 Unfortunately, this will be the last video that I ever make about BlockFi. I have decided to finally leave BlockFi and take my talents elsewhere. If you have an account on BlockFi, you probably received an email a few days ago speaking about a new rate change coming in May. And if this is your first time hearing about BlockFi or you've been on a fence about putting money in it, let me save you the trouble. Skip it. Do not use it. Today we're going to review my final month with the platform BlockFi and I will reveal where I am going next. Stay tuned. Hey, what's up Jay here and welcome to Bitcoin Daily bringing you guys the best tips, tutorials, and ideas to help you guys become profitable and successful investors. The goal of this channel is to empower you guys with the knowledge and resources to take you up to that next level. So if you guys are new here, make sure to smash that like button and subscribe to the channel. Don't forget to turn on the notification bell. Alright guys, so first off, let's go ahead and review my BlockFi accounts for last month. So we're going to review April's results. You can see that my interest account balance is at 74.367 at the moment. Obviously this fluctuates with the price of Bitcoin and Ethereum. I have a little over one Bitcoin in the account and for Ethereum, I have a bit over five total Ethereum's. So starting with Bitcoin, I've been using the BlockFi platform for about two months with a full Bitcoin in it. And before that, I had way less than that. So I'm not really going to count those. But in total interest paid, I did about $561. You can see here in the transactions that I deposited that Bitcoin March 1st. So in March and April, basically is how I made the $500 plus in two months. And now so far this month, I've recruited about $21. And like you guys already know, I'm going to be removing all of this ASAP. In Ethereum, I have about 5.2 in it, and I've earned about $202. And right now in this new month, I've made $8.25. So you can see in Ethereum, I made my first deposit on February 4th. So I started testing it first with Ethereum, and then that's when in March is when I deposited the Bitcoin and went on from there. So in total, we've done $764.26, plus we've recruited an extra $29.66. That gives us a total of about $793.92. That's just about a 1% return over the last three months on the account balance that I was holding in BlockFi. So now let's talk about this email that BlockFi sent out about a week ago, probably just before May. So on the email, it says that due to current market conditions, we're updating our rates for Bitcoin, Ethereum, Link, LTC, and PaxG held in a BlockFi interest account on May 1st, 2021. But wait, my favorite part of this email is how they try to twist it to sound like they're doing something so good for you. These changes are part of BlockFi's long-term strategy to continue providing a world-class and innovative product with exceptional service for our clients. Yeah, okay. So here are the new Bitcoin updates for any Bitcoin that you hold on their platform. So tier one now goes from zero to 0.5 Bitcoin. So basically up to half a Bitcoin, right? And they took down because before it was zeroed out to one Bitcoin, right? And they were still giving the 6% on it. Now they not only dropped the one Bitcoin to half a Bitcoin, but they dropped from 6% to 5%. Then tier two is half from half a Bitcoin up to 20 Bitcoins. Now you're receiving 2%. And before it was from one to 22%. And then tier three, of course, 20 and above, you get a half a percent. Same thing you get in the bank account, right? So I guess they're the only real difference between a bank account and your money is that at least your money is in Bitcoin. So the value is going to go up versus just having it in, you know, USD and the value going down due to inflation. But basically BlockFi is turning into a centralized bank that offers Bitcoin. But wait, there's more. Ethereum also got changed from its 5.25% up to 100 Ethereum. Now it got changed for 4.5% up to 15 Ethereum. For tier two, then you're looking at 2% from 15 to 1000. And tier three, 1000 and above, it stayed the same. So congrats to you guys that have over 1000 Ethereum. Yours did not change. And then finally, they couldn't just leave the rest alone. They also changed link from 5.5 to 4.5. They changed Litecoin from 6.5 to 5.5. And they changed PaxG from 5 to 4%. They go on to say that these conditions derived from the low demand to borrow Bitcoin in a bull market. They say that many people instead are borrowing USD to buy more Bitcoin. So due to that, the funding rate is much higher. And due to that, they have to lower their yield in order to be sustainable. Like in the end, guys, I get all that. I understand. But if you can't find a better solution than taking money from your customers, then you know what? It's time for me to find a different company in a different platform that is still willing to give us higher yield. So with that said, now you're probably going to be wondering if you're invested in BlockFi. How do you take your money and withdraw it out of BlockFi? This is the other con about BlockFi. When you go to make withdrawals, you can see here that it's subject to a one business day security hold and they're processed by 8pm Eastern on weekdays. But then when you go here to the withdrawal terms, you will see that it says BTC and ETH withdrawals may be subject to up to 7 days of withdrawal processing. Stablecoin withdrawals may be subject to up to 30 days of processing. This is the issue of being on platforms where you do not hold your keys. So you really don't own your Bitcoin. They could just take off with your Bitcoin and it's gone. Unfortunately, if you do want to be a part of this world, these are risks that you have to take. That's why I always say don't put all your eggs in one basket. Alright, so we're going to go ahead and hit withdrawal. We're going to select Bitcoin and we want to withdraw everything. So we're just going to copy and paste. Thankfully, there are no fees and then we're going to hit new wallet here so that we can set up a new wallet to withdraw to. Alright, so I wanted to move this to the new platform that I have been planning on using. But now the app won't work for me and I can't open the app. So now I'm not sure if I want to use that platform anymore. So we're going to go ahead and hit review withdrawal of the amount the fee is waived in the wallet address set up. So I hit confirm. BlockFi then sends you a six digit confirmation code to your email. And I will go ahead and enter that now and then confirm withdrawal. So you see here that it says withdrawal may be flagged for review you will receive an email shortly if additional action is required. Then it says please expect your funds on May 5th by 8pm. So I have the amount that I'm withdrawing here to my address and finish. Now I am going to leave my theorem for the moment while I figure out that next platform that I will be moving my funds to to earn some interest on them because the app is down for the moment. I can't transfer my funds there. So so now I'm kind of stuck. So I'm doing more research on this for the moment to see what's going on with the app. And then I will be making a video on basically a tutorial on everything that I go through, you know, and what I'm doing to get that set up. So the platform that I will be going to is Celsius Network. So I met the people from Celsius Network at the meet up the crypto event that I went to two weeks ago. And, you know, it it felt good actually meeting real people and speaking to them and they spoke to me about a lot of the different things. Now I did reach out. So I wanted to have someone, you know, ask them some questions and have some direct contact with someone. They told me to reach out to Kimberly Gantz. And I did email her. I have her card right here. I don't know if it'll focus. I sent her an email, but I haven't gotten a reply. Kimberly, if you see this video, can I please get a reply? So you see here on the website for Celsius, I put, you know, I'm talking to the bot, of course. And I said that the Celsius app isn't working or responding. What could I do? And they gave me this that I have to go ahead and try now on my own. Hopefully that fixes the issue. But what really caught my eye here on Celsius is this 6.20% return. So if I put that same $74,000 to say $75,000 to make it even at a 6.2%, that should give me about 4650 in 12 months. So we divide that by 12. It's going to be about $387 a month. So now what happens if I put two Bitcoin in here? So let's do the math on that. So let's say Bitcoin's at about 55, right? So that'll be 110 times 6.2% equals 6820 on the year divided by 12. That's about $568. Remember, we're not compounding it here. So it would be 568 in the first month. And then it should, if once it starts begins to compound, it should be more and more and more each month there after that. Also, remember, you have to take into account the fluctuations of Bitcoin's price, which could make the funds more or less. So that's pretty much it guys. I hope you guys enjoyed this video. If you stayed here to the end, make sure to smash that like button guys. Make sure that if you guys are new here, subscribe to the channel and turn on that notification bell. The next video will be a tutorial and review on the Celsius app if I get to access it and I get it to work. So stay tuned to see if that happens. Thank you guys so much. I will see you on the next video. As always, peace and love.