Topic: Is it possible to live without banks? - page 26. (Read 7781 times)

Even if people accept cryptocurrency in the future, we will never see a country or the world without banks.

It will keep on going since as people said at the top, we can't live without loans being given by these banks. There might be those people that don't use banks but they are forces to use it since some of the help of the government in the country is being transacted there, here in our country, we have what we call 4Ps. They provide money for poor people and they send it through ATM cards. This is just one of the many examples banks can do and I don't think it will be that easy to eliminate them though as you said, there is a possibility but that possibility is slim.

It's not just that people trust bamks but they depend on them. They still need loans, credit cards and other services. Also, the whole traditional economy and financial system depends on banks so It's not so simple and easy just to eliminate them.
Also, let's be honest and admit that very, very small number of people in the world is using cryptocurrencies. With limited quantity, volatility, lack of regulation and unstability you can't ask people to rely only on cryptocurrencies.
We still depend on fiat money and that will not change any time soon, so we also need banks. But that doesn't mean they can't change and improve their business, that is always an option.

The best short answer is that it's possible but not very convenient. We could technically operate without loans, but it would hinder the growth of most businesses.
I don't have a business and as an individual can live outside the system, but I won't deny that being in the system gives you more free time and makes other people do some work for you. Most people will choose the easy way even if it means giving away the control.

It's eliminated. . .

Of course the banking system will remain, it's a big industry and people trust the banking system, so no way they will disappear.
Banking system are making a lot of money in our world, they print money that's different since it's the central bank who does that, but private banks especially the big banks are making big money from extending loans to people and we are talking of billions of money here.

Banks that create fiat have the trust of all people since we are all using fiat, and compared to bitcoin, very few people are using bitcoin compared to the total population of the world, we can read the survey reported in the article below.

https://www.buybitcoinworldwide.com/how-many-bitcoin-users/

   Before we could say like that, the banking system at whole can't be eliminated. But in the last 10 years
with introducing crypto-currencies I think we can say that there's a possibility for us to eliminate banks
as whole, we will not need them in the future if all people accept crypto-currencies. We can deal directly
with each others, we will get paid for work directly, there will be no need for third party services like banks
are.

It depends on what you mean by saying "living without banks". It's possible for a single person, but the banking system at whole can't be eliminating.

Living without banks could be the day that everyone accepts Bitcoin and cryptocurrencies, but for that to happen there will have to be a profound transformation in the economy. I would love the idea but the governments that intend to accept cryptocurrencies are already thinking about imposing taxes on those who carry out operations with them.
It could be positive if these taxes would improve the lives of its citizens but we already know how this has worked in the past.

There are already people that are living without banks. But it might not be a really good idea, especially if you're a business person that runs a big business.

People that I always see that are not making use of banks are just local people that have some small business they are doing, like buying and selling. But as someone that owns a big business, you won't be able to run your business if you don't have a bank account. The best you can do is to accept cryptocurrency in cases where it's possible and also accept with banks. You can make use of other systems as well and not just rely only on banks.

Unfortunately it is not in my nation. There are some stuff that you need to use banks for and that is the biggest trouble. Normally I could just be in crypto all my life, and whenever I need money I could just cash out directly from some ATM (well btm for bitcoin I think) and that would be enough, that way I would have zero problems with the banks and would never use it, but looking at how the nation requires me to have bank accounts for many stuff including bills as well, I can't do it.

I can't even pay my gas bill with cash, and during winters that is a lot of money to pay. Banks are really something I hate and I never liked them, ever since I was 19 I always had problems with them being existing and ruining the economy however they want, but unfortunately I also need them as well.

We live in an age of modern Science. Everything can be changed according to our demand. If the people are getting used to for using non-cash balance for every sector then it will be effective. Otherwise sudden decision can be harmful for much people.

By the way, you are thinking a cashless society where you aren't willingly used money in cash. But we need to convert the daily needs to online or digitalized first like we have to pay the bills for water,gas, taxes, insurances, landlord and many things. We also receive the cheque for our payment and we have to change all the system first then we can make it and it is a lengthy process.

It could be possible but what you will get in this case? Too many disadvantages of this. You can trasnfer all your money in crypto and then order a crypto bank card. Better than traditional banking, at least

Not in our generation mate,This is possible and will surely come but not today or not in the next 10 years.

Bitcoin has been here for more than 10 years same as Paypal and other online payment method yet?Banks is still in need.


Central bank is still Banks mate,because that is the financial shoulder of the world,so what is the different talking about normal banks and central bank?

great for you, you solved many issues that are in front of people that want to live without banks, or to live with crypto, since you can live without banks with cash only as well

how do you coupe with price instability? since services that you are paying for are mostly denominated in fiat currencies

I get paid my Salary in BTC, so am partly there already. I own no FIAT and the only Fiat I exchange to is what I need to pay bills with, unfortunately using a bank for now as when I travel abroad it's the only way I can pay my bills. Other than that I don't use the bank or save in a bank at all anymore. I would like to get to a point where I can be 100% sustainable not using the banking system at all for anything. Maybe if I move either to a country like Malta or just bank with a crypto Bank, then it could be possible. I think it's easier for those in Unbanked societies to move to DEFI faster than us in Europe or the Developed world where banking is fierce. I do have a Bitcoin debit card now and I actually pay my mortgage using Bitcoin lol, so that way am almost there.

After the introduction of the Binance debit card, which will be issued in conjunction with Visa, many cryptocurrency owners will be able to do without a Bank. But this does not mean that the transaction will be carried out outside the Bank, you just will not notice it.

Reframe the question to: Is it possible to live without CENTRAL banks? That´s a different thing. As for the current economy we have almost everywhere in the world, banks are crucial system relevant institutes.

Agree. It'll be quite a challenging task to live without banks. One can live without crypto, but not without a bank account. Fiat has been used long before crypto even existed. This has made people trust it more than anything else. Major employers, merchants and businesses use Fiat one way or another. While it'll still be possible to conduct transactions using physical cash without a bank account, there are situations where you'd need to pay digitally with a credit/debit card. The ease-of-use and convenience of Fiat explains why many people have adopted it in the mainstream world.

Of course, anyone can value items, salaries, etc. using crypto directly as a unit of account. But the fact that the same is highly unstable and not fully regulatory-compliant, makes the whole process quite troublesome. For now, crypto will be living alongside Fiat as an alternative to the world's monetary system. I don't it'll ever serve as real replacement for a bank account because of the aforementioned reasons. You're better off living with a bank account, or both (crypto + banks). If you take the latter option, you'll be able to live a steady financial life for the foreseeable future. It's best to make use of each currencies' respective advantages/disadvantages for your own benefit. If someday people can live with crypto without ever having to interact with a bank, it'll be a dream come true. Just my opinion

What kind of life are those people living? Are they sociable people with modern living?
Well I believe some way, they do transact with banks maybe not directly because money is released through bank and they get paid for services they did. Some, family help them to transact with bank.

Without a bank seem difficult.It is important to have a bank account for our daily lives.Bank account are a huge are a huge part of a persons life.We use banks for paying direct debits,to receive our salary, or paying utility bills directly. If were going to live without banks, we must find safe place to store our money but in this generation it will be hard for us to find some places that no one will know. Personal finances typically are easier with bank a account,but still it is our choice if you don't have one. It maybe possible to live without banks,why other people who are living in rural areas or far provinces that don't own a bank account, why they still survive?
But as my own experience banks are very important for me, it helps me a lot to make my life easier.

But that would mean they are also not using money to buy things, probably just eating crops on the farm and catching fishes. What OP means is living without banks but probably just using cryptocurrency.

It's possible in the urban areas in the Philippines without banks if you only have BTC. You need to have a lot of BTC and just using the remittance companies to cash out BTC and then you can buy just anything.