There are many loan providers who will pay out within a day, my bank will give me a loan via their app in 2 minutes and receive the money not long afterwards, and I don't need to understand what a wallet is or which ones are safe to use or how to use them safely, etc.

There's nothing about regular banking that prevents this, or anything about DeFi that is required to make it happen.

I think you're mistaking the fact that DeFi is a hub of great innovation for DeFi itself being the great innovation.

You are extrapolating your situation > global situation. Millions if not billions of people don't have access to the credit opportunities you describe. Certainly I don't, living in the country in europe I live in.

That is absolutely true, but the fact it is possible in some places does lead me to believe this is not a benefit of DeFi, but a benefit of well developed banking infrastructure.

DeFi might be able to provide this, but we don't need DeFi to get it.

Can you explain DeFi loans? I used a calculator, and to take out $500 worth in one coin, it costs $900usd in bitcoin collateral, I mean if I had $900 in bitcoin, why would I need $500 and not just use the bitcoin?

I honestly find the thing pretty confusing myself.

However the fact that it’s confusing doesn’t mean it doesn’t work. Cuban has rightfully said UX in the space is beyond awful - some of it is virtually unusable without deep instruction.

My assumption there would be that you lock that bitcoin away. And you get 150% of the value of the BTC in another coin - DAI or whatever.

So you might have had 1000 usd in BTC but by the end you have 1500usd in DAI ? Dunno