What Is DeFi? | Decentralized Finance Explained!

What Is DeFi? | Decentralized Finance Explained!



Bitcoin at its core is a payment system in which anyone on planet earth can send money to anyone else. This simple premise was the foundation of the cryptocurrency revolution. Those building Decentralized Finance, or DeFi for short, hope to create applications which take that simple idea further than Satoshi Nakamoto could’ve ever imagined.

Today, we explain everything you need to know about Decentralized finance, or Defi, and how it will change the way we think about money: What Is DeFi? | Decentralized Finance Explained

Decentralized finance is an umbrella term for financial services on public blockchains. DeFi offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain. No centralized authority can block payments or restrict your access to anything, so the market is always open. Previously time-consuming and vulnerable to human error, services have been automated and made more secure due to the code’s openness.

0:00 Intro
0:41 What Is Decentralized Finance (DeFi)?
1:32 The Old Way Of Finance
2:16 The New Way Of Finance
2:57 How Does DeFi Work?
5:02 Why DeFi Will Change The World
6:06 DeFi Weaknesses
6:59 The Future Of DeFi
8:23 Final Thoughts

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Decentralized finance is an umbrella term for financial services on public blockchains. DeFi offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain. No centralized authority can block payments or restrict your access to anything, so the market is always open. Previously time-consuming and vulnerable to human error, services have been automated and made more secure due to the code’s openness.

In addition to lending, borrowing, trading, and earning interest on cryptocurrencies, there are many other options. Argentinians who are well-versed in the cryptocurrency have used DeFi to avert a currency crisis. Employees are increasingly being paid in real-time at their workplaces. Millions of dollars in loans have been secured and repaid by borrowers who have not disclosed any personal information.

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