FinTech is NOT the Future of Finance! Ethereum has the potential to be the Global Monetary System!

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In this video:
PART 3 of 10 Defi vs Traditional Finance

FINTECH is NOT TO BE CONFUSED WITH open source DECENTRALIZED FINANCE!!
Technology has changed everything. As with the revolution of the internet!

Industries have been disrupted, and those who have failed to adapt are left behind. ‘Fintech’ means financial technology, and refers to the innovation and technology aimed at challenging traditional methods such as eliminating the brick and mortar outlets and replacing it with an app. Great user experience and interface.

After the 2008 financial crisis, a wave of fintech startups began to provide financial products and services to a younger generation that was growing up with the internet.

While many of these products have clear advantages over legacy banking solutions, they represent amazing improvements, not a financial revolution.

The rise of decentralized finance
Bitcoin pioneered what we now know as decentralized finance before the term “DeFi” entered the lexicon.
Bitcoin was the first decentralized, digital payment method that enables everyone to be their own bank.

Ethereum is the open source digital financial infrastructure provider of the DeFi ecosystem. Also referred to the future of finance.
Decentralized financial applications enable, facilitate, basically make it possible for anyone across the globe with an internet connection to gain access to basic financial services, such as borrowing and lending.
Something that no traditional financial institution or fintech startup has managed to achieve.
Moreover, DeFi platforms empower individuals in countries with internet censorship and strict capital controls to gain access to the global financial markets.
When fintech solutions first appeared on the scene they generated considerable excitement and VC funding attracted by the promise of user-friendly interfaces, reduced bureaucracy, wider choice and lower fees.
Mobile banking apps, peer-to-peer lending marketplaces, and low-cost online money transfer platforms quickly managed to gain a foothold in the market, especially with younger generation.
In one sense, there was a “fintech versus the banks” feel to the growing financial technology industry.
Many idealistic fintech entrepreneurs thought they could take on the banks and beat them at their own game.
Today, the picture is very different. A significant number of fintech startups have become or are on their way to becoming banks.
Therefore it begs the question, where is the innovation except for user interface and user experience
With a banking license comes the same regulatory restrictions and red tape that are holding back banks from providing worldwide innovative, accessible financial products and services.
DEFI DEFI DEFI
Conversely, decentralized finance may be the innovation that is missing in today’s financial services sector. The ability to provide decentralized financial services to anyone in the world with an Internet connection could be the global financial revolution.

If someone located in an emerging market with no access to traditional banking, can log into a DeFi platform and borrow in a stablecoin to expand their business and then repay the loan, there would be no need for a bank.


You see the current banking monopoly is restricting you and me from benefiting from the same benefits they have and fintech is nothing more than a nice candy wrapper.
The internet 2.0 was the globalization of consumer goods and communication.

The internet 3.0 is the globalization of independent finance.


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