Topic: Is it possible to live without banks? - page 20. (Read 7785 times)

Unfortunately, the answer would be NO!

If you have standard life in USA, you must have a bank account to have electric billed, water billed, CREDIT CARDS, to rent a house or Apartment you must have “BANK information” showing credit risks. Cellphone, have to have credit card for account or use a Pre-Paid limited access phone.

If you apply for a job, how will you cash the checks? Most PayCheck cashing places charge a % of check as commission.

So if you live where you can barter, or use cash at ALL TIMES, and only have a check once in a while, sure no bank account.

Live in a city, get a bank account

As someone already mentioned it will be possible to live without any banks involved if you receive your salary in cryptocurrencies, otherwise you still will need a bank account, but assuming your income also will be in crypto then that's totally possible and there would be no issue for anyone to just use crypto for any kind of transaction, if anything it would be way easier and cheaper to just use crypto with their lower fees and better security and privacy and more importantly that way you are totally independent from government and their centralized banks.

I don't think those small interests can all give us way to earn.

Banks do give interests if we deposit a certain amount but the thing is that not all of us are actually using the services of banks not even depositing money in there. Either way, people will continue to use fiat because it is fiat. If a lot of people are actually using Bitcoin they would use it but Banks will always be there no matter what.

It is too early, we need them at all times. The digital currency is not universal acceptable yet, banks still play an important role at the moment and properly forever in my own opinion.

   FamososMuertos you forgot to add that now we have Etheruem, and similar smart-contracts projects, that can do much
more than banks can, and more efficient.
    Banks had purpose, and they still have. Now we have something better to replace them. They made money on people,
they got rich, but their end is coming. It's how I see the future, changes has to be made! It's evolution, and as much some people
try to hold it, it will happen.

The banks allowed the economy to circulate and were whether or not we wanted part of development as a society. But like everything, it is a corrupt system that relies on government laws that, far from supporting the citizen, seek to undermine the citizens' economy with loans at unfair rates (sometimes) imposed by maintaining, sending, using ATMs, etc.

To your question, yes.
In fact, there are people who still do not use banks today in the XXI plenary session, but that really matters! it is a matter of adaptation, not using banks does not mean anything to bitcoin, using them either, in fact their existence allows an advantageous comparison in counterpoint to bitcoin.

Bank is important to the new history ,because i believe that people are usually using fiat currency most especially in local market ,despite it is easy to use to buy anything even have more risky therefore bank is also our way to earn more.

Today, the banking system provides a very wide range of services that cryptocurrency cannot provide alone, because anyway, certain companies, resources and guarantees will be needed. In addition, it is necessary to take into account the presence of a shadow market in any country, and servicing the atomic cell of the economy takes place one way or another using banks. One way or another, there will always be a demand for such services on the market. Even considering that many countries pursue a liberal policy with respect to taxpayers, money still goes through the banking system, which performs functions within the framework of compliance requirements. because quite often the client has a request to legalize his money, the source of which he cannot explain.

For now, the easiest gateway for us to convert and withdraw is through banks. Money remittances are also another option such as Western Union, Moneygram, etc. Here in the Philippines, we have GCash and Paymaya as other non-bank options for us to withdraw money.

The only disadvantage though is that these mobile apps are having monthly receiving limits. As for the banks, we can put as much money as we want. If we don’t want to get affected by high volatility of Bitcoin, Ethereum and other cryptocurrencies, you can put them in stablecoin wallets such as USDT, USDT-20, USDC, Binance USD, etc. There are also some crypto companies who are offering debit cards for us to store our money and we can withdraw it at any bank ATM.

When we convert them to cash later on without the need of a bank, we can do so in the form of money remittances, e-money, etc., but with certain limitations than the banks.

In my opinion, it's unlikely for cryptocurrencies to become the main currencies for countries, at least not the current countries. There will require a change in the governments' structure themselves to be mind-opened to use Bitcoin or cryptocurrencies. The basic idea of cryptocurrencies is decentralized so the governments can't control the currencies flow and cannot charge tax fees on them. This reason is really important and irreplaceable because when you think of cigarette, even though it's harmful to the people, the government cannot fully illegalize it because of the tax it brings back. The same thing happens to currencies.

That still proves that we need banks.

Since you travel a lot, I guess you also went to a country where Bitcoin or cryptocurrencies are not that popular hence it is not that accepted that much there. That just also means that you need to rely on your fiat which you covert to fiat that is used in that country. As a traveler one of the things you should really consider is changing your money into fiat being used there. Accepting Bitcoin might just be an additional or a bonus to that.

Agree. People are too tied to banks because said entities have dominated the world's economy for a long time. Even mainstream governments depend on central banks to issue their own currencies to everyday people. It's hard to think they'll be going away anytime soon, since Fiat is still relevant these days. The stability and reliability of traditional Fiat currencies is what has kept banks in power for a long time. While crypto promises the separation from money and state, most people don't trust it because it can be unpredictable at times. It's this reason why many merchants and businesses accept Fiat (either through debit/credit cards or physical cash) on top of crypto. As long as the trend continues, it'll be impossible to live without banks.

One thing for sure, is that "Decentralized Finance" has been growing at an unprecedented rate. People are starting to support crypto more thoroughly because of the benefits it provides on top of Fiat. But it still has a long way to go before it becomes fully mainstream. For now, one can live without crypto but not without a bank. Some people might decide to live with both banks and crypto for peace of mind. No matter how hard we try to exit the traditional monetary system, banks will be here to stay for many generations. Unless something drastic happens in the future, I don't see them going anywhere. Just my thoughts

Banks will never be removed in our lives though I also imagine in the past that these exchanges might be the next banks and they will be eating these banks and put it under them. But as you said, this will stay as an alternative maybe more like of an asset that people hold to generate profit in the long run.

I think as time will pass bitcoin will be like gold, right now we are using it but in the future, it will be an investment, an asset that people will hold while we use other means of payment.

Yes it very possible because the service of banks is not really needed in order for us to survive. It is the basic needs like shelter, clothing and food make us survive. Though banks especially now we are in pandemic is also neede for our comfort and fast transaction process. Though bitcoin may be use as an alternative but there is high risk of it to where one could make potential losses with bitcoin being a decentralized system.

This is why banks over bitcoin still banks has the advantage since I had just thought that banks ask us to pay transaction fee so as bitcoin when transferring bitcoin from one wallet to another wallet.

It will serve as great alternative and hopefully will develop service structure around itself so it will actually be possible to live without banks, with companies like coinbase, binance and etc (working with visa, master card and other big corporations)

Yes, we do really need banks but the question is too general. So the conclusion of this topic is, we can say that some don't really need banks and the majority of us need it. Those people who don't have a lot of money will definitely live without banks but the economy that has a circulation of money and most of the people require it.

People have already explained all of those advantages of banks and some explained that those advantages will not benefit them, so it's a tie.

our lives now in the digital age of friends, for example where payment transactions are now using modern technology or a safe deposit and lighten the burden of our time. banks carry out various activities that can support payment traffic, from telephone, electricity, insurance.
economically and simply. For example, if you live without a bank, you will only be left behind because you do not balance the cycle in the modern era.....?

The economy will not survive without banks, so it is impossible to live without banks. The banks are the reason why majority of the money is circulating in the economy. Business nowadays are usually taking load with banks because of its advantages, without the money that they borrowed from the banks; for sure they will have a hard time. To expand their business or to cover all of expenses. There are also majority of people who saves money from the banks and they are earning interest rates from it. The bank have major roles in every economies and for sure we cannot live without banks because there will be a economic depression.

I am sure that in the future there will be a better revolution that can be used as a new standard in the financial system. More than a decade of bitcoin has provided various facilities for users to spend their money without limits, easy, fast and also at a low cost. But until now, fiat is still very much needed by the wider community because most people have not been able to understand what the function and use of bitcoin is. To get bitcoin, we also still need fiat. But I prefer bitcoin as an efficient currency because of the various facilities it has and it feels like we have our own bank.

Maybe the others can live without the banks but others do not. At this time, I don't think most people can afford this kind of situation because many still don't know about cryptocurrency or digital money. It will have a high chance if it is backed up and made legal by the government and if it is made public by the governing body of a country.

Currently, all countries are still dependent on fiat, on a daily basis.

If this happens in the future, I think it will take years, many more years to come because crypto as a currency in many parts of the world is not yet fully recognized. There is so much more to fix, do, study, and prepare.

For now, it's enough for me to have both banks and crypto. Using digital as an alternative first.