Celsius Network is a new cryptocurrency that has been created to make it easy for users to earn passive income from their crypto assets. The project is designed to help users maximize their returns on investment by providing an opportunity to earn as much as 10% of the value of their holdings in CEL tokens per year.
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Money has impacted our whole existence… Money problems include a lack of funds, the necessity to labor excessively for money, or being screwed over because of money. The major banks have had control of this extremely lucrative and dangerous manipulative machinery for ages. But, as we look forward to a day where money serves humanity rather than the other way around, we’ll take a look at why our aspirations for such a future are becoming more optimistic.
The slogan for Celsius is simple: “un-bank yourself.” Although it is basic, it sends a powerful statement that you are no longer bound by the antiquated regulations imposed by banks or the traditional manner in which the financial sector operates. Celsius Network is an all-in-one financial platform that puts all of your financial options at your fingertips. You may earn, borrow, and pay in a variety of cryptocurrencies with ease. It also provides a lot more than simply a traditional bank.
You may earn a higher rate of return on your savings while paying lower interest rates on your loans. To top it off, Celsius blends the familiar and valued advantages of conventional banks with cutting-edge cryptocurrencies to eliminate all boundaries, allowing you to transfer money inexpensively and swiftly anywhere in the globe. Still not enthralled? To discover more about why you should, see our Celsius Network review.
What Exactly Is The Celsius Network?
Celsius Network, which was founded in 2017, is an all-in-one digital “bank” that aims to disrupt conventional banking services such as savings and loans. As a digital-only network, the only method to use Celsius’s services is via their Android or iOS mobile app – which we discovered while researching this Celsius Network review has a promo code for $40 in BTC if you join up.
Since then, Celsius has expanded tremendously in size, and it was just named the finest bitcoin wallet on the market by the FinTech Breakthrough Awards. Celsius is one of the most well-known and well-liked digital banks, particularly when it comes to cryptocurrency services. This is evident in their user base, which presently stands at over 580,000 members with a combined asset value of more than $14.2 billion.
What Can You Get From Celsius Network?
As of this Celsius Network review, the company offers three different services to its users: earning cryptocurrencies via savings, borrowing cash or crypto at low interest rates, and sending money or making payments using cryptocurrencies. So, for our Celsius Network review, we’ll go a little further into each of those methods to engage on the platform…
Increase the Value of Your Cryptocurrency Assets
One of Celsius Network’s most lauded features is its promise to pay customers more than they would with a conventional bank savings account – even a fixed deposit – or some of its cryptocurrency-focused rivals. Despite the fact that Celsius is a for-profit business, it claims to return up to 80% of its profits to its customers. As a consequence, you may earn up to 17.78% each year (the current rates as of this Celsius Network review).
On their website, you may use a calculator to discover how much money you can make in a year. For example, we discovered that your Bitcoin holdings in your Celsius wallet may yield you up to 6.20 percent APY, while your USDC stablecoin holdings can earn you up to 13.30 percent APY. However, keep in mind that you may earn more if you opt to get your rewards in Celsius’s native CEL coins; more on that later. You may, however, opt to be paid in that specific cryptocurrency.
For example, you may receive BTC incentives for your BTC assets in your wallet on a yearly basis. Since its inception, Celsius Network has paid out more than $250 million to its members, according to recent reports. Furthermore, you may simply create a Celsius account with no minimum balance restriction. The annual rewards on your bitcoin holdings are given out every week, and unlike some of its competitors, you may withdraw them at any time with no costs.
Low-interest cash or cryptocurrency loans
Another important feature we’ll look at in this Celsius Network review is the ability to borrow money through its mobile banking app in cash or bitcoin at a very cheap interest rate compared to competing services. On Celsius, you may borrow against the collateral of any of your wallet’s more than 25 cryptocurrencies, with interest rates as low as 1% APR. You’ll just need adequate collateral, and you’ll be able to apply for a loan via the app in minutes.
You won’t have to fill out any paperwork, go through credit checks, or pay origination fees since the procedure is automated. Loan periods on Celsius start at six months, with the additional advantage of a variable loan-to-value option, which you may use to keep your interest rates low and the amount of collateral you need to the absolute minimum. If you don’t want to sell your cryptocurrency assets for cash, taking loans with Celsius is a fantastic alternative.
However, there’s no reason why you shouldn’t sell your cryptocurrency. For starters, selling it to earn some short- or medium-term cash may mean losing out on future development of that coin. Furthermore, with Celsius’s fast loans, you may use your cryptos as collateral to purchase more tokens to increase your investment. As of this assessment, the Celsius Network has given out more than $8.2-billion to its customers.
Using Cryptocurrencies to Make Payments Using CelPay as a Payment Method
Users of the Celsius app may transfer (or receive) cryptocurrencies and make payments anywhere in the globe fast, securely, and conveniently, all without paying any fees. Celsius’ CelPay is a much better choice than many other current payment options, such as PayPal, since it does not charge any transaction or processing costs. Even better, you won’t have to deal with any lengthy or complicated addresses while transferring cryptos.
CelPay, on the other hand, works best when you’re sending or receiving money with other Celsius users, who are referred to as’Celsians.’ You may send bitcoin to another Celsius user by simply tapping on their name in the app, selecting the kind of cryptocurrency you’d want to send, and adding a message before sending it. This method lacks the typical complication seen in traditional bitcoin wallets and exchanges.
What Is CEL, Celsius’s Own Cryptocurrency?
Celsius has its own native cryptocurrency, the CEL token, that runs on its network. CEL tokens are primarily utilized to get access to additional advantages on the Celsius network, as we mentioned previously in our Celsius Network review. For example, if you opt to be paid out in CEL tokens rather than other cryptos, you may earn up to 25% more on your weekly incentives, or you can save up to 30% on your loan interest rate if you prefer to pay with Celsius’ CEL.
Celsius has linked its platform and services with several bigger institutions, as we’ll see later, and they, too, may borrow from Celsius Network and get a comparable (up to) 30% discount if they pay their interest with CEL. The amount of advantages you may get as a frequent user is determined by your ‘loyalty tiers,’ which are divided into four categories: Bronze, Silver, Gold, and Platinum, and are based on the proportion of your wallet that is made up of CEL tokens.
Celsius allegedly increased its userbase by more than 800 percent in its first year after a $50 million token sale in March 2018. That growing momentum continues, contributing to CEL tokens’ massive increase in value to $7.01 at the time of this Celsius Network study. From only two years ago, its price has increased by 31,266.86 percent. Celsius’ CEL is the 69th most valuable cryptocurrency, having a market value of $1,674,210,384.
More on Celsius’s tokenomics: the entire quantity of CEL tokens is limited at 695,658,161 CEL, with 522,197,452 CEL (or 75% of the total supply) in circulation. The platform has frozen the remaining 117,000,000 CEL, mostly to assist finance future improvements. According to Messari statistics, regular users account for about 90% of deposits on Celsius, while institutional customers account for almost 100% of loans. As a result, Celsius’s primary source of revenue is the lending of retail deposits from everyday people like you and me to big institutional customers.
See also: Price Prediction in Celsius
What Does the Future Hold for Celsius?
For the time being, there is no set roadmap of what they may be planning in the future as of this Celsius Network assessment. However, we can anticipate that their primary goal will be to continue to grow their user base. Celsius is one of the most popular mainstream cryptocurrency-focused financial platforms on the market today, according to users. In the near future, we may also anticipate Celsius to work with additional crypto-based services.
They currently have a strong list of collaborations. This includes collaborating with companies like as Bitwala, Coinlend, Voyager, Monarch, Amon, Infinito, and others to offer Celsius services to their customers, such as earning high interest on their cryptocurrency holdings. They’ve also helped companies like Korbit handle a portion of their cash. Should brands join with Celsius, further advantages such as no network costs and low-interest financing are available.
Conclusion of the Review of the Celsius Network
To sum up our Celsius Network review, we’ve found it difficult to identify any major disadvantages to utilizing Celsius. Their mobile app (which, however, does not have a web interface) is extremely user-friendly, with sleek navigation and a bright and pleasant end-user experience. Although it seems that a number of customers have had issues with customer support, it would be wonderful to see Celsius resolve these issues as quickly as possible.
Apart from that, although being just a few years old, Celsius has lived true to its slogan of “un-bank yourself.” Celsius provides a large amount of features in a single app that ordinary consumers can use with ease and yet get a lot of value from. You may make large profits just by letting your bitcoins lie idle – considerably greater than most of its rivals. You may also borrow money right now at very cheap interest rates.
Furthermore, Celsius’s native CEL coins provide customers with a slew of extra benefits in addition to the company’s already substantial incentives. As a result, we can conclude our Celsius Network review with a strong recommendation for anyone looking for more equitable and accessible alternatives to their regular bank; with many ways to passively earn money, no network or withdrawal fees to worry about, no minimum deposits, compounding interest, and very fast transactions, we can conclude our Celsius Network review with a strong recommendation for anyone looking for more equitable and accessible alternatives alongside their regular bank.
Celsius Network Review
- Values of the Project
- Model of Tokenomics
- Sustainability in the Long Run
- The software is well designed and set up, with a vibrant user interface and simple navigation.
- For their crypto assets, users may easily earn a high annual interest rate (paid weekly).
- Loans with relatively low interest rates may be applied for in minutes.
- By holding CEL tokens, users may receive additional advantages and privileges, such as greater profits, reduced interest on loans, and so on.
- The network has no fees, thus users may withdraw tokens at any moment without incurring any costs.
- Thanks to CelPay, withdrawals are almost instantaneous, as are transfers to other users.
- To start an account, there is no need for a minimum deposit.
- With licenses from the SEC, FCA, and FinCen, among others, Celsius stays extremely friendly and compliance with rules.
- At times, customer service may be sluggish or unresponsive.
- The mobile app is prone to problems and malfunctions, such as inability to log in or crashing.
The celsius crypto reddit is a website that reviews cryptocurrencies. It has a section for each cryptocurrency and provides information about the coin, its market cap, price, and other important statistics.
Frequently Asked Questions
Is Celsius good for crypto?
Celsius is not a good cryptocurrency for investing in.
Can I trust Celsius network?
Yes, Celsius is a reputable network and you can trust them.
Is Celsius network yield farming?
No, Celsius network is not a yield farm.
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