My First 30 Days Lending Crypto on Celsius Network
I've officially used Celsius Network for 30 days now to lend and receive compounding weekly interest on multiple cryptos, and today I'll be sharing my experience with their service so far.
Let me cut to the chase and already say I love Celsius!
Yes, I'm very impressed. I checked my app the other day to notice I received my $20 worth of bitcoin as a sign-on reward, and was actually blown away by how fast this first month went by already.
When it comes to Celsius, and lending out crypto for that matter, you want to feel safe, secure, and know that everything is transparent and straightforward. Otherwise there's a constant fear in the back of your mind that you could be taking a huge risk.
I definitely get the safe, secure, and transparent vibe from Celsius Network, as well as from all of the AMAs with their CEO Alex Mashinsky. I've heard this man talk for hours now, and his perspective on the money system, crypto, and fiat really show his intelligence and expertise.
How Much Have You Earned?
I know I know, you probably really want to know how much I've earned on Celsius!
So far, I've earned $11.52 between lending BTC, ETH, BTC, USDC, LINK, and MATIC in my first 30 days. Add in the $20 signon bonus and that's $31.52.
Your crypto starts accruing interest as soon as you deposit into Celsius, and you're paid out interest rewards every Monday.
I made my first deposit on Thursday September 10th, which means I've received interest rewards on September 14th, September 21st, September 28th, October 5th so far, and will also be receiving one today! (Mondays are now one of my favorite days of the week.)
Using the App
The Celsius Network app is one of my favorite crypto apps to use at this point, as the colors, font choices, and overall theme is very easy on the eyes and appealing. I can see they've taken big steps to create a very pleasing User Interface, and it also shows when it comes to the ease of functionality.
There is a rewards calculator as well which allows you to estimate your interest over time, a nice added bonus for the app.
Depositing and Withdrawing
Depositing and withdrawing crypto is a breeze with Celsius. When I want to make a deposit, I can go to my app and very quickly copy the deposit address. I usually work back and forth between my phone and my computer, so I'll copy this address on my iPhone and paste it onto my Mac within Ledger Live, Binance or wherever I'm transferring crypto from and I'm ready to send.
Withdrawing is super easy, fast, and free, as Celsius takes care of the withdrawal fees.
I decided to withdraw some of my USDC to my Ledger in order to experiment with yearn.finance, and the withdrawal was very fast and had zero fees.
Celsius or DeFi?
As a user such as myself, who is much more of a minnow compared to a whale (i.e. not a HUGE and MASSIVE amount of crypto holdings), Celsius can be much simpler, safer, and more profitable in many regards than DeFi.
Over the last month I've also been experimenting in the DeFI space, and have deposited coins on Compound, yearn.finance, as well as Uniswap in able to get in the game and learn from experience.
I absolutely LOVE DeFi and am continuing to experiment, but for the average newer user I would 100% suggest Celsius before jumping into the DeFi and yield farming space.
Understanding the depositing process, using MetaMask, paying the smart contract gas fees, and knowing where and where not to deposit your crypto is tricky and requires education and a greater investment of time before jumping in with your hard earned money.
With Celsius, the process is a lot simpler, as all you have to do is send your crypto to your Celsius wallet just like a normal crypto transaction, and can withdraw at any time with no fees.
The risk of user error is much lower in Celsius in my opinion, and the interest rates they offer may not always be as high as DeFi, but they are much more consistent from week to week.
Again, DeFi is revolutionary, but I'm glad I started with Celsius to get my feet wet.
Also keep in mind that Celsius offers interest on cryptocurrencies and tokens that aren't on Ethereum's network, so even if you are a DeFi user there are still opportunities to earn with Celsius.
The Next 30 Days, and Beyond
I'm very excited for the next 30 days on Celsius! I will be receiving another reward payment today, and will be surely adding more crypto into Celsius throughout the month to watch it compound.
I'm truly looking at Celsius as an option to grow a percentage of my crypto portfolio over the next 5 years, as their track record of raising $50 Million in their ICO and actually creating some amazing financial products has proven they are on a solid track for the future.
It works the way they say, it’s secure and super easy to use, and Celsius will give you $20 bucks worth of Bitcoin as a bonus for signing up and holding at least $200 in Celsius for 30 days when using my code '1331255003'.
Thanks for reading, and I hope this post helps you on your crypto journey!
Posted Using LeoFinance Beta
