Topic: Is it possible to live without banks? - page 2. (Read 7781 times)

Agree. It's banks' malpractices which is the real issue here. If they did things in a fair and equitable way, then everything would be fine by now. But their actions has caused economies to sink, the rich to become richer, among many other things. Bitcoin was created in response to the financial crisis of 2008 because of banks' malpractices. Yet, it's still not independent enough to be used as a substitute of Fiat because of low adoption in the mainstream world. I'm sure that if Bitcoin were accepted by many merchants and businesses alike, it would've been possible to live without a bank. Imagine working for Bitcoin, and spending Bitcoin for goods and services anytime, anywhere. You could pay your mortgage, your bills, and even your loans with Bitcoin or any other cryptocurrency without the need for a bank account. It would've been a dream come true, threatening the existence of central banks as we know them.

Nonetheless, we could say that banks aren't going anywhere. It's been shown from time to time that they adapt themselves to the latest trends in technology. With the announcement of CBDCs, living without a bank becomes a distant dream. We should accept the fact that it's practically impossible to live without banks. You can live without crypto though. Who knows what will happen in the future with both banks and decentralized cryptocurrencies in play? Just my opinion

I would argue that maybe the banks themselves are not a problem. Well, the concept of banking is not a problem, but their social responsibility and their financial practices are. So maybe we should not be looking at a future without banks or banking but to a restructuring of the whole system that would see more checks being implemented to secure a safer way of doing business, and also hold banking institutions responsible for their actions. Cryptocurencies have shifted the way we perceive and handle our finances to a certain extent, so if the banks want a piece of it (and they do), they will have to bring something to the table, and that something might just be a complete reorganization of doing their business.

It's very unlikely banks will go away, as governments continue to patronize them. We have to accept the fact that it's impossible to live without a bank. You can live without crypto because it's not the standard of the mainstream economy. After all, most merchants and businesses accept Fiat on top of crypto. Even with stablecoins in play, this remains unchanged. That is unless governments rely on decentralized cryptocurrencies instead of a central bank for mainstream finance. But that'll never happen because governments don't want to lose control over people's money. They want a piece of the pie, so banks will eventually adapt themselves to the latest trends by using crypto/Blockchain tech for their own benefit. The introduction of CBDCs tells us that banks won't be going anywhere soon.

Nonetheless, the world changes at a fast pace. No one can tell what exactly will happen in the future. If banks collapse because of the harmful economic effects of the pandemic, then crypto will take over as the new standard for mainstream finance. By then, you'll be able to pay for nearly everything using crypto in a truly-decentralized manner. It'll be true financial freedom as we speak. For now, let's focus on making crypto bigger, and stronger than ever to be able to rival Fiat sometime in the future. Just my opinion

What is certain is that life without a bank is like something that is very unlikely because even, when someone is still not tied to a bank, in reality they will find it difficult to carry out wider transactions. Crypto and other assets only as a store of value which means that the real use is still impossible to realize, so the bank becomes something important even though we don't heed it but we will still use it for many purposes.

Well, respect should be for all peoples, but this is not about that . You see, the blockchain is such a thing that taking into account the fiat currency and its number of transactions, the network will be very overloaded, all the more it will be necessary to choose some kind of network for implementation, I do not think that they will implement several networks (for example, erc20, tezor and so on) at once ... If there will be such an implementation, it will definitely not be soon)

We keep our money into the bank and then we have to withdraw it. So, if we do not deposit into bank then we do not need to withdraw it.In this case we do not need a bank. We yet need to go to bank if we need loan, if we do not need loan then we can again avoid it. And maximum people do not take loan so maximum people can live without bank.

Banks, both central and comercial banks regulate money flow in economy. Without them we couldn't use this paper money, if we couldn't use paper money our trade would look like trade before medieval age, salt for food, food for some product etc. This is how it works now, and for now, we will see what will come later. So this is basic explanation and basic example why banks are important. There are much more functions they have.

obviously it,s possible . we use bank for safety and Transactions. if people want live without bank i think it,s possible .crypto currency very safe and we also transaction every place and every time.  every bank transaction need more time then crypto and blockchain transaction .we need to use the currency and tell our on other relative and friends.

No we can't live without them because they help bridge certain services with the people we interact with from crypto to fiat and vice versa.

Other than that banks make it possible to get financing be it an over draft or loan which enables us to buy the crypto we love hussle free.
I do agree with you when it comes to security but it certainly comes at a cost, which leads me to say Banks do charge maintenance fees depending on account type ,this applies to interest money gets for banking with them.

today comparing the financial fiat system and cryptocurrencies in the financial market is like comparing a good private house and a hut in the forest, an excellent supermarket with a sparrow hunt with snares, a comfortable bath with hot water and a convenient shower compared to a lake covered with mud ... Not yet full-fledged and completely replacing the banking system of decisions, talking about life "without banks" is illogical, and is more reminiscent of youthful maximalism than common sense ...
No, I'm not saying that blockchain technology will not take root in the market, I think cryptocurrency has already done a lot to change the world and the worldview for money. But for all the positives, it is still very far from being able to fully replace the banking system by many criteria.

I agree with what you said because banks will not give up on developing their products and services and will be able to keep up with new technologies today when it comes to mobile banking and convenience.  They also have cashback and still offer free cash out cash using ATMs.  Those who are against the bank, for sure they are still using other uses of the bank because how can they make full use of crypto if they do not use it connected to the bank.  As of today, I have expected money I have saved in my bank account because I can not move my crypto assets due to low cost.  So it helps a lot because even when transferring, there is no deduction.

I think banks are also essential in today's time. There are a lot of people who actually takes advantage of other's wealth and so we need something that can secure it. Banks is one of the best options especially those banks who are already well established. And aside from that, banks also has other purpose that consumers can take advantage of. We can get loans from it to get a new car or house. Or even stuff that we can not yet afford through credit cards. However there are charges and interests that will accumulate from this. Also, banks nowadays are really getting in to the digital world. It is now very convenient to send money or pay bills using these mobile banking.

Living without it is possible. This is the case before way back in time. But it is very helpful in today's time and really helped in the progress of the economy so there is no reason why it should be removed. I know a lot of people are also against in using banks but there are people who relay on these as well.

Thank you for rating !
Regarding China ... China is somewhat out of the general pattern. There are politics and peculiarities of organization and management within the country. Although I absolutely agree - they consume and use technologies very actively. But I'm not sure that blockchain technologies will be used to make everyone more convenient. Unfortunately, we must admit that many seemingly positive decisions in China, in fact, lead to tougher control and monitoring of population activity. But this is their country, this is their choice, and they have to live with it. Although I wish China prosperity and development, and I respect this people

For me fiat is alive and will be alive, banks will be inescapable. You might not require it but there would be a parcel of individuals that will do. Indeed in spite of the fact that there's this opportunity that crypto money offers, there are those that will still utilize banks for something. It could be since of the little and boring intrigued, perhaps for other things but there are some individuals that are really living without utilizing these banks,Crypto is sweet for gaining but not for crisis stores but Fiat is.

In fact, the amount of extra capital should be deposited in the bank because there is more security. Your capital will never be deducted from the bank and in addition you will get interest from bank. However, if you want, you can avoid the bank and for that you should set up a large business where you can deposit all your capital.

The fact is that if we use cash, then in fact, by doing so, we use the services of a bank, because cash is a bank document. I don't think we should completely boycott the banking services. Bank payment and credit cards are also convenient and useful in some cases. I believe that we need to use all kinds of conveniences, including financial ones, since there is no universal money that could fully satisfy us.

I really would like to believe within my heart that if we as a humanity society will be one day able to pull the unplug from fiat and go full crypto. Unfortunately the price might crash worse than it did a few days ago.
I think that cryptocurrency isn't meant to replace fiat currency but is meant to supplement or be a bridge or a reserve currency. Fiat is too beneficial and provides means and utility to the unbanked with cold hard cash. there are a lot of countries and people that don't have access to computers and crypto but do have access to fiat. Call it a necessary evil if you must, but fiat might be here to stay.  

Just my to cents, not financial advice!

The fact is that at the state level, a single payment system is used using the banking system, although on an individual basis a person can use other payment systems, of course, where possible. But as for the daily life of a person, today people are forced to make non-cash payments only with the help of banks, and this is primarily a state policy.

This is going to be a long way off from now because the most basic things we still need today and in most countries you still need the banks to complete that transaction whether cash or cashless even that is still a struggling process for most in the developing countries as most of the local traders like to see their physical cash  however, this can mainly gain ground and momentum with the new age tech savvy population.   

It's possible if the small stores will accept crypto/online payments, if not you will still end up going to banks to register. I myself am planning to go to the bank still so I can have an ATM card for withdrawal of cash. Even if I have some BTC in my wallet I have nowhere else to spend it but to turn it into fiat and then spend. Not all countries, for now, had adopted BTC or any other cryptocurrency.