Decentralized finance has grown exponentially this summer. The rates of return that are being earned through the lending and even borrowing are eye-popping. How will decentralized finance mature and develop over time as cryptocurrency strives to become a mainstream financial option? Will the accessibility to financial services that cryptocurrency is known for extend to the domain of decentralized finance as well as to the buying and selling that cryptocurrency has great opportunities to revolutionize?
Cryptocurrency Needs a More User-Friendly Interface
One of the things holding cryptocurrency back is that it lacks an easy-to-use entry point for new users. If new users are interested in cryptocurrency, they must learn a lot about it before they can even begin to use cryptocurrency with any confidence. This is particularly true of older people, but also happens with younger people. Older people are more comfortable with fiat currency as that is what they have dealt with their whole lives. Young people too face this challenge; however, they have more exposure to cryptocurrency.
Cryptocurrency faces some challenges when it comes to becoming a viable replacement for fiat currency. First of all, it is not widely accepted. This is due to the convergence of many factors, including complexity, transaction speed and trust. The simple fact remains that fiat currency is more trusted. In times like these, where continuous calls for an increase in the money supply go unchallenged, cryptocurrency has a real chance to gain some ground. And when it does, it needs a user interface that people are familiar with and that people will understand without a lot of effort.
In Order to Be Accessible, DeFi Needs a User-Friendly Interface Too
Just as cryptocurrency itself requires an easy on-ramp, so too does decentralized finance (DeFi). Right now, speculators are making some serious returns from the Compound tokens that are given to users who lend and even borrow on the Compound platform. As the adoption of cryptocurrency increases, it is vital that DeFi also come along for the ride. DeFi has garnered massive attention as of late and all that enthusiasm and energy for it will bring that many more users to cryptocurrency. This spells opportunity, both for cryptocurrency as a growing financial option and for new users who are eager to benefit from decentralized finance but need convenience, trust and ease-of-use to come aboard.
If you like this article, check out one of our previous in-house articles, “How to Accept Cryptocurrency as a Retailer” by Census Open Finance.
Easy-to-use means of using cryptocurrency—buying and selling—must be combined with DeFi capabilities. Without these capabilities, an easy-to-use path toward cryptocurrency usage and adoption will miss a killer app that has captured the public’s imagination this summer. It will also lose out on what has always been heralded as one of cryptocurrency’s greatest and most virtuous features—accessibility.
Africa has long been held up as an example of a region that would benefit greatly from the adoption of cryptocurrency. The inefficient government and financial services make cryptocurrency a no-brainer. How much more appealing would cryptocurrency be if easy access to borrowing were made available to them? And with lending options, new avenues for the cultivation of wealth can exist where they were previously hard to come by.
With Its New DeFi Features, Census Delivers All of the Above
The Census Note provides a cold hardware wallet in a form factor that matches that of a payment card. This makes it easy to carry around with all your other payment cards. Traditional cold wallets are cumbersome to carry around and easy to lose. Online software wallets are constantly online for hackers to target, making them less secure than cold wallets. The Census Note delivers a user-friendly experience that matches the way a user interfaces with cash. They carry it around and when they need it, they use it. This could be online or it could be at a point of sale that accepts various cryptocurrencies. Users can send and receive funds through any smartphone, allowing for contactless payment.
Now Census Note is going to deliver decentralized finance to its users for Bitcoin through MoneyOnChain and IOVLabs. This exciting advancement brings the world of decentralized finance to cryptocurrency users in one convenient, easy-to-use and easy-to-carry package. The Census Note makes an absolutely great gift for anyone you want to introduce to an entirely new world of crypocurrency.
Cryptocurrency carries with it great expectations to liberate masses who toil under traditional financial systems that do not serve their best interests if they even serve them at all. The Census Note opens up this new world of possibility to everyone. With the new decentralized finance features that are coming to Census Note, the potential for cryptocurrency to deliver financial services like lending and borrowing allow them to benefit from loans and earning interest by lending their own cryptocurrency. This has great potential to revolutionize finance by offering more liquidity and more opportunities to create wealth.