Blockchain continues to be the backbone of digital currencies. Among the numerous cryptocurrencies hosted on blockchain is the Celo Euro (cEUR), which can be used as a digital euro account alternative.
Celo Euro (cEUR) is a Euro-tracked stablecoin that enables a safer, quicker, and cheaper way to send and receive mobile payments. Unlike other digital currencies that top and stumble often, digital Euro is more stable.
Most stablecoins like the USD coin or PAX Dollar maintain their “peg” with centralized fiat reserves such as the US Dollar.
However, cEUR achieves its stability through algorithmic code plus a diversified crypto reserve, drastically lowering counterparty risk.
According to Blockchain Brief, cEUR is a project created by The Celo Foundation, a US non-profit organization which allow transfer payments to be completed in seconds as compared to traditional 2 – 3days settlement windows.
Digital Euro account is also an interest earning account. When you have a cEUR, you earn interest per year on the amount. According to blockchain, you can earn annual interest up to 4% on a digital Euro account.
How to create a digital Euro account.
Steps to create digital Euro account is the same process for creating a digital dollar account but with a slight change. Keep reading.
- First, you have to create a blockchain account on the blockchain website.
- Next is to download the blockchain App from Google Play store or iStore.
- Use your signup details to sign into the App and create a 4-digit pin for your private access.
- Creating the blockchain account automatically gives you access to the stablecoins on the platform.
- At the bottom of the blockchain dashboard in the App, tap on the big blue + button and select buy.
- Now, all the cryptocurrencies on blockchain including the stablecoins (select Celo Euro).
- Next is to input your debit or credit card details to make the purchase. Virtual cards are not accepted on blockchain yet.
- This process is secured with 256-Bit SSL encryption, so your privacy is protected. Finally, click on the Next button to complete the process. Your digital dollars will appear in your account in less than a minute.
Whiles EU interest rates trend negative, you can earn annual interest of 4% with cEUR in the Blockchain.com rewards account. It also serves as a safe haven from inflation.
Investors in countries with hyperinflation likes Ghana and Nigeria can convert the local money into cEUR and other stablecoins to protect your eroding wealth.
How safe is my digital Euro account on blockchain?
Digital currencies are safe on blockchain because, it has the password, pin and 2-Step verification features. Accounts on Blockchain.com can also be protected with a 12-word secret backup recovery phrase.
Again digital Euro account is also secured because, you can enable a biometric unlock feature to your account. No one can access your account without your fingers.
There is also a feature to block unknown IP addresses from hackers. The cloud backup feature allows you to store your encrypted backup in your Google Drive account. This allows you to restore your wallet if you lose your phone or device.
So yes, your digital Euro account alternative is safe.
How to get the best of digital currencies
Unlike stable coins, cryptocurrencies like the Bitcoin and Ether are dangerously volatile but there is always a way to profit.
To win over losses and tumbles in the market, you can tap into the power of Dollar Cost Averaging as your investment strategy.
What is Dollar Cost Averaging in investing?
Dollar Cost Averaging (DCA) is a smart investment strategy where an investor invests small amounts in a financial asset at regular intervals than investing all at once.
So instead of timing the market to buy at a big low, many smart investors use the Dollar Cost Averaging method. They buy more when the price goes down, and buy less when the price goes up.
According to Blockchain.com, over the past 5 years, buying cryptocurrencies(bitcoin) every week performed better than timing the market 86% of the time.
Conclusion on Alternative Digital Euro Account
Nothing is guaranteed in the crypto world, even with stablecoins, like cEUR, USDT, USDC or PAX dollar. Be strategic than greedy.
Try the dollar cost averaging method discussed above than investing lump sum because the market can be extremely volatile and profits are not guaranteed.
Anytime you feel your account logins have been breached, explore the 4 best ways to secure digital currencies from hackers.