Topic: What's it like to live on crypto instead of Banks? (Read 2807 times)

That's certainly true, mate. Since Banks are largely relevant within the mainstream world, it's impossible to avoid them. Fiat currency is backed by the government while crypto is not. On top of that, the former is much more stable in price than the latter. It's no wonder why merchants and businesses prefer Fiat on top of crypto. Given that the options are limited for crypto users, a bank is needed to perform most transactions in daily life.

Even if crypto turns to become extremely popular over time, I doubt that you'll be able to live off it within the future. After all, prices are still volatile with regulatory uncertainty across the crypto market. It's much better to leverage the benefits of a bank and crypto in order to maintain yourself financially stable for years to come. While crypto lacks merchant acceptance within the mainstream world, I believe that it'll survive for a long time because of its community.

Nonetheless, if it were possible to live on crypto instead of Banks it would be a blast. Unfortunately, crypto's limited infrastructure makes this more of a dream than anything else. You can always use crypto for long term investments, while separating some funds in a Bank account that will act as savings. For some purposes, you'll need to pay with crypto while for others you'll need a Bank. Hopefully, more people would become aware of crypto to make it bigger and stronger over time. Just my thoughts

For the current generation it'll probably really mostly about an alternative way of storing money. Sure there are institutions that accept bitcoins for payment but that still involve them converting it to fiat and having it pass through the banking industry. It'll still be far in the future that we'd see people just using BTC instead of cash.

And speaking of government, wouldn't be surprised if they've already spied on us enough by then to track down our addresses. Can't let all that money go untaxed.

I don't think so if you cant imagine, It feels like heaven(LOL). In that way, I can be able to make my saving earn massive profit rather than saving in a bank where they are the only one who gets rich using the money of their clients. The majority of all countries now can access internet, even how poor it is as long as there is a telecom provider. I am investing last year and now I saw I have benefits and earned a lot just because of bitcoin, I can now buy the things that I wanted to have and I am so thankful I bitcoin came into my life. It makes my life easier than before.

now technology is growing, and this is the time we have to be able to make the best use of it. indeed bitcoin requires internet access, and we all know that the internet can be accessed anywhere. as human beings, we cannot deny that everyone will choose the best from what is. banks do provide benefits to people, but when we feel crypto can exceed the ability of banks, it is very natural that we will choose crypto over banks. indeed for the moment we cannot imagine if life is not dependent on banks, but I am still convinced that someday, crypto will become a great rival. and people will choose for themselves, which is better in terms of transactions between the two.

We'll then realize how it is to have full control over our money. That's what Bitcoin was supposed to do in the first place, right? Though of course, for now that's just wishful thinking and I don't think that we'll get by exclusively on crypto. Too many aspects need to be addressed and considered first.

And with bankers basically controlling most goverments, it's unlikely that we'll see that happen within our lifetimes.

Well, then that'll just be like the current state of things were we work for fiat and use fiat. Obviously the benefits is that we no longer need to have the money go through banks before using them and we can keep them ourselves but there might be some services that would not be available to us such as loans (which also means no credit scores, etc). We basically just spend what we have.

Of course once we get to the point where crypto more than half the population is using crypto then there might be more providers to replace the services banks give but for now we still have a use for them.

why not? crypto can do all of those things .

we have so many platform that allow you to pay any bills through cryptocurrency , you can also receive your salary in cryptocurrency as some mainstream company have tried to do this and if your company did not allow you to get paid in cryptocurrency which i think the majority still do the fiat salary of course , don't worry you can try bitwage , a platform that allow you to convert you slary into digital asset/cryptocurrency.

we are living in the digital era where cryptocurrency could be the center of it really soon.

The bank provides safety to our money and this is the advantage that crypto does not have. In crypto if your coin is gone 99% you can never recover it, Because 1% depends on if you know the thief and he can return it to you in full. In the bank once it loses our money it can be returned to us in full and there is an additional charge due to the nuisance it has caused to us.

I'm not saying I'm against in crypto development but let's look at the truth now. I knew it was going to happen but not yet.

This is cool to loan someone a good amount of crypto coins and a proof of humanity but there is no need to be a bank in your own. Why would you lend anyone big amounts in the form of digital currencies. you can help others by introducing crypto currencies and the ways to get them. Crypto currencies are our potential investments and they eradicate the problem of taking loan at the first place.

It could be great to be independent of banks but I'm afraid that is still not possible. Majority of us still gets salary in fiat and have some fixed expenses like house loans or remts, bills etc. With such obligations it's hard to depend only on cryptocurrencies. Even if you have fixed income in Bitcoin because of volatility that is too risky to count on. So only very rare can make enough for living only with crypto and can be independent from banks.

Can't imagine live without depending on bank and only use crypto for every transaction, we need internet access around in my country where ever we go we can use bitcoin for payment currency, without support with faster internet access we can't use bitcoin and never dreaming with live without bank and only use crypto as payment currency.

People are really into using cryptocurrency, for instance, bitcoin, because this is decentrakized, meaning the government doesn't have any control or say with it,, this decentralization is giving people the idea of living freely with regards to their finances if they started using cryptocurrency for their daily expenses but what they don't see is the downside of this being able to happen. The reason why cryptocurrency is still isn't usable for our daily trades is because up until now its still considered as asset not a currency, meaning taxes is still applied younhave to pay for it. For younto be able to use it for transacting you need to convert it first and for tgere would be another fee for that so you migh be possibly live paying taxes and fees. Next thing is, cryptocurrency is volatile, its better of younuse it for other matters that could make you hold onto it for a while.

Though there are still things that we can’t effectively do in cryptocurrencies like loaning a huge amount which what most of the business do especially those who just started. We can loan though in crypto but it is hard to trust someone that you can’t physically see nor you don’t have any documents to sign into. I guess it is still better to loan in banks than in cryptocurrencies.

Other than that, I would choose crypto over banks if I think it is more beneficial than the latter.

We all need to remember that banks and the bankers are the middlemen. And similar to all other domains, it is the middlemen who benefits the most. The advantage with Bitcoin is that it removes the middlemen. With Bitcoin, we no longer need banks to store our wealth. And when the middlemen are removed, it is the direct user who benefits. We should ask ourselves why we need these banks. A large part of the federal debt originates from various bank bailouts (the one that happened during 2008-09 is not the only one) and the average salary in the banking profession is much higher than most of the other professions. They live off our hard earned money and this should not be allowed to continue.

It is not a fantasy to live in the cryptocurrency instead of banks. You can still do your day to day tasks without using the service of the banks because there is a lot of remittances around our country and that is where we are going to cash out our money in cryptocurrency. Banks are mostly used for loans and for keeping our wealth but for growing our capital faster and more secure then it will go to cryptocurrency.

Living only on crypto without the natural bank should only exists in our fantasy because banks plays some dominant roles in making crypto to be worthwhile e.g bitcoin is often quoted against USD (btc/usd) the usd will no longer be there if there is no natural banks thereby nothing to stake btc against.

This can be possible with online businesses and merchants only and not all online business will accept crypto based on choices but it might be difficult in a physical open shop.

Most of us ended up exchanging crypto to fiats and this makes banks to be relevant.

you have a point in your opinion because right now in my country the cryptocurrency is still not a fully recognized currency by the government while for direct transactions with the crypto currency the government still prohibits but for the future everything is possible and nothing can happen can predict with certainty

It is till depends on the society where you live, if they fully adopted Cryptocurrency and they have thousands of various stores that accept Crypto currency, I'd love to live in a country or society where you can use your coins to all your needs but so far no country on our list that has that, we still need fiat, and I think fiat will never become obsolete.

I don't think anyone is really living the crypto life without banks unless for those who are truly rich and can afford to do so. But atm, I believe it is more expensive to be living off crypto because you still have to go through intermediary institutions if the service/product you are looking for doesn't yet accept bitcoin.

One thing I believe banks have an edge over crypto (temporarily) tho is stable interest rates. While it's true that crypto earns much more than a 7% annual return from banks, there are times when the timing of losses makes it difficult to live with.

What I we lack at the moment that I can see is the application of bitcoin and cryptocurrency. Even if it is accepted by our government and people, we don't use it to buy goods, spend to services and such. What we need is to start by ourselves to focus on creating business where utilization of cryptocurrency will be the main focus. If people will see how well it goes, they might adopt our system and start their own as a domino effect. Eventually, we can all benefit when crypto, being the national currency will be implemented.