Table of Contents
What is CELO?
Celo is a platform that acts as a global payment infrastructure for cryptocurrencies, which targets mobile users. Celo’s goal is to facilitate financial activities for anyone and everyone all across the globe. The platform allows payments to be made and received from any phone number worldwide. Celo has a Proof-of-Stake governance mechanism, which goes by the name Byzantine Fault Tolerance (BFT), which keeps the distributed network of computers in sync.
Central to the Celo ecosystem are two native tokens: Celo Dollars (cUSD), a stablecoin that mirrors the value of the US Dollars, and CELO, the governance token that facilitates voting on changes to the protocol. A minimum of 10,000 CELO tokens must be staked for validator nodes to power the blockchain and become eligible as a validator to vote on changes. Thus, anyone owning CELO can help operate the network.
The network is dependent on three contributors to help run it. These are:
- Light Clients or network applications running on user’s mobile devices like Celo’s mobile wallet
- Validator Nodes, i.e., computers participating in Celo’s consensus mechanism, validating transactions and producing new blocks, and
- Full Nodes or computers that act as a bridge between the validator nodes and mobile wallets by taking requests from the light clients and forwarding transactions to validator nodes.
As of now, there are 100 validator nodes at any one time. The full nodes vote on these, and each node is rewarded with a portion of the block reward for validating transactions.
Why Buy CELO?
In case you are wondering, what is Celo used for, here is the answer. The coin has several uses to it. Along with basic payments, Celo supports the development of dApps on its blockchain. One of its many dApps is a crowdfunding platform for social causes, and another allows anyone to contribute to a community’s global income scheme.
The Celo foundation recently announced a large incentive program to lure developers to the network. The company is offering up to $50,000 to any developer for being the first to establish an on- and off-ramp in any country. To improve the network’s global reach, Celo has also ensured an amount of up to $100,000 subsidy in fees per country.
The project is picking up pace. Since it aims at smartphone users, it is gaining popularity in developing nations owing to the massive adoption of smartphones there, thus, supporting Celo’s mission of becoming a truly global blockchain ecosphere.
How to buy CELO?
If you are wondering how to buy CELO coins in India, then WazirX can be your best choice. You can buy and check CELO coin price in India via WazirX, India’s most trusted cryptocurrency exchange, by following the few simple steps listed below:
#1 Sign Up on WazirX
To begin with, create an account on WazirX by clicking here.
#2 Fill in the Required Details
Put in your email address and choose a secure password.
#3 Email Verification and Account Security Setup
Next, verify the email address by clicking on the verification link you received in your inbox. Following that, you have two options to ensure the security of your account – the authenticator app and mobile SMS.
Remember that the authenticator app is more secure than mobile SMS because there is a risk of delayed reception or SIM card hacking.
#4 Choose Your Country and Complete KYC
After selecting your country, complete the KYC process. You can not trade peer-to-peer or withdraw funds on the WazirX app without completing your KYC.
To complete your KYC, you need to submit the following details:
- Your full name as it appears on your Aadhaar or any other ID proof
- Your birth date as stated on your Aadhaar or any other ID proof
- Your address as it appears on your Aadhaar or any other ID proof
- A scanned copy of the document
- A selfie of yours to finish the procedure
And you are done creating your account! Within 24 to 48 hours, the account is usually validated.
Buy CELO on WazirX via P2P
WazirX allows you to check the CELO coin price in India before you buy CELO crypto via WazirX. Check CELO coin price in INR on WazirX here. You can buy CELO using USDT.
To buy USDT, you can use the WazirX P2P route. This is fast, secure, and free. Follow these simple steps to buy USDT and then your CELO crypto:
- Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
- Next, click on the ‘Convert INR into USDT’ option.
- Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY”. Here, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
- You need to select a preferred mode of payment next. UPI and IMPS mode are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
- Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, once confirmed, a minimum penalty of 10 USDT or 1.2% of trade will be levied. False confirmations can also cause your account to get locked.
- Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchase will be reflected in your “funds”.
- Now you can use this newly acquired USDT balance to purchase CELO crypto on the WazirX exchange. Go to the “exchange” option on the web/mobile app and select CELO crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Fill out the buy order form and click on buy CELO. Wait for some time. It will only be a short while before your order is executed. Once done, you will receive the CELO coins you purchased in your WazirX wallet.
You can also follow this youtube tutorial on how to buy crypto safely and securely via WazirX P2P.
Future of CELO
The CELO coin is seen as one with amazing potential. Several technical analyses indicate an incredibly bullish long-term sustainability for Celo.
With cryptocurrency adoption on the rise, wallet addresses as complex alphanumeric public keys are surely a hassle. Via wallet address as a simple mobile number, Celo can transform the crypto user interface and bring it in line with the mobile payments, such as the UPI payments that is highly successful in India. Added to that, CELO’s green initiatives and philanthropic vision showcase great ESG efforts on part of the network. Celo token can be used to not only send and receive payments but also earn rewards and voting power via staking. In future, the platform plans to allow the users to vote on stablecoins that will mirror other national currencies beyond the US Dollar.
Head over to WazirX, India’s premier crypto exchange platform, to know the CELO price in India. WazirX ensures safe, secure, and easy trading on its super-fast platform.
Happy Trading!
Frequently Asked Questions
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
