Can We Classify Bitcoin As DeFi Or An Old Defi?

This is something that has been on my mind for a long time, I finally decided to ask this question and get people’s opinions.

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So according to the definition of Defi it’s a decentralized finance that works based on smart contract and doesn’t depend on a third party. Which is also the characteristic of bitcoin. It’s decentralized finance, it works on a blockchain, works based on smart contract and doesn’t require third party.

So why isn’t it considered defi in the list of other Defis. Or is it based on its use case. May be it’s because, bitcoin is only used for transactions and a store of value. That is you can only hold it or send it. Holding bitcoin doesn’t give you additional income and it’s not on a proof of stake mechanism rather on a proof of work mechanism.

Can this be the reason we don’t consider bitcoin a decentralized finance coin? We also don’t have a decentralized exchange built for bitcoin, not generally but on Hive engine(Hive’s decentralized exchange) you can get bitcoin there.

Can we classify Defis based on what their tokens can do rather than just classifying it based on just the coin alone? Looking at pancake token and pancake swap, what makes Pancakeswap defi? I’m generally asking this question for anyone who cares to answer, to answer please.

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Pancakeswap is the platform that enable us exchange tokens without the involvement of a third party, and the platform also gives us the opportunity to stake our token and earn from it. Is that the reason we call it defi? As a matter of fact, what classifies a token a defi token? Is it when it’s stakable?

In my opinion I feel we can consider bitcoin a defi but with a limited use case compared to other defi. Or it’s something we can call old defi, because Bitcoin is the father of cryptocurrency and most ideas in cryptocurrency was birthed from Bitcoin’s idea. Because people that have been using bitcoin have already started the decentralized finance we are talking about, because they have been acting as their own bank. I mean, storing it theirselves and making transfers by theirselves.

Is there something am missing? As usual am open to your ideas in the comment section.

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