DeFi Explained: A Beginner's Guide to Understanding and Getting Started
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Introduction
What we’ve been noticing
A new wave of revolutionary open financial systems is disrupting the industry and changing the way we do business. Decentralised Finance (DeFi) is an emerging financial technology that can fundamentally change our existing financial system. DeFi is not just the latest trend, but a fundamental shift in how we access and transact with digital assets. The DeFi economy has grown massively in the past few years. Even with the recent crash in the crypto market, DeFi is staying around 80 billion dollar level as of 26 June 2022. DeFi is the next step in digital finance. It’s a new financial product that allows you to bet on anything, from derivatives contracts and coin offerings to cryptocurrency markets. In the era of blockchain technology, a whole novel financial world is emerging. DeFi is the future.
Key Topics this Article will Cover:
The Future of Finance: What is DeFi?
How is DeFi changing the way we do business?
Why DeFi is taking over: It's importance and benefits
Conclusion: Our verdict. Is it worth getting involved?
The Future of Finance: What is DeFi?
DeFi is a financial system that runs on a decentralised network of computers rather than a single server. DeFi is an emerging digital financial infrastructure that theoretically eliminates the need for a commercial bank or government agency to approve financial transactions. With DeFi you can do the things that banks allow you to do, such as borrow, lend, earn interest, buy insurance and trade assets in a faster, cheaper and more secure way that doesn’t require any paperwork or bank fees. There are billions of individuals all around the world who cannot access many of the financial services that we enjoy today. DeFi makes these financial services available to anyone with an internet connection from any location.
Regarded by many as an umbrella term for a new wave of financial services innovation, DeFi is deeply connected to blockchain. This is the decentralised, immutable, public ledger on which cryptocurrencies such as Bitcoin are based. The ledger records cryptocurrency transactions and is owned by everyone on the network, making it an incorruptible system for building trust and eliminating fraud. The idea is that no single entity has control over, or can alter, that ledger of transactions.
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What else did you miss?
How is DeFi changing the way we do business?
Why DeFi is taking over: It's importance and benefits
Conclusion: Our verdict. Is it worth getting involved?
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