What advantages does DeFi have over TradFi?
Asked 2 years ago
It seems that everybody prefers DeFi over TradFi. Why is this? What advantages does DeFi have over TradFi?
Friday, April 22, 2022
DeFi is on a mission of revolutionizing TradFi by eliminating the financial bureaucracy plaguing mainstream financial systems like banks. The application of decentralized ledgers like Ripple’s XRapid makes it a reality for people to enjoy complete control of their money and personal data when transacting. Apart from these structural benefits, the other advantages of DeFi over TradFi are:
• The offering of unique financial products.
• A faster pace of innovation.
• Lower transactional costs.
• More transparency.
• More efficiency.
Besides, DeFi is easily accessible globally and offers near-instant settlements, but it is still a work in progress with drawbacks such as hacks and outright scams.
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