Topic: Is it possible to live without banks? - page 31. (Read 7781 times)
for now we can't live without Banks, all the Fiat money that controls them, and Fiat is still needed, if the crypto currency turns into a need then paper money won't be useful and Banks won't be needed anymore, just wait until happened
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.
Banks play a large role for the normal functioning of the state, therefore, states will never abandon the banking system. People can live without banks, but no government. Therefore, banks will continue to exist in our society.
Yes as long as the banking system exist, it will always involve in our livings either in minor cases or major, it will always play a role in our society. but the only case is that if the government adopt crypto then there is certainty that society will no longer be involve in banking system. so conclusion is that if the government allowed that crypto then it is possible to live without banks.
Banks play a large role for the normal functioning of the state, therefore, states will never abandon the banking system. People can live without banks, but no government. Therefore, banks will continue to exist in our society.
Yes, in principle, it is possible (but difficult at the moment). If you live on your own land, you grow your own food, etc. At the moment, we are still involved in the banking system, fiat money.
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)
If you don't receive your salary paid in bitcoins and if you can't use your salary everywhere you will still need to use a bank.
Otherwise how do you plan to receive your monthly cheque or how do you plan to pay the recurring payments to pay the bills (water, electricity, ISP, phone, insurances, taxes, landlord...)? If you can not pay the groceries how will you pay the cashiers?
How businesses could be created if they can't borrow money from the banks? It's what makes an economy growing, create jobs, etc
What about the average Joe using his interest account to earn a small profit annually? He won't have any opportunity. The amount collected with the interest accounts from banks is also used on the local economy, to build houses for the average class for example.
The average Joe won't be able to borrow money to buy a car to find a job, or to build his own house.
Bitcoin isn't looking to replace the banks but rather to be an alternative, as a second layer (or as the first, as you wish)
Otherwise how do you plan to receive your monthly cheque or how do you plan to pay the recurring payments to pay the bills (water, electricity, ISP, phone, insurances, taxes, landlord...)? If you can not pay the groceries how will you pay the cashiers?
How businesses could be created if they can't borrow money from the banks? It's what makes an economy growing, create jobs, etc
What about the average Joe using his interest account to earn a small profit annually? He won't have any opportunity. The amount collected with the interest accounts from banks is also used on the local economy, to build houses for the average class for example.
The average Joe won't be able to borrow money to buy a car to find a job, or to build his own house.
Bitcoin isn't looking to replace the banks but rather to be an alternative, as a second layer (or as the first, as you wish)
If the OP doesn't work, has his own fortune, then it's possible for him to live without banks. But like with the things you mentioned, banks are here to stay.
I like your point but I doubt that it will come to that since banking is the absolute system that couldn't be annihilated. There could be some modifications but never it will remove from the human history.
For me it is possible to live without banks because you can take care of your own money or wealth by your own but the problem is the security. Without banks and if you have a big amount of money ,i am sure your life is always in danger because there are so many robber and holdupper arround. Also if you are a businessman and need financial assistance,you need a bank. There are many benefits that banks can give to us but we can live without it.
In this current era, banks are so important so economy will die if there will no a financial institutions like banks. Banks have a important role especially to the government and to the society. Banks are often lending to government, companies and even entrepreneurs for them to have money that they can use, banks also have a important role especially in circulations of money but there are also disadvantages that is why there are smart persons who are now not trusting banks.
There are now many banks that have been bankrupt because of not good management and most of the banks nowadays have negative zero interests where they are offering interest that are too low so it is not good to store our money their. There are now many persons like me who are buying cryptocurrencies monthly than saving it in banks because of the opportunities that I can get.
There are now many banks that have been bankrupt because of not good management and most of the banks nowadays have negative zero interests where they are offering interest that are too low so it is not good to store our money their. There are now many persons like me who are buying cryptocurrencies monthly than saving it in banks because of the opportunities that I can get.
It is possible to live without banks .
Years before people have been living without any banking system , but the population was not that big .
They need a reasonable body which can control the economic situation , banks do a very important job , the lending was in the past done by the rich and they did have very unreasonable rates.
I do think it is possible but won't do any good .
For most startups and business , usually banks do an amazing job , many students do take special loans from them to complete their studies.
They have safety deposits for multi-purpose
Online banking is actually a very very important part of the society right now , without online banking cryptocurrencies won't be there
We can buy and sell the cryptocurrencies and other goods , we can trade because there is an online method enabling us to find people to do that with .
Banks are not a safe heaven but at the same time they are much needed resource for the community as a whole .
Community is not dependent on them but they do a good job let's leave it at that .
Years before people have been living without any banking system , but the population was not that big .
They need a reasonable body which can control the economic situation , banks do a very important job , the lending was in the past done by the rich and they did have very unreasonable rates.
I do think it is possible but won't do any good .
For most startups and business , usually banks do an amazing job , many students do take special loans from them to complete their studies.
They have safety deposits for multi-purpose
Online banking is actually a very very important part of the society right now , without online banking cryptocurrencies won't be there
We can buy and sell the cryptocurrencies and other goods , we can trade because there is an online method enabling us to find people to do that with .
Banks are not a safe heaven but at the same time they are much needed resource for the community as a whole .
Community is not dependent on them but they do a good job let's leave it at that .
If you don't receive your salary paid in bitcoins and if you can't use your salary everywhere you will still need to use a bank.
Otherwise how do you plan to receive your monthly cheque or how do you plan to pay the recurring payments to pay the bills (water, electricity, ISP, phone, insurances, taxes, landlord...)? If you can not pay the groceries how will you pay the cashiers?
Otherwise how do you plan to receive your monthly cheque or how do you plan to pay the recurring payments to pay the bills (water, electricity, ISP, phone, insurances, taxes, landlord...)? If you can not pay the groceries how will you pay the cashiers?
As a mater of fact this can be done with ease.
Some of my friends work in companies that pay them in cash. There's a dedicated office in the building where you go and get cash every month, pretty normal stuff.
Most contractors like gardeners, electricians, construction workers receive cash. Nobody expects them to cary around a card terminal and checkbooks aren't a thing in the EU.
Every bill can be paid in my local post office. You just bring them all your bills, they scan the barcodes and you're done.
It's possible to live without banks. Is it convenient? No, but that's a different question.
Even if we wanted to live without banks Yet we have no option to choose because
Frist- Depend on our community/government if the Crypto or other form of payments is adopted and you can use to purchase everything you need from services and for products .
Second- Many people still believe in banking than putting their money in Volatile market like crypto currencies.
Third- Crypto/online wallets are prone to Scamming,Hacking and any sort of online syndicates so we must also consider this part.
Having those reason this maybe hard to happen even in the near future,not unless the total adoption happens the whole world then things may change to favor us all cryptonians.
Frist- Depend on our community/government if the Crypto or other form of payments is adopted and you can use to purchase everything you need from services and for products .
Second- Many people still believe in banking than putting their money in Volatile market like crypto currencies.
Third- Crypto/online wallets are prone to Scamming,Hacking and any sort of online syndicates so we must also consider this part.
Having those reason this maybe hard to happen even in the near future,not unless the total adoption happens the whole world then things may change to favor us all cryptonians.
for now, it is still impossible to live without a bank...
banks are still the center of general transactions, activities for saving, withdrawing money, sending and making deposits majority occur there. even someone who wants to buy Bitcoin must make a deposit through the Bank.
banks are still the center of general transactions, activities for saving, withdrawing money, sending and making deposits majority occur there. even someone who wants to buy Bitcoin must make a deposit through the Bank.
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?
I guess Crypto has its benefits but so do the banking system, they are like a safe heaven for the poor people, they can keep their money in the banks for saving it, but who will teach them use of Crypto and how to open up their own wallet as most of those wouldn't know anything about smartphones other than calling from it, so the main problem is illetracy and if it is cured it can lead to wonders. 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?
It's possible for banks to start losing relevance as we transition into a cashless society, it all depends on which currencies crash and burn first though.
I don't think that will happen.
I mean even the government convert to digital currencies, they will not be dissolving banks. People will still use currencies, and as long as people have a lot of them, they will still be using the service of the banks. It is not that they will be using Bitcoin or other cryptocurrencies as a main currency, they will just use it as a secondary.
It's still hard to live without banks because until now, people are dependent on it and with fiat.
If we are talking on a grander scale on the situation here then I can say that we can live without banks, for example is tribes that are still living the old ways and they are getting their sustenance from hunting and farming, they also can barter their products and goods from other tribes, this is feasible but when it comes to a modern setting then it will be different because the norms have changed overtime and we now have novel needs that was once unavailable like medicines and medical treatments. Unpopular opinion, poor people do not depend on banks.Lorence.xD you are right, we can live without banks. It's evolution, from tribes
to modern world, banks were essential before, even now they are a big part of
economy, but with introducing crypto-currencies we see that we can do things without banks as third party service. We needed them before, but now I can send coins to
anywhere, why I need to go bank and pay them to do that for me when I can do it myself and it will be cheaper.
The world market and transaction are gradually converting into digital form. Banks of the whole world have already introduced different debit/credit card, internet banking, online banking, mobile banking, ATM, POS Machine etc for digital transaction. As as Digital currency, why crypto can't be used for online transaction like fiat money. The main hindered in the obligation of the government. People now invest in cryptocurrency only for making profit. So, it is not possible to avoid the banks at this moment. If the government of the countries permit it to use in all transactions, we may think cryptocurrency as the alternative for banks.
Banks are always a huge part of economy. During the history there was always a bank with different types. But considering the last generation of the banks I think if I just receive your salary in bitcoins I would never go to bank for opening any kind of account. Because security matters and we chose crypto as last generation of the currencies.
It's still hard to live without banks because until now, people are dependent on it and with fiat.
If we are talking on a grander scale on the situation here then I can say that we can live without banks, for example is tribes that are still living the old ways and they are getting their sustenance from hunting and farming, they also can barter their products and goods from other tribes, this is feasible but when it comes to a modern setting then it will be different because the norms have changed overtime and we now have novel needs that was once unavailable like medicines and medical treatments. Unpopular opinion, poor people do not depend on banks. Jump to: