Ever wondered of how life would be without banks ? as everybody can imagine, the answer is that life would've been difficult without banks but like everything else the room for innovation is too huge and too fast. If 20 -30 years ago someone would have told us that the internet would work we wouldn't have believed that person, in fact the sole idea would have been totally thrown out of the window and yet here we are only years later we use the internet in almost everything we do ranging from working our full time jobs and we do it without fear that was imagined about the future of the internet before.
Similarly Cryptocurrencies are taking over the world from traditional financial institutions especially during these times of heavy separation as a result of the pandemic. It is further anticipated that only those who got early into the industry will become the pioneers just like the tech giants who got early into the idea of the internet. Decentralised finance (DeFi) is a part of the cryptocurrency industry which creates decentralised financial instruments separate from traditional centralised institutions and most importantly without any middleman. This includes loans and rewarding services such as stacking for interest. I have personally taken it upon myself to test some of these platforms and provide my readers with feedback and amazingly, they do work.
This leads to the questions of what is going to happen to traditional banks once people migrate to DeFi and cryptocurrencies. The answer is no one knows for sure, only the banks and businesses which are going to be the first in the industry such Mastercard who are doing digital currency tests and Greyscale who have been buying huge amounts of Bitcoin and other cryptocurrencies will be able to lead the industry. Even to date of writing major banks have not yet featured in the cryptocurrency industry mainly because of the lack of regulation which makes the industry wild.
For those who are unsure must consider the image above, which was used to boycott electricity a long time ago with the impression that it is dangerous. However today, electricity has evolved to mass scale which gives us a lesson that people must accept and embrace change, we must know that innovation is upon us and the banking industry is no different. Check out the links below if you would like to find out more about decentralised finance.
https://platinum.crypto.com/r/tfyts6ekxb
https://blockfi.com/?ref=51ca4f8f
https://www.valr.com/invite/VAW9SEQP
https://www.binance.com/en/register?ref=S1FMJHYN
Disclaimer: I may be rewarded for the links above
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