Is it possible to live without banks? - page 24.

Heart18

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Quote from: Twinkledoe on May 22, 2020, 04:30:25 PM

Actually it is possible to live without banks. There are many people who are living in remote or rural areas that don't own any bank account. Also, those people that are working in most blue collar jobs, who are paid daily or weekly that don't need bank accounts as they are being paid in cash. A lot of people in third world countries don't own any bank account up until now. So my answer is yes, it is still possible to live without banks.

You are absolutely right...I know a lot of those kind of people who are living without a bank, but learned to use digital wallets. And as the world became more high-technology driven, we can easily transact and manage all our finances through this digital wallets without any hassle just like falling out in a long line and waited for a long time in the banks to be assisted. For my high-tech thoughts, having a bank is not necessary now...digital wallets and virtual coins is the most helpful this time, for it has a great features that the bank doesn't have, and we will never be surprise if in the near future, we won't need the banks anymore.

Stedsm

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Banks are currently a necessity because without them, the possibility of transacting our money will become lesser as these were set fit in our minds so deep by our Governments since ages that we need to live relying on these banks (even if they exhaust some day completely). I'm biased on your question but yeah, if we, the people, ever decide to completely stop the use of banks and start using crypto only, then I believe we may see a global level of change in the shutdown of banking systems and the rise of cryptocurrencies.

srcarreira

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Quote from: Xxmodded on June 22, 2020, 07:18:50 AM

Why not live without bank, after higher technology and faster of internet way will give positive effect to make many countries forget their bank and use currency digital as payment way, but now still have country not support with bitcoin as legal currency payment and keep bitcoin as illegal transaction.

I guess govs of developed countries won't adopt crypto as fast as it did developing countries just because they're doing fine and afraid to stumble upon crypto's volatility.

DeadCoin

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Banking services is also useful there is no any conflict because from nowadays up to now many of us has usually using cryptosystem to fiat money, so seriously it means we cannot live without a bank and technically it is also a primary assistant for processing any business transaction including our daily activity.

Vishnu.Reang

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Most of us are having issues only with the exploitative practices of the banks. Banks with a human touch will be very much welcome. Under normal circumstances, the banks will never do this. However, if faced with competition from Bitcoin, they will be forced to become lenient. In case it is not possible, then we can work towards the complete eradication of banks.

Rulelies

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It depends on the way you look at it. If you want to leave without bank what if criminals hack into your wallet, what will you do? if it’s an exchange you will complain to the support team. They are also acting as bank too. Bank is very necessary and i don’t think it’s possible. Also consider the people that are less educated the bank also help in educating people in some basic things. I think the only thing that can happen is that, people will just shift the attention to cryptocurrency but not to eliminate banks.

Xxmodded

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Why not live without bank, after higher technology and faster of internet way will give positive effect to make many countries forget their bank and use currency digital as payment way, but now still have country not support with bitcoin as legal currency payment and keep bitcoin as illegal transaction.

hahay

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Quote from: Negotiation on June 19, 2020, 01:23:03 AM

The bank will need to use Fiat currency because Fiat operates legally and is established by the bank But banks do not need to use crypto The demand for crypto is higher than Fiat. Most of the people in the world are involved in crypto and if they use cryptocurrency as they wish it is possible to survive without a bank Many people use banks to keep their currency safe.

Yes, more and more people are using real bitcoin so it is possible for the growth of bitcoin to replace fiat to be successful in the future too, but unfortunately real usage is still very rare so even though this digitalization era continues to grow but somehow banks and fiat also continue to be the main for any transaction, so I'm not sure to live without banks because they have legal institutions that are difficult to get rid of.

South Park

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Quote from: Abiky on June 18, 2020, 09:45:55 PM

Quote from: South Park on June 14, 2020, 10:28:47 AM

This is by design, they are never going to accept cryptocurrencies unless they are forced by the population, this does not mean an armed revolution or anything ridiculous like that this means that people decide to use cryptocurrencies despite the warnings or even the bans of governments and this kind of attitude from the general population will not happen unless we begin to see hyperinflation all over the world and people finally understand that we need to separate the government and the money we use.

That's certainly true, mate. People won't even think of replacing Fiat for crypto, unless it goes all the way down the drain. The stability and wide acceptance of Fiat is what has made it successful after all these years. The fact that most jobs are paid in Fiat on top of crypto, forces anyone to have a bank account. Considering that banks have long dominated the world's economy, it's practically impossible to live without them. Crypto will always be an alternative monetary system than a true replacement of banks. It's the harsh reality about the crypto/Blockchain space.

I guess that the only types of cryptocurrencies that might "replace" banks are stablecoins. Their prices are directly linked to Fiat (USD) which makes them extremely convenient for day-to-day use (especially for the unbanked people). As long as they're able to remain stable in price, and a wide number of merchants accept them, it might be possible to live without a bank. It's all a matter of crypto's mainstream adoption, in order to be used as a replacement of existing Fiat. But even with crypto's benefits, Fiat will continue to exist as it's patronized by governments in the mainstream world. Just my opinion

This is correct, cryptocurrencies at best will be an alternative to the current system we have, not only governments have on their best interest for the fiat system to continue, the richest and most powerful people around the world want to maintain the status quo as well since they benefit from it, however as long as I could use my bitcoin to buy whatever I wanted I could care less about fiat and whether it keeps existing or it gets replaced, the problem is that we are not there yet and it will probably take us a few decades before bitcoin reaches that level of adoption around the world.

azmirihaque

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All the fund of the economy are managed by Banking sectors. Cryptocurrency is a digital currency. Do you think, All the transactions of the economy can be done through digital currency? Banks take surplus deposit from people and give as a loan where it is needed. Business is impossible without bank loan. It also helps people to save a portion of their income. Many of them get a fixed income from their deposit. Can you ensure a fixed income from the investment on cryptocurrency. Besides, to maintain the govt budget will be impossible without banks. So, it is not possible to live without bank.

Negotiation

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The bank will need to use Fiat currency because Fiat operates legally and is established by the bank But banks do not need to use crypto The demand for crypto is higher than Fiat. Most of the people in the world are involved in crypto and if they use cryptocurrency as they wish it is possible to survive without a bank Many people use banks to keep their currency safe.

shushu9977

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In ancient people, they do not have any bank or bank account and they were lead their life happily without bank. In my opinion, bitcoin is popular day by day and in future it will dominating for young generation, because it is simple, secure, no fear for stealing, saving time and many mores to easy our life. Those people who still illiterate, they do not use fiat currency, it is difficult for them.

Abiky

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Quote from: South Park on June 14, 2020, 10:28:47 AM

This is by design, they are never going to accept cryptocurrencies unless they are forced by the population, this does not mean an armed revolution or anything ridiculous like that this means that people decide to use cryptocurrencies despite the warnings or even the bans of governments and this kind of attitude from the general population will not happen unless we begin to see hyperinflation all over the world and people finally understand that we need to separate the government and the money we use.

That's certainly true, mate. People won't even think of replacing Fiat for crypto, unless it goes all the way down the drain. The stability and wide acceptance of Fiat is what has made it successful after all these years. The fact that most jobs are paid in Fiat on top of crypto, forces anyone to have a bank account. Considering that banks have long dominated the world's economy, it's practically impossible to live without them. Crypto will always be an alternative monetary system than a true replacement of banks. It's the harsh reality about the crypto/Blockchain space.

I guess that the only types of cryptocurrencies that might "replace" banks are stablecoins. Their prices are directly linked to Fiat (USD) which makes them extremely convenient for day-to-day use (especially for the unbanked people). As long as they're able to remain stable in price, and a wide number of merchants accept them, it might be possible to live without a bank. It's all a matter of crypto's mainstream adoption, in order to be used as a replacement of existing Fiat. But even with crypto's benefits, Fiat will continue to exist as it's patronized by governments in the mainstream world. Just my opinion

finaleshot2016

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Quote from: GeorgeJohn on June 13, 2020, 08:20:19 AM

Living without bank simply means living in bondage's and such person never wanted to go out within their territory, banking system now is very important because you can make a withdrawal anyplace you found yourself.with the help of digital banking system you can travel to any country and purchase a goods with out paying a physical cash but with digital money.so the possibility for we to live without banking system is very difficult to cooperates with.
OK if are may ask without banking system can entrepreneur business function effectively.

Definitely no one will leave their houses without any good barricades that will protect their houses from thieves. The banking system played a lot of good advantages for each individual especially those who have a lot of wealth.

You might get a fireproof house right now if that happens, once your house is burning, your wealth will be gone too.

South Park

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Quote from: ghost424 on June 09, 2020, 02:31:58 PM

It is really unfortunate that the world's economy is collapsing however some countries are still not ready to take on another step to revolutionize on how to use money or currencies. We know that some countries are widely using Cryptocurrencies and that is why their countries are able to survive because some communities still looks for ways on how to purchase their daily needs. Living without banks maybe impossible for this countries because they still need their cash circulated to keep their economy alive.

This is by design, they are never going to accept cryptocurrencies unless they are forced by the population, this does not mean an armed revolution or anything ridiculous like that this means that people decide to use cryptocurrencies despite the warnings or even the bans of governments and this kind of attitude from the general population will not happen unless we begin to see hyperinflation all over the world and people finally understand that we need to separate the government and the money we use.

FlightyPouch

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Quote from: Nathanz on June 10, 2020, 06:55:39 PM

I think that if there are no banks in the world, those peoplr lle who are really wealthy will have a huge chunk of money from everyone. There is a chance also that we will gwt back to barter system.

If that is the case, I would gladly go back to the barter system. It is the start of trading in our country, I would like to do that since we will be able to exchange what we have to what we want and that is the good thing than exchanging things with papers numbered and manufactured by the government, we cant live without banks but we can still go back to that.

GeorgeJohn

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Living without bank simply means living in bondage's and such person never wanted to go out within their territory, banking system now is very important because you can make a withdrawal anyplace you found yourself.with the help of digital banking system you can travel to any country and purchase a goods with out paying a physical cash but with digital money.so the possibility for we to live without banking system is very difficult to cooperates with.
OK if are may ask without banking system can entrepreneur business function effectively.

Naughty Princess

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Quote from: Subbir on June 12, 2020, 07:07:20 AM

Yeah banks might not be needed if crypto survives because the demand for crypto increases people will lean towards crypto and can find crypto exchanges and wallets safe when using cryptocurrencies. Also many will complete virtual transactions through credit cards If people everywhere the planet accept cryptocurrency as a virtual currency through blockchain technology the demand for banks will decrease tons Then banks and cryptocurrencies will start circulating.

I do not think that government will allow that even how high technology runs on our lives. Cryptocurrencies is not controllable and the values fluctuates from time to time which is not dependable. It is possible but takes long time to happen when crypto is powerful than the government.

Gadithomason

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People who are illiterate, who will be unable to totally acquire or understand blockchain technology or world of cryptocurrency won't be able to use it. As a result banks will still be in place to help such people carry on with their transactions in their lives.

Abiky

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Quote from: Barbut on June 11, 2020, 04:27:49 AM

Ethereum can do all that alone, and probably Ethereum will be better in that than all the banks together with their directors. I think banks are not the only one who can borrow money to people who need it, this system works like you said, but maybe we can have a better system with help of cryptocurrencies. Did you think about that?!

Exactly. With the rise of De-Fi on Ethereum, it's possible to have all the services provided by traditional banks without the need for a bank account. What's stopping crypto from being used on top of banks, is the lack of merchant acceptance and unstable prices on the market. Not to mention, Fiat is still used as a unit of account to measure crypto's value. Put all this aside, and it may be possible to live only on crypto without the need to have a bank account ever. As long as crypto is unstable in price, I don't see it as a viable replacement to existing Fiat.

At least, crypto works as intended providing "banking to the unbanked". It can only serve as an alternative to the world's banking system than anything else. With many services out there providing a bridge between the Fiat and crypto world via credit/debit cards, one can enjoy banking with crypto easily. One thing for sure is that people can live without crypto, but not without a bank account. To get the "best of both worlds", you can use both crypto and a bank account. That way, you can reduce risks as much as possible. Still, nothing beats the security of banks these days. Just my thoughts Grin

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