Governments can’t just create new money to fund their interests and augment the volume of the money which would eventually lead to the citizens losing buying power with their money (paying for the governments actions without being asked). This way DeFi could potentially give more sovereignty over their finances and thus their lives back to the people.
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There are many projects that support different cryptocurrencies
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One benefit of defi is censorship resistance. No single actor can control/freeze your accounts’ funds, so long as they do not have your private keys.
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An additional benefit would be having complete control of your funds and full access to them at any moment’s notice. You can also earn a yield on your money as well.
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DeFi cuts out the middleman on financial transactions. You are your own bank.
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Able to innovate new protocols and products much faster than in CeFi.
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Benefit
- NFTs as an trustless way of checking information.
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Good answer! DeFi as a way to combat inflation is certainly a benefit.
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Come up with one more benefit and share it in the forum. Then respond to at least one other benefit from another community member.
If you use a hard wallet, it can be totally secure and can’t be stolen.
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Another benefit includes storing coins on the blockchain secured by a Ledger. That way you have 100% control of your assets in a trustless way.
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Agreed. And war stricken countries such as what’s happening in the Ukraine at the moment.
it takes less time, it is transparent due to everybody being able to read the code and it is trustless as a result of the invwntion of smart contracts.
yessirsky! No Inflation fur us cryptojunkies. If and only Deflation with the upcoming merge of Eth 2.0
From the recent history, the big advantage is permissionless. In Canada, which is under a tyrannical dictatorship, many people who donated to the peaceful trucker protest have had their bank accounts blocked! Canada is supposed to be a democracy, but when you want to support a peaceful protest (which is a fundamental right in a democracy) you can’t and you discover democracy is an illusion. You are discriminated against because you have an opinion that is not in line with the people in power and the big pharmaceutical companies who push their harmful products by force using political influence.
Collaboration to enrich each other is, I choose to believe, the next stage in our evolution as social and spiritual beings. Thank you for this perspective @freshmattybe.
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Come up with one more benefit and share it in the forum:
Programmability - Highly programmable smart contracts that automate execution and enable the creation of new financial instruments and digital assets.
https://consensys.net/blockchain-use-cases/decentralized-finance/
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Becoming your own bank!!!
Defi offers the possibilities of individual responsibility of ownership, political direction, governance and choice.
As some others have pointed out - you can be your own bank (and help direct what you invest in)
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The level of freedom you have in controlling your own funds is priceless. No need for any income verification or credit score when you want to take out a loan, what a concept!
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So true that it creates community!
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