 So today we are making a step-by-step tutorial on making your first deposit on BlockFi so that you can start turning that crypto that you're holding into some passive income. So not only are you going to be making those juicy, juicy moon gains from holding your crypto, but now you're also going to be making more crypto just by holding it. You guys ready to make some passive income? Let's dive right in. Hey, what's up Jay here and welcome to Bitcoin Daily bringing you guys the best tips, tutorials and ideas to make you guys profitable and successful traders. If you guys are new here and it's your first time on this channel, the goal of this channel is to empower you guys with the resources and knowledge to take you guys to the next level. So guys, make sure to subscribe if you haven't yet. If you are subscribed, make sure to hit that like button and make sure to turn on the notification bell so that you guys are notified as soon as we post a video every single day. So let's jump right in. Today's video, we're talking about BlockFi. We did a review on it last week and then this week we are covering a tutorial on how to make your first deposit if you're interested in making some passive income while holding your crypto. All right, guys. So first of all, you guys need to have a BlockFi account. If you guys have not registered for one yet, just go to the description in this video and hit the link for BlockFi by using our referral link in the description. You guys will get up to $250 initial deposit bonus when you use it. All right. So after registering, you should come up on this exact page is your account summary. It should tell you your dollar value of your crypto. If you have any in it, if you don't, then it should say zero. And then you'll see, you know, all this fun stuff down here. But don't worry about all that. What you should be focused on is on your interest account. All you got to do here is go ahead and hit this button right here, boom, and it will take you to your interest account. So now now you got to decide if you want to put in Bitcoin, Ethereum, GUSD, Bitcoin, Pax, PaxG, or USDC. So you could go through here and as you click on them, you will see down here that it tells you your annual percentage yield, right? So you can see Bitcoin is 6%, Ethereum is 5.25%, GUSD is 8.6%. Now the thing with these that are higher, like the GUSD, Pax, and USDC, these are a stable coins, right? So they're pegged to the dollar. So even though it has a higher annual percentage yield, remember that these don't move up and down with Bitcoin or any other crypto, they're just pegged to the dollar, right? So if you want to be in cash and you have a percentage of your portfolio that's just sitting in cash, this is an amazing, amazing way to hold that cash. Just collect 8.6% return yearly on that cash as you're holding it, as you're waiting to maybe for a dip to throw it into the next dip, into Bitcoin, Ethereum, or any other crypto, right? This is actually the average percentage yield of the S&P 500 as well in the stock market. So the S&P 500 over the last 50 years or so has returned on average around 8% returns per year. So the same way you could put your money in the stock market, you could put your money right here in any of these stable coins and earn just about the same amount of percent per year, right? So the whole idea here is just to not keep your money in a savings account or in a cash account because then you're going to be losing money, right? You're going to remember that the inflation rate is that it ties in like the past five years or something like that over 2%. So you're going to be losing 2% on your money year over year if you just keep your money in a savings account or a cash account. Remember we spoke about the high yield online savings account and the best one was 0.65% per year, 0.65. So if you have $1,000, you'll get $6.50 to hold your account in a high yield savings account. If you have $10,000, you'll make $65 in one year. So you want to avoid savings accounts at all costs. So once you decide which crypto you would like to deposit in here, we're going to deposit some Ethereum. As you guys can see where we have about 1,000, almost 2,000 in Bitcoin. So we're going to load up our Ethereum account with some more Ethereum and we're going to also do Bitcoin but where we're transferring our Bitcoin from, we're transferring it over from Bybit. So because of that, it takes, they only do deposits or transfers every few hours. So we're going to transfer Ethereum from a different wallet that should hopefully be faster. All right. So once you figure out what crypto you would like to deposit, then you just go right on over right here and hit deposit, right? So now this gives you your Ethereum for us is going to be the Ethereum wallet. Make sure that you guys are depositing the same crypto into the same wallet. So don't try to deposit Bitcoin into an Ethereum address or Ethereum into a Bitcoin address because if you guys send anything like that, your crypto will be lost forever. So go ahead and copy the wallet address here and then you're going to go to whatever wherever other wallet you're transferring your crypto from, go to that wallet and you have to transfer it from there to here. All right. So for us, we're transferring from the Gemini exchange. As you guys can see here, we hit transfer funds, then we went to withdraw from Gemini. We chose ETH. Then we put in our address to make sure we have our address correct. Let's double check it just to be safe. Let me go over here. Yeah, looks good. Looks good. Yep. Everything looks good. So now we're going to take out 5 Ethereum is what we're going to do. Then we're going to go ahead and hit continue. As you guys can see, it puts here the date, the amount where it's from to now we're going to request withdraw. So of course, we have a lot of security measures on our account. So we have to approve this transfer on our phone. Boom. It has been approved now. All right. So I had to approve it again. So let's go ahead and hit the withdrawal again. Let's approve it again. And let's see if it goes through this time. Request approved. You have transferred 5 ETH to the wallet. All right. Perfect. We got an email saying that the withdrawal has been confirmed. So now at this point is just about waiting. So we're just going to wait, but we won't make you guys wait. We'll speed this process up for you. All right, guys. So I just got an email from BlockFi saying that your deposit has been initiated, saying that they received 5 Ethereum and these funds will be available to use at BlockFi after they have 12 confirmation on the Ethereum blockchain network. It should approximately take about 30 minutes or so. All right. So let's refresh here to see if we can see here already. Let's go ahead and hit that refresh button. And if we click on ETH and go down, you guys can see that it is currently pending. So we see here that now that this is currently pending. So now we just wait for this to go through. Once this transaction goes through, then it will be ready to go. So guys, while we're waiting on this transaction to go through, if you guys have not subscribed yet, make sure to hit that sub button, guys. We're on our way to 5,000 subs currently at around 4,200. Also if you guys are enjoying this video and you have found value in this video, make sure they please hit that like button and drop a comment if you have any questions about anything at all that we've gone over so far in this video. The likes help us to continue to reach more and more new people and new potential subscribers to keep growing this channel as we make our way to crypto takeover on YouTube, right? So let's dive right back in. So guys, I just got an email from BlockFi saying that the transaction is confirmed. So let's go back on our browser and hit refresh and let's see if it's true. And there we go, guys. You guys now see that my theorem balance is up to 5.14. It is now here, the deposit, you can see here that it says deposit. So that means the deposit has gone through. And that's it. That's how easy, how simple it is to make a deposit and to start earning interest on your interest account. So now I basically have, as you guys can see here, $8,463 in this account, this interest bearing account, and I'm going to be getting a return of 5.25% annually, right? So per year. So let's do some quick math. So let's punch in the numbers, $8,463 times 5.25% equals $444.30, guys. That is what I will be earning passively by just by holding Ethereum. And I'm going to make basically more Ethereum, right? So because remember, I'm getting paid this interest in Ethereum. So by just by holding Ethereum, I'm also making more Ethereum passively without doing anything. So let's open up a compound interest calculator, right? So I put my initial deposit, $8,463 for monthly contributions, I'm going to just put zero for now. I just want to get the basic idea, investment, time span, share, let's leave it for years. I mean, five years, and then estimated rate of return 5.25%, right? So it's going to be the frequency, I'm going to leave it on monthly. And as you guys can see in the next five years, this will turn into about $10,000, $11,000, right, earning $2,500 of that in interest. So if you start to scale this number up, let's say 10 years, now we're talking $14,000. It's about $5,800 in interest. And if you continue to scale up, let's say 20 years, now we're talking $24,000, about $15,000 in interest. So you guys can easily see how over time, this compounds over and over and over again with just, and this is without me putting anything else into it, right? This is without me calculating what the growth of Ethereum is going to be just by me holding it. So this is just with this initial deposit, right? And this is assuming that over the next few years, my amount would stay the same. The value of my theorem would stay the same, right? Now let's say that we decide to do $100 a week into Ethereum, into our Ethereum interest bearing account on BlockFi, right? So $100 a week, let's say it's $400 a month. And now when you look at this number, look at this guys, now we're talking, it went from where it was before, let's go back to nothing, right? So without putting anything in, we're talking $40,000, your $8,000 will turn into $40,000 in the next 30 years, right? Now, if we change this to $100 a week or $400 a month, that $40 turns into basically 10X, right? So now we're talking almost half a million dollars, over a quarter million dollars, $391,000. And of course, 30 years is a long time, guys. This is a long-term game, but even if you put 20 years, you know, you're almost out of quarter mail there, it'll take about 13 years to get to six figures, to get to 100,000. In 10 years, you should be around 77. In five years, you should be around 38, right? And this whole time, remember, we're not even, we're assuming that the value of Ethereum doesn't is not going up. So imagine, where do you think the value of Ethereum is going to be in the next five years, right? Right now, it's currently at around 1,600. So if you believe that the value of Ethereum is also going to 10X within the next five years, basically you're grabbing this number, 38,000, and you're going to 10X it at that point, right? So 38,000 times 10 equals $380,000, guys. That's the possibility in the next five years by just holding Ethereum in an interest-bearing account. This $8,000 could potentially turn into $380,000, right? And of course, this is assuming that we're making $100, we're averaging in, dollar costs averaging in $100 every single week into Ethereum, into our interest-bearing account, and assuming a five-year time span and a 5.25% rate of return annually just for holding it. So guys, that is how you make dividends by holding cryptocurrencies. And you could do this, like I said, on a BlockFi with Bitcoin, Ethereum, Litecoin, Pax Gold, or you could even hold the USD coins and they pay up to 8.6% annually. All right, you guys, that is it for this tutorial. I hope you guys were able to follow it and found some value in this. If you did, please go ahead and hit that Subscribe button, guys. Make sure to like this video. And if you have any questions at all about how BlockFi works, make sure to drop it in the comments and I will try to answer you if I have the answer for you guys. All right, guys, that's it. I'm out of here. As always, peace and love.