Topic: Is it possible to live without banks? - page 7. (Read 7753 times)

If you don't have any savings, then obviously you don't necessarily need a bank account. A bank account is needed when you need to store your surplus earnings securely, or when you need a loan. Unlike the case with cryptocurrency, it is not viable to store fiat currency on your own. You can store banknotes in a safe, but that option is not very safe. Always there is a risk of confiscation or threat.

I will support you and i want to say that some indian tribes in the amazon region live not only without banks, but also do not use money in their daily lives and lead a natural eco-friendly economy engaged in hunting, fishing and collecting, followed by eating insects  A person can live without having all the benefits and vices of modern civilization, but I am not sure that all modern people would like such a life. The banking system, with all its vices and shortcomings, when properly conducted, helps to carry out the economic activities of society and contributes to economic growth.

Really it is conceivable to live without banks. There are numerous individuals who are living in farther or rustic ranges that do not claim any bank account. Moreover, those individuals that are working in most blue collar employments, who are paid day by day or week after week that do not require bank accounts as they are being paid in cash. Some individuals in third world nations do not claim any bank account up until presently.

It'll be quite challenging to avoid banks altogether, as they dominate the world's economy. Governments issue Fiat currencies through central banks themselves. Basically everything moves around Fiat. Without it, you won't be able to survive. Relying solely on Bitcoin or Gold is not a definite solution. Always remember that you can live without crypto, but not without banks. Either you use both (crypto and banks) or only Fiat (through banks) to survive in the mainstream world. There's no other way around this.

Since crypto was meant to be an alternative than a replacement, we'll be subject to banks for a very long time. At least, there are workarounds which allow you to use crypto even in places where only Fiat is accepted as payment method. Crypto-backed debit cards provided by Coinbase and Binance, prove to be extremely convenient for crypto "hodlers". While this greatly defeats the purpose of crypto/Blockchain tech (which is eliminating the middleman from the system), it's the best thing around for anyone willing to enjoy the benefits of banks without having to rely on them directly. As crypto's popularity grows in the mainstream world, more choices will be available for "hodlers". Banks will ultimately adopt Blockchain technology, getting all of the benefits inherent to crypto today (except decentralization). This tell us banks won't be going anywhere, despite Blockchain's widespread success in the mainstream world. Just my thoughts

In my case, I would never leave the bank and continue to support it. The reason is because I fear man's liberty and the built-in power of the rich.
If one day banks die, democracy and then the rich will become a new private bank. They will also soon use money to manipulate and the economy will once again become unbalanced. When they hold too much money, that is when they have the right to do everything they like, that will lead to political and economic chaos.
What we need is the management of the bank's cash flow, which needs to be balanced and properly distributed so that the economy doesn't fall into alarm.

I'm not using bank anymore because I get my salary directly to my employer and I don't have a saving, but I still believe that banks are here to stay because they evolve to serve every generation, because they are regulated they are strictly compliant, and it's the tool of the government and company to serve their citizen and employees.

Bank will not go away this is already part of the system they are the one who distribute fiats to people from printed money from Central banks but if crypto will replace fiat money banks can be possibly eliminated we only need one central bank to manage and distribute it to people in a transparent way. 

One I can say is that there is no perfect system. There will always be bull market and bear market. Maybe you can say this things because Bitcoin and the whole cryptocurrency market is in bull spree at the moment.

But in reality, a whole economy will surely crash more or even deteriorate over time without banks especially central bank. Central bank act as regulator in the fiat system of the whole country. Some countries central banks are shit that seems like they do not know what to do especially when printing money which devalues their fiat value but let us not generalize every bank. Banks were there for decades and does not perform very good all the time. There are ups and downs too. Even the cryptocurrency as a whole has its lapses too.

IMO not possible to live without banks in next 20 years, or even more.

But i am pretty sure that crypto market cap will raise, and ratio between crypto/fiat cap will get smaller year by year in pure USD value. Currently it is around 500B-600B for all 5000 crypto coins, comparing to 91T in fiat. That is little over 0.55%.  Tomas Frey predicted that crypto will get to 25% by year of 2030. We will see.

In the mean time, we can enjoy high interest in crypto and convert earnings to fiat in amounts we need for personal spending.

Plenty of good services for this, which are already acting like small crypto banks (celsius.network , blockfi.com, apyharvest.com , crypto.com, nexo.io)

They all offer crypto interest accounts, and crypto borrowing (with crypto collateral)

crypto.com offer atm cards (have one - all OK)

apyharvest.com offer crypto retirement plans, crypto joint savings plans and crypto child education plans

Celsius.network have already 3.3 billion AUM (assets under management)

However, they are all centralized, like fiat banks, cannot open account without KYC to prevent AML. And you do not have your keys, so risk exist no meter how much all 5 of them are legitimate.

I personally use crypto.com because of their crypto atm card, but i keep there only enough coins needed for having card. I would never place 100% of all my portfolio on any of them, no meter how big their interests are.

I think what OP means here is banking system and not bank itself. Still, if we just remove banking services and institutions from the world, even third world countries will suffer problems specially even those who don't receive salary in banks because they may not be receiving money into their own banks but their bosses or seniors or the company itself does as we live in a world which is globalized now both in terms of social and economical prospectives!

Living without Bank isn't possible yet. We have to wait further for this. Even, Banks may adopt cryptocurrencies in the future. They can give interest by locking cryptocurrencies in their account using smart contracts. So, living without a bank won't be possible in the future.

For those who have posted here that banks are not needed, please let me know how you are planning to store fiat currency. Without banks, it is not possible to store fiat currency. You need a savings bank account to do so. Other banking services may not necessary, such as credit cards and loans. But a large majority of the world population currently use them as well.

Banks only closed their outlet doors when the pandemic was at its peak, transactions through banking applications continued even though the intensity had decreased. If it's just life, I can live without a bank, and also I can live without Bitcoin. But we cannot thrive on our economic condition because of these limitations.


No offense to other parties, but I agree with your statement, that banks are still more needed by the public today for transactions from small to large scale

I personally did not experience any problems with banks during the pandemic, digital transactions have continued to increase and I have used bank providers so far. Currently living without a bank is still impossible because there are still many people who need a bank and not everyone is aware of bitcoin and besides that, the bitcoin that is owned will continue to be hold because it will be more valuable when the price reaches the moon, at least we can get a lot of profit. We still don't know what will happen in the future, because even the use of bitcoin itself is very dependent on the availability of the internet network, so I think bank usage will continue to be the main thing for everyday transactions.

Banks are certainly necessary and important but not essential. Notice the time of the COVID-19. Bank transactions are almost closed at this time. Bitcoin has completed its transactions freely. It is possible to live without a bank but not a single moment without bitcoin.

In my opinion, banks are very important for the purposes of saving and borrowing money, besides that they can also grow the economy and create jobs. Although there are many crypto enthusiasts, banks cannot be eliminated.

In order for a person to live without a bank, it is necessary to completely change the state financial system. Almost all payments that we associate with the state or with local structures are made using the banking system. These are utility bills and social payments. Although if you live autonomously, then a person does not need a bank. But if a person makes money with cryptocurrencies, then he still needs to cash out the cryptocurrency in order to at least buy products.

I would like to see how it can be done so far there is no one country or even city that is implementing no bank and only Cryptocurrency, there should be a framework on how it can be done and how it can be implemented or we will just end up wishing these things to happen.

It is possible to survive without a bank within the primitive age when there was no touch of technology people saved their capital without banks. Banks are currently wont to refrain from taking any quite risk to realize short-term profit targets. As a bank isn't a charitable organization, it's the responsibility of the bank to conduct ethical business to contribute to the country society and economy keeping in sight the trust and confidence of the people and therefore the general depositors. that's why the supervision and control over the bank is more strict and intensive than other business establishments.

It is actually possible to live without a bank, and it can be replaced by decentralized crypto coins, but the important thing here will be to integrate crypto coins into our lives. No matter how widely we want to use it, governments need to do a significant study on cryptocurrencies.