Topic: Is it possible to live without banks? - page 25. (Read 7753 times)

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.

There can be no single answer. Some may live their lives and they would not have to go to the banks; others would not do without them. Doing business now is impossible without banking services. So far, one thing is clear - cryptocurrency will never replace banks. Banks perform functions much wider.

Sorry but i think i missed something?how can the wealthy people take chunks of money if there will no banks?
isn't this will be a equality?and people will have their privacy in terms of money system,and what more if the people will invest or use cryptocurrency ?then we are in volatile market but decentralized?

But banks are now starting to adopt blockchain mate so it means sooner banks will also accept Bitcoin or cryptocurrency?and they will work for crypto to stay in business lol.

I believe that now and for a long time, we still have to live without a bank. Because we live in a world where money is power, financiers, nations hold money to run the world, like the Fed is the bank that holds the right to print dollars. Therefore, is it possible for them to let us use cryptocurrencies to circulate, exchange when cryptocurrencies are born with the mission to change the world, is decentralized, decentralized, and public. Equal and no one can control? This is hard to come true.

I Don't Think That We Can Leave And Give Sidelines To Banks, In As Much As Investors, Bounty Hunters, Airdropers, Traders And Many More Gets There Crypto Money through Crypto Spaces And Atmosphere, Exchanges,. So The Question Here Is This, When Convert To Fiat Currency, Where Do They Cash Out To? Isn't It Local Banks? 

"Be Your Own Bank" As We Described Cryptocurrency, Crypto Wallets, And That's True. Most Country Uses Fiat When Shopping, Transacting, All It's Been Done By Converting Crypto To Fiat Currencies For Easy Usage And Payment. So Therefore,  There Must Be Interrelationship Between Banks And Cryptocurrency. Just My Thoughts.  

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?!

Do you know the present functions of banks? To receive and payment of money is not only the function of Bank. It provides vast of services on behalf of  govt, central bank and customer. It stores precious assets like gold, ornament and other metals of the customers. International business is operated on the base of banks. Without opening LC, export import is nearly impossible. Another important function of bank is lending operation. World business will never be possible without borrowing from banks. So, how do you think without bank? IT IS NOT POSSIBLE.

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.

That's certainly true, mate. I think we're still too early to tell if crypto will become a viable replacement of the traditional monetary system of today. For long, Banks have dominated the world's economy. Something unexpected must happen in order for Banks to "lose their throne". As long as Fiat is massively used by people in the mainstream world, crypto won't stand a chance against it. The fact that most things are paid in Fiat, forces us to have a bank account one way or another. Once crypto's adoption worldwide grows, there could exist a possibility of people living only on crypto without ever touching a bank. For that to happen, most jobs' salaries must be paid in crypto, while merchants and businesses accept it as payment method. Where I live, that's far from becoming a reality since there's isn't a single store accepting crypto payments. If Fiat continues to be the dominant type of currency, crypto will only serve as an alternative instead of a replacement.

Nonetheless, people can live without crypto but not without banks. The centralized economy will still reign supreme as people trust it more than anything else. It's the people who decide which type of currency to use for mainstream transactions. And so far, Fiat has greater adoption than crypto itself. Honestly, it looks like a dream living entirely off crypto these days. The price volatility, lack of regulatory compliance, among other issues, makes crypto somewhat inferior to existing Fiat. It's more suitable as a store of value than digital cash. I'd recommend anyone to have both a bank account and crypto for piece of mind. Just my thoughts

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.

Yes, it is possible to live without banks, but that wouldn't be the case for everybody. It might work for some but wouldn't work for others. It all goes down to what you're into, if you're just someone that's doing a local business that you're running by yourself and you know that people are paying with cash, then you can decide to stay without bank and accept cash and store at home, which might be risky for you because anything happen.

Depending on your business you can decide to be accepting cryptocurrency as payment too, if your customers are willing to pay with it, and you decide what to do with the coins you get. But one thing for sure is that you will run into some difficulties when it comes to selling those coins.

If anything this quarantine is creating an even greater reliance on banks as people are making use of online banking instead of cash to make the majority of their purchases, bitcoin seems to be increasing in awareness but it is still used by the majority of those that own it as an investment instead of a currency that you use to buy products and services, it is still too soon to know if this is going to remain this way throughout this crisis but so far I have seen no change in the way people use bitcoin, however if you live in a country that has a decent amount of adoption you could forgo the use of a bank account if you want.

The number one purpose of a bank is to provide security, that's why you'll see banks almost in every corner of the highways. We'll be having trouble if we try to eliminate banks and keep our money in our house, I bet there would be a lot more of theft and robbery cases if we don't have banks to secure our funds. That's the most prone to happen I guess.
I don't think so, the reason why they transited into banks is because they are facing difficulty without it so I don't think it will be just an easy peasy for them to go back bank-less. Besides, the complexity of the society might be a problem, most of us has a bank account.

Your viewpoint is same as mine, but I guess we're just seeing a small fraction of examples that's why we're thinking of this.

Banks were evolved to safeguard one's money from robbers. account without a debit card. Savings accounts are usually associated with an ATM card. However, even if you don't have an ATM card, you can withdraw money from your savings account at your local bank.

It's definitely possible to live without banks if there were widely accepted, agreed-upon methods of exchanging value.

Decentralized free markets (which does actually exist --->https://www.virieproject.com/) gives anyone from anywhere the ability to exchange anything for any currency.

However, this requires widespread education. Most are living in a state of ignorant bliss and don't actually realize how little freedom they have due to banking institutions.

It's now possible to live without a horse and carriage. Soon it will be possible to live without banks.

Everything depends on the country.

For example I can not imagine US without banks and people living without them. So much is connected to persons credit score.
Countries of former Soviet Union can easily live without banks. They didnt have banks for long time, they had an alternative called something like "record book". Also they used to receive cash as a salary.

 "Older generation" on they day when they receive pension, go directly to ATM and withdraw everything. "Younger generation" prefer to use banks for daily expenses, but use cash for big expenses (hoping to pay in cash, so they are ofter free of VAT).

In any case, I believe that we will not be able to survive with the system that we have now. This is self-destruction when people deceive people. I think in the near future some kind of event will happen, and people will understand that they lived in illusion all this time (as in The Matrix).

It is very possible to live without Banks in countries where cryptocurrency is accepted. In such countries there will be merchants businesses and companies that will offer crypto services just as the Banks do and this will even be fast and reliable. The other way round means difficulty in living without the Banks since the system has been integrated into many platforms.

That was a good correction.

The one major thing that banks will not be replaced is that they are with the government, they are made by the government to assess the financial stance of the nation. A bank is not just a place for the money to be stored, these banks are businesses who lend, acquire properties, and some are involve in capital markets. Trying to eliminate banks is like eliminating the government, it's very impossible mate. Besides cryptocurrency was never made to replace it.

It is not possible to live without a bank. As long as fiat is in circulation, it is not possible to live without a bank. Everyone needs to use an electronic device to use modern currency. It is not possible for uneducated people to use cryptocurrency properly. Moreover, cryptocurrency is always fluctuating so all types of transactions may not be acceptable to everyone. Without conventional currency, the government will not be able to properly carry out its tax adoption and other ancillary functions. And so as long as conventional currency exists, economic activities are not possible without banks.