Celsius Network (My Experience)
I joined Celsius in July of 2020.
Celsius Network is a web and mobile based app that allows for storage and interest in crypto. Basically, Celsius is my Crypto bank, my unbank (as they like to say).
So, as of writing this, I have been a Celsian (member) for 12 months. This incredible cryptocurrency service/unbank/wallet is kind of hard to believe, but in my experience, they have been reliable and powerful, and I wanted to share my happiness and ask you to join.
I started by adding just a little bit of bitcoin and some other currencies. I did the same check that I always do on a new service, I tried to withdraw almost immediately. When the app told me, I was shocked to learn that I was going to be delayed by 24 hours. This is a security precaution that you should be aware of!!! They hold the first withdraws in each currency, unless you set your wallet before hand. It is always a good idea to set your wallet addresses as soon as you get your account set up and add a currency. UPDATE: I have since updated my account to to be in a dedicated HODL mode, meaning that I need 24 hours delay to touch any of my holdings in a negative way. Great. I will have this on forever.
I have since made over $725 in interest, all paid in crypto, and I am currently getting about $40 per week, completely passively. Why is that a big deal? It is paid in crypto (that $40 is just today’s USD value of the bitcoin, matic, and other coins/tokens I have stored there), so I start earning interest on that interest immediately. This means huge compounding gains over time when coins go up in value.
If you make %8.88 interest (my recently rewarded rate APY on Celsius for Polygon (Matic) holdings) on 10,000 individual coins. After 1 year you have 10,888 of that coin. After 5 years you have more than 15,301 (this is a conservatively low estimate based on annual apy compounding rather than weekly as is used by Celsius). You have made a huge sum, WITHOUT THE COIN APPRECIATING! Now let’s assume this 15,301 Polygon/Matic coin goes up in value. If instead of 1$ it is $3, you have over $45000 instead of the $30,000 you would have had without using Celsius. This means that by doing NOTHING at all, this bag of Matic made over $3000 per year on average. Gaining yield that is paid in crypto is an incredible opportunity.
Now think about how this works when you have coins multiplying and you have the foresight of 4 or 5 or 10 years. (Not financial advice, do your own research.) Each week the quantity of each coin I get goes up (compounding gains). So each week, my rewards value in dollars should go up (and if my crypto picks are good, these rewards’ dollar value can go up dramatically). Again, be sure to do your own research before spending any money on anything. Celsius does feel like a bit of a stress reliever though.
I will continue to make crypto each and every day. This will result in huge potential gains when the prices rise. Remember, paid in crypto means that you are going to get free, passive crypto for depositing your crypto with Celsius.
Another way to look at the math of a Celsian (Celsius Network Member) is to imagine a particular asset at a particular price and then envision the change that will represent in your world. One example of that math and how Celsius Network can improve your life: I always envision that in 2 halvings (at most in my mind, personal opinion, never financial advice) the price of Bitcoin will approach 1 million US dollars. I am currently receiving almost 50,000 satoshi (.0005 bitcoin) each week from Celsius in interest. For however long it takes for Bitcoin to reach that 1 million, I will make $500 per week on top of the amount of Bitcoin I have.
So, if it takes 4 years, I will make about 208(4 years in weeks) X .0005 X Price of Bitcoin in 4 years (or, hypothetically 1 million USD), which means that I will be making $104,000 passively from now until Bitcoin hits $1 million (and have over half a million USD in principal and interest gained.. That is with 0 additional contributions! Also, this math doesn’t consider the compounding gains. 50k gained in sats this week, is a whole lot more 4 years from now!!! Also, in reality, I am regularly reinvesting referral income and hard earned Faucet drip income into my Celsius Network account.
Second bonus to earning with Celsius: I will NEVER sell my crypto, ever. How?
Now, how won’t I sell? I will take a loan against my assets. If I take a loan against a fraction of my income, I get a reduction in tax (depending on strategy) and I never have to lose the principle. Super easy to do (I have done it to make sure I can do it easily). I can even use this loaned money and reinvest in other cryptos.
Only bad thing is that to get the best rates, you have to secure 4:1 collateral that doesn’t appreciate interest during the loan. So, you get a 1% per year loan on $5,000 in usdc, but you have to set aside $20,000 worth of bitcoin. Now, if the price of bitcoin goes up enough, you can pay off the loan and come out way ahead, but you won’t earn interest on the collateral. It is a small price to pay to access a line of credit against existing assets.
For some people a loan feels really uncomfortable. That is fine. Don’t use that service if it doesn’t match up with you. That is the perhaps the best thing about my experience with Celsius Network: They have been very kind. Sometimes slow in responding (they have owned being understaffed on twitter), but they have always been kind and the community around the network can answer most questions, especially given public blockchain records. It is a great community and a great product (in our personal experience(s)).
But can you trust them?
I have opted to put my trust into Celsius Network. It is a transparent company whose CEO has weekly AMA’s broadcast on multiple outlets. They are in the public with big partnerships. A common phrase: Do good and then do well. The CEO is a big name in the Voice over IP tech with patents and companies formed/money made. He is an innovator that finds ways to make yield from the crypto he is entrusted. They use the best custodian services themselves, so I feel like I should probably trust them more than I trust myself not to lose a thumb drive, have a flood, or suffer from a fire. My crypto feels safe, accessible, but super secure. Of course, do your own research (nothing on this site is financial, nor any other kind of, advice).
So, what are you waiting for? Sign up using our reference (use code 1699260360 for us to get credit) and get a bonus with your first deposit (depending on amounts).
Nothing on this page, or any other page of this site (or any connected page, site, server, person, and/or noun of any kind) is intended as financial advice. The writer may receive compensation for referral links on this (and all other) page(s). Crypto investing will involve losses.