Topic: Anybody here trying to live bankless (using Bitcoin / cryptocurrencies)? (Read 992 times)

I believe many people want to live without using a bank, so financial transactions are carried out using cryptocurrency.
But unfortunately it is difficult to be realized, because the government certainly will not allow this to happen. Even though
transactions using cryptocurrency have quite a number of benefits, especially in a pandemic situation like now, live bankless
can prevent the spread of the corona virus.

We all need fiat and banks to live a normal life but I guess living on crypto can have many different meanings like for someone like me I pay my bills, recharges and everything possible with money earned through bitcoins which should count as living through bitcoins because not directly but all my expenses are being done because of bitcoins. I don't pay in bitcoins but I use bitrefills for recharges and I use some local services for my bills or if they are not active I try and exchange for fiat my coins and pay them.

Living bank-less can be near impossible in a country like mine because you cannot get enough digitalization in coming years here and cannot expect people to accept payments digitally let alone bitcoins or crypto. Most of the people here in my country want to save tax and they would always prefer cash so they can save it and avoid tax and in such situations you can't live on crypto completely.

Same thing with me, the first time I learned what bitcoin is, I have this imagination of living with it. But I realized that I can't live with bitcoin only if all the things I've been purchasing isn't bitcoin friendly. If I have to send money to a family or for online purchase, I still need to convert it to fiat. Living a day with bitcoin is very hassle, I can't even order a single food in my place using bitcoin, same thing with gas. And I can't afford to live everyday of my life like that. I am a supporter of bitcoin, but we have to face the reality that fiat online bank is the best as of now. What we need to do is do something for this currency to be adopted. and maybe we'll get a chance in the future.

Education plays the most important role in such adoption because once the population of a country is educated enough it is easier for anyone to help them adopt digital currency but in a country where education levels are low we cannot expect them to adopt crypto or digital currencies.

Volatility issues can be solved by coins like USDT where those who want can keep their coins in usdt to preserve value and still buy bitcoins in a single click when they need. I often see the market being swinging and I buy USDT with all my coins so preserve the value and it is not a big problem at all, then once market stabilizes I buy bitcoins back. This is how traders also estimate their profits that is by converting into USD or USDT or any other stable coin.

I used to have the impractical dream of having no bank in my life. But I soon realized that it is extremely hard to right from the start. First of all, I am surrounded by people who have no choice but to use the banking system. They are my friends, my families, my colleagues and my clients. Getting rid of bank, therefore, becomes more difficult since I always have to transfer my money from to this person or that person.

Second, since bitcoin was invented, bank also proves that it still has a position in this society. Many updates and new features have been added to enhance capabilities and transaction speed. They are becoming more and more faster than bitcoin (still there are many cryptocurrencies which are faster but they are not widely used). Bitcoin is a good competitor up to now. Dev team works day and night to give us the best advantages which might turn my dream comes true. But there is still a lot to do ahead

Third, cashback programs, visa are extremely fascinating to me although I know I shouldn't be seduced. Against those rewards makes me feel exhausted and silly enough. Giving up bank means abandoning many different benefits. On the other hand, we can self-control our economy, identity and privacy. This situation still confuses me many years

No matter what monetary system is dominating right now , I always act as a bitcoin/cryptocurrencies supporter. As long as people still see it as a precious technology, continuing to watch and obtain more knowledge of crypto is my number one rule. Maybe some day in the future, living without banks is no longer a dream. I would love to become a part of the revolution.

I'm not a fan of bank loans, mortgages and so on. In banks, I like the ability to quickly send money to someone or receive it. I cannot imagine my life today without this opportunity.

I think it is difficult in this world without having your own bank account, especially if you are an employee, so your net earnings will have a destination that here you will receive it. In banks, here we sometimes borrow money or take a loan for us to buy things that we needed the most such as opening your own business or buying a new property. It is the reason why the government will not let bitcoin and cryptocurrency reign in the future because people still need banks for their daily lives.

You can not live without banks since there's some limitation.
For instance, if you want to pay your bills then you should have an account on the off chance that you don't have an account you won't ready to cover your all bills which caused the government to cut the supply of electricity.
I think that's the reason why the government doesn't want to support bitcoins because if every person starts using its bank will be closed and soon lose their clients.

It seems a good in idea in the future but like what I'm trying to say, it's very hard to implement. Similar topic of yoyrs was also posted on local, aiming to be a cashless society where we use digital payments. There are many things we should consider on implementing cashless or bankless such as all people are aware of using it and reliable net connection for daily transaction. Another thing is the volatility of cryptocurrency, lile what the other says, not very stable.

I never thought that I could go about everyday life without the involvement of a bank to make financial transaction. Almost every day I use bank service just to transfer money to other people. Even though cryptocurrency can be used as a mean of payment but I'm sure everyone may not agree to accept it for various reason. Knowledge, price volatility and these are some of the reasons why not everyone can accept crypto as a mean of payment. But I'm also quite used to paying for some stuff with crypto and I only do that if they agree to accept it.

In my country, crypto finance is a small speck in the financial institution. Banks right now is the most lucrative choice in my country and I hope that someday that will change. I really hate the hassle that is incorporated in the banking process, it is a good effort but the time wasted could have been spent into something that is productive.

I do get my salary in bank account but I always buy bitcoins with part of it and that helps me gamble with crypto and my trading experiments.

That actually is the biggest problem because to pay rent and things like fuel, food and other essentials are not available through bitcoins and while some websites allow bitcoins payment but I mean if I have to order pizza from dominos then there is practically no direct way to order via bitcoins. I imagine a world where we can pay with bitcoins for dominos that would be so cool and so easy really.

And we might always have to rely on fiat for that because the government will never help this cause and the truth is that because of the decentralized nature if even somehow we get bitcoins as legal currency there will be a lot of problems of money laundering as there already are though.

It seems that in my country it is impossible to live bankless, because cryptocurrency is prohibited from being used as payment.
So until now my life has not been separated from using a bank for my daily financial transactions. Even in countries that accept
cryptocurrency as payment, it is still difficult to go live bankless. Because the number of merchants who accept crypto payments
is still limited.

I do believe the possibility of living bankless by using just bitcoin or crypto is dependent on which country one is living. It is only possible in a country where sellers of basic day to day needs accept bitcoin or crypto. As it stands, this is not possible in the country where I live in currently because very few people accept bitcoin as a means of payment. This means that I still need the bank to make payment for goods and services I buy.
Secondly, just like OP mentioned, the volatility of bitcoin and crypto in general only makes it harder for the adoption of bitcoin as a means of payment. It is unreasonable to receive $100 in BTC only to wake up the next day to meet $95. It means one has lost $5 without spending a dime.

I guess the cases of those countries that are so exposed to technologies and the knowledge and usage of bitcoin and crypto currencies, they could live with just bitcoin but still, I don't think that they could do it for an entire year or their lifetime as we are still short when it comes to acceptability and liquidity of it. It will still take time.

Whenever I go for a bank, I end up with some clash with the bank employees. They might leave some loose talks or makes us wait for a long. We can't blame them, they're also human beings and does the work. They don't know on what emergency we're requesting the bank's service. By those time I feel like we need to go bankless making our survival only with cryptocurrency. In reality it isn't that easy as we people think, even with every transaction associated with bitcoin has some connectivity with banks. Hope the scenario might change in the future.

Same here and I believe for anyone in any country living solely on Bitcoins or crypto in general is actually next to impossible because there might be a few things and daily needs you might get with bitcoins like for example I do all my recharges, shopping through amazon with bitcoins via Bitrefill as they provide a great service for all these needs at a reasonable price and negligible fees.

But, living completely with crypto is not possible because no matter what but things like bill and taxes have to be paid in fiat.


True that and I also earn bitcoins and cash them to fiat later so technically we all who earn through bitcoins are living on bitcoins just not directly but rather indirectly until all the stores and even the government legalize bitcoins which doesn't seem likely though.

And if you are working either in a private or government-owned company, they usually give your salary via bank account. So you can't really avoid using banks at some point of your life. And considering that not many merchants or stores are accepting crypto, you still need to convert your crypto to local fiat in order to use it for payment purposes. So right now, your options to directly use your crypto or bitcoin is still limited, even if you want to directly pay them with your crypto. We are still living in times that we need our fiat in our major transactions to cope up with our day to day living.

I have not used any of these stablecoins ever since I joined this community/market, all the coins I have invested my money in are all volatile coins; Bitcoin, Ethereum, Litecoin, none of them stablecoins is on my portfolio.

As for the volatility, that’s really not something I have worried myself much about, though I would say that I have always been lucky with this, and I am the type follows the one rule that say people should only buy what they can risk in Bitcoin. I have no plans to live without bank, since there are lot of things I do and having a bank account is very important to me.

Despite the fact that the infrastructure for the use of cryptocurrencies is growing all over the world, the income received in the cryptocurrency market still has to be summarized in fiat currency in order to pay the bills. Government agencies are trying in any way to carry out a reform in order to switch to cashless payments, but using specific banks. Based on this, a person does not have much choice to pay for utilities, for example.