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With the phenomenal success of decentralization in cryptocurrencies like Bitcoin, people are constantly looking to apply the underlying blockchain technology for different use cases. The world of finance, from the get-go, seems like a very intuitive and prominent place to start. Putting financial products on a blockchain makes them more accessible, scalable, transferable, and transparent while adding a layer of in-built security and getting rid of financial intermediaries, brokerages, etc. The application of decentralization techniques in the world of finance is called as DeFi or “Decentralized Finance “
Despite it still being in its very early stages, more than 80 Billion USD is already locked up in DeFi contracts and is bound to increase in the coming years. As DeFi grows and even more investors start investing in cryptocurrencies and blockchains, the seemingly minute convertibility, transferability issues between crypto and fiat currencies will become more pronounced. The current situation of paying transaction fees, conversion fees, and other charges will start adding up quickly, making it less and less feasible for fiat currency holders to invest systematically and consistently in DeFi instruments.
An easy alternative is to switch to the Bytus Ecosystem. The Bytus Multicurrency Wallet supports a wide variety of currencies. It enables users to make regular payments or convert any transaction amount from fiat to crypto and vice versa easily at no additional cost. If you maintain a large enough number of Bytus utility tokens (BYTS) in your wallet, then it acts as your channel width in the Bytus network. So if you have, say, ten tokens in your wallet, you will be able to make ten transactions in that 24-hour window at no additional cost with Bytus. Further, based on your interactions, the Bytus Crypto Bank offers a wide range of tailor-made banking features.
Author Bio
Altug Tatlisu is the Founder & CEO at Bytus, Inc., and a member of the British Blockchain & Frontier Technologies Association. Accomplished software developer with 25 years of experience in the development of applications. Excels in every stage of the life cycle of software development, including design creation, coding, debugging, testing, and maintenance. Expert in devising innovative and tailored solutions to assist businesses achieve their goals in a variety of industries. Advanced skills and knowledge of leading programming tools with a strong background in mathematics, algorithms, and data-processing logic.
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