Topic: Is it possible to live without banks? - page 16. (Read 7781 times)

Living without a bank nowadays is practically impossible. Crypto has not reached a point where it's independent enough from the traditional monetary system. With many centralized exchanges and service providers dominating the industry, people will be required to have a bank account in order to participate in both the "decentralized" and traditional economy. In the bright side, crypto won't be going anywhere due to its decentralized and open source nature. It'll only serve as an alternative than a replacement of banks. While crypto-based debit/credit cards are a reality these days, they're essentially the same banking system crypto was meant to "replace" in the first place.

Eventually, people will end up using only banks or both crypto and banks for day-to-day transactions. Those looking for true censorship resistance will flock into crypto/Blockchain tech, while others looking for convenience will "stick" to the traditional monetary system. For now, living only on crypto is just a dream. This could change if crypto's ecosystem grows over time. The more merchants and businesses accepting crypto, the easier it'll be to avoid banks altogether. But governments and employers requiring people to have a bank account for certain benefits, makes living without them quite a challenging task. Just my thoughts

I agree with your statement that it really depends on the person whether he/she can live with or without a bank account. It's a matter of perception and situation for me actually. Some can survive without having one, while some don't.

In some other countries, it's difficult to go out without a bank account especially if you live in a city since the transactions usually are done through it. Paying bills, credit/debit cards, renting an apartment or a room, mortgage, loans - usually these things requires bank information. Without having a bank account in these scenarios could get you in trouble.

Another thing, most companies direct the monthly salaries of their employees through their atm cards, which also requires a bank account, so this would push some people applying for jobs to have one for convenience purposes.

So again, this would be up to the person and his/her situation. It's certainly possible to go and pay with cash if you're living in province away with latest technologies, however it would be diffucult and your transactions would be limited if you're living in a city whereas most services offered require having a bank account.

I think not in every country is the same as ours, we can live without banks, but for them, they cannot.

There are other countries that cannot live without a bank, just like what he said, they cannot pay bills without banks. Maybe this is their only way to pay their expenses. So, it only means that it still depends on the country where you live, because we are different with each other.

Only then do you think that is not possible but here with us, we can still pay for electricity, water bills and etc. even without a bank. We also have local e-wallets services here that are a great help to send and receive funds, whether you have a bank or not as long as you have a valid government ID. The others don't care if they have a bank account or not because they think it's just for the rich who have a lot of money.

You have every right don't use a bank to store your money in it, but you cannot do without it when you pay for services such as electricity, gas, water, Internet which you pay monthly.

I think maybe because the bank is not the main thing that is obligatory for every human being there is a human being can save money anywhere. The place and time of the bank is only a place where we keep a lot of money and it is safer.
everything depends on every human being if it is safer, of course, in the bank and for faster transactions.

Many people don't like self-custody their own money, things are even worse with cryptocurrency because it requires deep knowledge regarding how to properly manage own keys, you can't just hide them under mattress or put into safe deposit box.  Of course, one can make a physical copy of digital keys, but meh... this process of storing and keeping safe is too complicated for most. Banks can surely help here since their security measures to protect physical copylies of keys will always be more efficient than average people can provide. If one is not sure he can rely on himself, he should rely on third parties. It is inevitable that banks will stay with us.

you are right, indeed now we cannot live without a bank. especially for those who live in cities, where financial transactions occur in everyday life. and everything is centrally regulated by the bank.

That because they want people to continue using banks in any way. Now that we are experiencing difficulties due to pandemic ,government know that many people are using online transaction even for buying goods and services that's why banks are also doing well to meet the needs of their consumer. We are in a new generation in which everything is digital and computerized that's why it is not difficult for banks to operate online transaction like in digital cryptocurrency.

No my friend, cryptocurrencies aren't that much reliable that you are thinking, you cannot have access to your wallet if you forget your seed or passphrase for recovering your wallet and you delete your wallet by mistake so, no chance of recovery at all. Whereas banks will help you get your bank account back, even the stolen funds are credited again to your bank account whereas if you send Cryptocurrency accidentally to someone in let's say bitcoins, then there isn't any chance for you to recover those bitcoins. Crypto does have a great potential to become the successor of banks, but right now it is behind the banks in terms of its use and the features of recovery, but it is showing new innovations day by day and for sure in the future we can actually see Cryptocurrency systems performing as banks for general public/ masses.

With the role  Bitcoin has played over some years now, show that soon people would no longer have interest in bank.cryptocurrence is more reliable than bank nowadays.

Without a bank, life can go on, but there are many different kinds of banks, central banks deal with economy and money creation, this is very important.
Everyone knows that the banks that exist on every street are our topic of conversation. These banks are already doing simple things like asking and sending money, and they are of little use.

Due to the low interest rates in the last decade we have seen declining profitability in many banks. At the moment the banking landscape is changing we are seeing more and more consolidations. In the long run there will probably only be a very few but very large banks. I think the chances of these banks to completely vanish in the near future is very small. I wouldn't bet on it.

Agree with this, it will be impossible to live without banks, fiat and crypto will co-exist. Fiat is slowly transitioning to digital, it is efficient to use for package and food deliveries. However, in a third world country just like us, I still don't see fiat fully transitioning to digital in the future, high percentage of people here are still leaving using cash. A lot of aspect needs improvement for us to fully use fiat digitally such as slow internet, phones, a lot of rural areas here doesn't have a signal. We have a lot of problem right now and I don't see my country prioritizing this.

Same reason why crypto cannot replace banks as well in the future.

One way or another, today it is practically impossible to live without a banking system, taking into account all aspects of a person's life in which the bank participates, from financing various projects to receiving salaries with the help of banking institutions. I believe that we need to change the financial and economic system before preparing the lives of people without a banking system.

It is possible to survive without banks but banks need to work under the central government. Specific funds for the future are deposited in the bank but even if you don't use a bank to work in crypto. There is no control of the central government here everyone can do everything on their own. Crypto is playing the biggest role in the crisis that is why people are saving their money in crypto more than banks. Even if the economy goes down Crypto will not have any effect.

Yes. Imagine those poorest people living in the remote areas, just like here in my country. They have no banking experience for they only rely on money they were getting from selling out rootcrops, vegetables and fruits from their  backyard garden. The money then will be used to buy rice, bread and other home necessities in return. As simple as that, some people can actually live without banks, without internet and without high technology. And i guess,  there's a lot of uncivilized places anywhere in the world just like here. So its possible.
However, if you are living in a rich environment or digitalized cities, its impossible to live without banks especially if you are working, and definitely you are obliged to open a bank account in which your salary will be deposited by the company. On the other hand, there's already an easy ways in securing funds and other digital method of payments without using banks. With the help of cryptocurrencies, everything in the city can be possible, with or without banks.
Well,  i am just differentiating the modest and elegant lives of people depending on the environment that they are living and see that its still possible to live without banks nowadays if we really want to. It depends on our choice.

Of course not we still need a bank as usual.
Banks have been around for a long time and have managed finance globally so we still need it even though the system is centralized, and also banks will not be easily eliminated considering they have collaborated with many partners, it will create an unstable economic situation if the bank suddenly disappears, even though it's impossible in my opinion.

That's certainly true, mate. Technology evolves at a fast pace. Right now, we have Blockchain technology which promises to improve mainstream finance in every way. It might as well survive a lifetime or become replaced by a new technology in the future. Banks might try to stay ahead of the game by adopting the latest technologies in the mainstream world. I wouldn't be surprised that someday, central banks will become custodians of their own blockchain networks worldwide.

If Banks decide to take the "Blockchain route", they'll continue to dominate the world's economy. This means that it'll be quite challenging to live without them as governments will continue to issue Fiat currencies for mainstream use. The only difference will be that Fiat will transition from the physical to the digital realm. It's very unlikely crypto will replace banks anytime soon because of this. Always remember that you can live without crypto, but not without banks.

Nonetheless, we have to face the fact that living only on crypto is just a dream. We can always make use of a crypto debit card if we want to get the "best of both worlds". With stablecoins in play, it's likely that the "unbanked" will get access to Fiat without the need to interact with banks. All that's needed is merchants and businesses to accept crypto more thoroughly (either through stablecoins or traditional cryptocurrencies like Bitcoin and Ethereum) in the mainstream world. With increased adoption and popularity, crypto might someday become a fierce rival of the traditional banking system that has ruled the world's economy for years. Just my opinion

You're saying it like these banks make these fiats.

If you buy these foods in hotels, do you still go to the bank? If you will be paying for their service and you will be using fiat, do you still need to go to the bank? These hotels will accept your payment directly unless you are using a card or mobile apps. These daily transactions does not need banks unless you are using your card or a mobile app connected to your bank account.