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Why like cryptocurrency? Because DeFi and the Nimbus Platform make it work

DeFi is a market that can be leveraged by an individual, and Nimbus seeks to be the first and only platform for people who are seeking to embark on their DeFi journey.

nimbus platform
Image: Nimbus Platform

You have to admit, coin and paper currency was a great idea. It liberated us from bartering goods and services and eventually standardized economic value. The digital currency was even a better one.

Although material forms of currency might be in a vault somewhere, we don’t have to go to a central source or deal with any humans to access it. We digitally earn and spend currency without ever seeing it, either by directly transferring sums between financial accounts or using systems like PayPal, Google Pay, or Apple Pay to do it.

But digital cryptocurrency? Doesn’t that go too far, you ask? It must be risky because there is no government backing it and no financial institution to secure and manage transactions, right? Plus, it’s mysterious and incomprehensible to everyone but techno wizards, right?

Remember, governments can issue more currency to pay debts, which dilutes the value of the whole supply, or devalue their currency to compete with other economies. Financial institutions can mismanage assets or utilize esoteric financial schemes that cause economic depression and recession.

blockchain image

All of these practices compromise the value of — guess what — your financial assets. Add to that, if this system does work to your advantage, it’s usually the financial institutions that get the richest by structuring the financial products everyone uses and taking a cut of everything.

Cryptocurrency avoids these attacks on your wallet by eliminating both government issuance of currency and centralized financial institution management.

It works by enabling secure peer-to-peer transactions with transparency that is often lacking when dealing with financial institutions, and without their hidden fees. It doesn’t accomplish all this with illusory coins or some new financial scheme, but with blockchain technology. 

To paraphrase Mark Twain (who probably got the idea from someone else), there’s no such thing as a new idea, only imaginative recombinations, and embellishments to old ones. Proving this true is the blockchain, which is not a new concept but the result of peer-to-peer “distributed” computing research developed thirty years ago.

It’s been applied to a range of computing uses, such as time-stamping and notarizing contracts or intellectual property, and only adapted to currency in 2009 when Bitcoin was born

Essentially, blockchain is a digital ledger, not unlike financial bookkeeping that tracks the transfer of assets in and out of accounts, but blockchain transactions are secured by cryptography and cannot be reversed.

It’s distributed because components of this system are not centralized but shared by multiple computers. Furthermore, with cryptocurrency, blockchain entries are not simply numbers specifying amounts but “smart contracts” detailing all the conditions of the transaction. 

Ok, the foundation may be sound, but isn’t cryptocurrency volatile? It certainly can be (so is the stock market), but that’s where decentralized finance helps. Traditionally, it’s always been risky to put all your assets in one financial product, and unproductive to put them in a vault and hope they increase in value.

Using a range of financial products can increase your assets while preserving their value. DeFi does the same with cryptocurrency, and the best DeFi platforms help you understand this reimagined financial world without requiring a degree in finance or computer science.

The Nimbus Platform is one of the best. First, it’s an innovative, multi-product financial services hub that offers many options for its users to generate value with its decentralized applications.

nimbus platform defi
Image: Nimbus Platform

For example, users can participate in peer-to-peer lending and borrowing by simply listing the type and amount of token they want to lend or borrow. When another user responds, a smart contract executes the transaction instantly and autonomously with blockchain technology. Just by staking users can yield higher rewards than they do at traditional financial institutions. 

Most importantly, it’s Nimbus’ mission to make it easier for people to understand and participate in the cryptocurrency market. While blockchain technology and Defi are evolving at a very rapid rate, the Nimbus team understands these new developments and packages them for their users.

Every product Nimbus brings to the market will be focused on encouraging people to investigate DeFi solutions before they adopt them. And the user’s online experience is obviously paramount with clear, simple instructions and easy-to-use applications.

Nimbus aims to provide the best service possible and caters to new users by offering them the most efficient entry into their DeFi exploration. 

If you’re still hesitant about trying cryptocurrency and DeFi, hear what Alex Lemburg, CEO of Nimbus, has to say.

“Instead of thinking that this is all so mysterious, and that there’s no way to learn about these things, you should understand that only the underlying technologies are different. Now financial data will be stored, not on one database, but on a lot of databases. That’s the only thing that’s new. As for the rest of it, people will start to realize that they’ve already participated in DeFi a hundred times and know it well.” 

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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