FRIDAY RECAP OF DEFI

Happy Easter/Resurrection/Passover weekend!

As usual, here’s a recap of what we discussed this week:

  • We talked about DeFi and broke it down some more. We talked about how we can lend, borrow, and trade without using traditional banks and we can do it without a third party and without all the necessary paperwork and credit checks that are the norm in traditional banking. Also, no passport pictures, thumbprints, driver’s license info, and proof of residence are required of us!🤸🏿‍♀️

  • With DeFi we can make loans to individuals and we can get loans. We can also save as well as trade!

  • We learned that the DeFi market is expected to grow to $800 billion this year.

  • We talked about the excitement about the Shiba Inu meme coin being made available on the Robinhood platform, and we were reminded to move our coins to crypto wallets where we have the keys or seed phrases.

  • Yesterday we discussed the Metamask wallet. We now know that it is considered a hot wallet. (Hot wallets are wallets that are always connected to the internet and allow you to send and receive crypto). There are desktop and mobile versions but we will always be using the desktop version!

    When you log into DeFi platforms you’ll need your Metamask wallet to interact with the decentralized sites because those sites don’t hold your crypto. Your crypto essentially stays in your custody until you want to lend or do some other kind of business with it. Other than that, your coins stay in your wallet at all times.

We’ll talk more about crypto next week. Please do something really nice for yourself this weekend; if you’re getting together with family or friends, laugh a lot and create memories! See you on Monday!♥️

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 suggestions in this post.

Sherma Felix