Topic: Is it possible to live without banks? - page 30. (Read 7753 times)
It is not possible to leave totally without them but we can minimize their involvement in our financial transactions using blockchain technology. At the end, we still need to convert to the fiat that is acceptable by the majority.
It is advisable to always have your savings at your place, not trusting the banks or anyone else. Because in which case, you have the opportunity to lose all your money, and literally stay with nothing. But in what exactly to store, everyone already decides for himself.
Yes, you can store money at your place and then the burglars might get into your home and steal it.
I don't think that home is safer than bank when we talk about money. Besides, your savings in bank is secured.
In a.type of world that we live it's not yet possible to live without banks. Yes, a few xan, but these are people without regular income that have no need for credit cards or loans, bank account and similar and they usualy live very modest. But in general, for average citizen that would be very hard.
It is advisable to always have your savings at your place, not trusting the banks or anyone else. Because in which case, you have the opportunity to lose all your money, and literally stay with nothing. But in what exactly to store, everyone already decides for himself.
That would be easy to say that someone can be able to live even without banks specially for those people who belongs to those country that have already adapted the usage of cryptocurrencies. But for people who are using cryptocurrencies but belongs to countries that still cannot adapt on directly using cryptocurrencies, it will be quite impossible since the currency they will need to purchase goods and services is based on fiat currency and we all know that banks are in charge to the fiat circulation (which includes transactions, etc)
At this time of pandemic, people are surely seeking for other ways of spending or how they can be able to pay for goods and services while avoiding the usage of paper money for it is said that it might carry the virus. But remember, even some countries have not yet adapt usage of cryptocurrencies, still they can be able to pay goods and services using fiat in terms of using online banking, credit cards and other financial assistance application to help people carry out on this pandemic. Well actually, it depends on the individual if he can or cannot live with or without banks because involvement on banks is still a matter of choice since fiat is freely circulating without in need to always seek for bank's assistance.
At this time of pandemic, people are surely seeking for other ways of spending or how they can be able to pay for goods and services while avoiding the usage of paper money for it is said that it might carry the virus. But remember, even some countries have not yet adapt usage of cryptocurrencies, still they can be able to pay goods and services using fiat in terms of using online banking, credit cards and other financial assistance application to help people carry out on this pandemic. Well actually, it depends on the individual if he can or cannot live with or without banks because involvement on banks is still a matter of choice since fiat is freely circulating without in need to always seek for bank's assistance.
No, without banks then there's no fiat existing, we know its the main form to transact physically. Not all people are fortunate to have a gadgets to access an internet and use virtual currency for payment. But it wont work for average people because we need banks in order to survive for taking loan in banks for housing or business. So for now its not possible we need both because its beneficial for us.
The reason why we couldn't do without bank is because we are already used to getting things done easily using banks. From making purchase of goods and services using cards from bank to taking loans and other services provided by the banks. However, I strongly believe if banks do not exist, then we will not depend on them. By the way, researches have shown that there are millions of people that remain unbanked. meaning they are not using banks especially in Africa and other countries with low standard of living
Nope not in our time now,yeah there are several countries that is adopting Bitcoin and other crypto,also with other electric cash like Paypal,paymaya and others.
But the sad part is majority of the the countries around the world has no this policy so it might be harder to spend just electric payments when it is not possible for us?yeah not for now that we can live without banks.
But the sad part is majority of the the countries around the world has no this policy so it might be harder to spend just electric payments when it is not possible for us?yeah not for now that we can live without banks.
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?
In my case, I'd be willing to exit the banking system in order to have true sovereignty over my money. After all, that's what crypto is all about. If you could live your normal life without the need to ever interact with a bank (having a bank account to make transactions, etc), it'll be a blast. With the world shifting towards the online realm for e-commerce, virtual meetings, and more, it seems likely that people will be using decentralized money more thoroughly. There are still people using credit/debit cards, but that may change soon as Fiat becomes hyper-inflated.
What are your thoughts?
In my case, I'd be willing to exit the banking system in order to have true sovereignty over my money. After all, that's what crypto is all about. If you could live your normal life without the need to ever interact with a bank (having a bank account to make transactions, etc), it'll be a blast. With the world shifting towards the online realm for e-commerce, virtual meetings, and more, it seems likely that people will be using decentralized money more thoroughly. There are still people using credit/debit cards, but that may change soon as Fiat becomes hyper-inflated.
What are your thoughts?
Banks are not just a storage of our money and the receiver of our salary. It doesn't just also help us loan, but offers us a convenient way of having money with great discounts or interest. Crypto, once used, can not exist without a bank. Some banks are now accepting crypto. And for some which are not, let's admit that you will still need physical cash. We may have the pandemic now, which hinders movement and businesses, money still circulates even in small ways. And for most third world countries, it is not possible to donate to poor families some digital currency to help them eat their meal.
The problem is loaning money - it can be only trough the banks, loan sharks, family/friends and investors. Banks of course guard themselves from loss trough collaterals and laws.
Oh, what a surprise...do you know how loans work on bitcointalk?
[EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!
Everyone is going to ask for a collateral, nobody is going to give you money for free without first securing a method of getting them back, be it banks or crypto lenders.
Right, I didn't even consider the volatility side but as for the Bitcoin lending industry, seeing how it's currently developed it won't really work.
Let me explain: Currently, if a person is looking to borrow money and try to use a lending platform such as Nex.io, Celsius, or any others he needs collateral. It's almost impossible for a company not yet launched to provide any, otherwise, there is no use to borrow money if the company already owns the funds. Better for the company to sell the collateral and start with it. But as I said companies rarely have collateral, they have perhaps 10% and a money machine idea.
Let me explain: Currently, if a person is looking to borrow money and try to use a lending platform such as Nex.io, Celsius, or any others he needs collateral. It's almost impossible for a company not yet launched to provide any, otherwise, there is no use to borrow money if the company already owns the funds. Better for the company to sell the collateral and start with it. But as I said companies rarely have collateral, they have perhaps 10% and a money machine idea.
I never understood the lending model on those platforms and I will never will
For example, on celsius, if you want to get 10k$ you have to deposit at minimum for the most unfavorable conditions 2.241805 BTC.
Why would you do that?
without banks and central banks the economy will not be able to function properly. Because the bank is a big source of capital for startups and large businesses, without banks, businesses will lack capital and easily die.
Not only bank alone, there are lending business who can operate to help the businessman who likes to start a business. In fact, lending business is not that far in terms of their lending business compared to the bank, they can actually compete if they will and for sure, without bank, they will be profitable and they will be able to drop their interest, so I disagree with your statement.
In the economy, banks play an important role in rational cash flow with reasonable interest rates. and the economy wants to develop well, the cash flow must be strongly circulated. So the bank is playing a very important role.
Lending business without bank would still operate based on the law implemented by the government, if the government will order that this certain percent of of loan will only be allowed, then these lending business has no choice but to follow it as they will still be profitable since the volume of borrowers will increase without banks. 
without banks and central banks the economy will not be able to function properly. Because the bank is a big source of capital for startups and large businesses, without banks, businesses will lack capital and easily die. In the economy, banks play an important role in rational cash flow with reasonable interest rates. and the economy wants to develop well, the cash flow must be strongly circulated. So the bank is playing a very important role.
The problem is loaning money - it can be only trough the banks, loan sharks, family/friends and investors. Banks of course guard themselves from loss trough collaterals and laws.
Life without banks would be possible, but growth of businesses and speed of living would be much lower. By saying speed of living would be slower I mean that you would have to earn money first then buy something like car or apartment - you would have to save money for years before buying and now you can lend money from bank and buy it in month or two.
Life without banks would be possible, but growth of businesses and speed of living would be much lower. By saying speed of living would be slower I mean that you would have to earn money first then buy something like car or apartment - you would have to save money for years before buying and now you can lend money from bank and buy it in month or two.
so your only concern is lending or loaning money ? but i see many crypto platforms now also offers a service like this .
living without banks is still possible imo . the reason why banks still here because many people still cant move on or not yet aware that there is already a crypto existing on the online world . they think banks is too useful for them so they say things like they cant live without the help of a bank .
If we can just find stores that accepts coins we'll probably live without banks. There are apps that may actually help you do this abut you will still need fiat money. I believe each country has a popular wallet which their apps allows you to sell your btc for fiat and than you can send your fiat money to yourself by a remittance services.
Hard thing to do but claiming the money will need you to fill your info, this will still not allow you to be anonymous though.
If we can just find stores that accepts coins we'll probably live without banks. There are apps that may actually help you do this abut you will still need fiat money. I believe each country has a popular wallet which their apps allows you to sell your btc for fiat and than you can send your fiat money to yourself by a remittance services.
Hard thing to do but claiming the money will need you to fill your info, this will still not allow you to be anonymous though.
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The replacement system needed is a change in the function of the bank itself from "margin oriented" which provides interest from loans and deposits to institutions that are "service-oriented". The goal is only one so that money truly revolves in the real sector instead of settling so that the main function of money as an economic lubricant is truly achieved.Banking is good but banks are evil. What's wrong is not banking services but the banking system that causes the illusion of debt and money cannot effectively rotate the economy because it accumulates in deposits.
"The man behind the Gun" (current bank system)
the true moneylender
What these banks could do is to make an adaption to blockchain technology for better financial system, not to make the whole financial system decentralized.
very dangerous to make the financial system decentralized, just look at what happened to the decentralized coins, the manipulators (whales) control them. Blockchain technology is a driving machine (system) and regulator or supervisor (the goverment) is still needed 
The problem is loaning money - it can be only trough the banks, loan sharks, family/friends and investors. Banks of course guard themselves from loss trough collaterals and laws.
Life without banks would be possible, but growth of businesses and speed of living would be much lower. By saying speed of living would be slower I mean that you would have to earn money first then buy something like car or apartment - you would have to save money for years before buying and now you can lend money from bank and buy it in month or two.
Life without banks would be possible, but growth of businesses and speed of living would be much lower. By saying speed of living would be slower I mean that you would have to earn money first then buy something like car or apartment - you would have to save money for years before buying and now you can lend money from bank and buy it in month or two.
No, not really. I mean like why even ask this question, for you know it is quite impossible, at least for now. Maybe in the future, but that future is far away. You are saying "you" as an individual can live without interacting with the bank, but is it actually possible? What if the only store on your block does not accept crypto currency, since their business can't work efficiently without banks? What if they accept cards only?
You are saying people might decide to use "physical cash", when who is going to issue those cash? The Bank.
You are saying people might decide to use "physical cash", when who is going to issue those cash? The Bank.
What are your thoughts?
Not yet crossed my mind with the times that are all sophisticated with technology, without using a bank, this would not be normal if living in this day and age.Except in ancient times, maybe banks are not needed.
Crypto has a relationship with the bank, when conducting transactions, the two elements have their own different work systems, which cannot be separated.
For now crypto is not physical, so it is very difficult to make it as a transaction with lagsung paper money, because crypto is not just Bitcoin, there are hundreds of crypto in this world, if crypto is bought with paper money without using a bank, maybe in this world full of crypto shops / offices, this might not happen.
For example: like a gold shop, if crypto is sold and bought using fiat money without using a bank, this is unlikely to happen, banks cannot be separated from crypto.
Banks existed for hundreds of years, and they would remain in existence for the next few centuries as well. Even if you don't need a bank account, the banking services may be necessary for various sectors such as businesses and welfare programs. Even if cryptocurrency replaces fiat currency completely at some point in the distant future, I don't think that banks would cease to exist.
Here are some of the benefits of banking in life;
source: wikipedia/Bank
it's possible (life without a bank) but there must be a better replacement system. I am sure that in the future Blockchain technology will replace the current banking system but it takes a long time (my prediction in 50 - 100 years)
Quote
- As an investment model, which means, derivative transactions can be used as an investment model. Although in general it is a type of short-term investment (yield enhancement).
- As a way of hedging, which means, derivative transactions can function as a way to eliminate risk by hedging, or also known as risk management.
- Price information, which means, derivative transactions can function as a means of finding or providing information about prices of certain commodity goods in the future (price discovery).
- Speculative function, which means, derivative transactions can provide opportunities for speculation (luck) on changes in the market value of the derivative transactions themselves.
- The production management function runs well and efficiently, which means, derivative transactions can provide an overview of the production management of a producer in assessing future market demand and needs.
it's possible (life without a bank) but there must be a better replacement system. I am sure that in the future Blockchain technology will replace the current banking system but it takes a long time (my prediction in 50 - 100 years)
The pros and cons of living without a bank will always be there. The replacement system needed is a change in the function of the bank itself from "margin oriented" which provides interest from loans and deposits to institutions that are "service-oriented". The goal is only one so that money truly revolves in the real sector instead of settling so that the main function of money as an economic lubricant is truly achieved.
Banking is good but banks are evil. What's wrong is not banking services but the banking system that causes the illusion of debt and money cannot effectively rotate the economy because it accumulates in deposits.
I must agree, this is also most of us in here don't trust the banks. We always see our money in the bank books or any sources but our money is not really there.Reminds of this old joke, " We trust banks to take care of our money, yet their pens are being tied on their table"
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