Topic: Is it possible to live without banks? - page 13. (Read 7781 times)

right now if you live in a traditional banking area its still pretty much possible to live without banks.  First off, a lot of employers only offer direct deposit.  Iran i guess you can get burner cards and technically live without a bank but it still has its merits, especially considering not many people can buy a house outright and rely on banks to provide loan services.

I live in a province and I can see a lot of people without bank accounts and still doing well. Most of them told me they doesn't need it but I think in times like these, they needed it, we need banks might not be every day but there are things you need them for. Some of these people's partners claim their financial aids through their ATMs.

Anything could happen in the future. Banks could either cease to exist or adapt themselves to the latest trends in technology. If they disappear, governments will be the sole custodians of national digital currencies. But I doubt banks will be going anywhere since they're too big to fail. Eventually, they'll adopt Blockchain technology for their own benefit. They'll still earn money out of customer fees from each transaction performed on the government-controlled distributed ledger. The only issue is that they'll be able to gain greater scope of a person's transactional activity which is not possible with physical cash today. This means greater surveillance, and less privacy for the average person.

Nonetheless, it's evident that crypto will never replace banks since it's not an independent unit of account. It relies on Fiat to succeed. For this and many other reasons stated before, it'll be impossible to live without banks. You might as well live from banks or use crypto alongside banks for your own financial benefit. People saying that crypto will replace banks have no idea what they're talking about. It's more of a dream than anything else. As long as most merchants and businesses around the world accept Fiat on top of crypto, you'll be forced to use physical cash or have a bank account to participate in the mainstream economy. Just my thoughts

So when will we live without the banks?  The time was different than now.  It is difficult to let go of the habit.  Think carefully and compare the life you have now.  Our ancestors lived before without the bank, then now we use it and it is part of our lives.  But if they can live again without the banks?  I think so hard.  Yes, we can easily adapt to new technology but not all.  Not all countries are the same.  Maybe he doesn't do it all because there are also those who are really accepting and there are also those who are not ready yet.  There is a part of a country that is civilized, but the other part of it does not know or does not know much about new innovations because all they know is the money they are currently using from the bank.

I think we can live without banks. Why can't we? Humans are very capable on adaptation.
And at first, our ancestors doesn't have any banks on their times, yet they still managed to live.
I don't really get why do some people can't live without banks, can't they manage their own assets/money?

About what you just said regarding crypto, I am accepting payments through cryptocurrencies Bitcoin particularly.
Cannot be used worldwide? Why can I send and received bitcoins from/to other countries though?

I don't think we can live without it, since we get our salary and paying bills through banks otherwise there's no way to get money or paying bills.
Its the 21st century and everything become online through your bank just one click and your transaction will be succeeded.
Talk about crypto, well we can't use it on our daily basis.
NO one accepts it as a payment method. There are only a few regions in the world who accept it but it can not be used worldwide.

Exactly. People will still use banks in many ways possible. We will always turn to it as long as we are using fiat/physical cash or notes that it produced. However, if in the future, the whole world is fully digitalized, and crypto currency will become the mainstream currency and we will/we must do all our transactions digitally, then maybe, we wouldn't need a bank anymore, we can definitely live without it in the future.

Avoiding banks seem to be impossible since we rely on physical cash (banknotes) to perform daily transactions in our daily lives. After all, national currencies are embraced by every country around the world. You just can't solely rely on crypto for everyday purchases since it's not an independent asset class. Crypto relies on Fiat to succeed in the mainstream world. It's no wonder why the latter is used as a unit of account to measure crypto's prices on the market. Remember, you can live without crypto but not without banks.

For complete peace of mind, you can rely on both crypto and banks. This will allow you to take advantage of each sides' benefits for your own financial gain. In crypto, the risk is higher which translates to higher profits over the long term. In traditional banking, the risk is lower which translates to price stability and reliability of your funds. By combining both a crypto and a bank account, you can take control of your financial life. The way I see it, is that crypto will only become an alternative than a replacement to the existing monetary system powered by banks. Which is why, there's no doubt that crypto will live alongside banks for the foreseeable future. Just my opinion

If crypto currency will be stable, I guess a world without a banking system will be liveable. As for now, its' price being volatile, I wouldn't think to be living in world without banks. There are things that banks can offer in this moment, however let's hope for the future's best.

crypto has basically no value, it can be valuable as many admit it. stability is needed, if there is no regulation and supervision, the value is very volatile. difficult if applied for payments whose value is stable. everything must be up to date regarding crypto prices, and prices also require guidelines for currency / goods that have value

You can live without going to the bank, and many do it. However, if you look at this issue more broadly, when buying various goods or services for cash, we, in fact, turn to the bank, because we use banknotes issued by the bank.
In the future, banks, stablecoins and cryptocurrencies will all the same be forced to coexist.

Indeed. The world isn't ready yet to live without banks. Many depend on it because of convenience and security. If you have a billion saving, bank account is a must. Holding it in your storage somewhere in your house will definitely make your life in danger. Also, If ever you are buying house using the money you store in your house, counting the money would be really inconvenient.

I believe that even if Defi have become a trend, many will still use bank because they would feel relieved and secured if its in the bank.

Banks will always exist even with crypto/Blockchain tech's success. That's largely because governments issue their national currencies through central banks. The day when governments start using decentralized cryptocurrencies, will be the day when banks go down the drain. Considering that the world's economic system is too tied to banks, living entirely from crypto is practically impossible. The number of merchants and businesses accepting Fiat will always be greater than those accepting crypto. After all, Fiat is stable and backed by the government. Given the current situation, crypto can only serve as an alternative than a replacement of traditional banks.

With many crypto-to-Fiat gateways available today, it becomes easier for crypto users to interact with Fiat merchants and businesses in the mainstream world. There are now many crypto companies which provide credit cards to the masses. When buying something at a store which only accepts Fiat, your crypto balances are automatically exchanged "on-the-fly" to your national currency of choice. This effectively brings the middleman which was something crypto was meant to avoid. But at least, it's a workaround. For the crypto economy to truly prosper, merchants and businesses need to adopt it directly for mainstream payments. The rate of adoption is slow, but that's expected to change during these times of turmoil. Just my thoughts

Not outrightly without bank as we need to change to fiat in other to buy good and services. But this might change over time if digital assets is adopted globally.

Indeed, bank will exist together with crypto and other new technology aside from it.

People are really smart to discover a new way that can be use for payment to transact online that is hassle free. But we cant assume banks would not be needed anymore due to this, because still it is trusted of people who recognized bank as a reliable way to save money or take to a loan. We can live without banks but it will not die.

The main problem with tech now is usability, so its not a question is this valid in its basis and even development but can the whole population use this product equally in a fair way and the answer is probably no.   To some extent crypto is still elitist in that it favors a tech savvy population over the more aged previous generations who have not been typing into computers for most of their lives.    You cannot have an economic system with such bias, it has to be equal for all because it must facilitate trade never impede it and we arent there yet unfortunately.
   Its not that it cant be done but I've worked in tech and often attitudes can be poor towards people who just want a product to give them the end result.  The average person doesnt want your complications and clever gadget sophistication just brief interaction and maximum utility.  So its the road the industry will travel because it will be part of success to recognize and achieve this in all layers of finance, workers and end users.

Let's not generalize things because for sure, some people will stilll prefer the traditional way such as banks. Those people who are saving money through banks will still need it. Even there's a lot of technology development and changes in the money world, it will still exist.

If you and your relatives doesn't really care about banks then think those people and establishments that uses banks to serve you.

In my country, it is a little difficult. But still alive. What I mean is that cryptocurrency is illegal if it is used to transact in buying and selling. However, it is legal if it is used as a commodity asset (such as precious metals, etc.). So, our government prohibits individuals from using transaction tools other than state money. In borrowing money or saving money, of course, the bank is the only option so as not to break the law.

in the future, sure we will no longer depend on the Bank because of DeFi...

for now, it's still impossible to live without a bank because many friends and family still depend on the bank for transfers, savings, and loans.

I think it is almost impossible to survive without a bank in the world of crypto there is no need for a bank but there is a need for a bank to use Fiat currency. There are many places in the world where they know nothing about crypto in case they save money for their future at the bank. Banks are very helpful in external life and employment because transactions are not possible without banks crypto banks do not require everyone to transact on their own.