's the quickie version for all those big brain bois that need minimal G hand holding.


Here's how to do it:

Step 0: Register your BlockFi account with my referral link

Step 1a: log into your verified Circle account and submit a "Tokenize USD" request


Step 1b: use DBS overseas to send the matching deposit request in USD to Circle


*USD deposit is usually confirmed by Circle usually within 24 hours on weekdays*

Step 2: in BlockFi, find out your BlockFi USDC address (Deposit  > Select USDC)


Step 2b: in Circle, paste in your BlockFi USDC address and transfer out your USD as USDC to Blockfi


Step 3: USDC is deposited into BlockFi, and you earn interests monthly
(screenshot of my GUSD balance, since USDC only just launched)


Step 4a: in Circle, locate your USDC deposit address under "Transfer USDC In"


Step 4b: in BlockFi, go withdraw your USDC back to Circle (Withdraw  > Select USDC)


Step 5: "Redeem USDC" which sends back USD to your bank account


Step 6: money appear back in your local bank account
Boom.
Done.

What are the risks? Plenty of them, mainly custodial related. When you sign up for your Circle and BlockFi account, there's a whole section on risks that you're probably not going to read and just agree to, but they are there. Don't be a lazy shit. Go and read them.

Also, since I am NOT BlockFi or Circle customer support, I'll probably ignore any stupid or lazy comments.

I hope this guide was helpful as a REFERENCE.

At the end of the day, it's your money, your choices, and you clicking all the buttons. You better damn well know what you are doing and what risks you are taking!

3 comments:

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  3. Hi GMGH,

    For Step 4b [in BlockFi, go withdraw your USDC back to Circle], may I know will BlockFi require user to do 2FA to "confirm" user's "Circle USDC deposit address"?

    Also, can the Circle USDC deposit address be under another person's name? (hopefully not? to prevent fraudulent transfer).

    Thank you,
    JX

    ReplyDelete

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