Topic: Is it possible to live without banks? - page 11. (Read 7781 times)

Almost all our employees are paid through banks. For this reason it is important for us to have a bank. But if we can expand the cryptocurrency and get our salaries online, then having a bank is not so important. Then we can go without banks. If money transactions are based online we will be able to transact anytime. And that would be good for us

I think it's not possible. If you get a salary in cryptocurrency, you need to cash it. For this, you need a third party. Another after bank systems a county can not count her value. A bank gives you advance loons that cost you real life. So I think it's not possible to live without bank.

Maybe it is possible to live without banks because the human is alive when even banks are not created. But we already adapted to it and it will be difficult to manage, not impossible things. Banks give us the security and safety of our valuable money by their promising policy. We often use it for ensuring that our money is safe there. So if we can give security at home then we won't go there and we can live without banks. So always remember that safety is first.

Its not possible if you are living in the City, you always need a bank for financial management and assistance, especially if you are working and paid directly through your bank accounts. Its really important, that people will always seek some bank services from time to time. However, if you were just a simple person, living in some remote areas, or a villager, its quite possible to live without banks for this kind of people only does works in the fields to eat and earn just a few, enough for daily living or good for a week. They dont need a bank for their fund management, I guess.
In addition to that, the world is fast-transforming into more digitalized and some people are now using several digital platforms that will make their fund management be more easier, less hassle and secure. So, maybe, it can be possible this time.

Since the start of the pandemic I stopped almost completely to pay with cash, I am using my credit card for any transaction now, even if it's only a few bucks. I am paying a flat few for my FIAT card , so it doesn't really matter how many times I am using my card per month.

The fees for my card could be lower in my opinion, but I do understand that the banks are suffering in the low interest rate world. Banks are not earning that much on loans anymore so they need to earn there money elsewhere.

At the moment we still need banks and we still need our miners.

we live in today's modern era and each family has children who work or study outside the city or country.  currently, our lives are still very dependent on the BANK, for example;

if you have a child studying outside the city you automatically need a BANK to transfer money to your child, even if you give your child Bitcoin then he also needs a bank to withdraw the funds he gets from exchanging the Bitcoin that you give.

true, if the mass adoption of cryptocurrencies has been carried out then we will not need a BANK because money transfers or making payments are sufficient in recognized cryptocurrencies..

Some people believe, that they pay to much for fiat transaction and "banks just sit on their butts, do nothing and get rich by that". So they switch to cryptocurrency transactions. I partly agree with that. But I think, that a lot of people who thinks this way, at the time people switch to cryptocurrency transactions, will have same opinion about miners. They will argue that there people who bought hardware, plugged it in to power socket and not "sit on their butts doing nothing but getting rich".

What I'm saying, if right now we are discussing if "it is possible to live without banks?", then in 10-20 years (for example), we will be discussing if it possible to live without miners

Yes, you are right, but where does the money come from?  Who does it?  Isn't it the bank?  It is really possible to live without the bank, that's all, will they just stay that way of life?  They don't even want to try to make it easier and faster to use bank services such as paying bills online, counting and saving money, and much more? Time passes and many are already developing, if they remain in such a situation, they will be left behind and they will not enjoy the opportunities that will make their lives easier.  Like us crypto users, we need the bank to convert it to fiat if we want to use it to buy products or services from merchants who have not yet received crypto as payment.

There are really instances that we can't avoid using them as sometimes our work sends our salary to our bank account or other important government transactions need the use of bank. But I still believe it is possible, as some people in rural or remote areas, most of them have no bank accounts and they are living in fiat. I know it is hard if you are working, but there are people who can live without them.

I believe that due to the fact that banks provide a wide range of services, regardless of whether there are fiat funds or cryptocurrencies in circulation, the banking system will continue to work no matter what. As a simple person, I can refuse banking services, paying the bills in cash and keeping money under my pillow, but the business or government structures with which I have to deal with can hardly refuse banks. If I have a condition at work, to receive a salary only on the card of a certain bank, then I either obey these conditions or leave. This also applies to other moments, of which there are a lot in our life.

Thank you for agreeing with my opinion. One thing that I want to add to further my argument is if people stopped asking for compensation for their work because money is just a construct that our services have value. Although my addition to the argument is impossible in the current setting, it is still a possibility. The problem with crypto is its unreliable volatility that could spell disaster to a business that fully relies in crypto.

It's not possible now without bank.But,when bitcoin will get legality all over the world, it will be possible by develop bitcoin Wallet and transaction system.That’s will be helpful and safe for user  

Banks is not that important because even if there is no bank people can still live, our ansistors didn't use bank before but they live. Not all people are using bank there are people that choose thier own wy of making profit and invest into crypto. so i think bank is not that important we are not a bank dependent.

Banks will eventually adapt to the latest trends in the FinTech space. Already, many banks have been considering switching to Blockchain technology. Considering that they dominate the world's economy, it's hard to believe they'll disappear anytime soon. They're too big to fail. Since most merchants and businesses accept Fiat on top of crypto, it'll be impossible to live without banks. Maybe in the distant future, if crypto becomes more independent from the current monetary system, we might be able to live only with crypto instead of Fiat. But I hardly doubt that'll happen, since crypto still has many issues surrounding it. Price volatility is what "kills" crypto's adoption the most. We have to face the fact that crypto is only an alternative to the traditional banking system instead of a replacement. You can use both for your own financial benefit, though. But you cannot live without banks because the mainstream economy is too tied to them.

Nonetheless, time will tell us the fate of banks in the mainstream world. Who knows what'll happen with the future of our economy as crypto and Blockchain technology continue to make strides in the mainstream world? There are two possibilities: either banks embrace Blockchain technology and continue to be relevant in the mainstream economy or disappear altogether. If they disappear, then it'll be a huge win for crypto. But the odds of this happening are very slim. Let's just focus on making crypto useful for the world, so that people can have an alternative financial system in times of need. With all of the success crypto/Blockchain tech has obtained so far, it's possible that it'll last for many generations. Just my opinion

Yep, I also think that it will take a lot of adjustment if banks will be vanished in our country. Some people relies on banks whether it is a loan, savings and etc. Maybe because we are used to save our money in a bank that's why we can't just give up what banks offer to us. To answer the question if it is possible to live without banks, the answer is yes. Yes but the bad side of this is many people will suffer because banks have been there for us for how many years already and they are also a great help for those who are just starting to build a business or to save money. Life will be difficult but it is possible to live without them.

It's not outdated, the bank is improving their system and now they're having an online banking system which is very helpful for me because I'm using it right now. Banks already implemented this kind of system last year and many of bank users are adapting its online platform for fast transactions especially this pandemic. So, therefore, banks will still evolve and develop their system and they will not be outdated, it will exist for decades.

It's quite challenging to live without a bank, considering that the mainstream economy is too tied to Fiat. Salaries, and government benefits are paid in Fiat instead of crypto. The average person is obliged to have a bank account in order to participate in the mainstream economy. With crypto's limited adoption in the mainstream world, it's hard to live entirely from "digital cash". Maybe in the future if crypto/Blockchain tech becomes mature for the mainstream world, we'll be able to pay nearly everything with it. Thankfully, many crypto startups and companies have adopted a bridge between the Fiat and crypto world by offering credit/debit card to their customers. You can use your crypto directly via a credit/debit card without the need for a bank. The only downside is that you'd need to verify your identity (KYC/AML) in order to enjoy such services. Still, you'd be avoiding banks by depending on crypto (instead of Fiat) for all of your purchases. As long as you're able to "exit" from the current monetary system subject to corruption, fraud, and manipulation, you'll be able to enjoy freedom on your financial life.

Nonetheless, living without a bank is more of a dream than anything else. Not even with the rise of "De-Fi", crypto has been able to overcome banks. These financial institutions will continue to dominate the world's economy as long as governments rely on them to manage Fiat currencies of their own. If someday governments take the decision to create a digital cash system without the need for banks, then it might be possible to live entirely off crypto. Until that happens, we'll be stuck with the current monetary system for mainstream payments. Just my opinion

I don't think it will possible for someone to live without bank. Bank system make things easy for every investors in the world. As a some who want to become great in his business need bank transaction because there are some customers who want to do transfer in the areas of exchange. I think banking system is very important to humanity. Even in cryptocurrencies will still make use of bank to convert our money to fiat.

In an era of digitalization like this, it is very outdated if we still use conventional banks. We can all live even though banking is extinct. Now is the era of Cashless living. So that banks are no longer needed. The main advantage of cashless living is, of course, the ease and safety of saving money. Just imagine, without having to move locations, we can already make payment transactions for almost all needs.

The only reason I think banks exist and continue to exist without much problems or pressure is they give us interest on our savings with a cent percent guarantee. In any other investments, this is not possible. But in bank, if you invest some amount, it's going to grow everyday. And hence, I believe it's a reason why banks are so popular. But at the same time, I believe that due to this fixed interest scheme, the economy gets really f up and the rich becomes richer and poor becomes poorer.