UnBank yourself and Get USD $30 ontop of your deposit interest

Join Celsius Network using my referral code 151336dba5 when signing up and earn $30 in DAI with your first transfer of $200 or more! #UnbankYourself 

Most of y'all readers this are of the hoddle mindset just like me, buy bitcoin and hold it for a long time.

That's cool but then you may start to wonder what else can i do with my coins right?

Well you might have discovered lending or interest platforms like celsius, blockfi, nexo and so forth
which lets you earn an interest on your deposits and you can get recurring interest payments in bitcoin for example and this is incredibly powerful because if bitcoin rises in price as well then you'll get the full force of compounding interest behind your portfolio.

So now you're like okay this sounds interesting, but which one should i use? which one is safe legit and gives me the best deal ? well that's what i'm gonna do for you in this writeup starting with celsius network and i did a ton of research interviewed a few of my friends who have been using this platform for many months now i'm going to explain how it works and then compare and contrast it to its top competitor blockfi.

So if that sounds valuable to you at all you know what to do to sit back relax and just keep reading on.

First a brief overview of celsius. At the center of it, celsius is a lending platform where you can borrow or earn on your crypto HODLings and at an even higher level they're like a crypto bank as they offer crypto savings accounts with a high interest rate and also loan those deposits out to borrowers on the other side while in return, settle their interest repayment as how these crypto banks make money.

They have a fast approval process with no credit check and they accept crypto as collateral for getting a loan.

The interest you earn gets paid out weekly directly to your account. Currently, they are mobile only for now which means you can download their app on android and iOS and they are a custodial platform which means the coins you sent to their platform are held by them and not by you.

And since launching in 2018 they have processed over 8 billion dollars worth of loans and have paid out over 80 million dollars worth of interest payments to people who deposit on their platform they also have a token CEL and this is an ERC20 token which is primarily used to stake in their system for bonus bonus rewards as a lender and as a borrower you would get loan discounts.

and just FYI, these CEL benefits are not available to U.S. residents but no worries you can still use their platform and get amazing rates while doing so. 

And if you HODL CEL on their platform, they have four tiers bronze, silver, gold and platinum and this is not based on the absolute amount of CEL tokens that you hold but rather the percentage with regards to your overall portfolio on their platform and as you can imagine the higher the tier you're in the better the rates and discounts you get.

They also have a pretty simple yet effective flywheel of their token economics that essentially increases demand for the sell token as more people use the platform and then they pay out the interest by buying CEL on the open market and then there's a lot of other steps but basically it goes in a cycle and increases momentum for their platform and demand for their token.

In terms of current yields there's anywhere between 2.5% to 18.55% in terms of annualized yield and this depends on your tier that you are standing at and may vary over 30 major crypto and stable coins they have offered on their platform.

Their interest rates are also updated weekly based on three factors, market conditions, borrower demand and their practice of sending 80% of their profits back to the community. With these yields, major changes and swings in the short term are very rare usually they stay the same week to week but they are subject to change and have changed in the past before but the team will update everyone if and when they do so.

To in terms of celsius what are the biggest pros and advantages for this platform. They pay out interest weekly vs. blockfi which does it monthly and a lot of people prefer this weekly cadence. They also offer free withdrawals and they tell you how much you've saved overall in terms of withdrawals on your dashboard. Blockfi only allows one free withdrawal per month so that's a lot less.

On celsius, withdrawals are fast and automatic only requiring an additional email verification however due to recent security implementation, they have a 24 hours locked period after setting your destination wallet ID for withdrawal.

The CEO of celsius also does an ask me anything (AMA) sessions frequently and is very active on twitter engaging with the community and answering questions. 

What's next for celsius ? First of all they're working on a web app which is pretty exciting to hear
and also they want to lower down the minimum threshold for a loan even more down to maybe 100. They're also trying hard to bring the U.S. residents into their CEL token ecosystem as well.

Fingers crossed but we'll see what they're able to do here in 2021 honestly it's been exciting times for
celsius.network and it definitely seems like a legit platform that will grow even more as well as their token appreciate in this bull cycle of 2021.

Join Celsius Network using my referral code 151336dba5 when signing up and earn $30 in DAI with your first transfer of $200 or more! #UnbankYourself