they change the way we handle money and own things ? - page 3.

Jackl87

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Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

I think that Defi is one of the biggest inventions of the crypto space that has ever happened, together with Ethereum and the introduction of smart contracts, which made stuff like Defi, Dexes, yield farming and all the other stuff possible to begin with. With Defi you always have the full control over your funds because you are in control of the key of your wallet all the time. The only thing that can happen is that the project where you are having your yield farm is making a rug pull or is hacked or something. You don't have that kind of risk when you put your money in a traditional bank, that is also part of the truth.
I think that Defi nowadays is already used by hundred thousands of people so in my personal definition, that is not a small group of people, but of course it is also not the broad masses.

siniminomorocomunisakito

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Will DeFi and NFT change the way we handle money and owning goods, or will they remain niche? Well, let's just say that if it were a film, DeFi would be an action-packed blockbuster with a global fan base, while NFT would be an indie film only art connoisseurs would appreciate. But who knows, maybe NFT will become the next cult classic.

ivankoh

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Quote from: cryptoaddictchie on April 05, 2023, 10:48:22 AM

Government is an entity that would never go away, so in the end they will always go with the one that is controllable and can be restricted. See what happening on some crypto infrastructures like central exchange.

That is a big hurdle that defi and NFT in particular and the crypto market in general. The government will not want to lose the power they have, which is to stifle freedom and control the people, they will always find a way to do it. but in fact they can't do it at all because their traditional financial system is on the verge of bankruptcy. Defi and NFT will promote awareness of human freedom and the obligation to seek greater good. The bankruptcy process of US banks is making users understand that what is good for people, changing the mindset and approach to DEFI will create a really serious and promising view of that aspiration. . The change in perception will take time, but I hope it is a change that allows us to be proactive with our money and possessions without having to be in a single powerful entity.

Stalker22

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One of the biggest benefits of DeFi is that it offers greater financial inclusivity, meaning that more people can access financial services and participate in the global economy. It also allows for greater transparency and security in transactions, since the decentralized nature of the network makes it less vulnerable to fraud.
However, I do not share the same opinion about NFTs. I think that NFTs have their place in the world, but I do not think they will replace ownership as we know it anytime soon. While I think they have a lot of potential, I do not believe that they offer any tangible benefits to users, and until something changes or new features are added to them, they will remain a niche product for collectors only.

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Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

It would be if we let this thing happen to us. Why we should, if there is another option in the first place?
In fact, they become popular because we made them popular but not to the extent that they will change the way we handle our money and own these coins, it's up to us if we change and follow what they wanted to happen. Well, manipulation is there as expected but was a very common thing to see in the market.

Johnyz

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Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

NFTs are still young, they can still offer a lot of things so maybe in the future they will change the way we handle things, and if there’s a new development for sure many will start to adopt. DEFI is what we need to remain safe from any government interventions and stay away from the crashing fiat currency, we’ve given this opportunity and i hope that more good projects will come in this market and make things more possible.

fvb

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Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

This turns a lot of people off because they don't fully understand the technology in general terms. And for them it seems that these are just newfangled words that are simply addictive with their technological terms and are a little incomprehensible for perception. Undoubtedly, this future and the development of this area is still fully ahead. Once I was also on the sidelines, but now I can classify myself as one of that very small group of people. And if any person becomes interested, then he himself will understand everything and tell people he knows how it works

o48o

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Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

Current method won't change anything, but the basics are there for someone to build protocols that could be a platform for future stock exchange for example.

Biggest problem i see for this system to overcome are the native tokens (or coins). As decentralized systems need them for incentives and any goverment could attack on them banning their trade against fiat pairs. That would lower the incentives and while doing so decrease number of people who would want to keep the chain secure.

vv181

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First of all, there are no significant increases of total locked values as per DefiLlama, and if we take a look at CMC NFT's graph, https://coinmarketcap.com/nft/, there are also no significant market cap increases. So, I don't know what you mean or any metric that use to conclude both things popularities are increasing.

Quote from: cafter on April 05, 2023, 08:41:21 AM

or will they only be used by a small group of people(like now being used) ?

One thing is for sure it won't have a major or massive adoption, the reason is a decentralized system seldom have government or authority approval. So, I think it will only be a handful of people that would use it. Do note that the governments are also developing CBDC, who knows what kind of services or platforms that they are going to integrate for the masses.

avikz

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Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

Tokens are worthless. 99% of the tokens you see today, won't exist in next couple of months. Only very few survives if they are able to find a committed group of supporters. So don't rely on such things. Rather adopt coins like bitcoin or ETH which has a global base of supporters. If these coins crashes down, the entire crypto market will face the same fate. So these coin will be the last ones to get into existential problems.

Only these coins have the power to change the way we handle money or own things. But that's something we are yet to see.

Nwada001

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Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

Every currency and digital asset has its place; no one can replace the other.
I strongly believe the time of NFTs is far gone now; the hype they are receiving now is just temporary; those first NFTs, which were first minted and publicly sold out, are no longer worth what they were purchased for. So I don't actually think in any way that NFTS can change the way we handle money and other things of life. In as much as I like the idea of the private ownership nature of NFTs, I still strongly believe it's not worth changing how we view other currencies.

The use of NFTs will always be limited to small firms and companies, most of which are specifically built for it. We can't use NFTs to make purchases on the open market the same way that we can easily use other generally accepted currencies like Bitcoin and USDT.

CarnagexD

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I dont think DeFi and NFTs will change the way we handle our money, I mean I think it is still up to us on how we'll manage our assets. Of course, with DeFi and NFTs in our hands, we'll be more careful in making decisions and managing risks. It will not remain as it is that it will only be used by a small group of people. Just like hntil today when we are building crypto communities, DeFi and NFTs will be widely adopted as well by many people.

kaseygriffin

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Quote from: cryptoaddictchie on April 05, 2023, 10:48:22 AM

(...)Government is an entity that would never go away, so in the end they will always go with the one that is controllable and can be restricted. See what happening on some crypto infrastructures like central exchange. The necessity of being audited and reviewed will always be a hindrance ao I doubt we can fully do that more in the future.

I strongly agree with you on this point, I also think that it will not be a complete change of the way the social system has existed before. Just look at the history to the present, although things have changed a lot, but in general, it is a development to harmonize with the current living context.
And with the issue that OP mentioned here, I see that this issue needs to be viewed more positively with the cryptocurrency market or vice versa, however I strongly believe that this market is gradually bringing positive value. more extreme, and if the government really takes it seriously then there is a non-inhibitory approach.

cryptoaddictchie

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Quote from: moneystery on April 05, 2023, 10:24:13 AM

I think that in the future we will get freedom in making transactions and owning virtual products, not controlled by anyone and by any party, that is the freedom that most people have always wanted and all of that will be done through DeFi and NFT.

You mean total decentralization? How can you be sure of that, cause I think that we are progressing in reverse going centralization. Government is an entity that would never go away, so in the end they will always go with the one that is controllable and can be restricted. See what happening on some crypto infrastructures like central exchange. The necessity of being audited and reviewed will always be a hindrance ao I doubt we can fully do that more in the future.

moneystery

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Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

I think that in the future we will get freedom in making transactions and owning virtual products, not controlled by anyone and by any party, that is the freedom that most people have always wanted and all of that will be done through DeFi and NFT. This is an innovation which is going to play an important role in the financial access of many people going forward and I am pretty sure about it.

SyndicateLabs

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The use of decentralized finance (DeFi) applications and non-fungible tokens (NFTs) is forecast to be even more popular in the future. However, their ability to change the way we handle money and own things depends on many factors such as user adoption and the evolution of technology.

If users are massive and DeFi and NFT-related technologies flourish in the future, they could change the way we handle money and own things. These decentralized applications allow transactions to be performed quickly, cost-effectively, and ensure transparency, while minimizing the intervention of intermediaries. With a non-fungible token, users can own completely new digital assets, helping to create diversity in asset ownership.

However, for now, there is still a small group of people using DeFi and NFT and that is still the reality. To achieve widespread adoption and adoption of these technologies, continued development and improvement, while increasing user awareness and deployment, is required.

livingfree

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1st. This isn't related to bitcoin discussion so move your thread to Altcoin Discussion.

Quote from: cafter on April 05, 2023, 08:41:21 AM

as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

Handling money is to each their own. And these classifications were already done being popular although there are some of them that can still be said which are remaining in the market.

Quote from: cafter on April 05, 2023, 08:41:21 AM

or will they only be used by a small group of people(like now being used) ?

A community maybe.

cafter

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as decentralized finance (DeFi) applications and non fungible tokens (NFTs) become more popular, will they change the way we handle money and own things,

or will they only be used by a small group of people(like now being used) ?

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