Decentralized Finance is a Financial technology used by cryptocurrency. This is based on a secure distributed ledger. This system doesn’t come under control of any Bank, financial institutions etc.
It’s a new technology to blockchain powered finance. DeFi uses existing blockchain technology, such as smart contracts, digital wallets, digital assets etc. It creates a financial ecosystem, bypassing the financial institutions, banks, brokers etc. who manages and controls finances. traditionally.
Benefits of DeFi
Transactions are in real time
The blockchain is updated the moment of completed transaction and internet rates in each minute.
Anyone having internet connections, can use it without any permission
You can transfer funds in seconds and minutes
You hold your money in a digital wallet instead with a bank.
How DeFi works
Decentralized finances uses blockchain technology similar to cryptocurrency uses. A blockchain is a secured database or ledger. It is called DApps. It uses and runs blockchain technology on a real time basis.
DeFi Currency
DeFi is used to use cryptocurrency in transactions. It is difficult to predict cryptocurrency, as it is still in development.
Hope this info will give you some light in Crypto world knowledge. For more info, definitely I’ll come up soon. For any kind of investment Advice, contact our CFP professional team MONEY GRAINS Financial (www.moneygrainsexports.com) or for Insurance purchasing use the below link of our expert license holding insurance team PLENTYSURE.
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Team PLENTYSURE
Jyoti Prakash Nayak, B.Sc MBA BA CFP
CERTIFIED FINANCIAL PLANNER & FINANCIAL WRITER
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