The Future is DeFi
Updated: Jul 13
It’s been 5 years since we’ve started hearing about the term DeFi (Decentralized Finance). Well… It’s here to stay for a long time. This article explains how DeFi benefits society today and in the future. First of all, let’s make sure we understand the term “decentralized”, which basically means that this financial system isn’t controlled by a central organization regulating the flow of money (like governments or banks). It is also very secure, in terms of the level of transparency when it comes to sending and receiving money. In regards to paying transaction fees when sending the money from one wallet to another, you pay almost no interest fees (compared to traditional finance). These and many more characteristics set DeFi in a strong and reliable position for the future in comparison to traditional finance.
People want to have control over their assets, and be able to manage them freely without being scared of scams and fraud, paying high fees in transactions, dealing with third parties, and depending on a monopolized economy to decide how they can or cannot use their own money. DeFi is starting to settle slowly into society, allowing people even to pay for cars, houses, flight tickets, withdraw cash on ATMs, and more with their own digital coins!
It’s only about time for people to start using De-Fi on a day-to-day basis, offering more liberty and management to their users.