Decentralised Finance (DeFi) is a collective term used to define any financial product or service built on a Blockchain network. The DeFi market is open with no centralised authority to grant or deny users access to a particular product or service.

To carry out online transactions with a traditional credit card, you need to register with a bank or other Financial institution that issues credit cards. In fact, you can't open a bank account in some countries without proof of Residency.

On the other hand, anyone with an internet connection is free to access DeFi platforms with no permission from any authority. Ethereum's smart contract capability has created an opportunity for people to use various applications on the blockchain, and DeFi apps are one of the most common use cases.

With DeFi, people can save, invest in assets, collect loans, trade securities, and engage in various financial activities like they do in traditional finance. In all, Decentralised Finance creates a financial system that lets you do everything you currently do traditionally but increases accessibility by removing the limitations that exist in the traditional system.