Thursday, January 9, 2020

BlockFi now let's you earn 8.6% pa in USDC!

Remember my last post about a week ago when I did my Dec 2019 interest update, that I was saying that USDC should be coming as a deposit option very soon for BlockFi?

Well, it's here!

I just wanted to make a quick post to inform people about it. You can check the rates here.


I plan to write a much more comprehensive post later in the future, but I'll give you the rundown.

GUSD has always been a BlockFi option, but GUSD is a dying USD stablecoin. GUSD has a marketcap of less than $5M USD, which is ridiculously pitiful! USDC on the other hand has a marketcap of over $450M USD. So, much larger marketcap, widely accepted as a stablecoin on many platforms, and it is a very viable alternative to DAI in the DeFi sphere. If all those words mean nothing to you, then oh well.

USDC is a fiat-redeemable stablecoin. This means that you wire actual USD to a company, they receive it and keep your USD safe, and issue your IOU tokens to collect back your USD, and those tokens are called USDC.

So you can use these USDC as if it is USD, and earn 8.6% interest on platforms like BlockFi, and then you can send the USDC back to the company, and request for the USD to be sent back to your bank account.

I have done this several times. It works for me, and I love it.

You know what's better than a stable, fast, digital money? A stable, fast, digital money that can help you earn 8.6% a year!

Anyway, USDC is great. I have some lying around here and there. I am considering depositing some USDC into BlockFi and eat those delicious delicious interest rates which get paid out monthly, with no lock-up. Yes, no lock-up. This is NOT a fixed deposit account. It's an interest savings account.

So if you're interested, sign up with my referral link.

With USDC finally released, I am thinking of doing a very detailed and comprehensive guide to explain stablecoins, the BlockFi platform, the deposit process and the withdrawal process. For people who don't want the crazy volatility of crypto investments like Bitcoin or Ethereum, I actually think that earning interests with stablecoins is a pretty straightforward and simple way to get a massive yield pick up, while being taking on very minor risks (by my own assessment).

I'll probably make an entirely new page and sticky in blog posts. I'm thinking of this as the contents:
- Stablecoins, what and why?
- The different type of stablecoins
- Crypto lending and borrowing (and the risks)
- BlockFi as a crypto lending platform (and the risks)
- How to send USD and get USDC
- How to use USDC to earn interests in BlockFi
- How to withdraw USDC from BlockFi to get SGD in your bank account
- The future of crypto lending and borrowing

As of now, those are the ROUGH posts that I am thinking of doing.

As you can see, I really would rather prefer on slowly EDUCATING people on what I AM PERSONALLY doing and how I do it. If you want to do it too, then great, at least you can refer to my guide and hopefully not mess up.

Please do let me know if you have any suggestions or questions regarding my new series of posts that I have planned.

Remember, there are no stupid questions! Only stupid people asking them! Lol, just kidding. Please, ask away!

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