Cryptocurrencies have quickly become the hottest investment that’s gaining mainstream adoption. From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies. In this article, you will learn how to buy Celo in a simple way using crypto p2p exchange with possibly good returns on investment in the long run.
Investing in Celo crypto assets isn’t so different from investments in other cryptos like bitcoin, Ethereum, USDT, USDC and more. But first, let’s understand Celo.
What is Celo?
Celo is a blockchain protocol that aims to address some of the barriers to crypto asset adoption by using phone numbers as public keys and issuing a native stable-value token.
It’s a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users with the hope of introducing billions of smartphone owners globally, including those without banking access, to cryptocurrency transactions.
The network supports the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi).
The platform has two native tokens – Celo and Celo Dollars. CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. Celo Dollars (cUSD) are stablecoins that pegged at the US Dollar.
How Does Celo Work?
The Celo network relies on three contributors to help run its platform:
Light Clients: Celo Network applications running on users’ mobile devices, such as Celo’s mobile wallet.
Validator Nodes: Computers that participate in Celo’s consensus mechanism, validate transactions and produce new blocks.
Full Nodes: Computers that act as the bridge between Validator nodes and mobile wallets, taking requests from light clients and forwarding transactions to validator nodes.
Celo’s system requires that the validator nodes be voted in by CELO token holders. In order for validator nodes to power the blockchain and vote on changes, they must first stake a minimum of 10,000 CELO tokens, meaning that anyone who owns CELO can help operate the network.
Currently, there are only 100 validator nodes at any one time, voted on by the full nodes, and each node is subsequently rewarded with a portion of the block reward for validating the transactions. Full nodes receive their rewards from the fees paid out by the light clients.
Celo to USD
Celo has the ability to operate stablecoins, such as cUSD, which offers the efficiency and transparency of crypto transactions, while providing relief from the volatility of these assets.
It automatically ensures that the value of each cUSD equals one US dollar using what they call a programmatic reserve, an overcollateralized reserve consisting of CELO and other cryptocurrencies, such as Bitcoin (BTC) or Ethereum (ETH). This means that cUSD can be sold for an equivalent value of CELO, and vice versa.
Find the latest Celo USD (CELO-USD) price quote, history, and other vital information that is important to help you with your cryptocurrency trading and investing in Celo. The live Celo price today is $5.10 USD with a 24-hour trading volume of $59,030,890 USD.
How to Buy Celo(CELO)
Like other cryptocurrencies, you need an exchange to buy the Celo coin and a wallet to store it. Depending on the country of residence, a user can either purchase the Celo coin using fiat or convert existing cryptocurrencies that they hold to Celo. You can buy Celo, cUSD in Nigeria and Ghana using Bitmama in the following easy steps.
Create an account with Bitmama.io to ensure you provide the necessary KYC to get your account verified.
Click on the wallet and Fund your Fiat wallet with either Nigerian Naira (NGN) or Ghana Cedis (GHC).
Return to the homepage and then click on buy and choose Celo.
Input the amount of Celo you want and then click on buy.
And your Celo wallet will be funded with Celo coins.