DeFi as a successor for Bitcoins. Will it survive for a long term?

[pacific 2268]

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What is Decentralized Finance(DeFi) in simpler terms?

The term DeFi is related to "Decentralized Finance". It's a term that is more concerned with varying applications of cryptocurrencies and powered by blockchain; subsequently braking down the financial intermediaries that lies underneath. DeFi is ought to hold it's disciplinary with a complete blueprint of blockchain technologies that holds a clear history of transactions(transparency). DeFi are actually created and are built in the top of Ethereum. Ethereum being the world's second large cryptocurrencies platform, it has flourished itself to make it distinct from Bitcoins in-terms of use cases and creating decentralized applications, with its unique smart contracts and development of solidity making it "turing complete", apparently with Bitcoins "it's non-turing complete". With the solidity there comes the possibilities to explore the platform which is more focused on improvement and offers flexibility for smart contracts, which enables auto execution of transactions if certain conditions are met.

 

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DeFi as a successor for Bitcoins. Will it survive for a long term?

There's a high chance that DeFi will stand as a successor for bitcoins on the longer run too, as there are a lot of use-cases and improvements done to make it most secure that aids to varying service and functionality to the decentralized ecosystem and making smart contracts updated in-order to bring scalability to the entire DeFi ecosystem. Also, with the creation of Wrapped Bitcoins(WBTC) it has made the revolution on the DeFi ecosystem, as it is completely being tracked over Ethereum blockchain allowing users to get interest on their investments from another platform, and with Decentralized exchanges(DEX), the complexities in trading has been minimized and users can trade their assets without having to go for other intermediaries. However, the lending platforms are being implemented which has also the similar concern for minimizing intermediaries and uses smart contracts to manage the transactions with more transparency. So, there's no doubt on the thing that DeFi will act as a successor for Bitcoins.

[pacific 2268]

5 minutes ago, Waqar Ameen said:

 In my opinion that Defi can be the good change against traditional system There's a high chance that DeFi will stand as a successor for bitcoins on the longer run too, as there are a lot of use-cases and improvements done to make it most secure that aids to varying service and functionality to be improved. But we know that there are many scams appeared in the market so we should care about it.

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[Whited35 15285]

15 hours ago, pacific said:

However, the lending platforms are being implemented which has also the similar concern for minimizing intermediaries and uses smart contracts to manage the transactions with more transparency. So, there's no doubt on the thing that DeFi will act as a successor for Bitcoins.

There are so many challenges which have to be faced by DeFi sector but nothing is impossible here to survive DeFi for a long time. Most of the DeFi platforms are still there to follow Ethereum blockchain network and Ethereum 2.0 is on the way to get fully upgraded at different phases to solve scalability problem. 

So for now, just major concern is, the developers have to be focused for developing the strongest blockchain and DeFi platform architecture to protect users' assets. 

[Ridam 7455]

Well if we see the recent announcement of the FINCEN, we can conclude that governements are positive towards the development of finance and shiftment towards the DE-FI but I can say that the anonymity that De-FI posses right now is becoming the major concerns and this will be reduced to some.

And talking about succesor of Bitcoin, I think its better to call it the best futility of Blockchain and Smart contracts. Also DE-FI will be with us in coming future there is no doubt on that.

[pacific 2268]

1 hour ago, waqas meo said:

The “stablecoin” Dai is a bitcoin-like digital token that aims to be a ... Deshpande says, will take shape over the long term

@waqas meo It is to inform you that, it's forbidden to copy/paste or plagiarize in the forum. Such counterfeit attempts would not be tolerated by forum moderators, and you may get banned for such activities. Please, stop such unethical acts, it may lead your account to a permanent ban.

 

[Zoiakhan 85]

Thanku for this great information.ita really helpful for us.i apperitate u

[Mahedi 38]

We can conclude that governements are positive towards the development of finance and shiftment towards the DE-FI but I can say that the anonymity that De-FI posses right now is becoming the major concerns and this will be reduced to some.And talking about succesor of Bitcoin, I think its better to call it the best futility of Blockchain and Smart contracts. 

[Froshk 1828]

DEFI projects are steadily becoming acceptable in virtual every aspect of decentralized finance, the hurdles and struggles are still there but the projects will surely become one of the most successful aspect of cryptocurrencies 

[Believer 4]

We can infer that governements are positive towards the advancement of account and shiftment towards the DE-FI yet I can say that the secrecy that De-FI groups right currently is turning into the significant concerns and this will be decreased to some.And discussing succesor of Bitcoin, I think its better to consider it the best purposelessness of Blockchain and Smart agreements.

[Phu Juck 18]

In my opinion, Defi will have a different target group. Bitcoin is store of value, payments and transferring money easily and Defi is for swap coins, automated sends and usual business purposes. 

Defi projects seems to be a progressive sort of coins we should not miss. 

Uni Swap, Chain Link, Yearn Finance and Sushi Swap are interesting and will most likely get more relevant and reach higher prices. 

[MrSpasybo 1049]

I do not think DeFi will replace Bitcoin because DeFi, in a narrow sense, is the projects that generate profits from the liquidity pool, while Bitcoin is the representative of payment method & store of value. DeFi should only be seen as the main driver for the entire crypto market, it should not be seen as the market leader like Bitcoin.

[Reen 1120]

In my opinion, Defi will have a different target group . DEFI projects are steadily becoming acceptable in virtual every aspect of decentralized finance .Also DE-FI will be with us in coming future there is no doubt on that.Defi projects seems to be a progressive sort of coins we should not miss. So for now, just major concern is, the developers have to be focused for developing the strongest blockchain and DeFi platform architecture to protect users' assets.