Topic: Is it possible to live without banks? - page 14. (Read 7753 times)

It could be possible to live without banks if you would just keep your money stored in your vault inside your house or office. But if you are a regular employee working on a company or office or any jobs, your employer would surely inquire you to get a bank account for seamless and easy money transfer for your salary. Also, if you are living in a country where crypto usage is not fully adapted, you will in need banks to exchange for your crypto to be able to withdraw your money from crypto or use third party wallet which do still reliant on bank. If you are an average earner, maybe it could be possible to live without banks because most people here in my country do not have bank accounts specially those that belong in the lower classes and as far as I can see they can live even without banks and they just manage how to deal on budgeting and keeping their money safe.

If you're working and getting paid "under the table", it's easy to live without a bank account. But, that's not the case with the average worker since most jobs require direct deposit. Even government stimulus payments cannot be sent to a person, if he/she doesn't have a bank account. Which is why you can't live a normal life in the mainstream world without banks. Crypto is simply an alternative to the existing monetary system than a replacement. The limited number of merchants and businesses accepting crypto as payment, makes the crypto enthusiast's life quite challenging. It's hard to avoid banks altogether, especially when most (if not all) centralized exchanges require a bank account to purchase crypto using Fiat currencies.

One might as well live with both a bank account and a crypto wallet for added convenience. Instead of focusing on replacing banks, we can make crypto a better alternative for people in the mainstream world to enjoy. With a plethora of developers working on various cryptocurrencies day and night, the entire crypto/Blockchain industry will improve in the future. It's expected that more merchants and businesses join the crypto train. But ultimately, Fiat will emerge victorious as governments still dominate the world's economy. Unless that changes in the future, it'll impossible to live without banks. Hence, living only on crypto is only a dream. Just my opinion

If its just a certain area then yes it is possible to live without banks becaise some people doesn't even reach to point of using banks specially 3rd world countries, they don't need banks to transact everyday but for the more advanced countries that really used banks a lot, it will be a hard adjustment for them but it is still possible though it takes time to have it stable for all people.

Of course, many people still do without banks and without their loans. This is especially true for rural residents. People often live there all their lives and never turn to banks for help. However, in recent decades, it has become more convenient to use various bank cards and to unite utilities and other services with their help. Therefore, the role of non-cash payments is growing very rapidly.

As long as cryptocurrency has not been legalized, it will be difficult to live without banks. Because without a bank it will be difficult
to make financial transactions, It can be said that I make transactions using banks almost every day. Because in my country it prohibits
using crypto for payments, so banks are still the best choice today to be able to make financial transactions for me. Therefore I hope
crypto development can even faster, in order to be accepted by all countries.

The volatility in all crypto is likely a large deterrent and still a reason for many contracts and banking use remaining with mainstream FIAT.   Its a chicken and egg situation because you could presume we will never switch however its clear FIAT is greatly challenged and long term not likely to remain perfectly reliable, reform is required.   At some point crypto will at least get an opportunity and I hope it is ready and capable to take on large amounts of transactions and other challenges to handling mainstream currency flows.

We've had cryptocurrencies now for over a decade, a complete alternative the centralized banking system, and still the vast majority those lucky enough to be "banked" and who have access to the banking system do not trust our new "trustless" payments sytem on blockchain.

So while we've clearly got the tech to live without banks... the majority of the "banked" people still can't trust a new system that operates outside of banks.

But how about the un-banked... now they already live without banks, and have done generations.
Status show this as upwards of 2.5 billion people, who live without banks - because they lack the basics we take for granted.

How can we start to make a more equitable world, that shifts people into a new paradigm, a new economy that is outside of centralized banking control...

I think, no, not at the moment..since there is a Pandemic Covid 19.. banks plays an important role of ensuring that salaries and wages of employed  are being process accordingly and accurately where the people are counting on this source of income to use for their daily needs.. also banks plays an important role of doing electronic transactions from one account to another especially when your source of income is your salary.

I think it was an unwise decision. To have big businesses like today, startups have to borrow a lot from banks to be able to thrive. Although our bank pays only interest equal to annual inflation, it also plays a very important part in each country's overall economy. hence I would still support the banks that operate domestically, the crypto market is very risky and we should not depend on it too much.

I don't know how it can be done, there's a lot of threads and questions about Cryptocurrency and DeFi replacing banks but until now there is no comprehensive study or frameworks that people can rely, banks are here to stay because government will always want them to stay because it is an institutions that they can easily regulate.

Literally speaking people can live without banks. Because just like me I had been here in this world where I don't have any bank accounts honestly speaking. Even up to the present I don't have any bank account in any of the bank companies. Even I do trade in cryptocurrency I just converted all the profit I got into some apps wallet that is connected into Bitcoin then after that I can encash my earnings through the remittances outlet that We had it here.

At current situation atleast in my county it is impossible to stay without banks because still the things are not that crystal-clear regarding bitcoin. So, merchants are not ready to accept btc as a payment. So, credit cards are the options which needs to be used for making payment anywhere. It may take long time if everything went smooth but still banks will exist in due course.

I realize that nowadays most of us are dependent on online and digital. Banks are also accessible mobile and online. In the transactions I make every day, I can say that it is no longer possible to live without the bank. Banks can do a lot of help because of the convenience it brings to customers/clients especially those with jobs and businesses.

Because in this new normal time, we limit the exit from the house if it is not important. With the help of banks and e-wallets, we can now pay bills, buy loads, and so on without having to line up and delay.

If it is not a big secret, how do you receive your monthly salary? In an envelope or cryptocurrency is your only source of income/funds? Also, how do you pay for your flat or place you live. If you rent, then people who you rent from probably asked for some banking records so that they can trust your ability to pay the rent. If you own a place and dont use bank - how do you pay bills? Yo go to companies and pay in cash?

I personally can live a Normal live without the banks, but I really can't speak for other people most especially our aged fathers and mothers in the rural areas with little to no access to the internet, some of this old ones don't even know how to operate a smart phone talk less of personal computer, i think bcus of this kind of people, fiat money and banks will continue to exist for some time longer than we expect it to, at least, until this old ones have joined their creators.

Just me thought

It will take long for the banks to not exists as the current situation is still very important these days. The adoption of crypto is not fully implemented even other people don't know this yet. Although there's really advantages using this platform since this makes people less workload so Imo banks is still have the role in every user.  

you can still have savings, but store it in your own safe vault. i believe we can still live without banks. if you live a very simple life, which is more rewarding in my opinion, you will have peace and contentment which most of us are lacking nowadays. but if you are working, sometimes it is compulsory because your job usually sends your salary in your bank account. but i know a lot of people who dont own bank account. and guess what? they are more than happy for what they have.

I do believe it is possible but the banks mostly secure your property and income which makes life easier but more complicated in some different angles

Exactly. Fiat currencies are still in circulation, even with the advent of crypto/Blockchain tech. With governments and central banks getting close to launch CBDCs of their own, I don't see the traditional monetary system going anywhere. Banks will still dominate the world's economy regardless of crypto's success in the mainstream world. Because of this dominance, it's nearly impossible to live without banks these days. Crypto will only prove to be an alternative financial system instead of a replacement of the traditional banking system.

Even with stablecoins in play, merchants and businesses are still accepting traditional Fiat above anything else. This is largely because most people trust Fiat's government backing and price stability. While stablecoins are pegged to the USD's price, they aren't backed by the government or officially recognized as legal tender. In the end, people might as well live with banks on top of crypto since salaries and almost everything we do is performed with Fiat currencies. If you want to get the best of both worlds, then I'd suggest that you live with both crypto and Fiat for peace of mind. The fact that most (if not all) cryptocurrencies are quickly exchanged to Fiat tells us that the crypto/Blockchain space is not completely independent from the traditional monetary system as we thought it would be. Just my opinion

Not having a bank means you can't spend on your credit. You can only use your existing funds for personal spending within your means. Service bills related to telecommunications, electricity, water, the internet will be paid in cash.
Having no banks also means that no loans or savings have occurred.