What is DeFi and why does Live-bit care about it so much?

 What is DeFi and why does Live-bit care about it so much?

There is always news about DeFi because the value that it possesses is currently growing steadily. Having a market cover of $ 275 million at the beginning of 2019, DeFi successfully surprised everyone surpassing $5 billion in August 2020. There may be a question about DeFi, what is it, and what makes people curious about it?

Why do you need to care for DeFi?

DeFi stands for Decentralized Finance that defines a set of decentralized applications that are used to do several financial transactions online.

DeFi is different from traditional centralized finance that stores their data and money in silos. DeFi keeps data in a blockchain and the guidelines of financial transactions are restrained by smart contracts. If there is useful information on market conditions and crypto coin prices, it is sent by oracle networks.

If you have ever faced issues like account freeze for suspicious conduct, money jumped over one account to another, you must be careful DeFi.

What is DeFi doing to offer users additional control through their finances?

DeFi makes the bar to be at a lower position for several sorts of investing including real estate. It helps the bias disappear and you won’t suffer from the worse interest rate, service denial, etc. produced by gender, age, race, and living place.

Whether you are in an unbanked or underbanked zone, it helps you out to reach the financial devices you need. It also provides access to people to opine on the direction for the platform.

The DeFi future

It’s hard to tell how Defi will look in 10 years or so as each day has unpredictable industry developments. Hopefully lawmakers will create laws with regulators that allow Defi to grow so there can be mass rollout as increasing amounts of the population seek alternative ways that fit their needs where centralized banks have come up short.

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