[Promoted] How South Africans can earn 12% annual interest on savings
Traditional savings banks pay us a few percent interest then they turn around and lend our money to borrowers at rates as high as 21%, making them hundreds of billions of dollars in profits annually.In all fairness, banks have to make money to pay for all those tall glass and marble buildings filled with floors and floors of employees.
But what if we could eliminate all of that and return those profits back to the customers? Sounds like a fantasy, right?Blockchains are computer networks that facilitate distributed ledgers. They are like banks with no headquarters, no offices, no employees, and no coffee pots. Since the advent of the DeFi revolution, centralised banks are no longer a necessity for those seeking financial services. And the truth is, in many cases, DeFi platforms are as easy to use as a regular bank.Traditional banks are rightfully nervous that DeFi platforms are going to take away more and more of their customers. This is because, until now, they had no competition.
That means in ten years’ time, your money’s buying power would be almost cut in half. That’s downright painful.
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