It is possible to live without banks. But fiat? I don't think so.
Say your employer decides to pay you in bitcoin. Even if it's in the form of cryptocurrency, they have their records of payrolls in order to keep track of how much whom gets. It's good if the government is willing to accept bitcoin as tax, but until then that bitcoin is going to be converted to fiat in order to fulfill your 'civic' duty for the country. Also, buying your necessities would be a hard thing to do since you can't just go out into Walmart and whip your phone, expecting to see a QR code designated for bitcoin payments. Well perhaps if the idea of bitcoin is truly accepted, then perhaps you can do that.
Topic: Is it possible to live without banks? - page 34. (Read 7753 times)
In my case I can’t live without banks since my payroll is still through the banks and honestly, banks help me to achieve my dream as well since they approved my loans which is a big thanks to them. Banking industry serves a big help to many people even if their services sometimes are not good. Living without banks is only possible if you don’t need their services since a lot of financial apps where you can use as an alternative and cryptocurrency as well which is slowly growing, living without banks will also depend on a country you’re living.
Actually it is possible to live without banks. There are many people who are living in remote or rural areas that don't own any bank account. Also, those people that are working in most blue collar jobs, who are paid daily or weekly that don't need bank accounts as they are being paid in cash. A lot of people in third world countries don't own any bank account up until now. So my answer is yes, it is still possible to live without banks.
Will work pretty well for decentralized crypto with proper governance . not so sure about using physical precious metals without easily accessible ledger and accounts/addresses in a world that is used to fast and complex economic system.
Decentralized Crypto can comfortably replace the typical bank once things become easier and safer for new users.
And I think we could use cryptocoins in physical form (like physical fiat) if we want to
Decentralized Crypto can comfortably replace the typical bank once things become easier and safer for new users.
And I think we could use cryptocoins in physical form (like physical fiat) if we want to
There are still people using credit/debit cards, but that may change soon as Fiat becomes hyper-inflated.
As long as you live in a country you will be taxed. That tax will be charged in fiat. It would be great if you pay it in crypto, and maybe third parties will pop up, but I can't see governments letting that go.
And also in many areas more than 50% of the population is dependent on government money, either public sector jobs or welfare of some sort. That money is always going to be paid out in fiat.
I could easily switch to pure crypto right now. I don't have any loans, overdrafts or direct debits of any note, nor am I paid into a bank account. All I'd need is places accepting it. But I would not leave behind a proper bank account and switch to a crypto debit card for the moments I needed that. None of them are competent or dependable enough.
If people decide to use crypto, precious metals, and physical cash, will it be possible to live a normal life without a bank?
Banks produce physical cash and hence if it's still in use banks would still be relevant, and everyone can't withdraw all the cash they own and keep in their pockets. Cryptocurrencies are not yet mainstream enough to be used as a global currency. Previous metals can be used as assets, but cannot be used for day to day transactions and it would make nations without natural resources heavily dependent on other nationsIn 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.
It's not the most ideal situation, but majority of people do not want to be burdened with the task if being their own bank and being wholly responsible for the funds they own. 
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)
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?
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