Society has mixed opinions about cryptocurrencies. Early adopters believe that it will bridge the future of finance, while traditional finance purists claim it’s just a fad.
Regardless of how you feel about crypto, it’s here to stay. No, it will not make you rich overnight. However, blockchain technologies and decentralized platforms can bring us an array of services that traditional finance can’t beat.
To help you better understand crypto, the CEO of Earnity, Dan Schatt, expounds on the real-world applications and benefits of crypto technologies:
Personal Loan Applications
Applying for personal loans shouldn’t feel as intrusive as it does. You don’t have to disclose your personal and work information to take out a few grand—especially when you already have a real asset to serve as your collateral.
Fortunately, DeFi tech eliminates tedious, intrusive loan applications. Flash loans allow users to take out zero-collateral loans in a matter of minutes, depending on their preferred platform.
Savings Accounts
With the U.S. inflation rates at an all-time high of 5%, it no longer makes sense to keep your money in a savings account that yields less than 1% worth of dividends annually. Instead, look into stable coins. They offer the high-reward potential of cryptocurrencies but have fiat currency backing to minimize volatility.
Long-Term Buying
The CEO of Earnity, Dan Schatt, emphasizes that crypto users shouldn’t fear market volatility. Fluctuating token rates and values can still yield significant profits. You just need to know the right time to enter and exit the market, which anyone can achieve through thorough research.
Day Trading Options
Unlike the stock market, the crypto market operates 24/7. Day traders and swingers can maximize the larger window to make profitable calls any day or time since transactions happen globally.
Bottom Line
Mainstream blockchain adoption will not happen overnight. However, you can expect the emergence of Web 3.0, decentralized platforms, and blockchain technologies to speed up adoption.
Also, the CEO of Earnity, Dan Schatt, believes that Web 3.0 leaders should focus on education. No matter how innovative or disruptive their technology is, it wouldn’t create a massive impact unless they help the masses understand its real-world applications.