DeFi is an emerging financial technology based on secure distributed ledgers utilizing the blockchain technology.
This system replace the traditional finance (central banks and other institutions).
In TradFinance banks and other big institutions have control on money, financial products, and financial services.
In Defi everyone have equal privilege. No third parties, you just need internet and secured wallet. You can do anything you want at anytime, no need of approval.
Non-fungible tokens (NFTs) are digital representation of assetsβ¦artworks, things that are unique (rare), non-transferable and contains value.
Confusing right.? maybe understanding the word fungible will make it a bit clearπ
Fungible assets have same value anywhere you go.. eg 1g of Gold in Tz is same as 1g of Gold in Kenya, & 1BTC in US = 1BTC in UK.
Non-fungible assets are not equal to one another, theyβre all unique and irreplaceable, and the value is always given by the community (holders).
You may heard/know cryptos and wondering how to get started, Here are the steps until you buy your first coin.
1οΈβ£ You will need a Wallet and exchange.
Wallet is used to store your digital assets (coins/tokens).
There are two types of wallets: Hot wallet and Cold wallet.
Hot wallet is always connected to the internet (eg Binance, Coinbase ..) while Cold wallet only connects to internet when youβre trading (eg Ledger, Trezor, Exodusβ¦).
