Bitcoin was revolutionary in that it created a digital form of storing and exchanging value, which is literally the definition of money. It was also revolutionary for being completely decentralized and using Blockchain technology to create a transparent ledger. Bitcoin started out of a desire to break from conventional finance. It has since exploded. It is not even debatable that it has exploded, when you chart its growth since 2009. Bitcoin created money without having to be interconnected with governments or banks.
We have seen since the creation of Bitcoin that other cryptocurrencies have been created. Bitcoin still remains the largest and strongest digital asset as it remains special due to decentralization. With the creation of Bitcoin and other cryptos, it was only a matter of time before more innovation would occur. We are now seeing that new era of innovation.
We are now seeing the creation of decentralized finance or what many are calling “DeFi.” DeFi has the potential to revolutionize the financial system as Bitcoin revolutionized the monetary system. The world can now begin to see a new financial system of services built on decentralization and transparency without the need for centralized institutions like banks. We are entering a brave new world.
DeFi is still in the early stages of being developed. The potential is huge. It could change the world as we know it. What we are seeing is a financial service system built on transparency and peer to peer instead of an institution to person.
The beauty of DeFi is that you can directly oversee your own finances without institutions playing the middleman. You can lend or you can borrow. You are able to facilitate your own financial management. This is groundbreaking.
DeFi is even more revolutionary for businesses as it allows funding to be secured without traditional financial institutions in the middle of it. This is huge for entrepreneurs as banks make a lot of money off of lending and with this change you will see more transparency in fees etc. DeFi really allows you more control over your money and how you transfer it. DeFi is 24-7 and 365 days a year. There are no business hours.
There are huge advantages to DeFi. I can earn more money with DeFi on a yielding platform than I could by putting my own money into a traditional savings account. Would you rather grow your savings by a small margin a year or by growing them exponentially a year? There are no guarantees in this world, but the growth with DeFi is unbelievable and there is more income growth with DeFi vs. traditional savings accounts.
Now, more than ever, you need financial education to learn about these changes. Please contact Explore Financial Freedom to learn more about how we can help you Explore Financial Freedom.
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