Hello, when I first came across the concept of decentralised finance it was a total epiphany.
As someone who has always been self-employed in creative fields with an irregular income, the concept of justifying my existence to a bank manager was a daunting prospect.
I first learned about crippling compound interest while applying for a mortgage with my wife. The whole system seemed so unfair, and weighted badly in favour of the banks. At every turn, they would take your money and give basically nothing in return.
Want an overdraft? Pay £100 just to set it up, and £100 every year even if you don't use it.
Want a loan? Here, take out more, but you need to pay back a chunk next month, then every month after! Oh, and it's at a horrible APR too.
Oh you have some savings, great! We can offer you a super-generous 0.2% APR on those - be thankful!
Personally I was sick of all this system and saw no way out.... Until I found decentralised finance. I soon learned we could use DeFi to defy the current banking system and head towards real financial freedom.
In my quest to find the ultimate DeFi opportunities I have made some mistakes, some good decisions, had some luck, and lucked out a few times. Overall I've learned a lot, and now feel I have found my groove with it.
Now the compound interest works in your favour! You can take out positive-interest loans on your crypto assets! You can mint virtual US dollars for 0% interest! Then you can take those dollars, switch them into other assets and earn 1000%+ APY, even a couple of % interest PER DAY - auto-compounding for you.
I'm not a financial expert, not a ninja coder or super-geek. Just a regular guy who wants out of the rat-race banking system and feels they've found a better way. I'm certainly not a "whale", and have had to find ways to make my small bags work best for me (spoiler - Ethereum is out due to the extreme fees!).
My blog will be step-by-step instructions written in layman's terms, anecdotes of DeFi experiments that went well, and what I ended up regretting (but learned from), discussions of different blockchains without bias or shilling, and hopefully I can help make your money work for you.
Note: None of this can be considered financial advice, and decentralised finance comes with a different level of risk than traditional banking.
It's always risky to invest in new things - but it could also be considered risky NOT to invest in them too.