When Satoshi Nakamoto released the Bitcoin White Paper, his vision was simple: Create a form of electronic money that allows payments to be sent without a bank.

Few would have predicted the popularity of this cryptocurrency, let alone the staggering market value of $ 635 billion. But Bitcoin’s success largely depends on how you buy and hold this digital asset for speculation. According to a recent survey on Binance, only 11% of cryptocurrency holders use it to pay.

Both Amazon and eBay have shown little interest in launching support for digital assets, a move that allows millions of users to freely use their cryptocurrencies. It is a longstanding irony that T-shirts representing Bitcoin can be purchased on both platforms … but only with money.

Waiting for these e-commerce giants to adopt the cryptocurrency may not be the best approach either. Bitcoin has been around for more than a decade, Ether was first launched in 2015, and thousands of altcoins have followed in its footsteps. Smaller independent retailers are starting to allow base coins to be used for retail therapy, but many of these sellers operate in specialized sectors and have a limited range of products.

As a result, there is a growing consensus that the crypto sector should find its own answer from Amazon and eBay. The benefits go beyond the fact that digital assets can finally be used for their intended purpose. Taking this initiative would stave off an influx of capital from the tech giants, who are already generating billions of dollars in revenue every quarter. Moreover, it can also lead to a fairer ecosystem – one in which small businesses sell their goods, pay less taxes, and protect their meager profits.

Financial independence? Don’t rely on him
To start e-commerce building platforms focused on cryptocurrency, it isn’t just about making it easier to buy a pair of sneakers with Bitcoin. It’s about ensuring true financial inclusion for everyone and bringing blockchain technology to millions of people.

Right now, if you want to buy something on Amazon or eBay, you need a debit card and this will require a bank account. This is not very convenient for the hundreds of millions of people who do not have access to these financial services. Obtaining a credit card is more difficult, as you have to demonstrate that you have a steady income and meet the bank’s stringent lending criteria. Although prepaid cards are available that can be filled with cash, they often require very high transaction fees.

All this contributed to creating a world in which buying is virtually impossible without the bank’s involvement in the future. While cryptocurrency can be converted into fiat currency for e-commerce purchases, the process can be tedious and time-consuming.

Selection
DeFi For You is positioning itself as the answer to the Amazon and eBay crypto industry. The platform aims to support small and medium-sized businesses by allowing them to sell their products in exchange for digital assets.

In addition to democratizing retail, the company has bold ambitions to change the world of lending by allowing anyone to create their own mortgage lenders and issue short-term loans guaranteed by smart contracts. With blockchain technology, anyone can prove over time that they are reliable and can access preferential lending terms – without having to meet narrow banking standards.

With DeFi For You, users become their own banks and have the opportunity to start their own businesses.

At a recent AMA session with Cointelegraph, DeFi For You CEO Adam Chaplin said it was inspired by a documentary about a Marbella mortgage broker that specializes in letting the wealthy use their luxury goods as security – serving the wealthy who get in trouble from time to time. Money flow.

“We help those who don’t have banking, we help a large slice of the market, and we can open this up to literally millions of people – and small loans are good too,” Chaplin said.

There is one hurdle that could prevent Amazon and eBay from using cryptocurrencies: concerns about scalability. The Ethereum blockchain has become extremely popular among DeFi protocols over the past 12 months, but all this congestion has caused the network to squeak under pressure. DeFi For You responded to this by choosing to use Binance Smart Chain, which has higher speeds and lower costs thanks to block times of three to five seconds.

DeFi For You is making a 24-hour premiere of DeFi on Binance Smart Chain beginning January 31 at 22 UTC.

Source: CoinTelegraph

LEAVE A REPLY