Celsius Network is a blockchain banking firm with a multi-purpose platform. On the Celsius Network, you can lend, borrow, HODL your funds, and send funds from your wallet. Celsius Network lets you earn a 12% Annual Percent Return (APR).
Celsius Network has a wide range of crypto, which can be lent out to other users. In essence, the concept is to distribute the earnings of Celsius Network between the lending users rather than Celsius Network, keeping all the profits, like the banks.
The inventor of Celsius is the same who created VoIP (Voice over IP). He now wants to build Celsius Network as a blockchain banking network.
The idea that Celsius Network is a blockchain banking network will make a decentralized banking network, rather than the traditional banking.
With a blockchain function as banking such as the Celsius Network, there is no way to tamper with the money. Hence Celsius cannot commit fraud with our money. Furthermore, Celsius cannot just print money like traditional banking systems.
Security of Funds
Celsius Network provides the security of their wallets through FireBlocks and PrimeTrust. FireBlocks and PrimeTrust is the best in the business of securing cryptocurrencies, according to Celsius Network.
FireBlocks and PrimeTrust is trusted by many different blockchain corporations, among the bigger is Bitstamp, ripple, Genesis, Upbit, and Nexo. Furthermore, they have a “multi-sig” system in place at FireBlocks and PrimeTrust. This means that no single person can move any funds without multiple parties’ approval.
Another system that is in place for the security of their funds is the collateral. Whenever coins are being lent from the asset pool, Celsius Network requires up to 120% collateral in other forms of value.
The Celsius app is secured through multiple systems.
First of all, the wallets at your disposal in the app is secured by FireBlocks and PrimeTrust. Celsius has added additional features, such as password protection, entering a PIN for any withdrawal, inability to change wallet addresses without verifying identity with Celsius employees, and of course, a 2-factor authentication.
As of now, Celsius Network is audited by the English based company Called Nyman Libson Paul (known as NLP).
Interest – The passive income part
Currently, I have my Bitcoin and Litecoin deposited in the Celsius app. The interest earned is approximately 1 euro per week. Considering I have a total deposit (of today’s value) ~1400 euros, that is not bad. With 52 weeks in a year, I am going to earn ~52 euros. That is an APR of 4%, way better than any bank account.
Bonus for reading: How to earn the $20 worth on BTC ?
Join Celsius Network using my referral code 181082a678 when signing up and earn $20 in BTC with your first deposit of $200 or more! #UnbankYourself
https://celsiusnetwork.app.link/181082a678
1-Create Account with the Referral Code 181082a678
2-Fill in your details (Pass KYC)
3-Deposit $200 in your wallet
4-You will see the $20 bonus on your BTC Transactions!
(If you don't use the code during registration you won't get BTC)
