In recent years, there has been a concerted push toward financial independence. This is especially obvious in the rise of the DeFi movement. DeFi stands for decentralized finance and encompasses a range of financial products and services built on blockchain technology. Younger generations are looking for ways to generate income, therefore welcoming crypto purchases as a means to achieve financial independence. The rise of crypto platforms is a critical aspect of the democratization of wealth, explains Dan Schatt and Domenic Carosa, fintech veterans and crypto experts with Earnity, a social-first crypto platform and marketplace.
One of the best benefits of decentralization is giving back the power to the hands of the users. With big tech companies and centralized financial institutions having little control over Web3, crypto, and other DeFi products, purchase opportunities can become equal. Bitcoin was developed as a decentralized option to traditional finance, thus having no single point of failure. This quality of Bitcoin makes it more democratic, adaptable, and systematic. At present, crypto is a highly volatile asset. However, it can help buyers generate and build wealth over time.
Individuals who want to experience financial independence are empowered by the virtual market secured by blockchain technologies. Global users can access wealth without a moderator, which centralized financial institutions require. According to Earnity executives Domenic Carosa and Dan Schatt, there is no denying that one of the goals of crypto is to help users generate and grow wealth through its distinctive qualities. Unlike financial institutions regulated by governments and other gatekeepers, DeFi aims to make wealth stable, accessible, and valuable for users around the world.
In countries where commissions and inflations threaten a person’s wealth, crypto could be the solution for more effective wealth-building. Global users can keep and trade more of their crypto instead of seeing their funds diminish due to commissions and hyperinflation.