Topic: Is it possible to live without banks? - page 27. (Read 7785 times)

You can find a lot of people who are living without any bank account mostly in third world countries or who are living in remote or rural areas. So yes, it is very possible to live without banks because there are people up until now that who don't own any bank account.

As long as fiat exist, banks will not be gone as the purpose of it is to store money. Even banks does not exist in the early year but the fact that there are places that stores money, it is still in the same concept.

But if banks are gone, it is possible to live without banks, There are still many people who don't have bank accounts but they are able to save a lot of money.

There are alot where I live. They probably own bank accounts but hardly use them. They deal mostly with physical cash and the banks probably don't suit their way of doing business, or they are too disconnected from modern infotech/tech world.
They are mostly not tracked like the rest of the people who are too dependent on the banking system.  Sometimes I feel it's a bad idea to expose these people to such tracking. Things like crypto (safe/good crypto) will be safer for them. That is the kind of thing I will be more willing to promote to them, so we don't have everyone in the society getting tracked & known in unsafe ways.

From the previous years, we are not living into the world which has a bank already instead we are getting stored our investment and money in just a single place so we won't misplace all the important things we have, some of the people before are storing their money inside their cabinets, boxes and under their bed because they think it is early safe and secured. Also, some of the people storing their money inside a bamboo stick and this is the support on their houses but the cons of this kind of toring system are not safe because there is a chance that what if there is a flame happens on their place and they cannot make it safe immediately because it is stored in one place better you choose for your life or your investment. Still, we have a different perspective on it where do we store our funds.


Banks are the most trusted ones in terms of storing our funds also there is a chance that all of your funds will safe and stored without hesitation because money heist is not too much promoted today. Also, we are waiting on the cryptocurrency bank so we can save all of our funds there without hesitation and we can now withdraw with the use of the cryptocurrency atm.

It's quite possible to live without bank account, you can do it if you want, but I don't think that is something I would like to do.
There are people out there who are doing it, yes I have seen people who don't have a bank account and they are still living their lives and it's working for them.

As for me, I'm trying to say that it might not work for me because there are things that I would be needing my bank account for and without my bank account I won't be able to do all that. If you're looking for a job, lots of companies will not offer you a job if you don't have a bank account. Although cryptocurrency is starting to change things, when a lot of people start accepting cryptocurrency it will be much possible to live without bank.

its hard to live in the world without a banking system. I believe that there are no government will let their people use cryptocurrency as the main currency system.
Banks are doing a great job after all. As you can see, they have already maintained the world economic system for more than 200 years. And there are many useful function while using the banks. And moreover, many people believe in banks more than cryptos

At present, all transactions will be involved with the bank. even the cash we use is also connected to the bank. if you don't want to use the bank, I think it's very difficult, even when you try to avoid it, you will be hit by the bank system. Well, I've seen some interesting things about people trying to avoid the bank.

Like other said bank is important to all , because bank is also a partner of all kind of business and also online business.  But its up to us if we like use it or not.

Indeed. There are really some countries who don't let us to use bitcoin as a legal currency, that is why we end up storing half of our profit in banks and the other half is in our crypto wallet. We still need banks, even we hate it because we still use fiat in our daily transactions and to provide our necessities.

Yes, bitcoin has everything that needs a great global currency, except ways to use/spend it... and low fees... and speed of transactions
So yeah, bitcoin is kinda like gold in a sense - everyone thinks it has value, but there is really nothing you can do with it.

At the same time alts are not developed enough to provide great quality service to outstand banks/fiat.
We are all tied up with banks, you're right

The problem in this type of trade would be the party that first sends will have high chances of getting scammed and this is the reason banks are there in a country so as to save the people from these kinds of problems and so they kinda acts like an escrow in borrowing and lending money and takes their commission in the difference in the interest rates on which they lend money and borrow money from the investor and borrower respectively. I guess banks are the institutions that can't be replaced in an economy and are essential part for the functioning of an economy.

In my place I can't live without bank because my country doesn't let us to use bitcoin as a legal currency. Also, I have to pay my versity fee in bank, my payment from Upwork comes in a bank. So, I'm a having a tight relationship with bank  . I can't ignore bank if I want. Because I can't use my bitcoins to buy anything here. That's the real fact.

You have not yet realized that you are trapped in the modern economy.
You have zero "sovereignty" over our money because purely from the technical side, they do not belong to you - this is either the equivalent of the cost that the state prints and uses as obligations, or just zeros and units of your Bank.
Yes, the only way is to try to go to provide yourself with precious metals (gold, platinum, palladium) that would be in case of something to be able to somehow operate with measures of value. But if we imagine that everything collapsed in General - it is much more valuable to have an extra gun and an additional pack of bullets, your own house with a plot and a car with biofuel/electricity (that would be fueled by solar panels) than some pieces of iron. If you think that everything can collapse-learn to work with your hands and not think where you invest to save money. such thoughts lead to a bull market which then collapses like a house of cards.

Banks regulated the monetary system. They are also control the flow of currency so that the economy becomes stable. If there is no bank, even there is cryptocurrency I don't think our economy runs. In fact even us as individual, we can't make loans, be paid of our monthly salary and many more. If there is no bank existed, there would be no regulation at all. And to take note, our economy might suffer from it.

We can still live without a bank. But things are very difficult. Especially in money transactions. Sending money, transferring money, paying money are not done, causing us many troubles. Suppose you have a lot of money, no bank where you will store it, if you are not smart, you will be stolen. Or the payment of electricity bills, water bills, housing ... you have to take time to the store waiting. So I think banking is essential in modern life. What do you think?

Exactly. If crypto was used independently from Fiat, it would've been much easier to avoid Banks altogether. But the fact that people measure the value of crypto in relation to Fiat, greatly defeats its purpose of being an alternative monetary system to the traditional banking system of today. Nowadays, you'd need to use a centralized exchange in order to buy/sell crypto in the mainstream world. This requires some ID verification, and in some cases, a bank account. While it's still possible to buy/sell crypto using decentralized exchanges or OTC platforms, liquidity will never be the same. It's quite challenging to avoid banks altogether since most salaries are paid in Fiat. The world uses Fiat as a unit of account for everything, so living only on crypto seems to be a dream today.

Maybe if people started to use crypto more thoroughly, things could change for the better. For what I know, there are more merchants and businesses accepting Fiat on top of crypto because of its stability in price and ease-of-use. But if crypto solves its issues, it could become a fierce rival against Fiat. As long as you have a job in crypto, and it's possible to pay your bills, groceries, and everything using only crypto, then there's the possibility you might never need a bank. For situations where you'd need to use Fiat, it's best to rely on physical cash instead of credit/debit cards to avoid a bank account. Then, you can combine both the benefits of Fiat and crypto for your own financial benefit. Until the crypto space becomes mature for the mainstream world, we'll be subject to banks for our daily needs. Just my opinion

You are right. Banks have been around for hundreds of years (Banca Monte dei Paschi di Siena of Italy claims that they have been operating since 1472). It is not easy to replace them all of a sudden, and that too with some unregulated asset such as Bitcoin which has limited legal recognition. We are at least a few generations away form a bank-less society.

Lol you shouldn't add physical cash to that list because it's still the same fiat. Anyway, I don't think you can really live without banks, at some point you will be needing it. There are things you will want to do and you will need your bank account to do those things. The best thing you can do is to just invest more money in crypto assets and other assets and stocks.

Instead of saving your money, you should be looking for ways to make more money. When you're making more money you wouldn't really much about things that are going on. So, try to invest your money in so many things as much as possible which will definitely eliminate the need of banks from our life. I mean that we need banking services for our many needs but not for investment related things.

Every thing is possible but question is how widely government exploring the non banking system like cryto or others. I think its a habitual of human that if you carry a men to a system he will automatically make mutation about that. At the eve of civilization there was no banking system but gradually men made it for their necessary. So as now there some problem creates in banking system people now searching alternative of banking  and if it does obviously people make adaption in it.

thanks.

It seems to me that at the moment it sounds at least a little utopian. You can’t rebuild the entire economy so drastically. Because it all starts with what is on the mind of every person. Many people do not even understand what is happening now and what is the banking system.