Hi, my name is sufkop and I am a Bitcoin (Cash) echo chamber survivor and this is the post I would have handsomely paid for if it would have given me this info a year ago.
I only learned this year, a few months ago, about the wider crypto world. And I am saddended I did not find out about it sooner. I joined the crypto world in 2017. I stood up for BCH, but i missed so much of the rest of the crypto developments.
If this is you, read on...
No, I am not talking about BTC or BCH, i am talking about "DeFi". The world is rebuilding the financial system, just not on BTC or BCH. Yes you can instantly pay using BCH. You can get paid to write on read.cash. Its awesome! I never sold after the fork. People will start using it for sure. But...
But if you want to swap cryptocurrencies natively, cross chain? It exists, its a 'protocol' called Thorchain.
Do you want to borrow money using BTC, BCH or any other currency as collateral? Yes you can! Do it using 'Aave', on Ethereum, but also on Polygon (cheaper and faster transactions), a layer 2 of Ethereum.
Want to buy a stock, but dont want to use a broker? Its possible, using Synthetics or another protocol called Mirror on the Terra network.
Want to own part of a data oracle network? Linkchain and Band are operating and actively building this.
Want to own several crypto tokens but not the hassle of buying multiple? There exists such a thing as index tokens. They act like an index fund!
Want to earn an interest on your cryptocurrency? ANY crypto currency? Yes more than the 0.0001% your bank gives! Its possible!! Double digits!
Want to earn interest on your pegged stablecoin (USDC, USDT, etc)? Its possible!! Yes, double digit interests!
There is even exotic stuff like self repaying loans (Alchemix). Its insane.
Want insurance for all these crazy wacky new tech? Guess what, it exists!! You can actually protect yourself from these things going sideways.
Then there are the whole other ecosystems/chains like Binance Smart Chain, Solana, Arbitrum, etc i havent talked about.
Im not recommending any of the stuff above. DYOR above all. But if you dont do anything right now you are missing out. The financial system is being decentrally rebuilt without you.
If you only take away one thing from this post:
Install metamask. Its the interface for all this defi stuff. Then go search "defi" in your favourite search engine...
Now, dont trust me, go out and step into the new bankless world that is being built, that we are building. Investing your money in these tokens/apps/protocols is like buying stock. You owe it to your self/(future) girlfriend/wife/(grand)kids/family.
<3 sufkop
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source https://www.reddit.com/r/btc/comments/nmo4tj/bitcoin_is_not_the_only_answer/
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