What DE-FI ıs that?(!)
Greetings fellas,
We are all just start using #bulbappio and keep witnessing contents in it. As crypto enthusiasts, maybe not focusing some of other topics like art, 3d modeling and stuff but already lots of high quality content are waiting to be discovered. Also by time, as long as people get used to spend time in #bulbsppio, quality will be getting increased eventually.
Today, I also would like to enlighten you about something we heard a lot about which is De-FI. We probably all know what that is but maybe some of you will gain a different type of perspective ı believe. Here we go!
What Is De-Fı?
(To my 5 years old nephew Uzay :)
Imagine you have a piggy bank with your savings, but instead of being at home, it's on a giant playground with lots of other piggy banks! Every piggy bank can share and swap their coins with each other, without needing Mom or Dad to help. That's kind of like DeFi!
DeFi stands for "Decentralized Finance," which means it's a way for people to manage their money like saving, borrowing, or even earning interest, all on this special playground using special coins called "cryptocurrency." No banks or grown-ups are in charge - the piggy banks themselves decide how everything works!
Here are some fun things you can do on the DeFi playground:
- Lend your piggy bank's coins:Imagine letting another piggy bank borrow some of your coins and giving you some special treats in return, like growing your piggy bank with extra coins! That's how lending works in DeFi.
- Earn interest on your coins: Instead of keeping your coins hidden under your mattress, you can put them on the playground and they can slowly grow, like magic! This is similar to earning interest in a bank, but you get to be the boss of your own coins.
- Buy and sell treats: Maybe you don't have enough candy coins to buy that awesome toy. No problem! You can visit the special coin trading booths on the playground and swap your other coins for candy coins!
Remember, DeFi is still new and like any playground, it can be a bit tricky at first. It's important to always play with someone you trust who can help you learn the rules and keep your coins safe.
So that is! Hope your nephew like it :) Do not forget to share it! If you don’t like it pleaee let me know why at the comments below.
Ciao!