Topic: Is it possible to live without banks? - page 17. (Read 7753 times)

As the technologies are evolving at such a speed its really hard to predict what we will get after 10 years. If we revisit back 10 years then people had rarely heard about BTC, BTC was just a two years baby then , no one had the idea about it's capability. So in the future we may see some technology which has the capacity to disrupt the complete banking system it can be any crypto currency or can even be a new technology also. 

Maybe after 10 years, they will see the advantages and importance of using cryptocurrency so we don't know if they will legalize it. It's true that cryptocurrency has more advantages and we can easily store money in a thing called wallet and wait for the money to grow. But, banks are more reliable sometimes, there are huge differences to it and as of now, they're implementing online banking which will be more reliable to its user. Some of those huge investors are also using the bank to secure their money, digital money as of now is still not 100% secured, there are still flaws in the system unlike banks who are very stable and been used by a lot of people a hundred of years.

Agree. There needs to be widespread Internet access, if crypto aims to replace traditional banks in the mainstream world. My guess is that as the need rises for digital transactions (due to the effects of COVID-19), countries around the world will obtain the required infrastructure for a cashless society. Banks will be still relevant without physical cash, as they control the global blockchain network. The fact that Fiat is backed by the government, gives it greater credibility than crypto itself. As long as the majority is with Fiat, it'll be practically impossible to live without banks.

All in all, it may take decades for crypto to become widely adopted by people in the mainstream world. The fact that the mainstream economy is too tied to Fiat, makes living entirely from crypto quite challenging. Instead of crypto replacing banks, it'll serve as an alternative financial system for those looking to preserve their capital in times of need. By linking the traditional banking and crypto world, new doors are opened. It's possible for people to spend their crypto at almost every store that accepts VISA/Mastercard via the use of a crypto debit card. There are a couple of companies offering this, which allows anyone to "live" from crypto in some way. This does not benefit the crypto economy directly, but at least it's a workaround. Just my opinion

For the next 10 years I firmly believed that I still needed a bank because I did not believe that the cryptocurrency regulation in my country would be legal as a legal mean of payment. To some extent, cryptocurrency has advantages over fiat in terms of cost and how it work. But I still firmly believe that cryptocurrencies and bank will continue to exist side by side and need each other depending on how the user wants it.

We are in the age where banks have a important role in every economies so basically we cannot live without banks because if there will no banks in this time, there will be another economic crisis or even depression where a lot of people will lose their jobs that can lead to increase of poverty rate.

We should be aware that there are people who want to save their money because they want security where they want to have full guarantee that their money is safe and it is one of the job of the banks. There are also want people to expand and to open business but they could not afford so basically they are loaning in banks.

Yup, i think it will not be replaced in the future. We need it. Even those people who live in rural areas need banks too, some of them get loans with the banks. They are part of the state too and whenever theirs a program from the state, specially about money, banks will always be involved. It may be true that they didn't use bank as storage for money, but its because of the reason that all the money they had is for the present only, they earn and live day to day.

If the question is crypto replacing banks in the future, nope, they will co-exist.

The coronavirus pandemic has one way or the other helped in the digitization of the whole financial industry. As the world moves towards the digital space, the banks are also doing well to do more online than the usual physical contact. In my opinion, the banks will gradually adopt the digital means of doing business transactions while incorporating digital assets like cryptocurrencies, etc

Even when using cash, paper money, we actually use the services of banks, because banknotes are issued by central banks. Therefore, everyone uses the services of banks. Banks are an integral part of the state, so they will exist as long as the state exists.
If you set a goal, you can do without banks. But why do we need additional complexity.

The traditional/old school banks have now integrated with technology advancing. Apart from that, there is no big change in the banking philosophy. We can experience the continued progress of cryptocurrencies adoption globally. This has made people to give importance to the cryptocurrency network, upon which there is gradual decrease in the banking usage. In short till a new generation evolves functioning completely on internet we cannot live without banks.

Currently, the banks are important part of our lives. We can/should live without traditional backs, because the old traditional system should be evolved to the new generation, crypto is the new generation and as you can see on the news everyday, banks are not leaving our lives, they are are getting evolved by using blockchain and crypto in their systems. To be short, we can live without traditional/old school banks.

If we need fiat to accept cryptocurrencies payments and make other local utility bills and other transactions; we outrightly can't live without banks in existence because we need banks to print notes and curtail some certain individual transaction that has to be fraudulent though banks and bankers are fraudulent as well.

I think, for now in buying and selling transactions around us are still using fiat currency so that the existence of a bank is still needed. We might be able to live without a bank with condition that everyone knows and uses the crypto currency for payment.

Yes this is case but in many countries where cryptocurrency is not developed we still need banks for very long time because most of countries have system paying salaries or other funds in banks and they need this in future as well we have too many rural areas and we need some good number of branches as we are still not able to have this all crypto and we are depending on this fiat which is not good without banks right now.

That's certainly true, mate. A bank account is necessary in order to participate in the mainstream economy. For instance, US citizens cannot claim the coronavirus stimulus payment without a bank account. It's a huge blow for those who rely on physical cash or crypto in their financial life. Considering that Fiat is the most widely accepted asset for day-to-day commerce, it's hard to avoid banks altogether. One might as well live with both banks and crypto for peace of mind. Crypto may have limited adoption in the mainstream world, but it does have its advantages relative to Fiat (such as censorship resistance, a deflationary model, etc). Fiat on the other hand, is much more convenient for paying at stores because of its price stability on the market. This means that as long as Fiat is supported by governments, businesses, and individuals alike, it won't be going anywhere.

Nonetheless, we have to accept the fact that living without banks is more of a dream than anything else. If employers start giving salaries in crypto, while mainstream stores accept it as payment method, it'll be possible to live without banks.  With a workaround such as a crypto debit card, one could easily enjoy most of the benefits traditional banks provide without the need to have a bank account. Just my thoughts

Maybe for now bank account is a necessary one, in the future things will change as more and more adoption is happening relative to cryptocurrency in the global market. In rural areas too banks have begun to operate, and in some cases government itself have insisted to have a bank account to receive anything provided from the government.

Maybe he meant not just everything, as he said its a preference. So its an option whether you want to have a bank account or not. But you are right, a bank account needs a retired person especially a senior or elder to receive his pension monthly. Not everyone in rural areas is required to have a bank account. Because there are also others who only use cash or paper money to receive payment for the sale of their products.

I'm skeptical about it. How do people living in rural areas could retire and receive their monthly wage without a bank account? How could people from rural areas have access to government's welfare programs without bank accounts?
I think nowadays only very primitive and isolated communities don't have access to banks, but in this case it's a very precarious life and I believe these people don't have a bank account for lack of opportunity and not because they reject this service. It's impossible to live without banks in a confortable way nowadays.

Yes, that's what I'm pointing out on this thread and it still exists. There's no right answer into this because it's a preference, some aren't using banks because they're living in rural areas and don't have a huge monthly salary so there's no point in saving it in the bank. While the other, they save it on the bank because they are plenty of it, and we know that it's safe there. But other companies are requiring their employees to use banks for faster transaction.

just to be ironic here


off course it is .....everybody will use bitcoin and crypto...no middlemen everything decentralized you hold like a  1 milon dollar value of bitcoins...something happens you lose your  ledger nano lol:D  all your money is gone ...and who u are asking ?  
there is nobody to give answers you are your own bank if you lose keys you lose your money !!


banks are not evil banks getting payed to hold our money imagine day you will lose all your life saving coz you dont remember your paasword..lol:D


or ....the wallet you use the wallet creator have left some backdoor there and one day he will steal all your money....and then you cry





people its time to start use brain again and try to be more rational and realistic otherwise the wolfs in woods will eat you alive.

Exactly. Banks are still trusted for mainstream finance, despite their issues. As long as governments depend on central banks to produce or issue new units of Fiat, they won't be going anywhere. It's no wonder why most merchants and businesses have accepted Fiat on top of crypto in the mainstream world. Fiat is stable, regulated, and backed by the government. Crypto on the other hand, is still "unchartered waters". It may take a very long time before it's mature enough for mainstream use. Even with the rising popularity of crypto and Blockchain tech, Fiat will still be the dominant currency of choice. With CBDCs on the way, it makes living without a bank more difficult.

Let's face it, living only on crypto is just a wild and crazy dream. There are so many limitations with crypto, whereas that's not the case with Fiat. Mainstream jobs' salaries are paid in Fiat, while taxes are collected from Fiat. The whole world goes around Fiat one way or another. Removing it from the system, will only make matters worse in my opinion. Governments don't want to lose control over people's money, so they won't be using decentralized cryptocurrencies anytime soon. As long as that's the case, you're obliged to have a bank account in order to "live" properly in the mainstream world. Just my opinion