Topic: Is it possible to live without banks? - page 22. (Read 7781 times)

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.

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.

That's certainly true, mate. Bitcoin has a long way to go before it'll be able to replace (if ever) the current monetary system. Banks are still too powerful, as Fiat is the number one type of currency used for mainstream commerce. The fact that Bitcoin is slow, has unstable prices on the market, and fees are high, makes it a terrible "replacement" of banks. Merchants and businesses will continue to use Fiat (either digital or physical) because of the convenience banks provide in the mainstream world. Bitcoin and other cryptocurrencies will continue to be an "alternative" than a true contender of the world's monetary system.

Given all the challenges crypto has, I doubt that it'll be possible to live without a bank. One way or another, you're going to need a bank account in order to send/receive payments. Traditional job salaries are paid in Fiat, which often require a bank account. Governments also require bank accounts in order to collect taxes from you. Even if you're still using physical cash without a bank account, you're still trusting the banking system. While we're seeing an increase of adoption for crypto-only payments, it's not enough for you to live without a bank. We just have to "move on" with what we have available in order to survive in the mainstream world. Remember, one can live without crypto but not without banks. It's often good for you to have both a bank account and a crypto wallet in order to minimize risks as much as possible. Just my opinion

And why we would like to do that? Why would you want to keep you bitcoin and your fiat on the same card? Let me be very clear you do not want to give control of your coins to anyone else other than you, otherwise the whole point of bitcoin and cryptocurrencies is negated, governments and banks are experts at luring people in and then changing the rules, if bitcoin is made legal and banks accept it you may think that we are making progress on the acceptance of bitcoin, but make no mistake that will be a trick to lure people into a false sense of security and then confiscate their coins in the future.

Why not, if we streamline a system where nobody in world will use banks and will only go with the traditional ways of banking that is, to trade thing for a thing!

But, looking at the current trend and also history of world we have seen dramatic changes in banking sector. Even back in 1400's and previous era we have found coins minted in copper, stones etc. and they clearly states it was a necessary step to take so that one can have smooth transaction. Without currency there is no trade, no value for something and this math had been in the bloods of everyone these days.

So, as of now it's hardest part to remove from the face of earth.

In the present thinking and overall context, it is impossible to conduct economic activities without banks. At present all types of economic activities are mainly bank-based. Moreover, in the case of conventional currency, the bank is an essential element for preserving the acquired wealth of the people. The economic system of each country is mainly bank-based and through it savings and investment systems are formed. So despite using cryptocurrency, most of the common people conduct their economic activities through banks. So it can be said that it is not possible to think of managing daily life without a bank.

Not now, cause when you want to pay some higher amounts like for buying your new house no one will now accept crypto, but only payment to a bank account.

In the future, crypto can make life without banks, cause everyone will use both of them or only crypto. But we have to wait for a few years to get to that state and Bitcoin can have even 1000% profit, cause everyone will want to have at least a few satoshis.

Banks aren't that important for those persons which are only dealing in cryptocurrencies but if someone wants cash then they somehow always need a bank in the process. Also for the people who doesn't know about bitcoins and what cryptocurrencies are, they always need banks and are an essential part of their lives. There should be a way devised to remove the necessity of banks for selling and buying cryptocurrencies in general. If a project is developed to solve this problem then I bet the ICO will raise tremendous amount of funds.

Well, I don't think that bitcoin or other crypto currencies will be accepted as a currency at all. Right now people are using it since with the volatility it has, it can give them profit in a short period of time. The adoption of it might take some time so it might be accepted as a payment in the future but still, I don't think banks will be worthless at that time and the people needed it, not just those with debit and credit card.

If cryptocurrency will become the world currency then maybe banks will become worthless  but as long as fiat money exist and goverment will continue to use a bank as a central monetary sector then it will stay because people will also depend on a banks especially those who have debit and credit card.

Agree, because Banks provide an important role in the financial institution and the country's economy itself. This is consider as one of key component of the financial institution, The banks reserve funds from depositors to lender in a secured and efficient manner.
These financial services helps grow the overall country economy.

Unfortunately, it is not possible.
People need a place in order to save their money and feel that they are protected. Even if they do not know what their money are happening they still feel that they have in a safe place.
Banks will exist maybe for ever as they whole economic system is relied on them.

Only Personal lending restriction of that kind is going to lead to deflation, the reason being a person cannot operate fractional reserve leverage.    Banks do in effect create money by having the power to lend out something in the region of ten times the amount they receive, hence there is a large momentum to an economy that grows and so creates a liquidity to lending others also so that they may gain funds and grow.   Obviously the banks are tasked with being safely profitable in this leverage as are all businesses to some extent but especially banks are a cornerstone to economic, monetary, taxation and fiscal policy in a country.    People cant replace businesses directly, only if the people also setup a business and come close to the banks in power.   Bitcoin is not leveraged in this way but some companies involved do use dollars to create leverage which can create extra risk.

But it's not actually the banks who own money they give out, it's mostly deposits of other people. They are just acting as an intermediator between two parties. Instead of borrowing money from a bank we could just have individuals borrowing and lending money to each directly. With the technology we have today this would be easily possible. And this would also lower transaction cost for everyone involved. Except of course for the banks as they make so much money with the interest rates.

If we think of it, there are a lot of countries that made Bitcoin legal.

The thing is that only a few people know and that is why the adoption and the acceptability of it are low. Here in our country, Bitcoin is legal, there is no problem for us to use Bitcoin but only a small population knows it and they only use other payment methods such as gcash or paymaya. Even with the lockdowns happening, I never heard any stores or merchants accepting Bitcoin.

For me crypto currency is totally a treat in every bank because we can save money by means of our crypto wallet or even invest it and I believe that its much more secure transaction as it is a decentralized transaction, people can live without bank and escalate our monetary system in every society thru crypto currency.

Its possible to go in a different direction from the current economy but no banks would substantially change the nature of money.  The reason is banking is part of the fractional reserve in FIAT and to eliminate banks right now would represent deflation and in the minds of many this would cause unnecessary loss.   There are benefits to having a much tighter monetary system and 'hard money' but to switch from this current easy money policy in any harsh way is going to cause many businesses to come to an end, hence some say it can never happen.     Banking will likely evolve not stop, capitalism is by its nature from the ground up not centralised as we have now so in some way fracture is likely; i.e change is inevitable.

surely the life of human civilization will change ... especially for business owners and people who don't own property. when they want to start a business or expand it, they cannot be in debt, especially in the form of money. Is there a cryptocurreny that accepts debt? And not only that which cannot replace the role of the bank

When bitcoin have been popular and legal payment currency I think bank will be gone from people and make bitcoin as good saving assets, but waiting bitcoin become legal payment is not easy. Just waiting when one country accept bitcoin as legal currency and then allow by other country to make bitcoin as legal payment transaction.

Not all of us accept our salary from the bank and pay our bills through the bank.

Most of the people are just actually being handed their salary; weekly or every 15th and 30th day. Most of those people who accept their salaries in banks are people working under the government, while not all of them do that. They can live without banks, when it comes to loans, there are other third parties that accept loans not just banks. The only problem we have if we will be using cryptocurrencies is its acceptability.