Topic: Is it possible to live without banks? - page 29. (Read 7785 times)

True! It all comes down to the decision regarding cryptocurrency made by the government of that country. Countries that have cryptocurrency legalized can have its cryptocurrency enthusiasts live without Banks if there are mechants and other businesses willing to accept and integrate cryptocurrency int o their payment.

To me bank is taking a strong woman in today's today activities, monthly salary in most developing nation using bank for workers allawee and very easy to disburse with the help of money transfer into the various workers.

Exactly. What's "killing" crypto right now, is the lack of adoption in the mainstream world. Fiat is still "King" for mainstream finance, considering how many merchants and businesses accept it worldwide. Maybe it is this way because Fiat is stable in price, whereas Bitcoin and other cryptocurrencies are not? As long as Fiat continues to dominate the world's economy, it'll be quite challenging to live without banks.

Crypto works more as a "complement" to traditional banking than anything else. If you want to live a steady financial life, it's best that you leverage the benefits of both crypto and Fiat. Anyone can live without crypto, but not without a bank. As you said earlier, most jobs are paid directly in Fiat through a bank account. The number of jobs available in crypto land compared to those available in the real world, is very low. Most people want to be paid in a currency that's stable enough for daily payments. 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. Taxation is another "situation" that cannot be avoided since we need to depend on government money to survive one way or another. Crypto may have its benefits, but still has a long way to go before it becomes truly independent (if ever) from the traditional monetary system. Just my thoughts

Wrong

If a government legalizes Bitcoin it doesn't mean every company is forced to accept it. It's at their own discretion and you can't force them.
The only currency they have no choice to accept is your local money (a state currency) So even if you can receive your salary paid in Bitcoin, it doesn't mean you will be able to use it at your supermarket or whatever.

Try it, and let me know what the cashier told you


It took them a long time before catching up with neobanks for example, and instant SEPA is another one. So I wouldn't say the same

I do not think that our daily life cannot continue without banks because the banks do not only flow the money, but also perform intermediary duties and similar transactions in international trade. Also, if we look at the types of banking, we will see that banks provide great brokerage services in various and different transactions. For this reason, I think that we are obliged to use banks as a truly successful crypto technology or smart contract systems develop. In addition, banks provide the economic cycle and order, although they are not liked.

I think living without a bank account. Life without a basic bank account may seem difficult, if not impossible. However, it can be done. From paying direct debits and standing orders or utility bills or receiving a salary to simply identifying you as someone who exists, bank accounts are a huge part of a person's life. The account also provides access to mobile check deposit services, online bill pay and a safe place to store your money.

for me i love doing that mate,living bankless and cashless of course?imagine living without the interruption or control of governments in banks for my financial rights?how i hope this is indeed.


you are willing of course but the thing is can you?do you have option to do such?i am sure the answer is no so far right?because unless you are living in countries that supports and adopts crypto in everything then that would be possible.


for being crypto supporters of course all of us wanted this,but the reality is indeed so better wait for the next couple of years if the government and the world will support crypto.

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.

Banks has been in existence for hundred of years as technology is evolving so are these banks, they will fight their way to always become relevant to the lives of their customers, banks and Cryptocurrency can co exist there are some areas that only banks and fiat can serve and there are some areas where Cryptocurency can be in demand.

You can do that, but it is safe?

Not all of the people think like you since most of them when it comes to money, they overthink. Fiat is not like Bitcoin and your Bitcoin wallet since you can secure that with a lot of ways and people won't know, they won't know that you have a Bitcoin either. But in terms of fiat, it can show either with  your job or your state in life and if you will just save that in your house and not in a bank account, you are risking that to be robbed, while in banks, it is not just sitting there it is also giving you some interest.

I feel like in very very distant future it will be quite possible to do something like that. I don't know how further in the future but it would probably be possible. Think about all the manufacturing and agriculture advances we had in the past 10 years only, let alone in the past 50 years. There is a lot more "robots" that work in all of those, machinery and many other stuff that made it possible. Back in the day when you had a huge farm you had to hire sharecroppers to collect them, today with right machines and so forth you could do it all by yourself without help, or you could get less help if you want it quicker.

So, I think in 50 more years, both agriculture and manufacturing will be done automatically with either very few people or maybe not even any people. Which would result with production being free while people still needing money or at least food to survive so banks or even money may not be needed as much.

Where's the source that interest in crypto sparked a lot now? Bitcoin can't even be used at some places to buy essentials. The online payment system is the one mostly used.

And I will disagree with you about the stock market because didn't you know that most traders tend to buy more stocks during its decline? That's the best opportunity they will have as it might now repeat again. It's the most dip happen in history and there is a 100% chance that those stocks will soon rise as people will now go back into business slowly.



Where we will run to if there's an illegal activity happen on our bitcoin funds? Since bitcoin should work without being centralized, most crypto banks will not be able to cover their loss during bankruptcy as they aren't insured. We have to accept that we can't experience what bitcoin is supposed to be.

Fiat payment are way faster compare to bitcoin. That's how bank today improved their technology.

Banks also provide millions of jobs that I don't think a bitcoin company can do.

We need banks. They are an important asset to the economy. Bitcoin supporter here but that's the reality.

I think you’re getting it wrong here. People are only stepping away from cash and not banks.
A lot of people these days are now making use of their cards (debit or credit) to make purchase at stores and some are using their mobile apps (whether Bank’s Mobile, PayPal, Payoneer). Where I live I don’t see any stores where cryptocurrency is being accepted as payment.

The only thing I do with cryptocurrency is just my regular day trading and nothing else. When making purchase online or offline, it’s still my bank that I make use of. Let’s stop these hate on banks, I think it’s unnecessary. We should focus more on the growth of Bitcoin and ways we can make things better for cryptocurrency community.

Even we called the bitcoin as the safe haven today to avoid getting touched into the economic crisis still we have a problem with it because not all the time the bitcoin is the key to success to save your funds. Today there are a lot of people accepting the use the bitcoin as the payment and storage of their funds because of the volatility of it they can make an additional market income on it but still, the market is volatile there is a chance to lose.
Some of the countries already accepted the bitcoin even we have the term of "decentralized" the government does not want this kind of currency will conquer the whole market and some of them support the use of the bitcoin but still they regulate this so the people avoid this kind of transactions to get spam.
IMO the banks are still important because not all the people see the benefits and potential of the cryptos also the banks already gained a lot of reputation in terms of having the security and integrity of the money. But still, for me, it is better to use the crypto because it is more transparent so you can see the potential of margin errors.

I think it depends on its flexibility and acceptance in the community. No one would want fiat if it is not acknowledged, it is worthless.
Moving to a decentralized system, banks made us see its possibility. And now as we seek progress, cryptocurrencies make us think that we would not need physical money or banks which i think is possible if implimented right. But as long as cryptos has still its limitations, barriers in the society banks for now is convinient, flexible and accepted. It makes fiat be decentralized as possible.

its possible , but hard to do , most of job payment always going thorugh bank , even if u do own business , is hard to keep bunch of money at ur place at all

For me that is exaggerated about Collapsing because we already knew the reason of this economic crisis
( or better say Sabotage?lol) because the world is fighting back and doing their best to comply in this problematic situation.


I support you in your campaign about Leaving banks and just use crypto or other virtual money and i think thats your right.


Majority of us here wanted this why not?but only if the availability of everything is indeed then maybe all of crypto users
 will totally leave banks and make the world new from capitalist and opportunist .

If that happens, probably our economy will suffer because the government will really have a hard time to get taxes from its people. Inflation will occur, higher price of goods will be implemented as it is the only way which the government will get the taxes. They will benefit from the huge market or store, or other businesses with a large rate and the businesses will suffer.

That's the importance of bank, so that there is something which will regulate and save our money. It is much safe compared to an economy without banks that will make our money vulnerable from crimes. It is true that it is much faster to use digital currency than fiat in most of the transactions and it is less hassle.

Banks have government support hence it is very difficult to eliminate them out of the system. Banks have infiltrate the financial sector in the sense that almost every financial transaction involving fiat finally goes to the books or records of the banks. Living with or without banks should not distort a cryptocurrency believer from using cryptocurrency.

It depends really. Fiat is not the same as bitcoin where you could manage it yourself as long as you can secure your own wallet, and most of the people say that it is better to take care of your bitcoins than putting it in an exchange since you could consider that bitcoin not yours at all. Banks could give interests and not all of the people could save their money by themselves, another thing is that people always take loans to banks. That is the reason why I think people can't leave without banks.