When Bitcoin hit the scene and peaked for the greater part of 2016 and 2017, it didn’t take a long for it become the de facto face of Cryptocurrency.
It did reach far, and wide and new coins were created left and right as alternatives, but Bitcoin stood and global financial institutions struggled to adapt.
Apps were created to guide consumers as how to build and protect their gains and here’s one for the books.
Ladies and gentlemen, here a comprehensive review of CELSIUS NETWORK.
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What is Celsius Network?
Celsius Network - a new way to earn, borrow, and pay on the blockchain.
Unbanking Yourself.
What does it really mean?
Celsius Network is a project to overthrow traditional banking standards (by out beating them in every step of the way by using cryptocurrency.
A traditional bank allows consumers to store and save into their accounts with very little interest and take in loans advantageous to them.
With Celsius Network, they do the other way around. Their model is to give out high interest rates for any collateral you invest and give out reasonable and lower rates once you take out loans for yourself.
They use this to strategy for exponential growth of the brand, gain attention and adoption and overthrow banking institutions.
Besides, it also has an App for iOS and Android users and it also guarantees that it works under the best interest of its gaining community.
If you are a hodler, might as well use the app and earn on top of your hodling.
Who is Behind Celsius Network?
Celsius Network was the contrivance of one, Alex Mashinsky and his team. If the name rings a bell to you, he’s the pioneer of VoIP (Voice over Internet Protocol).
As a matter of fact, Alex Mashinsky is the man who made voice calls free (or cheaper for that matter). He brought it over the internet which we now use for different messaging applications.
Remember how that started and its present use? With this, he brings the same promise as to how you’ll build and manage your assets.
What Are CEL Tokens and CEL Pay?
If you’ve looked at the FAQs presented on the website CEL tokens are being described as means of an alternative payment for consumers. They allow the user to use its perks for a better experience. Here’s an overview of what you’re going to get.
MEMBERSHIP TOKENS: Once you’ve become a part of the Celsius Network Community, users receive 1 CEL once they’ve completed the registration and KYC process.
DEPOSIT CRYPOCURRENCY IN THE CELSIUS WALLET: Users have the option to earn their weekly interest using CEL tokens and they can receive up to 35% more interest for their non-CEL deposits.
LOWER INTEREST RATE FOR LOANS and COIN LOANS: Users paying their loans using CEL tokens have a discount of up to 30% on all their interest payment; may it be for cash or coin loans.
CELPAY CASHBACK: By doing CelPay transactions, users are able to get 1-2% in kind cashback on CEL CELPAY transactions monthly.
AVAILABILITY: There is a special line for CEL Token users as they’ll be placing dollar loans requests depending on users who have the highest CEL balance and HODL ratio.
PREMIUM SERVICES: For the top 100 CEL holders, there will be special VIP events and merchandise.
CEL PAY allows you to gain adoption. It’s an easy way to send money to someone else thru cryptocurrency. You can do it on any platform, may it be Messenger, E-mail or Social Media.
Is It Worth Investing in CEL Token ?
There is a total of 695.6 millions CEL Token
244.6 millions are locked.
451 millions are ''circulating''
Locked Coins include the following :
Celsius Network treasury 225.5 millions
CEL team & partners 19 millions
as of 26/05/2020, 81% of all circulating CEL is held by depositors on the Celsius app, earning interests.
The inflection point is projected to happen on 28/05/21 based on 285 data points.
The data clearly shows that most CEL tokens will end up being stored within the app, meaning that there wont be much CEL tokens on the market to buy, or at least very little. This precise moment is referred to as the inflection point, the moment when the value of CEL may skyrocket to unprecedented territory, because of a high demand with very little offer.
It's also worth noting that CEL token is as of today #111 on coinmarketcap and once a coin enters the top 100, it brings alot of buyer
So, is there a catch?
The answer is a big fat NO! With the high interest rates, there is no lock-up period once you invest.
You can take collateral anytime and anywhere. There are no hidden fees and penalties included with the service. No liquidation and no repossession of loans. 100%.
Payouts come out every Monday .
Users will also be able to select CEL (Celsius Token) to gain 35% more interests, how insane is that !
Interests will be deposited directly on the app and there are no minimum or maximum deposits and withdrawals.
Is Celsius Network Safe?
YES!
In fact, they are backed up and insured by BitGo and Fireblocks, among others.
Hence, you can bet your willy you will sleep soundly as they will take care of this for you.
Your coins are lent out to hedge funds, exchanges and institutional traders with good reputation and only with collateral.
I want to take a loan !
Want to take a Loan!Besides earning coins, dollar loans are offered and the good thing here is that no bank checks will be needed.
Celsius Network provides you with a way lower interest that what you see with your credit cards and banks!
Moreover, they do have a loan calculator whereby the Loan-to-Value Ration depends on the collateral and interest rate you can choose. Here’s a quick formula for it.
HIGHER LTV Ratio = Higher Interest Rate on a Low Collateral Loan
LOWER LTV Ratio = Lower Interest Rate on a High Collateral Loan
All loans depend on how quickly and how much you want to pay it off
The Final Verdict
Celsius Network is a very promising project. It gives banks a run for its money since it presents you the short end of the stick for loans and getting interest.
CEL wants to disrupt and change the landscape of the basic financial institution. It gives you the promise control of your coins anytime, anywhere.
It gives you versatility when it comes to loan management and that is huge plus for me.
After all, doing research is essential for investing in this venture and looking by the profiles of the founder and their counterparts.
You can view their LinkedIn profiles on their website. The average person would be able to rate this as a calculated risk.
Celsius Network’s interface is very good and simple to use however CEL Token’s are not yet active and in use.
They do have the makings of a Ponzi scheme on the long run however their credibility overshadows my sound judgment.
I could honestly say that this is a legitimate lending platform and once people begin to put more faith with them, the profit margins for Celsius Network’s users will give them a big smile on their faces.
If you would like to join the crypto savings revolution and earn $10 of BTC in the process in doing so please use my referral link and make a deposit of $200 or more of crypto currency: https://celsiusnetwork.app.link/150997278e