BillionAireDaughter (๐Ÿ’™๐Ÿงก)๐ŸŽฎ

BillionAireDaughter (๐Ÿ’™๐Ÿงก)๐ŸŽฎ



?DeFi which isDecentralized Finance is entirely new or should I just say itรขย€ย™s taking the most from traditional Finance and improving on it. While we have lending and borrowing in traditional Finance we also have same in DeFi. Some people asked for thread ? here you have it ?

?In a layman understanding Decentralized Finance (DeFi) is a kinda financial institution which eliminates intermediaries in performing transactions. Itรขย€ย™s takes away the power and control of Funds (money) from the central authority to individuals having power over their funds.

?Here individuals holds their funds in a Secure Digital Wallet. And yes any one with internet connection can make us of DeFi. DeFi uses emerging technology to remove third parties and centralized institutions from Financial transactions. ( the introduction of smart contact).

?You must be wandering differences DeFi and CeFi( centralized finance)

?In CeFi funds are been held by banks and third parties whereby transactions are overseen by this bodies. WHILE DeFi eliminates third parties as I said earlier to conduct transactions, through peer-to-peer financial networks. In a nutshell,

?DeFi is more secure than CeFi, Defi gives you control over your money through the use of personal wallet. ( this wallet are decentralized)

?How does DeFi works?

?DeFi using blockchain technology that uses cryptocurrencies. What is Blockchain? I wonรขย€ย™t go deep into this but what you should know is that, Blockchain is a distributed and secure Ledger, with applications calls Dapps (decentralized applications).

? In blockchain transactions are recorded in blocks. The blocks are chain to each others. Now back to The uses of DeFi Peer-to-peer (p2p) is one of the core premise behind DeFi.

?In p2p transactions are made without any intermediaries just two parties agrees to exchange cryptocurrencies for goods and services. DeFi gives you Accessibility, security and transparency and also Autonomy. Note: DeFi is designed to use cryptocurrencies in its ecosystem.

More threads coming up make sure to follow @BillionAireDau , and also connect with me on LinkedIn @_BillionAireSon @CWEmbassy @Crypto_omo @EtudorM @Abrahamchase09 #Crypto $bnb $eth $matic

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