Topic: What's it like to live on crypto instead of Banks? - page 11. (Read 2816 times)

That is why we have stable coins, you think by the time crypto is fly regulated and virtually everyone adopts it, there will still be this much volatility, No, by that time, bitcoin would have even be too expensive for people to manipulate and it will be more useful for utility other than the investment part of it that we are always holding on to.

Government regulations and control, even if it is an anonymous system would not make it possible to always have dump, crypto banks too will still have their own laws in regulating it, and you are the one getting it wrong that it is for the purpose of investment, the idea of crypto was to create a payment system between peers to peers while getting little reward from that, but as it is now, many people wants to turn it to a get quick rich scheme.

I think the presence of cryptocurrency introduces to the public about technological advances in the field of currency. and evolution is common. but of course community and government assessments are the key to its development

Right.Crypto is not invented to compete with fiat currency but rather it will be a reserve currency for those people who loves to use bitcoin rather than keeping their money in the banks.With bitcoin,people will be trained to be more responsible in managing their own funds to make it safe and secured all the time.

Given the dynamic market, we use the cryptocurrency system instead of banks now, everything could have gone very badly already from the moment of another strong recession. In a panic, people would start selling coins, which would lead to even greater decline.

For now? probably not significant as most of the big assets are still done in loans, and loans need trust and income, and you might get a job as usual. Its just that your cryptocurrency could sustain daily needs easily when a community of merchant are embracing it, your wallets could probably staking as you use it, rewarding scheme. Cryptocurrency is still young and might just be another investment to bet that it would be adopted widely among huge communities

banks and cryptocurrency someday could be unseparated things.both of them make collaboration in system that will facilitate user in finance world.there are much advantages if we could combine between bank and cryptocurrency someday.no need to change one of them from market.

Why need change if both can be facilitated and works alongside each others to support and help the needs of the society, if this things happened it's much
better for both communities, we do have options and we can use whatever system we love to be use.

Making use of cryptocurrency instead of banks, let's assume that you have all your money in a cyypto wallet, well you're about to either be a very rich person or a broke ass. Your worth will be up and down with crypto as it moves, if the market falls then you will be broke, cause most of the investors will withdraw their money as the price falls and you that has decided to make use of crypto will get stuck in it.

It's not really good idea, this is for the purpose of investment, but if you decide to live your life on it, then you've put yourself on the line and be ready to take the risk. Bank is the safest place to keep your money as long as you're not breaking any rules, you will be alright. You need to have money in banks and also be an investor cause investment is very important.

From my perspective, this is a false dilemma or dichotomy

First of all, banks are not antagonistic to Bitcoin and cryptocurrencies in general. If it ever comes to that, they can easily integrate crypto into their existing infrastructure and facilities (like they use payment systems, e.g. Visa or Western Union), providing banking services based on both cryptocurrencies and fiat money. In simple terms, banks are not at odds with Bitcoin or other cryptocurrencies

Further, I wouldn't say that Bitcoin can't replace banks and still less equal that to replacing governments as this is an obvious case of comparing two different things (which can hardly be compared on their own) with an even more different one. I'm not sure if Bitcoin can actually replace the government (but who knows), but it can definitely get along well with banks (and with the government too, for that matter)

I would never want to live in a world where it will be based entirely on banks or entirely on cryptocurrencies , what I believe is banks are as important as cryptocurrencies and vice versa both can actually support each other and inturn increase the market value of the whole cryptocurrency world.

I really this we need both stability and a scope of attaining profit fast , both of them are dependent on each other.

I don't want to change the current attributes , the current situation banks and cryptocurrencies can go hand in hand .

I don't even understand why there are still people who thinks that bitcoin can replace bank.
This is a mission like we are replacing the government IMO, which is impossible to happen, we can see both successful, we should be happy with that.
Bank can serve all people but bitcoin can't, that's the reality we need to understand and see.

I think the idea of cryptocurrency is far way beyond that because it is by that alone, these age of cashless policy has made this things you mentioned already possible which has been in existence for a very long time now, because before cryptocurrency, most of our transactions has been through online.

The biggest solution that cryptocurrency brought is to have less interaction with banks in having access to the currency we need to perform these online digital payments, as we have little or no interaction with third party, it will make the cost of doing business very cheap as all the hidden charges embedded in the cost of products to meet up with bank and government tax and demands will be eliminated.

life with cryptocurrency I think cryptocurrency still has a usage limit which means that there are still not many countries that can use cryptocurrency freely so I only use cryptocurrency as a place to grow assets that I have and save money, when I want to use something I have to make a first withdrawal to the bank to be exchanged for local currency because in my country there are still not many who accept payments using cryptocurrency.

Bitcoin will not fully replace banks unfortunately. Not in our life or ever. It will live alongside of banks

Yes. The time will really come when banks will no longer operate because people will be using their cryptos already and thus they should be more responsible in managing their own finances. Other countries have started to adopt cryptocurrency already and in few years from now, we can see all countries are into crypto already.

For me it would be paradise, where you should not go to the bank to withdraw money FIAT, that instead of FIAT everything is digital, the only weakness I see in this system is if there is a power failure or if there is a failure massive internet, if this happens, we can hardly acquire goods and services, although could be invented satellite systems where transactions are made using some type of chip while offline.

But obviously the transactions, purchases, sales, would be instantly, there would be no queues, there would be many more simple options to have another level in business, it would be much more universal if you could practice only with bitcoin, Eth and other altcoins would be used only for not to collapse the network, but immediately the automatic change to bitcoin is made, this so that the transactions do not take longer than normal.

The case of the miners would have great work generating more speed in the transactions. Without the presence of banks in the economy, the possibility of corruption is reduced to zero, there would be no cheat in the economies, politicians could not steal freely as they do because each transaction would be audited and followed by anyone who decides to investigate.

The greatest advantage would be that it would be excellent to handle the large or small amount of money that the person wants without having to demonstrate their funds.

The best and important quality in cryptocurrency is making money it will give the profit for everyone but banks are only e available for our investment for the profit that is the qualities that I seen in cryptocurrency field only.

At least in my country this is far from happening, because there are very few establishments or stores where you can exchange bitcoin for goods or services. In fact, although most of my income is derived from the cryptos I get, I still have to pass through an exchange where I exchange them for local currency, and although the process is efficient and almost instantaneous, I can not escape from the banking intermediation, but if it were possible for me, of course I would prefer to carry out all my economic transactions directly through cryptos.

This will not happen for several reasons. First of all, people can not live using only cryptocurrency. This requires special living conditions, but they are far from being the same everywhere. In addition, many groups of people simply categorically will not use cryptocurrency and there can be a lot of reasons for this.
The second, and even more spring, reason is that a transition from a conventional currency to a cryptocurrency is necessary for a state, but no state will ever give up its national money, because the normal functioning of the economy of each state depends on them.

Banks are worried that the rate at which crypto market is growing will have a serious impact on their operation. The banks seem to fight cryptocurrencies to slow down their growth rate. Increase in value of cryptocurrency will attract many people to using it instead of regular currency. As a result, the bankers’ operation will be disrupted.