DEFI BANKING PART 6 - ADVANTAGES AND DISADVANTAGES
Hey there!
We’re back at it today, DeFi advantages and disadvantages here we come!
Disadvantage
This is a disadvantage with a twist😀 because even though it could be a negative, it is also a plus: It takes a definite mental shifting in the way we think about money and how money works. Because crypto runs via blockchain and not via the old traditional banking system, this shift is mandatory, it must occur in order to benefit from this new technology. No mental shift = no success in DeFi banking or cryptocurrency.
What happens is that when we don’t understand how something works, a skeptical mindset enters the chat, and the doubting process begins to take root. So what is the mindset shift that needs to occur? Well… for starters, since DeFi banks aren’t run like traditional Centralized finance banks (see #cryptodevo posts dated 1-31-2022 and 2-2-2022, DeFi Banking Part 1 and Part 3) you’ll need to realize that even though this type of banking is based on new technology, you do have the ability to understand it and grasp it, and you will!
The way it can boggle the mind shouldn’t make you back away. Questions will come to your mind: So where is the money coming from if I sell my crypto? Who gets the money if I buy crypto? How can I own a coin and I can’t see it? How do I even know that this is real? What is a blockchain and what if it breaks, lol! Those types of questions, though genuine and understandable, will hold you back.
Advantage
Set yourself in FAITH to learn as much as you can, find mentors, and jump in because according to CBS News, this technology has already created 100,000 BTC millionaires, you could be one of them!
A huge advantage to DeFi is that it offers a lot of freedom and security, without the pressure of having to jump through hoops as with traditional banks, in order to get help. Plus, the market cap for DeFi is hovering around $117B as of today (up by 20.83% from yesterday!) This thing is moving and growing quickly and beautifully!
Part of the beauty of DeFi is that you don’t need permission to do whatever you want with your own crypto - as you would with traditional banking gatekeepers who, it seems at times, exist just to extort money from their regular customers who are banking with them only to have somewhere to keep their money.🙄
Another beauty of DeFi is that since the blockchain keeps a record of every single transaction and makes it available to whosoever will, there’s a level of transparency and accountability that is built, that is unavailable in traditional CeFi banking.
I am not a licensed Stock-broker, Forex broker, Cryptocurrency broker, or Financial Advisor, and I’m not here to give financial advice. The purpose of #cryptodevo is to supply us all with cryptocurrency content and encouragement so that we make better decisions!
Tomorrow we’ll talk about the process to get free crypto!🤸🏾♀️ Jevon (my handsome firstborn and best son I ever had) will be happy about tomorrow’s post!😀🤑. Meanwhile, his sister Jamilah (the cutest and best daughter I ever had) is celebrating a birthday today! 🎂🎂🎂YEAH! Happy Birthday Jamilah!
See yall tomorrow, peace out!✌🏾
Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestion in this post.