Cryptocurrency and decentralized finance, or DeFi, have risen in popularity since Bitcoin’s introduction in 2009, and this popularity will only grow more in 2022. For this reason, now couldn’t be a better time to get started with crypto trading, according to Domenic Carosa and Dan Schatt, the fintech veterans at cryptocurrency platform Earnity. Here’s a rundown on the current crypto trend and how to dive right in with confidence.
Cryptocurrencies, such as Bitcoin and Ethereum, make up a brand-new technological innovation frontier. When they were first introduced, they made it possible to receive and send funds worldwide. Then, the crypto world took things further by developing a powerful decentralized network that applications could be built upon.
The technology has matured even more during the past decade, offering a convenient alternative to trading, savings, and even loans through smart contracts. A smart contract is a self-executing program that is embedded into blockchain. It is executed when parties meet specific conditions, and it offers the benefit of providing greater functionality than simply receiving or sending cryptocurrencies.
The decentralized nature of crypto is one of its biggest benefits. The problem with centralized currency is that a government could print more currency to tackle a monetary crisis, and this could lead to inflation. In addition, a centralized financial system limits financial transactions’ efficiency and potential through limited support—particularly in developing nations—and arbitrary fees and red tape. However, with crypto and DeFi, buyers have full control over their funds.
Individuals who are interested in trying out crypto trading for themselves can now get a helpful jumpstart on the platform Earnity, according to Domenic Carosa and Dan Schatt. The platform is unlike any other platform available today. Users can buy, sell, and hold DeFi assets and crypto easily, securely, and in a more socially driven way than ever before.
