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Technological development has changed the world and the world is not like the same place, as it was a decade ago. The rise in the crypto world has made people believe in technology based finance and it has gained peoples’ attention all over the world.
Bitcoin is a digital currency, which aims to do away with all the problems we have paying for things online, you may think that the system we have is pretty good. But everything we buy today has to go through a bank or credit card company who take a cut of the transaction, and who rely on our trust that they’ll do everything right. After a while those payments start to build up. And added to that is security. You have to trust your card company to keep your details safe. Many people have tried to work out how to have a payment system without that middleman. But then there’s another problem. Then, in 2008, a solution was offered by an anonymous programmer going by the name of Satoshi Nakamoto left a paper on a popular cryptography blog, which proposed a system of currency that solves all of these fiddly problems. This proposal was that instead of a bank or credit card Company recording every transaction in one central ledger, all of the users would record all of the transactions at the same time.
Concerns of people
There’s so much uncertainty around Bitcoin. Some people genuinely think this is the future. Others are terrified it could destroy our economy. But many from both sides agree that if we could get Bitcoin to work, or something like it, if we can trust a digital currency to work without the middlemen, then the way the world economy functions could be transformed for the better.
Rise in the DeFi assets
DeFi ecosystems are also improving on all kinds of levels to capture these challenges, while the emergence of Bitcoin enabled a decentralised payment system after the 2008 financial crisis defy is now rebuilding the entire financial system. Though defy is still in a nascent stage, it is constantly bringing the fundamental benefits of transparency, security and efficiency to users and is addressing issues existing in the traditional financial market. With DeFi ecosystem vastly expanding, we expect more innovations will come about in upcoming years.
DeFi products and services have been growing over the last two years. Liberthereum currently is getting ahead of the DeFi trend and deploying its own ecosystem. Still many people are wondering what is DeFi short for decentralised finance generally refers to digital assets and financial smart contracts, protocols and decentralised applications d-apps built on top of blockchain networks Bitcoin. The peer to peer electronic cash payment system is the first defy application put to use in the real world. The fairly new and automatic borrowing and lending protocol maker has been able to produce even more applications making defy more popular and achieve greater adoption.
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