What Is Defi | What Is Defi Crypto | What Is Defi Cryptocurrency
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Welcome to our What Is Defi video!
What Is Decentralized Finance (DeFi)?
Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.
Some of the key attractions of DeFi for many consumers are:
It eliminates the fees that banks and other financial companies charge for using their services.
You hold your money in a secure digital wallet instead of keeping it in a bank.
Anyone with an internet connection can use it without needing approval.
You can transfer funds in seconds and minutes.
KEY TAKEAWAYS
Decentralized finance, or DeFi, uses emerging technology to remove third parties in financial transactions.
The components of DeFi are stablecoins, software, and hardware that enables the development of applications.
The infrastructure for DeFi and its regulation are still under development and debate.
Decentralized Finance
Decentralized finance eliminates intermediaries by allowing people, merchants, and businesses to conduct financial transactions through emerging technology. This is accomplished through peer-to-peer financial networks that use security protocols, connectivity, software, and hardware advancements.
From anywhere you have an internet connection, you can lend, trade, and borrow using software that records and verifies financial actions in distributed financial databases. A distributed database is accessible across various locations; it collects and aggregates data from all users and uses a consensus mechanism to verify it.
Decentralized finance uses this technology to eliminate centralized finance models by enabling anyone to use financial services anywhere regardless of who or where they are.
DeFi applications give users more control over their money through personal wallets and trading services that cater to individuals.
How Does DeFi Work?
Decentralized finance uses the blockchain technology that cryptocurrencies use. A blockchain is a distributed and secured database or ledger. Applications called dApps are used to handle transactions and run the blockchain.
In the blockchain, transactions are recorded in blocks and then verified by other users. If these verifiers agree on a transaction, the block is closed and encrypted; another block is created that has information about the previous block within it.
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The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our What Is Defi video. Make sure to leave a like on the video if you gained value from it!
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⏰ Time Stamp ⏰
00:00 Intro
00:23 What is DEFi Explained
02:40 Outro
