Our whole life is shaped by money….. There’s not enough money, we have to work hard for it, or we get cheated. This extremely valuable and deadly means of manipulation has been under the control of the big banks for centuries. But while we dream of a time when money truly serves humanity and not the other way around, let’s take a look at the present, or the Celsius network, to see why our hopes for such a future are getting higher and higher.
The slogan of Celsius is very simple: Get off the couch. Despite its simplicity, it sends a very strong message: you no longer have to live by the archaic rules of the banks or the traditional way of working of the financial sector. As an all-in-one financial platform at your fingertips, Celsius Network provides a place where you can easily earn, borrow or pay in a number of cryptocurrencies. And it offers much more than an ordinary bank.
You can get a better return on your savings while paying less interest on your loans. And to top it off, Celsius combines the convenience of the traditional banks we know and love with the new cryptocurrencies to remove all barriers so you can exchange money quickly and cheaply anywhere in the world. Not excited yet? Read our Celsius Network review now to find out why you should.
What is the Celsius scale?
Founded in 2017, Celsius Network is a universal digital bank that aims to replace the traditional core services of traditional banks, such as. B. use to save or borrow, to intervene. The only way to access Celsius’ services is through their mobile app for Android or iOS. We discovered while writing this Celsius Network review that there is a promo code that allows you to receive $40 in BTC when you sign up.
Celsius has grown significantly since then and was even recently named the best crypto-currency wallet on the market by the FinTech Breakthrough Awards. Celsius remains one of the best known and most popular digital banks, especially when it comes to offering cryptocurrency services. This is reflected in their user base, which currently includes over 580,000 Celsius users with combined assets of over $14.2 billion.
What does the Celsius network offer you?
In this Celsius Network review, Celsius offers 3 different services to its users – earning cryptocurrencies through your savings, borrowing money or cryptocurrencies at low interest rates, or using cryptocurrencies to send money or make payments. So for our discussion of the Celsius network, we’ll take a closer look at the ways you can communicate on Celsius…..
Earn more with your crypto-currency assets
One of the most popular features of the Celsius network is that it allows users to earn more than they would with a traditional savings account at a bank – even with a fixed deposit – or with some of its cryptocurrency-focused competitors. Although Celsius is a for-profit company, it claims to return up to 80% of its revenue to its users. This allows you to earn up to 17.78% per year (current rates at the time of writing on Celsius Network).
On their website you will find a handy calculator that will let you know how much you can earn per year. For example, we have found that you can earn up to 6.20% interest per year for your bitcoin investments and up to 13.30% interest per year for your USDC stablecoin investments in your Celsius portfolio. However, note that you can only earn more if you choose to get rewards paid out in Celsius’ own CEL cryptocurrency; more on that later. Nevertheless, you can also make withdrawals in this particular crypto currency.
For example, you can earn annual BTC rewards for BTC balances in your wallet. It was recently reported that Celsius Network has paid out over $250 million to its users since its launch. Moreover, you can easily open a Celsius account without having to maintain a minimum balance. Annual rewards on your cryptocurrency investments are paid out weekly, and you can withdraw them at any time with no withdrawal fees, unlike some competitors.
Borrowing money or cryptocurrencies at low interest rates
Another important feature we will look at in this Celsius Network review is the ability to borrow from the mobile banking app in both cash and crypto-currencies and with very low interest rates compared to other services. At Celsius, you can take out a loan against any of the more than 25 cryptocurrencies in your portfolio, with interest starting at just 1% per year. All you need is enough collateral and you can apply for a loan in minutes.
With an automated process, you won’t have to submit documents, undergo a credit check, or pay administrative fees. Celsius loan terms start at 6 months and also offer the benefit of a flexible loan-to-value option that you can optimize to keep your interest rates low and minimize the amount of collateral required. Borrowing from Celsius is a great option if you don’t want to sell your cryptocurrency assets for cash.
But why not sell your cryptocurrencies? First, selling for capital in the short to medium term would mean you could miss out on the future growth of this crypto currency. Also, with Celsius fast loans, you can use your cryptos as collateral to buy even more tokens to increase your investment. To date, according to this Celsius Network review, they have lent over $8.2 billion to their users.
Paying with cryptocurrencies with CelPay.
The Celsius app allows users to send (or receive) cryptocurrencies and pay for them quickly, securely, easily and without charge anywhere in the world. Compared to many other existing payment solutions like PayPal, CelPay by Celsius is a much better option because there are no high transaction fees or transaction processing costs. Even better: You can transfer cryptocurrencies without worrying about long and complicated addresses.
However, CelPay is more suitable if you want to share money with or receive money from other Celsius users. Simply click on another Celsius user’s name through the app, select the type of crypto currency you want to transfer, and add a comment before sending. This process is devoid of the usual complexity often found in traditional cryptocurrency wallets or exchanges.
What is the crypto currency CEL?
As part of its platform, Celsius has its own cryptocurrency, the CEL token. As we mentioned in our review of the Celsius network, CEL tokens are primarily used to take full advantage of the Celsius platform. For example, you can earn up to 25% more on your weekly rewards if you choose to pay with CEL tokens instead of other cryptocurrencies, or how you can get up to 30% off your loan interest if you choose to pay with CEL.
As we’ll see later, Celsius has also integrated its platform and services with some major institutions. They can also borrow from Celsius Network and get a similar discount of (up to) 30% if they pay their interest with CEL. For regular users, the number of benefits you enjoy depends on your loyalty levels – of which there are 4: Bronze, Silver, Gold, Platinum – depending on the percentage of your portfolio that consists of CEL tokens.
After selling tokens for $50 million in March 2018, Celsius reportedly grew its user base by more than 800% in its first year. This growth momentum is still strong and has helped push the value of CEL coins to $7.01 after this Celsius Network review. This price represents a monstrous gain of 31,266.86% from just 2 years ago. Combined with a market cap of $1,674,210,384, this makes CEL the 69th most valuable cryptocurrency on the Celsius scale.
Celsius has capped its token supply at 695,658,161 CEL tokens, of which 522,197,452 CEL tokens (or 75% of the total supply) are outstanding. The balance of 117,000,000 CEL is blocked on the platform, mainly to finance future developments. According to Messari, about 90% of Celsius’ deposits come from repeat users, while nearly 100% of borrowers are institutional clients. As such, Celsius’ main source of income is lending retail deposits for large institutional clients to ordinary users like you and me.
See also: Celsius Price Forecast
What will the future bring for Celsius?
Looking at the Celsius network, there is no roadmap for the future. Nevertheless, we can predict that their main goal is to keep expanding their user base. From a user perspective, Celsius is one of the most popular leading cryptocurrency financial platforms on the market today. We can also expect Celsius to partner with other crypto services in the near future.
They currently have a healthy list of partners. This includes partnering with platforms such as Bitwala, Coinlend, Voyager, Monarch, Amon, Infinito and many others to offer Celsius services such as paying high interest on cryptocurrencies held by their users. They have also partnered with brands like Corbit to actively manage some of their cash flow. Additional benefits, such as. B. No network fees and low interest loans are also available when brands partner with Celsius.
Celsius Network Overview: Supplement
To conclude our review of Celsius Network, it is hard to find any major drawbacks to using Celsius. Their mobile application (unfortunately without a web interface) is very user-friendly and offers a smooth navigation, which is also colorful and pleasant for the end user. However, a number of users seem to have reported problems with customer service. It would therefore be desirable for Celsius to remedy these shortcomings quickly.
And even though Celsius is only a few years old, he’s already lived up to his motto of delousing himself very well. Within a single application, Celsius offers a wide range of services that loyal customers can easily access and get value for their money. By simply leaving your crypto-currencies fallow, you can make high profits – much higher than most competitors. Or you can borrow money, with very, very low interest.
Moreover, Celsius’ native cryptocurrencies offer its users many additional bonuses on top of Celsius’ already generous rewards. So we can conclude our Celsius Network review with some real recommendations for those who are looking for more honest and cheaper alternatives to their usual bank; with lots of opportunities to make passive money, without having to worry about network or withdrawal fees, with no minimum deposit, with complicated interest rates and very fast transactions.
Celsius Network Overview
- Sociability
- Features
- Project values
- Tokenomics model
- Long-term sustainability
For
- The app is very well thought out and designed, with a colorful interface and easy navigation.
- Users can easily earn high annual interest (paid weekly) on their crypto assets.
- Loans can be disbursed within minutes with relatively low interest rates.
- Users can get more benefits and privileges by owning LEC tokens – higher earnings, lower interest rates on loans, etc.
- No online fees, so users can withdraw tokens at any time without paying withdrawal fees.
- Withdrawals are almost instantaneous, and transfers to other users are fast with CelPay.
- There is no minimum deposit required to open an account.
- Celsius remains very user-friendly and compliant with regulatory requirements, with licenses from the SEC, FCA, FinCen, etc.
Cons
- Customer support is sometimes slow or unresponsive.
- For example, the mobile application may be subject to bugs or crashes. B. It cannot connect or crashes.
frequently asked questions
How to make money with cryptocurrencies
‘ Blog ‘ Defibrillator hunt.
Is it safe to earn interest with cryptocurrencies?
Top Crypto Savings…
Where do you earn interest in crypto?
win-earn-crypto
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