Bitcoin continues to climb higher to potentially hitting an all time record high pushing $20,000. This rise of the most popular and widely held cryptocurrency has also caused a sharp trend in Google searches for Bitcoin. Cryptocurrency is still very much an unknown to a majority of the population and now more than ever people are using search engines to look up information to educate themselves. Websites like Cryptocurrency Academy curate daily news and videos to help guide people to the information they need.
Chainlink Cofounder Discusses Bitcoin Rally
.@Chainlink Co-Founder @SergeyNazarov discusses the Bitcoin rally: “I think there’s basically three key factors and they vary between the average consumer and the institution … impending inflation … monetary policy … and the third and final force is … decentralized finance.” pic.twitter.com/EInQJQvaKx
— Yahoo Finance (@YahooFinance) November 25, 2020
What is Decentralized Finance?
DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.
DeFi draws inspiration from blockchain, the technology behind the digital currency bitcoin, which allows several entities to hold a copy of a history of transactions, meaning it isn’t controlled by a single, central source. That’s important because centralized systems and human gatekeepers can limit the speed and sophistication of transactions while offering users less direct control over their money. DeFi is distinct because it expands the use of blockchain from simple value transfer to more complex financial use cases.