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Breaking Down Bitcoin DeFi: Advantages and Definition of Decentralized Finance

Written By Ivan on Tech

May 30, 2020

When it comes to building and hosting DeFi protocols, Ethereum pretty much rules the roost. As per DeFi Pulse, a staggering $872.20 million is locked up in Ethereum-based DeFi. However, as it turns out, Bitcoin has been making impressive leaps in the DeFi department themselves. In this article, we are going to go through some of these Bitcoin DeFi apps. Before we do so, let’s go through the basics first.

DeFi definition

While cryptocurrencies plan on creating an open currency system that gives you complete control over your own money, DeFi aims to take things a little further by building a public, global, and all-inclusive alternative to all the financial services in the world. As ambitious as this sounds, this was previously impossible on the Bitcoin blockchain. However, with the advent of Ethereum and smart contracts, such implementations soon became probable.

Decentralized definition

Smart contracts allow developers to create decentralized applications or dApps. As the name...

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