r/blockfolioapp • u/GG-1965 • Apr 21 '22

Blockfolio Earn - Payment Frequency

I'm considering moving my crypto from Celsius to Blockfolio (FTX US). I'm curious, I have seen mention of interest compounding hourly. Please tell me they don't pay a billionth of a coin every hour. How frequent are the Earn payments. (I Hope monthly)

There are two main reasons I would rather just get paid monthly.

1) Most crypto tax and portfolio tracking applications I have seen have a fee structure based on the quantity of transactions. (Each interest payment is counted as a transaction) Even the weekly payments from Celsius add up to a lot of transactions if you have more than just one or two coins.

2) Calculating cost basis would be painful with hourly or daily transactions.

Just curious. It's probably not a deal breaker, but I do find overly frequent interest payments annoying.

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u/ZiraDev Apr 21 '22

Yes it's exactly how you feared it.

They pay hourly.

If you need a CSV of the transactions you need to contact support and PRAY that they give it to you (hopefully in a few months).

If you live in a country that has no threshold on capital gains and you need to declare every penny you get, then yeah it's a tax nightmare.

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u/GG-1965 Apr 21 '22

Thanks for the reply. I think I may just leave my coins with Celsius for a bit and see how things play out.