Author: Jason Dookeran

Decentralized Finance

By now, you probably have a basic grasp of Decentralized Finance or De-Fi and are wondering what you can do with this newfound knowledge. Well, aside from confusing your pardners liming on the block, there’s a lot more you can do. Here are some valuable resources to get you “in the know” regarding what’s going on in the decentralized finance space. 😃

  1. Useful Decentralized Finance Terms: PolkaStarter has some practical cryptocurrency terms related to De-Fi on the Ethereum chain that you may find helpful.
  2. Learn About Exchanges: Yahoo Finance offers some valuable tips on choosing a suitable cryptocurrency exchange to store whatever digital asset you decide to buy.
  3. Yield Farming Primer: If you need a step-by-step breakdown of yield farming and how to get into it, Open Geeks Lab presents one here. 🤯

Why Decentralized Finance?
Finance can be a technical field to explain. Accessing a system that can earn you more money (with the additional risk involved, of course) is an important reason to level up your personal finance knowledge. Simply put, Crypto gives Caribbean people a way to invest in projects and earn from them.

However, the drawback is that the De-Fi space is largely unregulated. The risk concerned can be too much for people who are used to having a “sure thing” in their savings account — even though the interest such accounts pay is often canceled out by the fees they charge for account maintenance.

Your appetite, or, should I say, your ability to stomach risk will likely determine whether or not (and how much) you want to invest in this kind of financial opportunity, or whether you leave your money in your savings account…or the under-the-mattress fund (Tanty-style — no shade), as the case may be.

Learning is half the battle, though. Knowing what De-Fi is in the first place gives you a valuable leg up on getting your financial goals sorted out. What you choose to do with this knowledge is strictly up to you.

Finance can be a technical field to explain. Accessing a system that can earn your savings more money (with the additional risk involved, of course) is a core part of leveling up your personal finance knowledge. Simply put, Crypto gives Caribbean people a way to invest in projects and earn from them.

However, the drawback is that the De-Fi space is largely unregulated. The risk concerned can be too much for people who are used to having a “sure thing” in their savings account, even though the interest they pay is canceled out by the amount they charge on account maintenance.

Depending on whether you have that risk appetite or not, you will know whether you want to invest your savings into something or keep it in your account… or the under-the-mattress fund (Tanty-style), as the case may be. Learning is half the battle, though. Knowing what De-Fi is in the first place gives you a valuable leg up on getting your financial goals sorted out. What you choose to do with this knowledge is strictly up to you.  🎉💯

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