Is it possible to live without banks? - page 28.

carlisle1

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Quote from: tech72 on June 02, 2020, 01:48:16 AM

As for now we still dint figure out yet how to live without loan from the bank, and asset management handle by the bank.
Usually with crypto assets, once you die, your assets buried with you. Cannot be past to your family.

My entire life i never experience loaning from banks so how come that there are people that needs a bankloans?in my community there are only few that was asking loan from banks and majority are living with their own income and strategy in life,so meaning we can live without banks the problem is we have no other option to use crypto thats why we need banks to convert our crypto asset to make purchase and pay debts.

Quote from: ecnalubma on June 02, 2020, 03:55:31 AM

We can live without banks however it might be a difficult transition because we used the banking system for centuries. Banks will never be obsolete, they just continue to evolve over time even these days rise of crypto they are blending with the ecosystem.

we can adopt soon,maybe there will be some difficulties and changes but people will surely live with it and that is what we are sure,because of people has no choice then they can easily adopt or do everything .

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We can live without banks however it might be a difficult transition because we used the banking system for centuries. Banks will never be obsolete, they just continue to evolve over time even these days rise of crypto they are blending with the ecosystem.

tech72

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As for now we still dint figure out yet how to live without loan from the bank, and asset management handle by the bank.
Usually with crypto assets, once you die, your assets buried with you. Cannot be past to your family.

Nhor1011

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Bank is a partner of people in terms of savings and credit loans. So,it's possible for people to live without banks. Also cryptocurrency is not yet accepted by the government. There a lot of things to consider before we can say that people can live without banks.For now it is impossible to happen.

Negotiation

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It is possible to survive without a bank but the bank needs to print its own money After all working in crypto does not require a bank. However, if all the banks in the world start circulating cryptocurrencies transactions will become easier. If the government supports crypto, banks will start using it But from now on the government will have to subsidize a lot in which case most crypto users will not support it.

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Quote from: princeyeboah on June 01, 2020, 10:43:29 PM

It is possible to live without Banks in countries where the governments have accepted cryptocurrency and its operations. In such countries, there are likely to be cryptocurrency merchants who will offer best services more than what the Banks do. In this manner, crypto lovers can forgo the Banks.

Yes you are right about that but banks are also important to us , because there are many options can do in bank and i think bank is good partner of cryptocurrencies. I see many banks that accepting crypto in online operations , banks also partners of many online shop that accepting crypto.

princeyeboah

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It is possible to live without Banks in countries where the governments have accepted cryptocurrency and its operations. In such countries, there are likely to be cryptocurrency merchants who will offer best services more than what the Banks do. In this manner, crypto lovers can forgo the Banks.

iv4n

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Bottom line: Banks are useless!
They can't provide food, water, medical help, or anything else! What they do is actually control of the money! And when you take that "middleman" position, that means that for all our needs we have to go trough them and of course to pay them for their services! The same shit is with politicians!
What we need is a direct link between people who really have something to offer, and people who will pay for that to them directly!
World doesn't have awareness to stand up against banks and politicians, as it can be noticed many people still think that we need them! But actually its other way around, they need us!

PavelMed

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I think that over time, there will be currencies in the crypto and debit cards, there is only a matter of regulation, since prices, you know how to jump. And maybe this is one of the reasons why the governments of many countries, against the cryptocurrency and even prohibit it.

metenjean

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Not yet you can't live without bank, I know many people get benefit from bank to borrow money and build their business, but many people use bank how to sent their payment to the other, without bank in their life look impossible to build business. I know many kind of digital currency payment but bank have support in many countries and region.

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Quote from: Abiky on May 22, 2020, 02:34:46 PM

With the world's economy collapsing, people are looking for alternative safe-haven assets to use in times of turmoil. Interest in crypto has sparked a lot ever since the stock market went on a decline. If people decide to use crypto, precious metals, and physical cash, will it be possible to live a normal life without a bank?

I think cryptocurrency can represent banking functions even better. So it is very possible to live a normal life without involving the bank at all. Basically, time has taught and forced us to depend on banks which are actually quite the opposite.
After all, people had started businesses before the banking system was invented. If only to manage finances, it is necessary to learn from people in countries that are still living below economic standards. Do not think they also do not have a business even though it is small. And most of their lives will not understand how credit cards work.

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Quote from: Sirait on May 30, 2020, 07:37:45 PM

life without a bank, I am sure it is impossible, the Bank is at the center of the velocity of money, modern humans are now dependent on the bank, the payroll system is currently 85% through the Bank
It has been discussed repeatedly that to apply cryptocurrency as payment is still impossible to be evenly distributed, the spread of the internet network is still not evenly distributed throughout the world

Totally agree. At this point we do rely on bank system so much that cryptos do have tho only logical way - to build its system upon existing one. And I do believe there is a chance that crypto will become main payment option in next decade, but thats a whole another story

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Quote from: MCobian on May 27, 2020, 10:20:13 PM

For countries that have legalized cryptocurrency, they can live without banks. Because the payment of salaries or buying daily necessities
can with cryptocurrency. But for me the government forbids using crypto as payment, it is impossible to live without a bank for me. Even I
get income from trading and signature campaigns must be converted into fiat first, after that it can be spent buy daily necessities and pay bills.

This is too much of an exaggeration. Unless cryptocurrency is accepted everywhere, you can't get rid of the banks. You need the banks for various services, such as credit cards, loans and receiving salaries. I do hope that cryptocurrency will be used in the future for all these purposes, but it is going to take a very long time. To be honest, I am not expecting any major changes for the next 5 to 10 years.

Sirait

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life without a bank, I am sure it is impossible, the Bank is at the center of the velocity of money, modern humans are now dependent on the bank, the payroll system is currently 85% through the Bank

It has been discussed repeatedly that to apply cryptocurrency as payment is still impossible to be evenly distributed, the spread of the internet network is still not evenly distributed throughout the world

Findingnemo

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Bitcoin = Financial freedom

Nowadays most of the transactions are getting into digital form even in your street food shop you can find digital payment accepted and when you are working as salaried person the bank account is a must get your paycheck.So for now living without bank account seems impossible but there are online banks are also starts to get evolve which may take place of banks at any time.

coinfinger

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I think it depends on where you're living, if there are places where cryptocurrency is being accepted as payment, then you're good to go. But despite that, there will still come a time you will have to make use of the fiat system and banks at least for next 10 to 25 years. I mean we must give it time for people to adopt other payment systems before we think about living a high level of financial life without traditional banking.

And I don't think you can fully rely on cryptocurrency because you don't know where it's heading to. And stablecoins are not an option since they are pegged with the dollar and are 1:1 with it. The reason you have mentioned it's why you should work on growing your wealth and investing in several assets and stocks, so that your money will keep growing no matter what.

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It is possible but it will be difficult. Banks are authorized by the government and most transactions are done using bank unlike cryptos that may be recognized by some government but are still not legally accepted by many. Also there are still limited company, organizations, or establishments using and accepting cryptos. If cryptos will be used by many all over the world, without any problem to be encountered, then it will be easy to use it without banks.

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Quote from: Upgrade00 on May 30, 2020, 03:53:46 AM

Quote from: Abiky on May 29, 2020, 05:58:03 PM

Crypto's volatility in price greatly defeats its purpose as "digital cash". Until this issue is solved, I don't see the possibility of living without a bank.

This is due to the fact that cryptocurrency's value is still measured with reference to Fiats,

its measured in fiats so that causes it to be volatile ? how come when fiats are stable . the value of cryptos could have been stable then but no it ist . there are other reasons why cryptos are volatile . cryptos are already digital or digital cash and they can always be used for transacting online . also this does not related for them to be used as a bank because i think banks are just different but to the question of living bankless , hmm if we lived before without a bank then maybe why not we do it again ?

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Quote from: Abiky on May 29, 2020, 05:58:03 PM

Crypto's volatility in price greatly defeats its purpose as "digital cash". Until this issue is solved, I don't see the possibility of living without a bank.

This is due to the fact that cryptocurrency's value is still measured with reference to Fiats, for it to be used as a valid means of transacting it has to have a value hedged on labour; wages/hour, properties etc. So, 1BTC would always be equal to 1BTC.
This would provide stability, but it's not practical at the moment due to low adoption levels, and also the dilemma of which cryptocurrency can provide transaction security, decentralization as is scalable.

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It is possible to live a normal life without a bank, but I wonder how it will look like if we don't use the bank to make a transaction. We need to find an exceptional seller who can help us to withdraw the money from fiat until we can receive that money in our hand without sending to any banks. But I think some people still need banks to help them to make a transaction because they don't feel familiar with the new thing, and they believe that is too complicated to use or to learn it. But to be honest, I still need banks to transact with other people or for paying my expenses daily or monthly.

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