For Dan Schatt, CEO of Earnity, the world’s first community-based crypto platform, and marketplace, it is integral to know a little more about the changes in cryptocurrency and fintech to stay ahead of the race.
Cryptocurrency is decentralized. Its decentralized nature only means that no one entity or group controls it. Cryptocurrency is based on blockchain technology. Blockchain is a digital ledger recording all transactions. Crypto isn’t always DeFi and vice versa. Decentralized finance, or DeFi, is a system of protocols built on Ethereum that aim to provide financial services that are typically centralized, such as lending and borrowing, without the need for a central authority. According to Earnity CEO Dan Schatt, not all cryptocurrencies are used in DeFi. Some cryptocurrencies, such as Bitcoin, are used as stores of value, while others, such as Ethereum, are used to power decentralized applications.
Vietnam uses crypto the most. While many believe that the United States and El Salvador are the countries that utilize crypto the most, they’ve been outplayed by Vietnam. A recent study showed that Vietnam had the highest concentration of cryptocurrency users. The study found that 8.8% of the Vietnamese population owns some form of cryptocurrency, likely due to the fact that Vietnam is a cash-based society, and many people are unbanked.
More than 5,000 cryptocurrencies exist in the world. The first and most well-known cryptocurrency is Bitcoin, but thousands of other cryptocurrencies are available on the market. Some more prominent altcoins include Ethereum, Litecoin, Bitcoin Cash, and XRP. Cryptocurrency is a finite resource. Only a certain number of cryptocurrency tokens will ever be created, which makes it a limited resource, mentions Earnity CEO Dan Schatt. Crypto isn’t like fiat currency that central banks can print at will.
Cryptocurrency is anonymous. When an individual transacts with cryptocurrency, their personal information is not attached to the transaction. Global users can remain anonymous, making cryptocurrency attractive to those who wish to avoid government scrutiny. Cryptocurrency cannot be physically banned. While some countries, such as China, have attempted to ban cryptocurrency, it is impossible to do so. Cryptocurrency is a digital asset that can be bought and sold online.
