 Effective April 1st 2021, our BTC and ETH rates in tiers for BlockFi interest accounts are changing. Our new Bitcoin rates earn 6% APY on 0 to 1 Bitcoin, earn 2% APY on 1 to 20 Bitcoin and earn 0.5% APY on 20 Bitcoin and above. BlockFi, it was fun while it lasted but I think it's time for me to take my talents elsewhere. Hey what's up Jay here and welcome to Bitcoin Daily bringing you guys the best tips, tutorials and ideas to help you become profitable and successful investors. The goal of this channel is to empower you guys with the knowledge and resources to put it all together and take you up to that next level. So if you guys are new here make sure to subscribe, make sure to also smash that like button and turn on the notification bell. So back in the beginning of the year we started on this project with BlockFi where I deposited a little bit to test it out and then after that I ended depositing a full Bitcoin to test it out for a full month and then this month I was gonna deposit a second Bitcoin to really get the ball rolling on that. But low and behold BlockFi announced this week that as of April 1st 2021 which is the day I'm dropping this video they're making they're adjusting their interest rates at their paying. They've gone from a two-tier system to a three-tier system. So tier one you can hold up to one full Bitcoin to receive a 6% return on that. Tier two you can hold up to 20 Bitcoin from one to 20 and you will only receive a 2% on that. And then tier three 20 and above you receive 0.5% which is basically the same thing that banks are paying you to keep it in a savings account. They're doing the same thing with Ethereum with Ethereum tier one is 0 to 100 Ethereum. You can get 5.25, tier two is 100 to 1,000. You can get 2% and tier three 1,000 and above same as a bank 0.5%. So we are going to go ahead and take our talent elsewhere after this month after the end of March. We will no longer be dropping a second Bitcoin in here. We are however going to leave one Bitcoin in here but we're going to remove the rest of our Bitcoin and take it somewhere else. So let's go ahead and take a look at what we did with our account this month in a month of March overall. So let's look at what we have. So you can see that overall we accrued in interest $266 this month. Remember on the last video that we did at the beginning of the month. If you look at it here three weeks ago, we were talking about making $250 a month passively. So we actually did more than $250 a month and a month is not even over yet. We're currently sitting at $266.16 for the month and we still have 1, 2, 3, 4, 5 days left. So we might potentially hit $300 on the month in our account on a BlockFi. And this is all of course passively. We haven't done anything at all other than just hold our Bitcoin. So you can see our Bitcoin balance here is 1.05 around $57,000 and this is exactly what we accrued in Bitcoin 0.004 Bitcoin. So that's what the game this game is all about just stacking up more Satoshis at the end of the day. That's what it's all about. And if we flip over to Ethereum then you can see here that we stacked up about $33 in Ethereum which is 0.0195 ETH. So what we're going to do we're going to remove the 0.5 I mean I'm sorry the 0.05 to make sure that we're at one I guess we're under one right. So we want to be under one Bitcoin so that we can still receive that 6%. So I guess once I get paid this right here then I'm gonna have even more. I'm gonna have 0.579. Yeah so I'm gonna have around 0.58 once this gets deposited. So I'm going to have to take out around 0.58 from this account just to make sure that in April I continue to receive 6% return on my Bitcoin. I don't want it to drop down to 3%. And this is a cool little photo here just so that you can get an idea of what type of impact this has. Obviously this is more for whales and for people that had a lot of Bitcoin that they were holding on BlockFi and they were really racking up money right just for holding their Bitcoin there. So I mean I understand the top end but come on just one Bitcoin 6% and everything else at 2% and 0.5 like that's a little overly aggressive I would say. They should have left at least the first tier up to 2.5. I don't think there's anything wrong with up to 2.5 and then from there on they could have left done you know the two tiers like they did here. But so this is how it was before and this is assuming that you have 100 Bitcoin here of course which is insane. That's five million dollars if you have 100 but there are some people that have 100. So if you have 100 Bitcoin and you're getting on your first 2.5 6% which made you around $8400 a year then on the rest of it you're making 3% which made you around $163,000 per year. So in total you're making $172,200 yearly right that's yearly without doing nothing. This is why the rich stay rich and why you need money to make money because you can do things like this where you just park your money somewhere and collect dividends and just you make more than what the average person makes in a year. Easy right? So I know many households that together with two, three, four people living in it don't make $172,000 in a year. So that's insane. So now they switched over to your first Bitcoin is at 6% so that annually make you around $3,300 and your everything after that is going to earn you 2% up to 20 Bitcoin which so if you had 20 Bitcoin in here you'd be making $21,000 annually and then beyond 20 Bitcoin then you'd be getting 0.5%. So that's on the rest of yours if you had 100 Bitcoin you'd be making 22,000 on that which is almost the same thing as the 19 Bitcoin you're here. So in total here you would be making $47,000 when before in total you were making $172,000. So where a lot of people are talking about now there's a few different places but Celsius is one of the spots. There's I think U Holder, U Holder, there's crypto.com, there's a few other spots that I'm going to specifically research now. I know Gemini has it as well. I believe Binance has it. So there's a lot of different options now in this space. So I'm gonna go ahead and do a thorough some research and come up with what's the new play, the new spot for earning interest on the crypto that you're holding and I might even try different platforms out and see which one I prefer best and then I'll go recommend it to you guys. So as far as the other coins and the other interest that they give on the platform, Litecoin is still I believe the best crypto that's earning here. So Litecoin is earning 6.5% interest. If you hold any Litecoin you could put it in here and 6.5%. Chainlink is earning 5.5%. Pax Gold is earning 5%. Then the stable coins are all still at 8.6% and that's pretty much it. So the only big change here is in Bitcoin and Ethereum I guess they were paying out a lot of money and they wanted to you know not pay out a lot of money. So what I'm gonna do I'm gonna leave one Bitcoin in here and I'm thinking of depositing more Ethereum since Ethereum is staying at 525% until let's see what's the number until 100 Ethereum right? So basically I could put up to 170 thousand dollars in Ethereum in here and earn a 5.25% return on it. I'm not gonna drop that much money on it but I will add in some Ethereum for this month to add to you know what I'm making an interest and hopefully bring that number up. So the goal here is to bring this number up my interest that I'm getting paid. I wanted to do a thousand dollars but now I want to do a thousand dollars a month but now because of this switch it's gonna make it a little bit harder because I was gonna deposit 2.25 Bitcoin or something. 2.5 Bitcoin is what I was gonna deposit in here so I could just get 6% on basically $150,000 in Bitcoin right? That alone would have put me more or less around I would say eight hundred dollars more or less a month passively and then I would have finished off the other two hundred dollars by adding in some Ethereum and that would have put me at $1,000 a month but now because again they've changed the interest rates I can no longer do that so I'm gonna I'm gonna only leave one Bitcoin in here I'm gonna deposit some Ethereum in here and see if I could at least get this interest to $500 in this month in April. Alright so I was gonna just leave what I have in here in there but I know a lot of you are probably wondering how to move your you know your money out of BlockFi and from my understanding it takes at least 24 hours to take your money out to withdraw so I'm gonna try it here at least go through the process and see what that flow looks like for anyone trying to do so now if it takes you know hours I'm not gonna show the result of it once it does go out but I'll just show the process of it so let's go ahead and hit withdraw so here you have to put basically the amount that you would like to withdraw so for me it's gonna be that 0 5 3 7 9 1 7 3 it says that the fee is waived because BlockFi offers one free withdrawal per month so your first withdrawal of any month is free so hey that's a good thing right now you can see here that it says all withdrawals are subject to a one business day security hold and are processed by 8 p.m. Eastern on weekdays so that's one of the things that people have been complaining about takes a full 24 hours or maybe more to to be able to get a withdrawal and if you try to do it with draw like on a Friday like I'm doing today this withdrawals not gonna happen until Monday so I'm not gonna be able to record the withdrawal because on Monday I will be out of town so this this withdrawal is not gonna happen till one business day so that means technically Monday would be the first business day so that means technically my withdrawal won't go through until Tuesday I don't know but yeah so that's one of the big issues I guess with BlockFi that withdrawal time is very very annoying for someone to hold your money you know your hard-earned money so if you look at the withdrawal terms you see that you get one free crypto withdrawal per month and one free stablecoin withdrawal per month it says BlockFi is not liable for any typos or mistake in the address and then it talks about how the withdrawals take they're held for one day and then it goes on to say that Bitcoin and Ethereum withdrawals may be subject to up to seven days of withdrawal processing and stablecoin withdrawals may be subject to up to 30 days of processing so that's insane to have to wait an entire month to take out your stablecoin and wait a whole week to take out to remove your Bitcoin that is crazy to me so once you come here just hit new wallet if you've never entered an address or made a wallet before whoops basically just paste your wallet there and then just hit review withdrawal then of course is telling you if you provided a wallet that's not a Bitcoin address then you're gonna lose your funds and basically just confirm this and that's pretty much it now for now I'm just gonna leave my funds in here there's no point in me withdrawing it today since it won't get taken out to possibly Tuesday so I rather just leave my funds in here to continue earning me some interest and then next week I'll go ahead and see what I do with the extra funds that I have in here so that's pretty much it guys I hope you guys have enjoyed this video let me know in the comments what you guys think about this whole BlockFi changing their interest rates things are you guys leaving your money in BlockFi or are you guys taking your money elsewhere if you are taking it elsewhere where you guys taking it is there any other platforms that you guys would like me to review like like crypto.com or Celsius or something like that where you can earn interest on your Bitcoin let me know in the comments and I will go ahead and look into those to possibly put some money in there and see how it works out that's pretty much it guys I hope you enjoyed this video if you found a value in this content go ahead and drop a like on the video make sure to turn on the post notification as well and if you guys are new here go ahead and hit that subscribe button we love new subscribers thank you guys so much I hope to see you on the next video as always peace and love