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In this new era of decentralized systems, why do we still need to rely on banks for our day-to-day transactions? Instead of relying on the banks why not be your own bank.
Before we start, let's talk about the major hurdles which we face in banks.
- Banks do not provide 24*7*365 support
- High transaction fees on cross border payment
- Delay in payment settlements
- Poor services
- High interest on loans
- High maintenance fees
- Different types of charges
These are some of the major problems which we face in the banks. So, if you also face these problems, I am here to resolve these problems for you.
The solution to these problems is CEFI or DEFI platform. Now, what are these platforms, lets talk about them?
CEFI vs DEFI Platform's: let's talk about these platforms one by one
CEFI: Centralized finance is the platform that manages crypto trading, lending, investing, etc. services and is handled by a central authority. These platforms allow users to open their accounts through the KYC process and let them trade in cryptos. CEFI Platforms consists of 3 main features:
- CEX (Centralized exchanges)
- Easy fiat conversions
- Cross-chain services
DEFI: Decentralized finance does not have a central authority. DEFI platforms are managed by automated applications developed over the blockchain. These platforms allow users to do all types of crypto transactions from leading to investing. Defi platforms can be accessed using Dapp browsers. Defi platforms consist of 3 main features:
- Permissionless
- Trustless
- Quick Innovations
CEFI & DEFI platforms allow us to be our own banks. Let's talk about the benefits which we get from cefi & defi platforms.
- Lower transactions fees in cross border payment
- 24*7*365 availability
- Easy & Instant payment settlement
- No maintenance or extra charges
- Low-interest rates
- High saving rewards
If you like the article type your comment down. Also, find the links for different platforms which you can use.
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List of CEFI Platforms:
Binance exchange Kucoin Exchange Wazirx Exchange
NEXO
List of DEFI Platforms
AAVE
PanCake Swap
