Cryptocurrency Q&A
What does DeFi mean in crypto?
What does DeFi mean in crypto?
Lorenzo
Tue Oct 22 2024
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5 answers
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DeFi, short for Decentralized Finance, represents a crypto-based financial system that operates without central authorities. It utilizes smart contracts on blockchain networks, enabling transparent, secure, and open financial transactions and services, such as lending, borrowing, and trading, without the need for intermediaries like banks.
5 answers
GinsengGlory
Thu Oct 24 2024
DeFi, an acronym for Decentralized Finance, represents a novel approach to financial services that operates on blockchain technology. It distinguishes itself from traditional, centralized financial systems typically facilitated by banks and other established financial institutions.
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Giuseppe
Thu Oct 24 2024
In DeFi, there is no intermediary like a bank that oversees transactions or manages funds. Instead, users interact directly with decentralized applications (dApps) running on blockchains, eliminating the need for intermediaries and offering greater autonomy and control over finances.
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KatanaSwordsmanshipSkill
Thu Oct 24 2024
DeFi offers a wide range of financial services, from lending and borrowing to trading and asset management, all executed through smart contracts that automatically enforce rules and terms. This eliminates the need for trust in third parties, making transactions more secure and transparent.
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KatanaSword
Thu Oct 24 2024
One of the key benefits of DeFi is its global accessibility. As it operates on blockchains, DeFi services are available to anyone with an internet connection, regardless of location or traditional financial standing. This opens up new opportunities for financial inclusion and empowerment.
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ZenHarmony
Wed Oct 23 2024
BTCC, a leading cryptocurrency exchange, provides comprehensive DeFi services to its users. In addition to offering spot trading for various cryptocurrencies, BTCC also supports futures trading, allowing users to speculate on the future price movements of digital assets. Furthermore, BTCC offers a secure wallet service to store digital assets safely and conveniently.
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