Download Any of These Three Tools For Hassle-Free Decentralised Financing
Sectors such as lending, trading and banking are operated by gatekeepers and government bodies, thereby following a traditional centralised system. That means common people like you and me need to go through heaps of financial middlemen to get their financial operations. Whether you need loans for launching your plagiarism checker or mortgages to trading stocks, there will always be an involvement of a middleman.
Decentralised finance has the potential to change this system. It aims at disempowering gatekeepers and middlemen so that common people can make transactions hassle-free. Decentralised finance is based on blockchain and cryptocurrency. Blockchain is a decentralised system where there is o involvement of middlemen or gatekeepers. The parties that verify and record your transactions use the same blockchain as you.
Now that you know the role of decentralised finance, let’s see how you can get the hang of it in real life. Here are the top three tools that will help you manage decentralised finance without any hassle.
- Coinbase Wallet
Coinbase is one of the leading mainstream cryptocurrency exchanges in the United States. It has, in fact, become a standard destination for new crypto investors. You will find a wide slew of products like an advanced trading platform, cryptocurrency investing, a wallet for retail investors, etc.
This app was launched in 2012. It is a regulated and licensed cryptocurrency exchange platform that supports all US states, excluding Hawaii. Though it initially let only Bitcoin trading, now it has several cryptocurrencies like Litecoin, Ethereum, XRP, Bitcoin cash, etc.
Pros of Coinbase:
- High liquidity– The best thing about Coinbase is that it ranks consistently in the list of highly liquid exchanges. Thus, if you are an investor, it protects you from severe price slippage in a volatile market.
- A wide variety of altcoin categories– There are at least 25 cryptocurrencies in Coinbase that you can use for investments, trading and staking as well.
- Simple user interface- It is super easy to sign up and purchase cryptocurrencies in the shortest time span. You can even earn cryptocurrencies by opting for learning programs on this app.
Cons of Coinbase:
- No control over your own wallet keys- If you buy cryptocurrencies on an exchange, the value is deposited in a wallet controlled by Coinbase. You will not have autonomous control over your holdings.
- High fees without Coinbase Pro– Coinbase impose exorbitant fees as compared to some competitors.
You can use Metamask on Chrome, Brave and Firefox browsers. It is also available in the form of browser extensions, thus acting as a bridge between the Ethereum blockchain and normal browsers. Ether is the cryptocurrency of Ethereum. And other cryptocurrencies on the Ethereum blockchain are known as tokens. You can use the MetaMask wallet to store keys for Ether and ERCi20 tokens on three specific web browsers.
All in all, this application helps users interact with the Ethereum ecosystem via different decentralised dApps or applications. The Metamask code is available online for free and is accessible by everyone. It can easily link with crypto exchanges, thus enabling seamless interoperability.
Pros of Metamask:
- Built-in coin purchasing- This application consists of two exchanges where you can buy cryptocurrency. You can either choose ShapeShift to buy ERC-20 and Coinbase to buy Ether tokens.
- Open-source- As mentioned earlier, the Metamask code is available online for free. Anybody can access it. You can even build your own version.
- HD settings- HD settings can help you back up your accounts. You will get a list of words known as seed phrases that let you reset your account information.
Cons of Metamask:
- Security- Your information stored in Metamask online is usually at risk from hackers than the same information available offline. The security is feeble. Thus, try to use more than one type of wallet.
- Browser access- The application doesn’t have access to your data. But, when you install it on any browser, the latter can see how and when you use the app.
This one is an Ethereum wallet. It comes with a debit card and lets you convert Ether or other tokens to fiat currency. With Ethereum, you get a non-custodial contract wallet to store Ethereum-based tokens safely. All in all, you can cash out on your crypto and spend it anywhere you want. If you want to explore the Ethereum ecosystem, Monolith is a reliable choice. Also, it is available on Android and iOS.
Monolith is renowned for its security features. For instance, you can set limits for daily transactions. This app also lets you add a PIN for logging into the app every time. The debit card of this app lets you sell crypto for fiat, which you can spend at your convenience. The tokens compatible with this type of conversion include MKR, ETH, DGD, TKN, etc.
Pros of Monolith:
- Monolith Visa Debit card– The debit card of Monolith lets you spend it at million different locations. This card is also connected to a wallet that’s non-custodial.
- Monolith fees- There aren’t any insurance of monthly fees for this Monolith via debit card. Also, the fee structure here is transparent and favourable for all types of users.
- No involvement– The best thing about Monolith is that it doesn’t need any users to give them custody of their crypto assets. That means there’s no involvement of any third-party custodian.
Cons of Monolith:
- Deduction fees- You may have to pay a basic fee of 1.75% for every spending transaction you conduct without the card’s base currency.
- Limited compatibility– You can use Monolith with Ethereum-based tokens.
Download any of the three apps discussed here to start investing in decentralised finance. Decentralised finance isn’t something people discuss at tea parties or any occasion. But, it shows the potential of the utmost security and profitability in terms of finance. There are several other apps that can help you get started with decentralised finance. But, these three are the most popular options.
So, identify your requirements and the kind of cryptocurrency you want to deal with. Choose the app accordingly. Let’s say you need to pay for computer science assignment help using Ether, the cryptocurrency of Etheruem. So, you can download Monolith in that case since it is based on Ethereum.