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The financial world is shaping up for a major public discussion over CeFi and DeFi, the two options of centralised / decentralised finance.
The following is from a longer article in Forkast.News by James Wo. Wo is the founder of the Singapore-based founder and CEO of Digital Finance Group, a blockchain and crypto investment firm with over US$1 billion in assets under management.
James asserts that 'DeFi is here to stay and its takeover in finance inevitable'. He continues: 'Decentralised digital access to financial services like cryptocurrency trading, lending and borrowing is the wave of the future.
DeFi — or decentralised finance — is the latest buzzword for good reason. With over $13 billion locked into DeFi protocols, it’s either a bubble or the greatest wave of innovation we’ve ever seen in finance.
Probably it's a bit of both, but DeFi is here to stay.
DeFi improves upon traditional financial systems and mitigates financial inclusion issues by globalising access to financial services.
Legacy financial systems have many problems, but the crux of most issues is based in reliance on third parties. This dependence on banks and other financial intermediaries means that we lack transparency into what is happening with our value and there is little to no accountability on the part of financial institutions. We are just supposed to trust them.
Unfortunately, the course of history has demonstrated that third parties cannot always be trusted to make decisions in our best interests.
The 2008 Financial Crisis is just one example of how poor decisions made by financial incumbents crashed the global economy and negatively impacted millions of people.
The introduction of Bitcoin in 2009, a peer-to-peer electronic currency that eliminated the need for a third party intermediary, was a reaction to the financial crisis.
DeFi is better than CeFi for one reason: user control.
DeFi emerged from the cryptocurrency ecosystem with a focus on digitising access to financial services like trading, saving, lending and borrowing, and other wealth-generation innovations.
The main advantage of DeFi over centralized finance (CeFi) is control over one’s own financial assets. So, rather than trusting the bank, credit union, lender, or any other centralized financial entity to keep your value safe, users take on that responsibility.
According to the World Bank, there are 1.7 billion unbanked people who are disenfranchised from participation in the growing digital economy. As smartphones continue to become more affordable, we will see this number diminish, especially as the usability of DeFi services improves.
Not only is DeFi better for users from a custody, privacy and inclusion perspective, DeFi is simply a better system by design and will ultimately overtake CeFi.' (James Wo https://lnkd.in/e3cgbDBz)
Along with 2.8 million users worldwide, I am glad and happy to be part of decentralised finance. If you are interested to, drop your email address above.
*Not financial advice see full disclaimer here
