BACK TO DEFI - PART 1
Hey fam, I hope your week has already started off with high favor and lots of revelation!🙌🏾
This week we’re back to DeFi again, breaking it down some more and adding information that we may not have touched on when we did this 2 months ago. This space is growing daily and the more up-to-date we are on what’s happening in crypto world, the easier it will be for us to maneuver the space and use it to our advantage!
As previously discussed, DeFi refers to decentralized financing - or financial institutions that are not centralized, they are de-centralized and are not attached to a central authority like the United States Federal Reserve banks. DeFi essentially shifts the power into your hands and mine, and away from your traditional Wells Fargo, Bank of America, Chase, Scotia, and Royal Bank, etc.
DeFi allows us to say to each other, “Look, I can be the VC (venture capitalist) in this situation, I’ll be the lender, so I’ll invest in your venture, you can bypass the banks.” That is referred to as peer-to-peer lending. No traditional banks are involved, and I’m telling you that major banks are shaking in their boots right now at the thought of this gaining in popularity because they do not want to be left out! People are making money and the traditional banking systems aren’t involved? Oh noooo, we can’t have that!🤨
You and I can do the same thing that banks are doing: we can lend, borrow, trade, etc., without using traditional banks. This is so cool! 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. It’s almost like a digital version of Wall Street except that no passport pictures, thumbprints, or driver’s license info and proof of residence is required of us!
I deliberately went back to the posts I did on DeFi in February and included the links for you above, instead of just giving you the dates.😳 Please familiarize yourself with the information so that you can feel more confident about getting involved in the DeFi space. The Holy Spirit will talk to you about crypto if you ask Him too, but it’ll be much easier to understand once you know the crypto language, right? Right.🤑
Here we go!
Tomorrow we’ll discuss the different ways we can employ DeFi, this is going to be so good! Until then, be safe, PEACE!✌🏾
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.