In the blockchain world, cryptocurrency interest accounts and lending programs are all the rage right now. These organizations, which replace greedy intermediaries, offer interest-bearing cryptocurrency accounts and low-cost lending that uses cryptocurrency as collateral.Platforms like Celsius have developed in popularity because they let users to generate a sizable passive income from their crypto holdings, especially when compared to interest rates on fiat-based savings accounts. Celsius Network is one of the leading crypto loan providers.
What is Celsius Network?
Earn a lot of money. Borrow as little as possible. Make an impact on the world. Calculate the temperature in Celsius. Remove yourself from the banking system. These are the mission statements for Celsius. If you think the procedure of lending, borrowing, and holding money on Celsius is similar to that of a bank, you are mistaken. At least, that is what Alex Mashinsky, the company’s CEO, says.
- You fund the Celsius app with cryptocurrency.
- The monies are subsequently loaned out to both retail and institutional borrowers.
- Every Monday, you’ll get a check from Celsius, which comes from the revenue generated by the loans and other operations. The Celsius team claims that users receive 80% of the company’s earnings.
Loans are also available through Celsius on the other side of the lending equation. You can take out cash loans with a variety of terms if you put up cryptocurrency as collateral.
Can you make money with Celsius Network?
Celsius Network provides you with the potential to make passive income from your cryptocurrency holdings. Receiving interest payments on your investment is the primary way to make money with Celsius Network. To take part, all you have to do is put BTC into a Celsius wallet. After that, every Monday, you will receive interest payments in your wallet.
Currently, Celsius Network does not offer any deposit insurance. So, if the corporation gets hacked, for example, there’s a chance you’ll lose your money.
Which cryptocurrencies are available on the platform?
The Celsius Network is a cryptocurrency exchange that pays interest on a wide range of coins. Among the possibilities are (but are not limited to):
- Tokens in Celsius (Celsius) (CEL)
- Bitcoin is a digital currency (BTC)
- Ethereum is a cryptocurrency (ETH)
- Ripple effect (XRP)
- EOS (BCH) Bitcoin Cash (BCH) (EOS)
There are also a lot of stablecoins.
BTC, ETH, XRP, BCH, LTC, and XLM may all be purchased straight in the app.
Finally, the decision and responsibility for properly using Celsius Network is solely yours. Celsius offers some of the finest interest rates in the business – to both depositors and borrowers – when compared to other crypto loan platforms.
Although Celsius technically retains your crypto keys and lacks the usual banking protection that fiat savings accounts have, you may be pretty confident that your bitcoin will be safe thanks to the company’s founders’ so far spotless reputation. Celsius Network is a good place to start if you want to unbank yourself and isolate your money from the old financial system.
This article was written by Quratulain Zaheer.