Looking for Youhodler Vs Bitcoin…Much of you have actually asked for a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing business design of individual platforms, the return rates, the reliability and performance history, usability of their apps and we will likewise discuss some of the risks that you must think about when transferring your crypto on among these platforms. We will likewise round up the comparison with our independent ranking of the just-mentioned categories for every single platform. Keep viewing till the end to find out how we scored individual platforms. If you are brand-new to this channel and your goal is to become a more informed P2P investor,
Let’s first offer you a brief introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, nevertheless, they are currently not providing loans in the United States due to local policies.
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The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned nations. Nexo is another European platform that uses crypto enthusiasts the option to make interest not only on their coins but likewise fiat deposits. Nexo is in truth, one of just two, to us understood, crypto financing platforms that provide interest on fiat deposits.
And the platform is also preparing to launch a BlockFi credit card which will generate another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. That’s at least our interpretation from Nexo’s business design as the platform does not have A devoted section about
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If you are viewing this video, you want to make money by depositing your coins on one of the platforms? Every platform has specific limitations and terms when it comes to using interest on your coins. You are just able to earn higher rates if you decide to receive the interest in Celsius’s own utility token.
9% annually. What’s worth pointing out is that if you wish to conserve some fees, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not require to pay the significant gas fee, as the currency works on the Binance Smart Chain with way lower fees in contrast to stablecoins that run on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler uses currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility tokens. You can make 12% interest on your USDC holdings and the platform provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses greater benefits for those who wish to get the interest in the native NEXO tokens instead of the deposited currency. The platform uses 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you must bear in mind is that platforms tend to adjust the rates from time to time, so you can’t truly forecast the genuine return from your deposits. Likewise, keep in mind that by depositing your crypto, the worth of the currency may decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. Now, that you are conscious of the returns let’s briefly evaluation the reliability of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this space. The founder Alex Mashinsky is a well-known business owner. Before introducing the Celsius network, he has actually co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the progress and review some of the data. As we are tape-recording this video, there are over 650,000 users and the platform is handling $17 billion worth of possessions. Alone in the last 12 months, Celsius has Youhodler Vs Bitcoin
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The platform is not transparent when it comes to sharing its financial reports, however with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find out that the platform is not profitable. BlockFi is likewise financed by lots of institutional financiers and the platform is primarily targeting the US market. According to our research study, it seems like he has transferred to Switzerland to launch his crypto lending platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have pointed out together with other red flags in our previous video. Likewise, at the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform declares to handle $12B from 1.5 M users, which we believe is a little bit of a high growth even if we consider the buzz in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research study, Antoni was a Bulgarian politician with experience in the style Retail market. On his LinkedIn profile, he explains Nexo as the leading regulated financial institution for digital properties. I would be really interested by whom Nexo is controlled, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance loan business that apparently is funding Nexo. According to our recent research, the executive board does not even consist of Antoli, but only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “abuse of clients cash”. Likewise when evaluating a few of Nexo’s remarks from the CEO
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in the media, he is typically only promoting crypto and forecasting rates but does not have any much deeper insights into the crypto financing space or how Nexo is operating. But that’s just our impression from his Bloomberg talks. Likewise, Nexo is the only platform that offers interest on fiat. According to our knowledge, you can not use interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Although we are not legal representatives, we struggle to comprehend the legal setup under which Nexo is providing its services. Now that we have reviewed some of the track records of the 4 discussed platforms, let’s briefly go over the functionality of every crypto lending site. Celsius has begun as a native mobile app. The app is well established and it comes with numerous security features such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how many properties you are holding and what are the presently used rates. You can move and withdraw supported coins however there is no exchange, so if you don’t transfer your cryptos from another wallet, you can purchase them straight through the app. Keep in mind, nevertheless, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less industrialized impression. The app is extremely basic and so is the desktop variation of the platform. BlockFi supports presently just 10 digital currencies. The platform likewise uses a dedicated exchange so you can even trade them. We don’t advise this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are just offered to U.S. people, the platform is also working on a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler uses some of the most sophisticated services among the crypto financing platforms. Presently, the platform supports 18 digital
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have an actually strong idea of what every crypto financing platform is offering. What you should think about though, is that as quickly as you deposit your crypto on any platform, you are not owning your private keys anymore and your possessions might get compromised either by third celebrations or by the platform itself. Youhodler Vs Bitcoin
The only method to protect your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The downside of this technique is that you will just benefit from the increased worth of your coin but not the interest on your deposits, which is something you can do on one of the crypto lending platforms. Based on our thorough comparison, let’s have a look at our independent ratings of every classification for every platform.