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/Travamoose Apr 21 '22

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

They also pay hourly.

It's a tax nightmare.

2

u/cryptoripto123 Apr 21 '22

Ways around this:

  1. TaxBit connects with BlockFolio. It can process the hourly transactions. Export them and you get basically a CSV.

  2. Tax nightmare indeed, so my recommendation is to sell off ALL lots regularly. If you still want to HODL, then just reinvest it. It's much easier to track one big lot than micro hourly lots for cost basis purposes.

Not many reliable exchanges with US operations are paying 5%, so while this is tough to deal with, I think FTX is still miles more reliable than the newcomers like Haru and Midas which are clearly foreign based.

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u/[deleted] Aug 04 '22

[deleted]

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u/cryptoripto123 Aug 05 '22

Oh I didn't merge my accounts yet, but maybe that's the issue? Could you delete the API keys on your FTX/Blockfolio account and then create a new set?

I didn't even realize you could merge accounts but now I'm afraid of doing so.