I'm considerign experimenting with using my coinbase card for my next semester with ~£200 preloaded on my wallet for the 20 weeks just to see if it's possible... I use my phone to pay for stuff everywhere anyway so it makes it easier.
I don't trust stablecoins much yet, we seemed to have USDT selling for 86 cents for a while which would also be rediculous for stability. I don't think it's possible to live without a bank account as most companies say they want to receive funds form an accoutn with your name on it (and even though it's rarely tracked, sometimes it is).
I've recently tried defi on a recommendation and have funds in there a while, haven't tried to withdraw yet though - interest rates also look to have fallen which is good for lenders and traders but bad for investors - still 4% on usd isn't bad. I think the ideas of creating bitcoin credit cards though are still a while away but I've seen some already (although I'm not sure I'd trust them - like crypto.com).
If you're trying to go completely unbanked, I don't think anyone's managed it without needing some sort of cash reserves (or potentially gold/other assets) just to ensure they're not wiped out one day with a huge crash.
Topic: Anybody here trying to live bankless (using Bitcoin / cryptocurrencies)? - page 7. (Read 1015 times)
May 01, 2020, 10:53:21 AM
May 01, 2020, 10:35:17 AM
I am currently investigating possibilities to replace the classic bank account by a set of Bitcoin and cryptocurrency tools, above all for people having difficulties to find a fitting bank. Thus, I'm interested in stories and advice of people who are already trying to live only with Bitcoin and cryptocurrency, or at least to use cryptocurrencies for some of their regular expenses.
If there are already "bankless" people here, it would be interesting which services and tools you use. For example:
And so on.
I'm also interested in opinions, but not too trivial/general ones
My opinion: I see great potential in a crypto-based, decentralized banking solution. The biggest obstacle is currently volatility - while it may seem everything's alright when price is going up, I think nobody wants to have to worry that (s)he'll lose half of the value of their salary until the end of the month. I'm currently investigating options and derivatives for this purpose.
PS: I have started a Spanish and a German thread about possible tools and solutions for "bankless" people. Maybe an English thread will follow.
If there are already "bankless" people here, it would be interesting which services and tools you use. For example:
- Do you use centralized payment services like Bitcoin-filled prepaid cards?
- Is LN for you already an option?
- How do you manage the volatility risk? For example, do you use stablecoins, options or a centralized fiat wallet?
- What about DeFi?
- Do you get some kind of loans outside the banking system, for example, via P2P services?
- How do you deal with taxes and other service payments where the providers often require bank accounts?
- Instead of using banking services, do you have to rely a lot on (fiat) cash?
And so on.
I'm also interested in opinions, but not too trivial/general ones
My opinion: I see great potential in a crypto-based, decentralized banking solution. The biggest obstacle is currently volatility - while it may seem everything's alright when price is going up, I think nobody wants to have to worry that (s)he'll lose half of the value of their salary until the end of the month. I'm currently investigating options and derivatives for this purpose.
PS: I have started a Spanish and a German thread about possible tools and solutions for "bankless" people. Maybe an English thread will follow.
Jump to: