How to Buy Celo (CELO)
Beginner’s Guide
What Is Celo (CELO)?
Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users.
By using phone numbers as public keys, Celo hopes to introduce the world’s billions of smartphone owners, including those without banking access, to transacting in cryptocurrency.
The network also allows for the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi). Its mainnet was launched in April 2020.
The platform has two native tokens. CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. In future, the platform aims to host various stablecoins, with three, the Celo Dollar (CUSD), the Celo Euro (CEUR) and the Celo Brazilian Real (CREAL) already in use.
How to Buy Celo Summary
- Get a Celo wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells Celo (e.g. OKX, Binance , Coinbase , MEXC, Kucoin)
- Deposit money and make the trade
- Withdraw the Celo to your wallet
Buying Celo in 3 Simple Steps
Step 1 – Get a CELO wallet
Celo Hardware Wallets
Celo is a cryptocurrency that can be stored and secured using hardware wallets. A hardware wallet is a physical device, usually resembling a USB stick, that stores the private keys necessary for accessing and managing cryptocurrency holdings.
Celo hardware wallets provide an extra layer of security compared to software wallets or exchanges, as the private keys are stored on the device and are not vulnerable to online attacks like phishing or hacking. Hardware wallets are generally considered to be the most secure way of storing cryptocurrency.
There are several hardware wallet options available for storing Celo, including popular brands such as Ledger and Trezor. These wallets support Celo as well as other cryptocurrencies and offer features such as touchscreens and backup seed phrases for added security.
When choosing a Celo hardware wallet, it’s important to research and consider factors such as security features, user-friendliness, supported cryptocurrencies, and community support. It’s also important to keep in mind that hardware wallets can still be vulnerable to physical theft, and users should take appropriate precautions such as keeping the device in a secure location.
Overall, Celo hardware wallets can be a useful tool for individuals looking to securely store and manage their Celo cryptocurrency holdings.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Celo Software Wallets
Celo is a cryptocurrency that can be stored and managed using software wallets. A software wallet is an application that can be installed on a computer, smartphone, or other device, and it allows users to send and receive cryptocurrencies, view transaction history, and manage their holdings.
There are several software wallet options available for storing Celo, including mobile wallets such as Valora and Celo Wallet, and desktop wallets such as MyEtherWallet and MetaMask. These wallets offer features such as easy-to-use interfaces, multi-cryptocurrency support, and integration with decentralized applications.
When choosing a Celo software wallet, it’s important to research and consider factors such as security features, user-friendliness, supported cryptocurrencies, and community support. It’s also important to keep in mind that software wallets are vulnerable to online attacks such as hacking or phishing, and users should take appropriate precautions such as enabling two-factor authentication and backing up their wallet seed phrase.
Overall, Celo software wallets can be a useful tool for individuals looking to manage their Celo cryptocurrency holdings on-the-go or through a desktop application.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Celo coin software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Celo (CELO) Exchange
Buy Celo through Okex
- OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.
Buy Celo through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Celo through Coinbase
- Coinbase is a convenient and cheap way to buy Ethereum and the platform is open to 200+ countries). Coinbase will sell you CRO for a variable fee that depends on your payment method (credit cards have a higher fee than wire transfers), order size and market volatility. Here’s how you buy Ethereum on Coinbase: Open a Coinbase account Add your payment method (Credit card or bank account) Go to “Buy/Sell” and select the amount of Ethereum you desire Click “Buy Cronos”
Buy Celo through MEXC
- Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.
Buy Celo through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Step 3 – Withdraw Your Celo (CELO)
Once you decide on an exchange, open an account and buy your Celo. Make sure to withdraw the Celo from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .
OVERVIEW
Who Are the Founders of Celo?
Celo was originally founded by a team comprised of people from MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, World Bank, Federal Reserve Bank, Harvard University, University of Pennsylvania Law School, Cambridge University, U.S. Department of Justice, Bank Of America, Capital One, Twitter, Give Directly, and the Gates Foundation
Separate entities are aimed at Celo’s promotion and preservation. The dedicated Celo Foundation is a non-profit which launched along with the mainnet, while the Celo Alliance for Prosperity is what the company describes as an “ecosystem of mission-aligned organizations.”
What Makes Celo Unique?
Celo is a unique cryptocurrency platform that is designed to facilitate mobile-based financial transactions and promote financial inclusion. Here are some of the key features that make Celo unique:
Mobile-first focus: Celo is designed with mobile devices in mind, making it easy for anyone with a smartphone to access and use the platform. This makes it particularly useful for people in regions with limited access to traditional banking services.
Stablecoins: Celo offers a range of stablecoins, which are cryptocurrencies that are pegged to the value of a stable asset such as the US dollar. This helps to reduce volatility and provides a more predictable value for transactions.
Proof-of-Stake consensus mechanism: Celo uses a proof-of-stake consensus mechanism, which is a more energy-efficient alternative to proof-of-work, the consensus mechanism used by Bitcoin. This allows for faster transaction confirmations and a more environmentally friendly approach to mining.
Community-driven governance: Celo’s governance is community-driven, which means that decisions regarding the platform’s development and direction are made by the community of users and stakeholders rather than a central authority.
Identity verification: Celo utilizes a mobile-based identity verification system that allows users to verify their identity without needing to provide a government-issued ID. This makes it easier for people without access to formal identification to use the platform.
Overall, Celo’s mobile-first focus, stablecoins, proof-of-stake consensus mechanism, community-driven governance, and mobile-based identity verification system make it a unique and innovative cryptocurrency platform that has the potential to promote financial inclusion and provide accessible financial services to people all over the world.
How Many Celo (CELO) Coins Are There in Circulation?
CELO and CUSD perform complementary functions within the Celo platform.
CELO has a capped supply of 1 billion (1,000,000,000) tokens, of which 600 million were available when the mainnet launched in April 2020.
The last 40% of the supply will be released gradually via fees and rewards, and various vesting schedules are in place depending on how initial investors received their tokens.
In addition, up to 120 million CELO will go towards a reserve designed to maintain the validity and price stability of CUSD. As a stablecoin, CUSD is envisioned as a convenient payment method for Celo users who will not have to worry about their holdings fluctuating in value.
How Is the Celo Network Secured?
The Celo network is secured through a combination of several key technologies and mechanisms. Here are some of the ways in which the Celo network is secured:
Proof-of-Stake Consensus: Celo uses a proof-of-stake (PoS) consensus mechanism to secure its network. In a PoS system, network validators (known as validators or validators nodes) are selected based on the amount of Celo tokens they have staked on the network. These validators are responsible for validating transactions and maintaining the network. The Celo network currently has over 900 validators, all of whom have been voted in by Celo token holders.
Stability Mechanisms: Celo has implemented several stability mechanisms to help keep the value of its stablecoins stable. These include a reserve system, where a portion of Celo’s native token (CELO) and stablecoins are held in reserve to provide backing for the stablecoin supply, as well as an algorithmic stability mechanism that adjusts the supply of stablecoins based on demand.
Mobile-Based Identity Verification: Celo uses a mobile-based identity verification system called the Celo Verified Wallet to prevent sybil attacks (a type of attack where a single user creates multiple fake identities to manipulate the network). This system allows users to verify their identity without needing to provide a government-issued ID, making it more accessible for people without formal identification.
Multi-Signature Security: Celo uses a multi-signature security model for its wallets, which means that multiple signatures are required to authorize transactions. This helps to prevent unauthorized access and mitigate the risk of attacks.
Smart Contracts: Celo’s smart contracts are designed to be secure and audited for vulnerabilities to prevent attacks and ensure that the network operates as intended.
Overall, the Celo network is secured through a combination of innovative technologies and mechanisms, including proof-of-stake consensus, stability mechanisms, mobile-based identity verification, multi-signature security, and secure smart contracts. These mechanisms work together to ensure that the network is secure and reliable for users.