This article will focus on Celo as a platform and Celo Coin.
Celo is a blockchain platform that makes the transfer of crypto easy and fast, using your phone. It uses your phone number as your wallet key to making transfers easy from your device.
The goal behind the Celo network and its token is to make cryptocurrency payments more accessible for the investor and less expensive.
What is Celo Coin?
Celo Coin is the core asset of the Celo platform that is used in managing and stabilizing the network. These assets can also be used for sending, receiving, holding, and even staking.
What Does Celo do?
This is a platform that hosts both smart contracts and decentralized applications which allows users access to possibilities of decentralized finance ( Defi ) and trustless transactions.
Is Celo a Stable Coin?
Celo network uses two assets to manage and stabilize its network. Its first asset is Celo Dollars (CUSD) which is a stablecoin that can be used to transfer value to one another.
The value of CUSD is pegged to the dollar, which means that it will very rarely move away from a value of $1. So if you’re looking for a stable coin under the Celo platform, Celo Dollars is the suitable option.
Where to Buy Celo?
Celo is a mobile-first blockchain platform that allows you to transfer value in crypto quickly from your smartphone. Its core asset which is the Celo coin has been adopted by several major cryptocurrency exchanges, including Coinbase, Voyager, and Bittrex.
How to Buy Celo Coin
- Open an online account
The first step to take when investing in cryptocurrencies like Celo is to open an account with a broker. A cryptocurrency broker is similar to a stockbroker. It allows you to buy and sell coins and tokens using a specific investing platform.
- Buy a wallet
If you want to store your Celo for a long period, you will have to invest in a cryptocurrency wallet. A cryptocurrency wallet provides you with an important source of security for your investments. You can get either hardware (physical device) or a software (computer or mobile application) wallet to secure your crypto.
- Make your purchase
After you have opened your account and you have chosen where you want to store your coins, you can place your order to buy CELO. The specific process that you will go through to buy Celo will depend on the type of trading platform you are using, here are the steps you can expect to take when you buy.
- Fund your account
Just like any type of brokerage account, you will need to add a source of funding to your crypto trading account before you can purchase or sell assets. Link your bank account and set a fund transfer. Many crypto brokers also allow you to buy and sell crypto with a credit card as well.
- Observe the current market price of Celo
Market prices constantly change, and the amount that you will pay for each CELO token will depend on the current state of demand. First, you need to decide the amount of money you want to invest in Celo and base the number of tokens you purchase off the current market price.
- Check your account.
After submitting your order to your broker, you can be rest assured of your broker executing the order according to your instructions. If your broker is not able to fill your order, it may remain open or it may be canceled at the end of the trading day.
Is Celo a Good Investment?
Celo’s value is expected to increase and expand, as a degree of shortage always tends to encourage price rise. But there is always a risk in all investments and it is advisable that you only invest what you can afford to lose and also before taking up any investment, make sure you research and be strongly convicted before taking a step.
Even though Celo has not fully gained mainstream acceptance, it has hugely enjoyed multiple adoptions in the cryptocurrency world with lots of companies both endorsing and supporting the project in different ways.
Celo has a huge potential to get to greater market height and is worth putting an eye on. We hope this article has helped to give you in-depth knowledge of the Celo coin. For your view and recommendations, kindly hit the comment section.