The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Decentralized Finance May Be the Future but Education Is Still Lacking

by Piers Ridyard
March 9, 2021
in HodlX
HodlX Guest Post  Submit Your Post
 

Engaging in the traditional financial market has become less appealing to consumers and institutional investors as of late. New opportunities are plentiful, with decentralized finance getting a lot of attention. However, that new movement is not without its risks and flaws either. Education and accessibility are crucial to make DeFi more accessible to the upcoming inflow of retail investors.

The exploitation in centralized finance

For decades, consumers and institutional investors have explored the many different options presented to them in the financial world. This approach has worked out rather well, as one could even earn passive revenue on their savings account. Today, things look very different, as many banks charge negative interest rates and continue to ?exploit ?their customers.

Another problem compounding the lessening appeal of centralized finance is the ongoing impediments in the industry. More specifically, banks are forced to settle lawsuits regularly, mostly due to their ?wrongdoing?. This ranges from opening accounts for clients without their knowledge, masking products under different names while providing the same service, money laundering and so forth.

Despite all of this, many people remain loyal to their bank or other financial institution. Or that used to be the case, as decentralized finance has a lot of people interested today. Unlike traditional finance, DeFi has no exorbitant fees, unfair terms or financial exclusion. Instead, it is a movement that aims to bring financial services to everyone regardless of their current access to these products.

Making DeFi more accessible

While it may seem as if decentralized finance is destined to disrupt traditional finance, there is still a lot of work to be done. In its current state, DeFi primarily caters to users who have sufficient knowledge of the cryptocurrency market. Unfortunately, the crypto industry remains a niche market even today, despite prices for Bitcoin and Ethereum moving up quickly in the past few months.

Going from “owning Bitcoin” to “decentralized finance” still involves a steep learning curve. DeFi remains incredibly confusing for the average onlooker, as there are no viable “guides” on how to prepare yourself for these new financial opportunities. Every existing guide assumes the reader already knows the ins and outs of cryptocurrency, which is usually not the case.

Education is the first big step

Wading through the complex nature of decentralized finance requires clear and concise education. There is a rising need for educational platforms that address beginner levels of investing. Publications contributing educational content around DeFi include ?DeFi Prime?, ?DeFi Pulse? and ?The Defiant? newsletter. All have noted significant growth throughout 2020 and early 2021. Educational initiatives like GoodFi? have been created together with industry experts like Chainlink, Aave, Radix mStable and others with a goal to lower entry barriers to decentralized finance by educating people on cryptocurrency and the opportunities the broader industry provides.

Ultimately a good goal for DeFi would be for 100 million more people to deposit at least $1 each into decentralized finance by 2025. It may seem like an easy goal, yet convincing millions of people to partake in this industry isn’t easy. Many people remain unconvinced by cryptocurrencies in general, and they will likely feel the same about DeFi.

We as an industry need to acknowledge that things need to improve to be taken more seriously by the masses. Making a global impact with complex structures and technologies and requiring the use of cryptocurrencies warrants clear and concise education. A big catalyst for launching more educational initiatives now is the recent WallStreetBets/GameStop saga. People worldwide suddenly found themselves in a position of power to make the financial market dance to their tunes. It depicts the need to make financial markets accessible to everyone, yet the current financial industry doesn’t always allow this to happen. This became apparent when the trading of GameStop stocks ?was halted? by several providers to “protect larger investors.” It serves as an excellent example of how unfair the financial industry can be.

Creating a level playing field

At its core, the financial sector can operate without gatekeepers or centralized intermediaries. The DeFi industry has shown this is possible, even though the industry is still in the early stages. Creating an environment where anyone can safely borrow, lend and trade directly is possible, but the educational aspect comes first.

As the public perception of traditional finance keeps taking blows on the chin, it is a matter of time until large groups begin exploring other horizons. Investing in cryptocurrencies has given many a taste of what financial freedom can entail. However, it is crucial to understand this is only the first step along a long road toward achieving that freedom.

There is a lot more to DeFi than just owning Bitcoin, Ethereum or any other crypto assets. While that does grant one access to decentralized finance, the educational initiatives led by industry leaders will help explain how you can use these assets for more than speculative purposes. Through education, research and guidance, a new era of finance may just be around the corner.


Piers Ridyard, CEO of Radix. A Y Combinator alumni, Ridyard joined Radix after exiting his previous company which built DLT-based deal rooms for clearing syndicated insurance contracts.

 
Check Latest Headlines on HodlX


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
  • Coinfest Asia Is Back in 2023 Carrying the Theme of Web 2.5
    March 20, 2023
  • Poolz Security Incident Prompts Rapid Response and Platform Restructuring
    March 16, 2023
  • Sovryn Introduces Decentralized Bitcoin-Backed Sovryn Dollar To Combat Centralized Stablecoins
    March 16, 2023
  • Partnership Announcement – Oraichain x DoraHacks
    March 16, 2023
  • Wemade Announces Partnership With Space and Time To Power Blockchain and Gaming Services
    March 15, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$28,323.59
$28,323.59
0.45%
Ethereum
$1,801.10
$1,801.10
1.9%
Cardano
$0.37616
$0.37616
9.97%
XRP
$0.454334
$0.454334
15.46%
Dogecoin
$0.075842
$0.075842
4.06%

Spotlight

  • MetaMask Enhances Privacy With Mobile DApp and Browser Extension Upgrades
    March 16, 2023
  • Whales Quietly Boosting Ethereum Altcoin That Exploded 114% This Week: On-Chain Data
    March 19, 2023
  • Cardano (ADA)-Based Stablecoin To Migrate to Ethereum (ETH), Binance Smart Chain and More, Says COTI CEO
    March 21, 2023
  • Bitcoin Just Formed Rare Megaphone Pattern, Says Veteran Trader Peter Bandt – Here’s What It Means
    March 15, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl