Why Should You Care About DeFi?. Its about to change your life | by Kit Campoy | May, 2022

Its about to change your life

Photo by Tony Reid on Unsplash

Cryptocurrency and decentralized finance (DeFi) sound like science fiction.

It sounds like some far-off tech that may never be actualized. Some people think its just for bros trying to get rich quickly, or its a pyramid scheme. Theyre waiting for the house of cards to fall.

In reality, its here, and its not just for crypto-bros. Its for all of us.

This future has arrived, and it is revolutionizing the world. Its changing the way we do business, and its changing the way leaders run countries. If youre waiting for this fad to die off, youre going to be waiting forever.

DeFi will fundamentally change the way humans interact with the world, and its being shaped daily. It will most certainly change your life.

Goodbye fees

DeFi is just an abbreviation for decentralized finance. All that means is when you own cryptocurrency or NFTs; you are in charge of it. There is no bank. There is freedom in that as well as risk.

DeFi is a system where software is written on a blockchain. This software makes transactions possible from person to person without any significant financial institution in the middle.

DeFi literally cuts out the middleman and puts the power in your hands. Guess what it also cuts out?

Fees.

Regular banks have taxed ordinary people to death. There are fees for everything. ATM fees and overdraft fees are just the beginning. Have you ever needed to wire money? There are fees for that too.

We are drowning in fees.

Sometimes the sending bank and the receiving bank both charge fees. Whats up with that?

Thats other people getting rich on your money, my friend.

There used to be nothing we could do about all these fees. Banks were in charge, and the people at the top made more money every year while we regular folks signed up for direct deposit and hoped our rent would clear on time before we had to put gas in our cars.

There is a better way.

Move money in one second

Have you ever gone to an ATM to pull cash out and found it out of service? I have. Maybe you had a check that needed cashing, but it was Sunday? Yeah, same here. Overdraft fees? Im guilty of those too.

Ugh.

A few weeks ago, I cashed out some stock. It was an arduous process that required more than one phone call.

When it was all said and done, it took about four days for the transaction to be complete and the money to hit my bank account. With DeFi, we can now do this in one second.

There are no bank fees and no phone calls; we can move money in one second.

Hello, freedom.

Transparency emerges as a hero

DeFi will revolutionize the way we use money. Some old-school financial institutions and governments are shaking at the thought of regular people in charge of their own money.

The ones who embrace it will prove their staying power.

Blockchain technology offers some incredible benefits. The main one is how it records information. It is almost impossible for the information to be hacked or altered.

With a blockchain, no one person is in charge. Its a transparent digital ledger. Every person that uses it can see what goes on within the digital ledger. Each transaction that is processed is recorded on this block.

If it gets messed with, it will be visible to all the users. Transparency is a blockchain super-power.

You pair stability with decentralization and transparency, and you get an unstoppable economy. Mariano Conti, former head of smart contracts at MakerDAO.

DeFi also levels the playing field for regular people.

DeFi is for everyone

Transactions are transparent and peer-to-peer. No matter your age, race, or what country you live in, you decide how to handle your funds, not some guy in a suit trying to determine your worth by your last name.

Cryptocurrency and decentralized finance are revolutionizing the way we think about money.

Blockchain technology gives power back to the 99% of us who dont run financial institutions or live off a trust fund.

No more ATM outages or bank fees. No more loan approvals. Its your money; do whatever you want with it.

DeFi is an ecosystem that allows users to control their assets. It will enable us to move them or invest them as we see fit. We are in control.

Blockchain tech is advancing every second of every day. Although it sounds like the newest sci-fi movie getting ready for a summer release, it is, in fact, a reality.

Its about to change your life.