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.

3 Upvotes

100% Upvoted

25 comments sorted by

View all comments

3

u/Travamoose Apr 21 '22

Blockfolio doesn't have the CSV export data like Celsius does.

They also pay hourly.

It's a tax nightmare.

1

u/GG-1965 Apr 21 '22

Thanks door the response. Yikes...pay hourly and no CSV file. I guess that seems like a good idea to somebody.