Topic: What's it like to live on crypto instead of Banks? - page 15. (Read 2816 times)

Personally, I think it would be more of fun for me if I can live only on Cryptocurrency.
It means I have full control of my funds and so can use it at my convenience .
I can shop from the comfort of my home .
I can decide tomake more money by swing trading my holdings. There won't be need carrying cash around and risking my life .
There are so many things that I can do.

I can't imagine it because I haven't felt it yet.
for us, it might be easier. but for some people it will be difficult, because by using crypto we must always be connected to the internet, besides that it will be difficult for people who do not understand the world of technology, so it is difficult for crypto to change banks.

Yeah there will be a start difference of course but the reality is that it'll probably happen in years, probably decades before we see that to even start happening. Banks can be considered as one of the cornerstones of every country's economy so it's hard to imagine people dumping banks in favor of crypto for now.

If this happen, i think the economic system will be stronger and more resistant againts inflation. But i am doubt this happen because banks will needed in every economic situation and i think crypto and fiat money will run side by side

My opinion is if I only live with crypto
everything will be simpler, all forms of transactions will be easier to not take long, and privacy protection will be guaranteed and more economical without any third party payment burdens

It could've been an easy life.

There are times when I am trying to imagine this kind of things. (kind of like a director in a movie or a writer)
I tend to go way deeper in my imagination and I see a life of ease and no more queue.

Payment is one swipe away. No need for cashier to get that machine where you will swipe a card and input a password. Just a swipe or a barcode reader and it is all done.

How is that there's no need for someone to approve our transaction?

Aren't we supposed to wait till our transaction gets confirmed by a miner? Isn't it essentially the same as "someone approving our transaction"? Besides, the point of "no fear of theft to our money" also doesn't look very credible. If someone steals your coins in case you are using a desktop wallet or an exchange gets hacked (openly steals your money) in case you are a trader and have to use them, you can safely kiss good-bye to your coins. With banks it is quite different, though. Indeed, someone can steal your money from a bank account too, but the chances of catching the thief are arguably better

Agree. Decentralization is the number one value proposition of cryptocurrencies and blockchain. Eventually, they'll take over centralized financial institutions that are highly inefficient. Having a centralized cryptocurrency greatly defeats its purpose, since Blockchain technology was designed to eliminate middleman or third parties. I believe that XRP is extremely fast only because it's highly centralized compared with other prominent cryptocurrencies on the market. But in the end, it could fail due to its single point of failure.
 
On the other hand, Nano is better than most cryptocurrencies out there. With decentralization in mind, and a unique design (using a DAG), it can achieve numerous TPS without costs. IOTA is also similar, which means that the future lies on decentralized cryptocurrencies that are fast, feeless, and secure.

With DAG-based cryptocurrencies like Nano and IOTA, it becomes much easier to live only on crypto instead of Banks. The benefits are numerous, and if every merchant in the world would accept cryptocurrencies, things would've been much better.




Excellent points, mate. This usually summarizes the benefits of crypto over Banks. The best feature crypto has is freedom as it enables us to be in charge of our own money. There's no risk or fear of getting our funds seized or frozen by the government. The decentralized nature of cryptocurrencies, makes them highly autonomous and independent from third parties. Which is why, the more people realize the benefits of crypto, the better as they'll use cryptocurrencies on top of existing Fiat money.

The only limitation of crypto is scalability and privacy, but that's being worked on. Eventually, crypto will become mature enough to prove itself as a viable competitor against existing payment solutions.

I personally do not fully live with Crypto, because surely when I need something out there that needs FIAT money, surely I will exchange my Crypto for FIAT money, so I choose to live with both of them.

it could be good any some banks are using blockchain for transaction i think in future your dream will become to reality

If your employer is paying you in crypto, and at the same time is knowingly not following the law, then it might work, but that doesn't work for the majority of the people here. In most cases there isn't a way to avoid dealing with banks, especially in my case. If you don't have a bank account here, you won't be able to get a job, it's that simple.

Obviously, it's different as 'anonymous' entity on the internet doing tasks for crypto left and right, but people doing so have been avoiding taxation already in most cases, so there isn't much new about this. Technically you are still expected to pay your due taxes, but hey, who does that?

fun maybe. imagine you will be earning and spending with out the obligation of giving anyone an account of how much I am earning, how much I am saving. there will be no obligations of paying tax and abiding by your bank rules and regulations. no fear of maintaining balance in the bank and fear of being charged of penalties. living with crypto alone I think means freedom.

The government won't let that happen that's why some have come up of an idea that they have to use fiat and cryptocurrency at the same time to make a new way system about of this corrupted system about fiat currency.
Digital and physical money is both completely different from each other though they have some common but different when talking about of the system.

Well, by the grace of God I had been living for a years here in this world crypto and sustaining all of my daily expenses through of it honestly speaking. With crypto I can gain a bit of bitcoin where all my expenses for the whole month was done by it. Because since I begun here I never use any bank only crypto or bitcoin to tell you frankly.

I think bank will still be there because in the long run they will accept bitcoin to stay in the industry. I still see people putting most of their funds like their bitcoin in banks for tight security. And small amount of  altcoins are in there own personal wallet.

It sounds really good, but it's very difficult to happen. If it completely replaces fiat, I think that is difficult to happen, and the government will not let the country's currency disappear.

Not depending again to banks which mean possibly government does not control our funds again and not necessary to pay tax because such as the nature of crypto we're will be independent but i think banks and government will not let this happen and they will figure out the ways how to control our wealth but i still wondering whether this is will effective because volatility still belong to crypto

there is always going to be dependency on third party services in my opinion. and banks have just been doing that, they have been offering services that people want and made things easier for them. of course the corruption,... came later.
but since that needs still exists i say the banks or any bank like services will also exist in the future. see how web wallets and web accounts such as coinbase exist and people use them although they shouldn't? that is the need i am talking about. some people don't give it up.

well etherum is more centralized than anything else. so you can't really say stop using banks and use another centralized corrupted coin like ethereum!

If It can possible than It will be very resourceful cause no hidden charge will be applicable. Instead of a bank, There are many charges Applicable for an account when even we are using booth Extra Charges will be Included. Live with the crypto is more useful and we can buy daily necessary things for our own. Digital cryptocurrency reduces fraud and this is really a very Convenient for us.

Approximately 97% of Western money is printed arbitrarily, as needed.

If the system crashes, it will drop a monster. If banks name the real volume of their debts in fiat currency, it can cause a whole avalanche of consequences. The elite will be safe, but the vast majority will remain in dire straits.