Hello Crypto hodlers across the globe and welcome to a new year!
Today we are going to be going over the CONS of using Blockfi or the downsides.
For the PROS of using Blockfi view the other PUBLISH0X post by visiting the link below
https://www.publish0x.com/trevor-balthrop/blockfi-pros-xolxzrz
I have decided to separate the PROS and CONS of using Blockfi into 2 different articles to help you compare or bookmark!
You are currently viewing the CONS of using Blockfi.com
So before you continue please understand this is not just some Trevor guy trashing on a good company ??
This article was written to show you some of the negative things to keep in mind when deciding to use Blockfi.
Hope it helps!
(Need a referral link w/ a bonus to sign up? I got you! https://blockfi.com/?ref=b2db60a1 )
CONS to Using Blockfi.com
1.
Risky
Like with anything in this world there is risk attached to using a Blockfi account.
This isn't a magical account that sets up and buys things for you although it does have a recurring buy option that is quite nice.
Recurring buys are a great example of potential risk one could run into.
If you don't know how to properly math or manage buying/selling correctly it could potentially suck your funds dry.
Mistakes can be made and even I myself am guilty of mistakenly doing something I didn't mean inside of my Blockfi.
Risk happens, mistakes happen, and that's the bottom line.
However!
If you do not learn how to manage things like that better.
A couple of mistakes in an account like Blockfi could potentially cause some bad disappointment.
So be careful!
2.
Choices
Having more options is typically always a good thing but for some it could be considered good too.
With Blockfi offers are amazing but for many the features and options are not there.
That could potentially be the trade off reason why Blockfi is able to offer great things like rates but for some that isn't enough.
They only have a short list of digital assets to choose from 3 of which are technically USD.
So the options are basically USD, Bitcoin, Ethereum, Litecoin, and PAXGold.
Good options yes indeedy, but not much to choose from.
Now if you are looking for tons of ways to trade those choices there isn't much Blockfi users can do really.
So don't expect to join Blockfi thinking to "Day Trade" or anything heavy like that.
It is a simple buy when you can, sell when you can platform with choices for recurring buys if you are into Dollar Cost Averaging.
3.
Competition
Usually this is a good thing right?
Blockfi is a great competitive company so don't get me wrong there.
However!
If there is not enough competition for Blockfi to fight for the lead.
This could cause rates, offers, and all sorts of other things to change for the worst.
Right now there is enough competition to keep everyone busy but that could all end very quickly.
Take XRP's "Ripple" effect for example!
Technically too, XRP originally aimed to do exactly what Blockfi and others are now accomplishing.
Meanwhile XRP takes huge hits to its reputation while places like Blockfi barely have to lift a finger.
Not enough competition or losing competitors could be a bad thing for the platform as well which ultimately hurts the end user the most.
The potential for that to happen is still very much there for Blockfi.
Their ability to claw people into their grips and quickly change to crappy offers could happen overnight if it wanted to.
Competition helps insure they don't make crazy decisions like that in the wrong direction.
Conclusion:
Holding with Blockfi is understandably a great option for literally anyone looking to be smart with their money!
No matter who it is that looks at Blockfi it is set up to benefit anyone dedicated to using it every month.
After a year these CONS to using Blockfi will become apparent as you start to see those interest payments come in.
For the PROS to using Blockfi refer to the following link for more info!
https://www.publish0x.com/trevor-balthrop/blockfi-pros-xolxzrz
I go over some of the great things to consider when considering to use Blockfi as a service.
Hopefully these articles will help others make the same decisions that made me successful!
Thank you tons for reading & if you want to try Blockfi with an added bonus.
Don't forget to use my referral link below for a nice Welcome gift for joining!
Thank you for reading!
https://www.trevorbalthrop.com
Use my referral link to sign up for CRYPTO.COM and we both get $25 USD ??
https://platinum.crypto.com/r/2eweb7tamb
Follow on Twitter if you dare!
@Trevor_Balthrop
https://www.twitter.com/trevor_balthrop
Hodl with Blockfi and get $50 USD schmeckles
https://blockfi.com/?ref=b2db60a1
