What is DeFi in Crypto? 🧐 Decentralized Finance Explained! 🧠 (Ultimate Beginners’ Guide on DeFi📚)
Summary
TLDRThis video explains decentralized finance (DeFi), comparing it with traditional centralized finance (CeFi). DeFi represents a shift towards a transparent, low-cost, and efficient global financial system that operates without intermediaries, using blockchain technology. The video covers key components of DeFi like stablecoins, decentralized exchanges, money markets, synthetic assets, and decentralized insurance. It also explores how DeFi applications (dApps) are built on Ethereum’s blockchain, and how its architecture is comparable to Legos, allowing developers to create innovative financial services. The video emphasizes the future potential of DeFi in revolutionizing global finance.
Takeaways
- 🔍 DeFi, short for Decentralized Finance, is a movement aiming to create a more transparent, low-cost, and accessible financial system without the need for a central authority.
- 🏛️ Centralized Finance (CeFi) is the traditional financial system, which has become inefficient, costly, and inaccessible to many due to corruption and manipulation.
- 🔗 DeFi is built on blockchain technology, which enables a decentralized, secure, and transparent financial foundation using principles of mathematics and computer science.
- 💻 Ethereum's programmable blockchain is central to DeFi, allowing developers to build decentralized applications (dApps) that function independently and transparently.
- 📊 Stablecoins, such as DAI, are cryptocurrencies pegged to stable assets like the US dollar, offering stability in the otherwise volatile crypto market.
- 💱 Decentralized exchanges (DEXs) like Uniswap allow peer-to-peer trading of cryptocurrencies without intermediaries, lowering fees and providing users with greater control and privacy.
- 💰 DeFi money markets enable users to lend and borrow cryptocurrencies via liquidity pools, generating passive income through interest and ensuring transparency.
- 🧬 Synthetic assets in DeFi mimic real-world assets, offering investors exposure to various assets in a decentralized and transparent way.
- 🛡️ DeFi Insurance protocols like Nexus Mutual protect users against potential risks such as hacks and glitches, ensuring a safer ecosystem.
- 🧱 DeFi's architecture is compared to 'money Legos,' where various dApps and protocols can be stacked and connected to create new financial products and services efficiently.
Q & A
What is decentralized finance (DeFi) and how does it differ from centralized finance (CeFi)?
-DeFi, or decentralized finance, refers to a financial system built on decentralized, blockchain-based technology, aiming to be low-cost, transparent, and accessible to anyone with internet access. CeFi, or centralized finance, represents the traditional financial system, which is controlled by central authorities like banks and governments. Unlike CeFi, DeFi operates without intermediaries, is decentralized, and prioritizes security, efficiency, and transparency.
Why is the current centralized financial system considered outdated and problematic?
-The centralized financial system (CeFi) is viewed as outdated because it is prone to inefficiencies, high costs, manipulation, fraud, and corruption. It is also largely inaccessible to many people globally, particularly in underserved regions. Recent issues like inflation, the devaluation of fiat currencies, and bank failures further emphasize its limitations.
What role does blockchain technology play in DeFi?
-Blockchain technology is the foundational layer of DeFi. It enables decentralized operations by recording transactions in a secure, transparent, and immutable manner. Data on the blockchain is distributed across a vast network of computers, making it resistant to control or manipulation by any single entity. This decentralized structure is key to DeFi’s transparency and trustworthiness.
How do stablecoins function within the DeFi ecosystem?
-Stablecoins are a type of cryptocurrency that maintains a stable value by being pegged to a traditional currency like the US dollar. In the DeFi ecosystem, stablecoins like DAI provide stability and reduce the price volatility commonly associated with other cryptocurrencies, making them crucial for everyday transactions and value preservation.
What are decentralized exchanges (DEXs), and how do they differ from centralized exchanges?
-Decentralized exchanges (DEXs) allow users to trade cryptocurrencies directly with each other without intermediaries. In contrast, centralized exchanges require a third party (a company) to facilitate trades, which may involve higher fees and risks. DEXs provide better security, lower fees, and more control over assets, as they are built on blockchain technology and allow peer-to-peer trading.
What are DeFi money markets, and how do they facilitate lending and borrowing?
-DeFi money markets enable users to lend and borrow cryptocurrency assets without intermediaries. Users can lend their crypto to earn interest or borrow by providing collateral in the form of other crypto assets. DeFi money markets operate transparently, and all transactions are visible on the blockchain, ensuring security and over-collateralization to reduce risk.
What are synthetic assets, and why are they important in DeFi?
-Synthetic assets in DeFi are financial derivatives that simulate the value of real-world assets. They allow users to gain exposure to the price movements of assets like fiat currencies, commodities, or stocks without owning the underlying asset. This enables the creation of highly customizable financial products, essential for hedging, trading, and liquidity provision in the DeFi space.
How does decentralized insurance work in the DeFi ecosystem?
-Decentralized insurance in DeFi allows users to mitigate the risks associated with using decentralized financial protocols. Unlike traditional insurance, decentralized insurance is peer-to-peer, meaning users can both buy and provide insurance coverage. It protects against issues like hacks or bugs in smart contracts and ensures a safer environment for DeFi participants.
What is meant by the 'Lego-like' architecture of DeFi?
-DeFi's architecture is often compared to Legos because its decentralized applications (dApps) are modular and interoperable. Developers can mix and match different protocols and services, such as lending platforms, stablecoins, and exchanges, to create new financial products. This modularity promotes innovation and the seamless expansion of the DeFi ecosystem.
What is the significance of Ethereum in the development of DeFi applications?
-Ethereum is the primary blockchain for DeFi because it supports smart contracts, which are programmable and allow developers to build decentralized applications (dApps). Ethereum's programmable nature and widespread adoption make it the ideal platform for creating DeFi services such as lending, borrowing, decentralized exchanges, and synthetic assets.
Outlines
💡 Introduction to Decentralized Finance (DeFi)
This paragraph introduces decentralized finance (DeFi) as a contrast to centralized finance (CeFi). It describes how traditional financial systems (CeFi) are outdated, manipulated, and inaccessible, plagued by issues such as inflation, corruption, and inefficiencies. DeFi, on the other hand, is presented as a revolutionary movement toward a low-cost, efficient, transparent, and global financial ecosystem that operates without a central authority, providing accessibility to everyone with internet access.
📊 The Five Core Components of DeFi
This paragraph discusses the foundational elements of DeFi's financial ecosystem. It highlights five components: stablecoins, decentralized exchanges (DEX), money markets, synthetics, and insurance. Stablecoins are essential for price stability, pegged to assets like the US dollar, while DEXs enable peer-to-peer cryptocurrency trading. Money markets offer lending and borrowing, synthetics mimic traditional financial assets, and decentralized insurance protects against risks. Together, these components form the backbone of the DeFi movement.
💸 Money Markets and Cryptocurrency Lending
This section focuses on decentralized money markets within DeFi, explaining how they enable cryptocurrency lending and borrowing. Users can lend crypto assets in exchange for interest, with loans secured through collateralized debt positions (CDPs). These markets operate without intermediaries like banks and offer transparency, privacy, and over-collateralization to mitigate risk. If a borrower's collateral value falls below the loan amount, the position is liquidated, and excess collateral is returned to lenders, making these markets more secure than traditional finance.
🔄 Synthetics and Risk Management in DeFi
Synthetics in DeFi replicate the value and behavior of other assets, enabling decentralized derivatives. This paragraph explains how synthetic assets are created to offer customizable investment options with exposure to various markets. It describes platforms like Synthetix, which allow users to mint synthetic tokens that mirror real-world assets, offering transparency and security. However, synthetics in DeFi are complex and carry risks, leading to the importance of decentralized insurance, which mitigates risks from glitches or hacks.
🧱 DeFi’s ‘Money Lego’ Architecture
This section elaborates on the modular and interoperable nature of DeFi’s ecosystem, comparing it to Lego blocks. Developers can build decentralized financial applications (dApps) by combining various 'Lego pieces' or protocols like MakerDAO and Compound. These components work together to create new products and services, allowing for rapid innovation and expansion within the DeFi space. The 'Money Lego' analogy emphasizes the ease of development and the limitless potential for growth in the decentralized financial landscape.
🔐 Enhancing DeFi Security with VPNs
The final paragraph emphasizes the importance of using VPNs (Virtual Private Networks) when accessing DeFi applications, particularly when users encounter access restrictions due to regional censorship. VPNs ensure privacy and protect users from potential hackers by encrypting their online activity. This section recommends NordVPN as a trusted VPN provider and advises crypto investors to use VPNs for enhanced security when interacting with DeFi platforms.
Mindmap
Keywords
💡Decentralized Finance (DeFi)
💡Centralized Finance (CeFi)
💡Blockchain
💡Stablecoins
💡Decentralized Exchange (DEX)
💡Money Markets
💡Synthetics
💡Collateralized Debt Positions (CDP)
💡Smart Contracts
💡Insurance in DeFi
Highlights
DeFi stands for decentralized finance, a movement toward a transparent, low-cost, and efficient global financial ecosystem without a central authority.
Current centralized finance (CeFi) is outdated, manipulated, and plagued by inefficiencies, fraud, corruption, and limited access.
Blockchain technology is the foundation of DeFi, ensuring transparency, security, and decentralization through its distributed nature.
Ethereum serves as the backbone for DeFi, allowing the creation of decentralized applications (dApps) on its programmable blockchain.
DeFi's financial stack consists of five main components: stablecoins, exchanges (DEXs), money markets, synthetics, and insurance.
Stablecoins bridge the gap between fiat currencies and cryptocurrencies, maintaining a stable value and reducing the volatility seen with assets like Bitcoin.
Decentralized exchanges (DEXs) allow peer-to-peer cryptocurrency trading without intermediaries, enhancing privacy and control while reducing fees.
DeFi money markets enable lending and borrowing of cryptocurrency, providing opportunities for passive income through interest, using liquidity pools.
DeFi synthetics mimic other assets, offering customizable financial products such as derivatives that enable various risk exposures and cash flows.
Decentralized insurance in DeFi provides a safeguard against risks like hacks and system failures, offering protection within the decentralized ecosystem.
DeFi projects are interoperable and can be built on top of one another, allowing developers to create innovative financial solutions like money Legos.
MakerDAO's collateralized debt positions (CDP) and the DAI stablecoin are key components in DeFi lending platforms, allowing users to borrow funds with Ether as collateral.
Compound uses MakerDAO’s infrastructure to offer decentralized lending, showcasing how DeFi projects can leverage each other for more complex functionalities.
The DeFi architecture enables limitless creation and expansion of financial products, supporting an innovative global financial system with decentralized principles.
Developers can mix and match existing DeFi tools, akin to assembling Lego blocks, to build new financial services quickly and efficiently.
The rise of DeFi is seen as a potential replacement for traditional financial systems, offering greater transparency, efficiency, and security in financial services.
Transcripts
what is defy Defy is the trendy
shortened version of the term
decentralized finance and to better
understand what decentralized finances
we will compare it with centralized
Finance or The Not So trendy C5 for
short so the word Finance in these
Concepts simply refers to the financial
industry at large while decentralized
and centralized describe the nature of
its foundation and how it works
currently the entire traditional Global
Financial system is centralized so
centralized Finance is just how
Financial systems work now and how they
have worked in the past few decades and
as we can all see especially in recent
times the C5 or centralized Finance
Foundation is severely outdated and
highly manipulated making it rot with
costly fees and efficiencies deception
fraud and Corruption all while being
vastly inaccessible to most people
living on the planet maybe more for the
better than worse who really knows with
all this inflation the evaluation of
Fiat currencies and waves of bank
failures luckily the Leaps and Bounds
we've made in the technological realm
this past decade have allowed for the
development and emergence of a new
decentralized Financial foundation so
although defy stands for the term
decentralized Finance the word Defy is
used colloquially to describe the
movement or Crusade towards a low-cost
fast efficient trustworthy and
completely transparent Global Financial
ecosystem one operates without any
Central Authority and is highly
accessible to everyone around the world
with just a smartphone and internet
connection cool now that we know defy
conversationally and in the media
alludes to a paradigm shift in the
global financial industry let's talk
about the underlying technology that as
Millennials gen xers and some Boomers
alike actually bullish on D5 becoming a
reality and widely adopted in a not so
distant future defies foundation
blockchain so how can the backbone of a
new Global Financial system conceivably
Harbor all of these attributes like
efficiency transparency and
accessibility that have been completely
absent from the current system we've
known and been subjected to our entire
lives ethical politicians altruistic
government
philanthropic financial institutions
decent hard-working gen Z's nope
oxymoron equips will not be our Saving
Grace neither will leaving matters in
the hands of actual genuinely ethical
and altruistic people instead the new
Financial era will operate from the very
Place numbers mathematics physics and
computer science were derived the ever
enduring fabric of the universe
traditionally Banks accountants
bookkeepers and governments have managed
the financial system however in the
coming years D5 will allow the entire
Financial Foundation to operate purely
from principles of mathematics and
computer science using what's known as
blockchain technology blockchain's
recording and storage protocols make it
such that once new data is verified it
is unmodifiable it's distributed across
a vast network of computers around the
world so it's hard to destroy and no one
person or entity controls the data or
network creating a transparent
environment and blockchain technology is
the Cornerstone of decentralized minions
as it's what makes the decentralization
aspect of defy possible so without
losing sight of this video if you would
like to learn more about the details of
ethereum's blockchain foundation check
out this video guide by clicking on the
link above amazing now let's talk about
the technological layers built on top of
its blockchain base from which D5 was
born hello I'm crypto Casey and in this
video we are going to explore what D5 is
how its ecosystem Works its
technological architecture and why it
could become the foundation of the
future Global Financial system let's hit
it
[Music]
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and ethereum are both use cases of
blockchain Technology with different
purposes Bitcoin is simply a digital
currency that people can use as a form
of payment to send to and from each
other or hold as a store of value while
ethereum is basically a programmable
blockchain that people can build
software on to create value able
products and services and due to
decentralized properties of blockchain
Technology the software people can build
on ethereum are called decentralized
applications or dapps for short in the
nature and potential of these
decentralized applications or dapps
inspired the idea and desire for a
crusade towards decentralized Finance or
defy back in November of 2018. the D5
movement aims to transform The Current
financial system into a more transparent
and trustworthy system like we discussed
about the nature of its underlying
blockchain technology so let's talk
about how all of these decentralized
Financial applications are being
developed in working together to make
the defy era become a reality sooner
than we think d5's Financial stack there
are five main components of d5's
financial stack or framework that lend
to its potential usability and mass
adoption in the Global Financial realm
let's briefly go over these five
components together component one stable
coins so each cryptocurrency has a
different function or utility in types
of cryptocurrencies that Peg their price
to something with Sable pricing like the
US dollar are known as stable coins for
example dye or Dai is a token that is
pegged to the US dollar in that it
maintains the same value as the US
dollar this makes the token price stable
staying at nearly one dollar per die
which is why tokens with this function
are called stable coins stablecoins were
designed to bridge the gap between Fiat
currencies and cryptocurrencies and also
decrease the volatility associated with
holding those cryptocurrencies by
allowing people with the token to hold
an amount of cryptocurrency with less
price fluctuation for example when you
look at the price of cryptocurrencies
like Bitcoin and ethereum you will see
how their prices are constantly in flux
one minute Bitcoin can be worth thirty
thousand and then next it can be worth
twenty seven thousand on the other hand
with dye you can hold ten thousand
dollars worth of the cryptocurrency and
minute to minute and day to day the
value will be representative of the US
dollar and remain relatively unchanged
which gives stable coins like die a lot
of utility in the defy space so as you
can see stable coins are an important
building block in the D5 Financial
system as it ensures the stability of
value in the market cool concept two
exchanges exchanges in defy are commonly
referred to as a DEX or deex which is
just short for decentralized exchange
indexes are Financial applications that
allow users to swap cryptocurrencies for
other types of cryptocurrencies directly
peer-to-peer without any intermediary
currently with centralized exchanges
intermediaries like companies function
as middlemen to facilitate trading
assets and charge their users trading
fees while also being under
collateralized causing liquidity issues
when trying to place big orders however
with decentralized exchanges like one
inch or uni swap users can trade
cryptocurrencies like ether in exchange
for die with minimal custodial risk due
to the nature of blockchain Technology
while keeping their data private it
maintaining complete control over all
their funds and exchanging
cryptocurrencies directly with other
users for small swap fees instead of
less secure costly third parties so you
can see how D5 exchanges offer important
functionality to the D5 Financial stack
offering low fees Superior security over
collateralization and overall increased
control and ease of asset management for
users nice
component 3 money markets money markets
simply represent lending and borrowing
of money and money markets provide
liquidity which is a key component of
any Financial market and centralized
money markets this can only largely be
done by Banks there are some online
peer-to-peer applications that
facilitate lending and borrowing outside
of the banking system however again like
we've discussed with other D5 tools
these options are not as secure private
low-cost liquid or functional as D5
money markets with decentralized money
markets users can borrow and lend their
cryptocurrency assets in exchange for
interest lending your cryptocurrency in
exchange for interest can be a great way
to earn passive income on idle assets
you are holding for an extended period
of time if you're comfortable assuming
the risk unlike traditional peer-to-peer
lending available with centralized
services like Lending Club D5 money
market projects like compound use what's
called a liquidity pool model so if
users want to lend cryptocurrency assets
instead of lending it directly to a user
the cryptocurrency is placed in the pool
with other lenders funds and users that
want to borrow can secure a loan with an
interest rate that is based on supply
and demand in D5 money markets are
completely transparent so anyone at any
time can review the amount of loans
issued from a lending pool to ensure
that the liquidity pool is over
collateralized or that there is more
than enough cryptocurrency backing the
outstanding loans another interesting
thing about D5 money markets is there
are no credit scores or history
associated with users which ensures
borrowers privacy instead in order to
secure a loan with a D5 money market
borrowers use collateralized debt
positions or cdps which is similar to
how you are able to lean against your
house or take out a loan secured by land
or some other asset as collateral so in
a D5 money market a borrower would
deposit a certain amount of some
cryptocurrency asset in order to borrow
another and if the the value of the
cryptocurrency they used as collateral
for the loan ever drops below the amount
they borrowed the loan instantly goes
into liquidation eliminating the
position so in this scenario a borrower
would pay a penalty to the Liquidators
and any excess collateral would be
issued back to the lenders so you can
see how D5 money markets are much more
transparent and trustworthy while
offering users the ability to earn
interest income from idle
cryptocurrencies and liquidity through
cryptocurrency loans amazing
component 4 synthetics synthetic is a
term used in finance that represents an
asset designed to behave like another
asset except with some specific changes
made to the asset's behavior so since
the asset is not actually the asset it's
mimicking that is why the word synthetic
is used because it's made to imitate
something that's real in finance
synthetic products are derivatives and
derivatives are assets whose value is
derived from and dependent on the value
of another asset these include options
swaps and Futures contracts so synthetic
Financial products exist because they
offer investors highly customizable
options that provide certain risk
exposure and cash flow patterns the
current centralized synthetic asset
market value is about one quadrillion
dollars so you can see how this type of
financial instrument is necessary to
have in device Financial stack in defy
decentralized synthetics are tokens that
follow the price of another token in
these decentralized synthetics are used
to to simulate activities like funding
liquidity creation and Market access
while offering complete transparency in
Superior security of the underlying
cryptocurrency assets users can engage
in synthetic activities and defy through
platforms like synthetics with an X at
the end synthetics is a decentralized
platform that issues synthetic
cryptocurrency assets so using the
synthetics platform users can use eth as
collateral and mid to synthetic dye
which is represented by a lowercase s in
front of the abbreviation die with
synthetic dye a user gets simulated
price exposure to the US dollar this
part of d5's financial stack is
extremely complex and could expose users
to a lot of risk which brings us to the
final component of the D5 stack
component 5 insurance insurance is used
to mitigate risk and protect people from
certain types of losses in defy
decentralized Insurance protects users
against their risks associated with
using these new bleeding edge Financial
protocols unlike centralized insurance
that requires people to use insurance
companies and decentralized insurance
users can choose to provide Insurance in
exchange for interest or they can buy
insurance D5 projects that currently
offer decentralized Insurance products
and services include Nexus mutual and
open spelled opyn essentially
decentralized Insurance acts as a
safeguard against hacks glitches or bugs
so users feel more comfortable knowing
their cryptocurrency assets are
protected while working and investing in
this very new device ecosystem brilliant
now that we are familiar with all of the
categories of d5's financial stack let's
go into some detail about how all of
these apps are working together to
understand how D5 could become the
backbone of our future Global Financial
system d5's architecture money Legos the
simplest way to describe and understand
d5's architecture or the relationship
between all of these components and
decentralized financial applications on
ethereum is by comparing them to Legos
in fact when you do some research on the
internet about D5 you will find that
most people compare the D5 architecture
to Legos so imagine Defy is its own
theme of Legos and within this theme
there are five different categories of
D5 Lego blocks these categories
represent each component of d5's stack
and then imagine within those categories
there are unique sets of Legos that
represent deaths or decentralized
applications so if you are a developer
in the D5 space and you have a project
in mind you want to build you can assess
the different categories and sets of
Legos to use in a symbol that would work
together to create your product or
service in more technical terms each
Lego basically represents computer
protocols that dictate how the DAP
interacts with the ethereum ecosystem
other dapps and cryptocurrencies this
architecture allows developers to
essentially build on existing
foundations while mixing and matching
pre-built functionalities to create new
Financial products and services and one
of the main principles of the D5
ecosystem is to achieve interoperability
that way each new project doesn't just
exist as an individual product or
service but rather serves as a new Lego
piece or building block developers can
leverage for other projects Sweet let's
break down a couple of D5 projects
together to better understand how the D5
architecture works from a development
standpoint check it out maker Dow is the
protocol behind the die stablecoin in
the team behind maker Dao created a
collateralized deposition tool using a
custom smart contract that connects with
die stablecoin so imagine the custom
Smart contract as one Lego piece and the
die stable coin as another Lego piece
connected together they create the maker
Dow CDP tool which enables users to
borrow funds in the form of dye using
ethers collateral so users can continue
to have price exposure to Ether while
using dial maker Dow's CDP tool is open
for other developers to use and create
other tools and projects in fact the
project called compound operates using
the maker Dow CDP tool the stablecoin
die and their own custom Smart contract
so the maker Dow CDP tool Lego piece the
die Lego piece and the compound custom
Smart contract Lego piece all connected
together creates compound and compound
is a lending Market that is using maker
Adele's pre-built borrowing
infrastructure to operate so instead of
having to build the borrowing aspect
from scratch they connected with another
existing D5 project and these are just
two examples of projects that are using
just a few building blocks to create
useful Financial products and services
some other projects like xerian use an
assembly of a myriad of blocks or
projects to create a valuable new
service xerian uses maker Dow compound
uni swap metamask trust wallet coinbase
wallet and tokenary to provide users
with a simple single entry point to an
array of defy services with these more
complex structures developers have the
ability to build on top of and add more
blocks to existing defy architecture so
instead of choosing from a pile of
random Legos to start assembling
something they can actually take an
existing Lego structure to run with in a
New Direction amazing now we can see how
d5's lego-like architecture allows for
efficient Limitless creation and
expansion of a whole new Global
Financial universe and when interacting
with D5 apps sometimes the only way we
can access them is by using a VPN or
virtual private network service like
nordvpn for example if we try to access
the defy exchange one inch and receive
this 403 access restricted notice it is
because we need to use a VPN which is a
service that allows you to connect to
public networks like Wi-Fi through an
encrypted tunnel that protects your
privacy while online so to further
protect ourselves as crypto investors we
should definitely be using a VPN or
virtual private Network because it keeps
our identity private by hiding our IP
address and masking our location so any
data that passes through while your
device is connected to the internet is
safe and we're able to access websites
our country May otherwise be trying to
censor us from vpns also prevent people
companies Etc from watching and tracking
your online activity so as crypto
investors you using vpns can protect us
while we're connected to public networks
as some hackers have ways to steal our
data when connected to them and like I
said my personal favorite VPN provider
is nordvpn it's extremely easy to set up
very user friendly and if you use the
link in the description area below to
access the correct and official site
they are offering their services to our
community at a discount and it comes
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check them out awesome so if you would
like to finally have that Eureka moment
about how cryptocurrency wallets see
phrases and private Keys work check out
this video if you would like to
understand how Bitcoin works and why
it's revolutionary technology can help
us maintain power over some of our
wealth check out this video and to
protect your data and crypto with
nordvpn click on the link on the screen
like And subscribe for more be safe out
there
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