Welcome to Simplify!
On this post let us try to simplify what is Celsius.
To start unfortunately there is only the possibility to access the services of Celsius via an app ( both iOS and Android are supported ) but not via a website.
Honestly, I would also like to be able to access it via my pc and I don’t understand the reason they haven’t done anything about it until now!
Maybe for some kind of security reason as a friend suggested to me? I don’t know!
Registering and depositing or withdrawing your assets is very simple and straightforward.
The very good thing about Celsius is that it is fee free, minimum deposit free and block free!
So, no fees for depositing, withdrawing or using CelPay to send assets to another Celsius user, no minimum amount needed to open an account or start earning and you can withdraw your assets anytime you want, they are not blocked!
The rates change weekly, I usually receive the information of the new rates for the upcoming week every Sunday or Monday morning.
The interest is paid every Monday, the interest accrual period is Friday to Friday and the interest calculation price snapshot is also done every Friday.
They have their own coin CEL, you can choose to have your interest paid in CEL and for certain currencies they give a higher rate if you choose to do so.
Notice that the interest is paid in the currency you have deposited unless you choose to receive it in CEL.
Many of the competitors they will pay it in either their own currency or in FIAT without giving you any option to choose, so when choosing which one to use keep that in mind and check it before you deposit your assets!
In future posts we will simplify competitors!
You will notice I also mentioned CelPay above so let's have a quick look at it as well.
Practically very few people at the moment will use it, Celsius hopes that in the future when the number of people using it increases it will have a noticeable transactions volume.
Until then I don't see many of the users that will have someone to send any assets to, I believe it is now mostly used by professionals to send cheaply big amounts to each other. But I could be wrong as I don't have any information on the numbers of CelPay just a feeling and common logic on it.
According to Celsius they have 878,362,000 USD under management and 146,326 members ( That is according to the information they publish in the app Friday the 14th of August 2020 ). To me those numbers sound good but I would have loved to see all of their history as it will give me a clearer picture.
They also say that they over collateralise the loans they give by 150%, that gives them enough to feel secure that they will get their loan value back.
So to summarise it and simplify it, Celsius Is one of the best places at the moment in my opinion to earn interest on your crypto, it is extremely flexible as you can move your assets in and out anytime you want, there are no fees and the rates are attractive.
Finally before saying goodbye I want to let everyone know that I have no sponsors, this post is not sponsored by Celsius or anyone else whatsoever!
The above reflect my personal views and by no means should be taken as a recommendation to use or not use any service or equipment whatsoever!
I would highly appreciate it if anyone that decides to use Celsius uses it ( you do get 20USD in BTC by using it )!
Please feel free to make any suggestions or comments especially on what you would like to see next being simplified!
Until the next post....
Thank you all from the bottom of my heart!