By Allen Kopelman, C.E.O. Nationwide Payment Systems Inc.
There is a lot of talk about DeFi (Decentralized Finance), a new type of bank. DeFi is a term for peer-to-peer financial services on the blockchain. Some of these are running on Ethereum or Ethereum based cryptocurrency coins.
Right now, with DeFi (Decentralized Finance) companies, you can buy, trade, earn interest, borrow, lend, buy insurance, trade assets, and more. DeFi (Decentralized Finance) is global and does business between two people, not through a centralized banking system.
DeFi (Decentralized Finance) is digital money – this is a moving target, and it remains to be seen as to how governments, Wall Street, the Federal Reserve, and IRS are going to deal with this.
What are the benefits of DeFi (Decentralized Finance)?
- Open Platform
- Anonymous – not providing your info – many governments worldwide are putting requirements on Defi, and more is to come.
- Flexible – move assets anytime – across the world without expensive fees
- Fast – prices of cryptocurrencies change 24 hours a day
- Transparent – Everyone can see the complete set of transactions and there recorded on the blockchain
- Decentralized apps are growing and offering
- Lending – Loans
- Trading – goods, services, and more
- Savings accounts, Investments, IRA’
What are the downsides?
- Fluctuating prices
- High Volatility
- High-Risk Investment
- You have to keep good records for tax purposes
- Regulations are different from country to county
- DeFi (Decentralized Finance) – you will need payments in and out – credit cards in and push to card out or ACH or push to a bank account.
Worldwide Digital Payments is ready to help you get DeFi (decentralized finance) electronic payments set up.
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