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Withdrawing $1 from Celsius for the First Time - Test
Learning new things and sharing in the blockchain world
11 months ago
There are some nay sayers on Centralised Compounding Services like Celsius could have sparked some doubts and fears for some investors, however, for a new investor like me, I like to test whatever I have earned on crypto, on these platforms.
Some say I am a fool because I might be dabbling away my hard earned crypto, but without personal test and conviction, no one will ever believe in crypto when there are trolls out there who cannot accept (centralised) "DeFi" is here to stay at the moment.
So let me, in my own region, be the first to be the guinea pig, and see if it works.
There are 2 things Celsius was boasting from the very start:
You can withdraw as low as $1 USD worth of crypto.
It is ZERO withdrawal fee.
Previously I have already tested for Nexo and true enough, it has kept its promise when I withdrew USDT out for other crypto swab; however it has to be minimum $5 USD worth; and for other crypto it has other minimal withdraw, which actually creates undesirables if there is an emergency withdrawal for real life situations.
After I placed in my first $13.27 worth of LTC into Celsius to let it roll by itself weekly, generating tiny bits of 1 cent / 2 cents worth of dividend weekly, thanks to the recent bullish LTC prices, after 7 weeks I actually saw that there was a potential of withdrawing some profit out from the centralised compounding service that has been wonderfully available for international users outside US and European region.
(With some sacrifice of KYC - but since I have very little in it, there isn't much a local tax can do because it is FAR BELOW income threshold)
Since there is some profit seen, I should take the opportunity to at least test whether it works or not.
The process is rather easy for withdrawals, however you have got to set your external wallet address 24 hours prior from withdrawal date especially when you are withdrawing for the first time, or you are thinking of withdrawing to another address (like you want to bless someone in charity but preferred to withdraw from your Celsius wallet), so if you have not done that, you will need to wait for 24 hours after you have set up the external wallet address.
The next thing is that Celsius will ask you to triple check your external wallet address by sending you an email verification, because once it is being sent out, there is NO REVERSING procedure EVER if you screw up.
Of course, like any other "banks", they would prefer you to borrow from them rather than withdraw and sell off your precious crypto. haha.
Less than 5 minutes you will be receiving an email confirmation for you to click on. Make sure what you requested, the amount and the address you have request to withdraw to is correct.
(It is a good practice to double check everything again and again, because you will never know in case your email has been compromised by hackers)
After you click one button from your email, it will prompt to your browser and ask you to click confirm again - that is why it is a triple checking in case someone else compromised your wallet.
Once that is done, you will actually see your Celsius wallet withdrawal interface shows a pending mode.
Less than an hour, my $1 worth of LTC (same amount) with unfortunate 5.11% dropped value is in my external wallet, safely tucked aside for HODLing or other usage in the future.