Compound interest is the most powerful force in the universe according to Albert Einstein, although what does he know right…?
Compound interest over the medium to long term is incredibly powerful, and as Bitcoin Cash holders and advocates this is how we should look at things. Long term.
Anyone on here looking to make a quick $1000 better start off with $2000!
BCH has the potential to completely transform wealth in the World and as early adopters we can really position not only ourselves, but the generations that will come after us secure. People routinely overestimate what can be achieved in a year but underestimate what can be achieved in a decade!
Adopt the Financial Habits of the Rich
“The rich invest their money and spend what is left. The poor spend their money and invest the rest” – Robert Kiyosaki (author of Rich Dad Poor Dad)
Since discovering Bitcoin (BCH) I have completely changed how I view money and what and how I am spending my hard-earned money on.
My approach to BCH and becoming invested in this space has been to purchase a small amount every two weeks, the same amount in fiat terms and thus dollar cost averaging my way in. When I make my purchase, I send half to my bitcoin.com wallet with the intention of spending and half to a nano ledger s that I own.
The amount of disposable income I have had to invest in BCH is not significant and so I have always been looking at how I can maximise what I put in initially just being concerned with where has the lowest fees to now discovering a reputable company that allows you to invest your money with them for a compounded return.
Announcing Celsius Network
The Celsius Network is a decentralized interest income and lending platform founded by Alex Mashinsky. A serial entrepreneur who has founded many successful start-up companies including the Voice Over Internet Protocol (VOIP).
The Celsius Network allows you to deposit your BCH and earn weekly compounded interest on your holdings, currently 3.82% APR! You’re lucky if you get 1% APR these days from your fiat bank account!
Which brings me to an interesting point, the compounded interest rates on stable coins within Celsius Network are 7.51% as of writing! Now I know personally I have family and friends who don’t really get the whole Bitcoin thing just yet despite my best efforts however they do know basic math and the compounded interest on their fiat with their bank doesn’t come anywhere close to this!
Advantages of Celsius Network and Why I Signed Up
· No lockup period, users on this platform are free to withdraw their holdings at any moment. Regardless the amount held in the platform.
· Alex Mashinsky, this man is too highly regarded in the technology industry to be involved in anything shady and also to not give his all to this project and see it go from strength to strength
A good AMA on Alex can be found on Medium and YouTube should you wish to learn a bit more about him:
· Support for BCH, the fact Celsius pay out and lend on BCH I think is testament to how we are positioning ourselves. The more people depositing and lending BCH the better in my opinion.
· No fees! There is no fees to withdraw your holdings other than the standard network fee whatever that may be.
Earn More via Promo Codes
Celsius are good at giving existing users promo codes thus encouraging them to stay on the platform for financial benefit. I will list these below:
- HELLO10 - $10 free in BTC after depositing $100 (in any currency) and holding it for 30 days.
- HELLO50 - $50 free in BTC after depositing $500 (in any currency) and holding it for 30 days.
- GAIN10 - $10 free in BTC after depositing $100 (in any currency) and holding it for 30 days.
- GAIN50 - $50 free in BTC after depositing $500 (in any currency) and holding it for 30 days.
- CERTIFIED10 - $10 free in BTC after depositing $100 (in any currency) and holding it for 30 days.
- CERTIFIED50 - $50 free in BTC after depositing $500 (in any currency) and holding it for 30 days.
- NEWHOME - $10 free in CEL after depositing $500 (in any currency) and holding it for 30 days.
These codes can be done per code or through 1 lump sum (e.g. entering all 7 codes and depositing $2300 in a one off deposit)
*Note in order to be safe of price fluctuations in fiat terms it is always worth depositing that bit more to cover yourself, even though we are now entering bull market territory just incase! So an extra 10% or 20% on top of whatever promocodes you are redeeming.
My strategy is my strategy and I would not think any less of anyone for operating differently however when my rewards arrive in BTC I deposit them out of the system and convert them to BCH, this can be done through a variety of platforms hassle free, and then I deposit my converted BCH back into my Celsius account for more BCH compounded interest!
I get that there will be people reading this not interested as they think “Not your keys, Not your crypto” whilst I am more than sympathetic to the people who have been burnt before and can understand their logic I come from a place that the industry needs to move on from that for a certain demographic of people as my brother can’t remember his bank pin never mind a random seed phrase!
My intention when writing this article was to present you with another method in how you can increase your BCH holdings, initially through quick promo codes but also the main benefit is the long term compounded interest!
Compound interest is what the generation before me enjoyed however extreme QE policies since then has destroyed that possibility in the fiat World, it is great platforms like Celsius are making that possible again through Crypto!
Bonus upon Signup
The bonuses I displayed above are for existing users, and are only valid when redeemed once you have an account with them but you can still gain an extra $10 from signing up and depositing $200 or more and holding this on the platform for a minimum of 72 hours!
By entering the code 140444fa1b at the signup stage both you and I will receive $10 in BTC should you deposit $200 after signing up. Which we are then free to do whatever we want with…
I hope this helps a few people increase their Bitcoin wealth on here!
...and you will also help the author collect more tips.