well i travel a lot and you can live with only bitcoin and cash. Its not easy but its possible. I use mostly only bitcoins to pay for all my food and hotels.
And only use cash for deposits and stuff i can use bitcoin for. And i have been for years
Topic: Is it possible to live without banks? - page 21. (Read 7753 times)
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Even though digital assets will serve as a great alternative in the nearest future, we are going to still need banks to convert to fiat in order to cater for our needs. At the moment, digital assets are not an acceptable means of exchange universally.
so far, I also think that we cannot live without banks. maybe digital currency is very useful, and we think that we don't need a bank for that. however, almost all transaction activities currently involve banks, and unconsciously we really need that. so, for now, the digital currency can only be used as an alternative even though we use it as a main transaction.
Dollar is a digital currency though so thats not the issue, almost all the value contained in its monetary base is not notes but digital elements on a centralised balance sheet. Those balance sheets play off each other and one mans value is another mans debt so its digital but not distributed like crypto arranges.
You can live without a bank, but it'll mean deflation as banks expand and enable lending in a fractional way. Crypto does not allow this expansion afaik. I was looking into a country's arguments for independence and the main part of their ignorance is the cost to their actions, cause and effect is observable and predictable even in an economy. They can become a new country and they may establish their own currency but there is a natural deflation to this process most likely, the cost to discarding banks is that economy will have to pay short term for lower monetary velocity probably. If people want to pay the price then its possible, if they hope to take ambitious actions giant in their scope and suffer no pain or work to do so then no its not a realistic prospect.
You can live without a bank, but it'll mean deflation as banks expand and enable lending in a fractional way. Crypto does not allow this expansion afaik. I was looking into a country's arguments for independence and the main part of their ignorance is the cost to their actions, cause and effect is observable and predictable even in an economy. They can become a new country and they may establish their own currency but there is a natural deflation to this process most likely, the cost to discarding banks is that economy will have to pay short term for lower monetary velocity probably. If people want to pay the price then its possible, if they hope to take ambitious actions giant in their scope and suffer no pain or work to do so then no its not a realistic prospect.
First people on this planet lived without banks, therefore we could also live without it however it might be hard to make adjustments specially that we so dependent on it for a very long time.
Even if the cryptocurrency will become more stable form of payment, it could take decades before we are all transitioned or adopt the new system.
Even if the cryptocurrency will become more stable form of payment, it could take decades before we are all transitioned or adopt the new system.
The first people on the planet lived without money, they had no technology and had completely different values. They faced completely different tasks in the framework of their survival and reproduction.
To come to their state, we must destroy everything that was built over thousands of years, and stay with a bare ass in the literal sense.
We can no longer exit the banking system without loss if we do it quickly, for example, if we face a banking crisis. It will affect everything, and it will be a terrible time.
I believe that we can still live without bank. Beause we can see that from our ancestors they didnt use bank and yet they can still survive, as long as we can save money in our own way without using a bank we can live, people are now using a bank and it seems like bank is now important, but as what i have seen we can still live without bank life will not stop if the bank will be closed.
But you should also consider that at that time, our ancestors are not really using money or fiat but just using their items to trade with other items. That is when they started also to use gold. Still, I don't think they needed a bank for that since they will still exchange that to something of the same worth like linen and other valuable stuff at that time.
Our ancestors did that and I think all of the ancestors of this world begun trading things and did not use paper money which I think would be very hectic to manage or administer.
Even though digital assets will serve as a great alternative in the nearest future, we are going to still need banks to convert to fiat in order to cater for our needs. At the moment, digital assets are not an acceptable means of exchange universally.
I believe that we can still live without bank. Beause we can see that from our ancestors they didnt use bank and yet they can still survive, as long as we can save money in our own way without using a bank we can live, people are now using a bank and it seems like bank is now important, but as what i have seen we can still live without bank life will not stop if the bank will be closed.
Without the bank everyone will survive but the problem is, can the money survive without a bank? Here's the point. Their generation is not like us which has the adaptation to use money to buy needs to survive. Even a kid already has plenty to save and the bank is one of the best ways to protect it. When I was a kid, I earned plenty of money during Christmas or birthday, I want to spend it on expensive toys or console so I need to save more. So, my mother used to open a personal bank for me and It's kinda effective since I earned and didn't notice that I already have a lot of money to buy things that I want.Some can live and some can't without banks, that's the thing here.
I believe that we can still live without bank. Beause we can see that from our ancestors they didnt use bank and yet they can still survive, as long as we can save money in our own way without using a bank we can live, people are now using a bank and it seems like bank is now important, but as what i have seen we can still live without bank life will not stop if the bank will be closed.
First people on this planet lived without banks, therefore we could also live without it however it might be hard to make adjustments specially that we so dependent on it for a very long time.
Even if the cryptocurrency will become more stable form of payment, it could take decades before we are all transitioned or adopt the new system.
Even if the cryptocurrency will become more stable form of payment, it could take decades before we are all transitioned or adopt the new system.
Now it is obviously impossible to abandon banks in a short time, people are too used to them and many of them have very tightly linked their lives with the activities of banks.
Now too many people owe a lot of money to banks, who will help them give them back? Nobody, only them. At the same time, banks will not allow them to lose their profits and not take their debts.
Therefore, to destroy the banking system, you first need to create a system in which people will not need banks.
Now too many people owe a lot of money to banks, who will help them give them back? Nobody, only them. At the same time, banks will not allow them to lose their profits and not take their debts.
Therefore, to destroy the banking system, you first need to create a system in which people will not need banks.
People are foolish and lazy more than you expect.
As the economy collapses, people will be more afraid and will search for safe places to save their money, so they will head towards gold and buy more gold.
Digital investments have not been able to impose themselves forcefully. citizens have not heard of cryptocurrencies, part of them has not used them, and it is easy to deceive them if they want to use them.
As the economy collapses, people will be more afraid and will search for safe places to save their money, so they will head towards gold and buy more gold.
Digital investments have not been able to impose themselves forcefully. citizens have not heard of cryptocurrencies, part of them has not used them, and it is easy to deceive them if they want to use them.
I would like to add to this discussion legal framework. Countries are now recognizing crypto currencies, and in Germany you can deposit your crypto money with the bank. You would have also to pay taxes on your income even if it is in crypto. It is too early to speak about independency from banks
I guess there will be a time in the future when banks and crypto will co-relate with each other and as you said the thing about taxes, so we will be paying taxes for sure but that tax would be probably like the tax currently on real estate gains, you would only have to pay taxes if you cashout your bitcoins and if not, then you can have a tax free life. But for now, there are a lot of problems for the crypto users that are trying to convert their earnings in crypto to cash via bank transfers in quite a lot of countries.
I would like to add to this discussion legal framework. Countries are now recognizing crypto currencies, and in Germany you can deposit your crypto money with the bank. You would have also to pay taxes on your income even if it is in crypto. It is too early to speak about independency from banks
Well, those who invested or dealing in cryptocurrency only will need banks soon. When BTC hits ATH, they will convert it now into fiat and where do you think they will put that huge money? definitely in banks. Banks always serve as a great part, especially in our economy. It has a lot of advantages and makes it very important that must exist in a community.
Some will do that, but whales which are the biggest holders of bitcoin are getting bigger instead of smaller this means they are not showing any interest in selling their coins and keep that money in the banks, they are showing they trust in bitcoin and that they are still accumulating it despite the fact bitcoin has been unable to break its previous ATH for 2 years and a half, so when bitcoin reaches a new ATH I will not be surprised if people sell their coins to get a stable coin and wait for the crash just to get more bitcoin in return. Not possible life without bank because many people need to borrow money from the bank and make their business, not available for borrowing in bitcoin and altcoin and then not have institution available for every one could borrow bitcoin or altcoin, now day many country have several bank kinds and give good service for every one to save their money.
Yes its not possible for now because banks has a participation to our economy to boom. Its like a cycle giving and taking. So crypto and banks will co exist and that would be beneficial for us right? There's no need to get rid the banks because its essential part of our lives and economy.
I believe that as long as a country will maintain a central bank to regulate and monitor existing banks within their country, banks are here to stay.
Moreover, banks may still continue to co-exist with cryptocurrencies as long as the traditional banking needs of the people aren't totally replaced by other options instead.
Coincidentally, unless the country itself would declare that they won't be needing a central bank anymore, I don't actually see that it's possible yet to live without banks, in the traditional sense of what a bank is currently defined.
Moreover, banks may still continue to co-exist with cryptocurrencies as long as the traditional banking needs of the people aren't totally replaced by other options instead.
Coincidentally, unless the country itself would declare that they won't be needing a central bank anymore, I don't actually see that it's possible yet to live without banks, in the traditional sense of what a bank is currently defined.
Completely agree with you. By the looks of it, banks won't be going anywhere. Governments still rely on central banks in order to maintain their economies. Which means that Fiat as a centralized type of currency, will reign supreme for a very long time. Crypto is just an alternative to the existing monetary system and nothing else. As long as it remains decentralized, there should be nothing to worry about. We have to face the fact that without banks, our economy would never be the same.
For a long time, people have trusted Fiat as a medium of exchange because it's backed by the government. In the case of cryptocurrencies like Bitcoin and Ethereum, it's a "free for all" scenario where you are solely responsible of your funds. The average person will find it quite hard to use crypto over Fiat because of the steep learning curve and higher responsibilities involved when using it. Since Fiat is stable (unlike crypto) it has gathered the likes of mainstream businesses and merchants alike. Because of this reason, living without banks seems to be a dream than anything else. Just my thoughts
bank was very needed in our life, if we dont use this services how do we work to global community meanwhile all payment now use online tehnology. we want to start business most of us use money from bank lending. only less people use their own money to start. many bank advantages could make our life easier , compared with in past condition where there is no bank service. everything need long time for money tranfering.
Yeah I had now feel the importance of using banks or credit that could be cashless transactions. There is no hassle when you go outside for a shopping buying goods and essentilas for you will have the need to bring the atm or credit card and few cents. It will definitely lessen the burden especially now that we are in the pandemic keeping away of having exchanges using medium (the money) to which virus were more likely to be transmitted from.the one with virus as study shows that the covid19 could survive more on metals like coins.Yup, as of the moment I didn't see the future without banks. We are living with it, every salary, every purchase and etc. We rely to banks. It may be true that there are a lot of people who doesn't need it. But still banks makes our life easier. Digital payment is still better with banks compared to btc, we have to admit it. And for btc to overpower banks, its not our choice, it will be the choice of the people, the society, the government etc, there is so much to think of, we are still very far. They don't see banks disappearing in the future too.
bank was very needed in our life, if we dont use this services how do we work to global community meanwhile all payment now use online tehnology. we want to start business most of us use money from bank lending. only less people use their own money to start. many bank advantages could make our life easier , compared with in past condition where there is no bank service. everything need long time for money tranfering.
Yeah I had now feel the importance of using banks or credit that could be cashless transactions. There is no hassle when you go outside for a shopping buying goods and essentilas for you will have the need to bring the atm or credit card and few cents. It will definitely lessen the burden especially now that we are in the pandemic keeping away of having exchanges using medium (the money) to which virus were more likely to be transmitted from.the one with virus as study shows that the covid19 could survive more on metals like coins.
bank was very needed in our life, if we dont use this services how do we work to global community meanwhile all payment now use online tehnology. we want to start business most of us use money from bank lending. only less people use their own money to start. many bank advantages could make our life easier , compared with in past condition where there is no bank service. everything need long time for money tranfering.
Not possible life without bank because many people need to borrow money from the bank and make their business, not available for borrowing in bitcoin and altcoin and then not have institution available for every one could borrow bitcoin or altcoin, now day many country have several bank kinds and give good service for every one to save their money.
Yes its not possible for now because banks has a participation to our economy to boom. Its like a cycle giving and taking. So crypto and banks will co exist and that would be beneficial for us right? There's no need to get rid the banks because its essential part of our lives and economy.Bitcoin is treated and used not as a currency but mostly as a investment, an asset where you can earn in a short or long period of time. Even though it is decentralized, it doesn't mean that it will he the start to pull out the government financial ways. We are being given choices, options that we can use to our convinience, let's not think of it as something that will take down banks.
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