With the increasing enthusiasm of people for cryptocurrencies, there are a lot more questions
about the details of the industry. These questions are crucial as answers to these questions can help people gain profit through their investment. One such question is about Celsius vs BlockfFi. What are they? How do they work? What’s the difference between Celsius and BlockFi? We answer all of the related questions here.
Before we begin to put it in simple words, Celsius and BlockFi are platforms that help you store your cryptos. More like a platform that can help you in lending and borrowing cryptocurrency where you can earn interest.
What is BlockFi?
BlockFi is a cryptocurrency trading and exchange platform based in New York. On the surface, its goal is to provide financial services to a market that would otherwise be unable to access cryptocurrencies.
Interest accounts are how BlockFi generates money. In other words, the money you have in your savings will be leased to other institutional borrowers, who will compensate you with interest payments for your “inconvenience.”
What is Celsius?
Celsius, like BlockFi, was founded in 2017 — but this time in London. Its objective was to provide cryptocurrency users with access to financial features. Interest income and crypto-backed credit were added, which would not be available through a typical bank.
It released its own unique crypto-token, the CEL Token, in 2018. This coin gave users access to more expensive loan options and interest rates. Celsius provides its services via a mobile app, making it a convenient option for individuals who are constantly on the road.
Celsius vs BlockFi: What’s the difference?
The primary difference is most likely in how each platform is used. BlockFi is better for people who want a Bitcoin rewards credit card, who need desktop access at all times, and who want to earn interest with Litecoin.
Celsius, on the other hand, has superior rates on both loans and accounts. At the same time, regardless of where you are, it is more convenient to send and receive quick cryptocurrency payments. Not only does Celsius include the United States, but it also covers the rest of the world.
Celsius also has a larger selection of coins. While BlockFi only supports the standard Bitcoin, Celsius also supports Bitcoin Cash and Bitcoin SV. For those looking for variety, Celsius is the superior option.
Cryptocurrencies supported by BlockFi
Cryptocurrencies supported by BlockFi are Bitcoin, Ethereum, Litecoin, Chainlink, PAX Gold, USDC, Binance USD, PAX, GUSD, BAT, DAI, UNI.
Cryptocurrencies supported by Celsius
Cryptocurrencies supported by Celsius are Bitcoin, Ethereum, USDC, Gemini Dollar, Paxos Standard, LINK, BAT, COMP, UMA, SNX, AAVE, Bitcoin SV, Bitcoin Cash, Litecoin, Mana, Uniswap, Polygon, Livepeer, Kyber Network, Binance USD, Ethereum Classic, EOS, TrueCAD, TrueHKD, TrueAUD, TrueGBP, TrueUSD, USDT, 0x, DAI, PAX Gold, OMG Network, Stellar, Ripple, Dash.
BlockFi Pros
- Some selected coins get good interest rates
- Gemini as custodian
- You don’t need to use native coin
- Credit card rewards
Celsius Pros
- High-interest rates for your accounts
- Low-interest rates on loans
- No charges on withdrawals
- No minimum deposit limit
- No maximum deposit limit