Review on Celsius by Ogulnar Annamuhammedova

Celsius Network is a lending and borrowing platform. The Celsius wallet was designed to allow members to use coins as collateral to get a dollar loan and, in the future, lend their crypto to earn interest on the coins deposited.

The idea that the Celsius Network is a blockchain banking network would create a decentralized banking network rather than a traditional banking system. With a blockchain function like banking like the Celsius network, there is no way to counterfeit money, so Celsius cannot commit fraud with our money. Plus, Celsius can't just print money like traditional banking systems.

Celsius is working to cut banks, as the project believes banks take the bulk of the percentage of earnings. You see, banks work by lending money from other people (you and me who have paper money (government money like euros and dollars)) to other people who need loans.

In other words, this means that if I have 1000 euros in my bank account, then those 1000 euros will be borrowed by other people. The bank takes interest from 5 to 20 percent. As we all know, we get about 1% per year for the funds in our bank account. Personally, my bank offers me 0.1% per annum! This means that the bank receives 4-19 percent of your money.

Interest rates are dynamically updated every week. Interest rates vary depending on the demand from the borrowing clients. There are currently over 15 different coins on their platform. Each coin is eligible for interest. In addition, you can earn interest on any deposits regardless of the dollar amount. On the Celsius Network, they will treat everyone the same, so there are no minimum deposits.

It is currently possible to get a 9.25% stake in stablecoins. This is without any of their loyalty or CEL token benefits (more on that later).

The Celsius Network does it all without any fees. Hence, there are no fees for deposits, withdrawals, transactions, no early termination fees, etc. The platform is no fees.

The Celsius Network distributes 80 percent of its income. Thus, unlike banks, the Celsius network pays you your own money back in interest. Thus, the Celsius network is a new alternative in the FinTech industry.

The Celsius Network currently manages $ 50 million in assets and their wallets are insured for up to $ 100 million.

Their wallet provider is BitGo, and insurance covers key loss, outside hacking, and insider theft. To date, they have disbursed over $ 1.2 billion in crypto loans. Currently, the Celsius network has over 46,000 active wallets.