What's it like to live on crypto instead of Banks? - page 17.

LeGaulois

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Quote from: jho0810 on January 26, 2019, 04:43:28 PM

Quote from: Abiky on January 23, 2019, 06:11:32 PM

Imagine living your life without depending on Banks ever again. Using only cryptocurrencies such as Bitcoin or Ethereum, you can make your own income stream and use the coins earned to buy stuff from merchants who accept them. Every day, cryptocurrencies have been going closer towards full mainstream adoption. However, there are still some things which prevent crypto from being used over traditional payment systems we've been accustomed to for a long time.

Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money? Cheesy

What you said is really happen to me I never use bank eversince I discover Cryptocurrency because in my mind I think you having wallet of bitcoin or other coin is good to save your funds. And you can detect your own funds in your wallet so I will say that as we people we can live with crypto. It depending to us being individual to how manage it.

Explain to me how are you paying your house, bills, etc Do you go to the supermarket with your wallet and say to the cashier "hold on, I am waiting for the confirmation"...
Oh man, I am also able to "detect my funds" when it hits my bank account, don't worry. Nothing to be jealous of.
Sometimes when I read people in the economics section there are a lot of people I wonder if they have a bank account, ever pay taxes, it makes me think the majority is living in their parent's house.

jho0810

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Quote from: Abiky on January 23, 2019, 06:11:32 PM

Imagine living your life without depending on Banks ever again. Using only cryptocurrencies such as Bitcoin or Ethereum, you can make your own income stream and use the coins earned to buy stuff from merchants who accept them. Every day, cryptocurrencies have been going closer towards full mainstream adoption. However, there are still some things which prevent crypto from being used over traditional payment systems we've been accustomed to for a long time.

Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money? Cheesy

What you said is really happen to me I never use bank eversince I discover Cryptocurrency because in my mind I think you having wallet of bitcoin or other coin is good to save your funds. And you can detect your own funds in your wallet so I will say that as we people we can live with crypto. It depending to us being individual to how manage it.

Xk80jq

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I really love to live in crypto it is very easy transaction through payment , shopping , transferring money investment , trading and so others like an easy life. While in a banks you are transaction in person to the bank lossing time is lossing money..

deisik

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Quote from: exstasie on January 26, 2019, 04:13:23 AM

Quote from: 1Referee on January 25, 2019, 01:43:11 PM

It's just a matter of time before every payment processor will start accepting payments in stablecoins, and I'm certain that this will turn out to be something that will gain a lot of traction in the forthcoming years. Coingate already accepts TrueUSD, so the first step has been set. Considering that most people don't need censorship resistant payments, these stablecoins will do well, very likely better than most decentralized cryptos combined eventually.

Stability is such an important factor that regardless of how fast and cheap your transactions are, if the price jumps up and down like crazy, it's not a serious day to day currency.

I guess I'm just old school. I much prefer to hold most funds in bitcoins in cold storage and hedge short with a portion as needed. Stablecoins seem risky no matter what. With the "legit" stablecoins (GUSD, PAX) you need to worry about Gemini or Paxos hassling you when you try to redeem, or outright freezing funds. Gemini has a backdoor, after all. On the other side of the spectrum (Tether), you need to worry about the U.S. government fining or shutting down Tether. They're already being investigated for price manipulation. I think there might be another BTC-e situation in the making there

Stablecoins are neither here nor there

And hedging with partially covered shorts is the way to go (or via futures and options if you have access to these). This is not the old school (which it is), this is the right school. These stablecoins are a substitute for fiat, but it is not the same as fiat in your bank account. They are to give you a sense of being protected without actually protecting from systemic risks like exchange hacked, funds frozen, money stolen

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It is really a hard thing to achieve such an access. Cryptocurrency hasn't reached such a level of being used independently without the banking or the local currency. Even now there are many people around the globe who use just cryptocurrencies for all their needs. So, the more we explore more will be the possibility. Recently read an article about a person who used only bitcoin to travel dfferent countries and on each and everything required during the travel.

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Quote from: Abiky on January 23, 2019, 06:11:32 PM

Imagine living your life without depending on Banks ever again. Using only cryptocurrencies such as Bitcoin or Ethereum, you can make your own income stream and use the coins earned to buy stuff from merchants who accept them. Every day, cryptocurrencies have been going closer towards full mainstream adoption. However, there are still some things which prevent crypto from being used over traditional payment systems we've been accustomed to for a long time.

Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money? Cheesy

I could be possible in the future where the community will not need cash. Cashless society is what the aim for the revolution of cryptocurrency, so I am not that surprised to see a cashless society in the future.

exstasie

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Quote from: 1Referee on January 25, 2019, 01:43:11 PM

It's just a matter of time before every payment processor will start accepting payments in stablecoins, and I'm certain that this will turn out to be something that will gain a lot of traction in the forthcoming years. Coingate already accepts TrueUSD, so the first step has been set. Considering that most people don't need censorship resistant payments, these stablecoins will do well, very likely better than most decentralized cryptos combined eventually.

Stability is such an important factor that regardless of how fast and cheap your transactions are, if the price jumps up and down like crazy, it's not a serious day to day currency.

I guess I'm just old school. I much prefer to hold most funds in bitcoins in cold storage and hedge short with a portion as needed. Stablecoins seem risky no matter what. With the "legit" stablecoins (GUSD, PAX) you need to worry about Gemini or Paxos hassling you when you try to redeem, or outright freezing funds. Gemini has a backdoor, after all. On the other side of the spectrum (Tether), you need to worry about the U.S. government fining or shutting down Tether. They're already being investigated for price manipulation. I think there might be another BTC-e situation in the making there.

BestSSS

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So far it is difficult to imagine, because there was no such situation. It's like looking to the future and figuring out how we're going to live.
Life without banks and Fiat money is impossible, but for its beginning it is necessary at least that the bitcoin rate does not fluctuate with such huge ranges.
I am ready to pay for everything crypto, but only if it is stable and the services working with it will be well protected and work without failures.

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I don't want to imagine if that thing is to happen right now because I still need money for my life and my family. But if that really happens, then I will try to use crypto in my life, and I will learn more about not depends on the banks again because using the crypto is enough for us. We can buy something for our life using crypto, pay bills using crypto and crypto will change the fiat place.

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Quote from: kolesozw on January 23, 2019, 06:39:18 PM

Quote from: Abiky on January 23, 2019, 06:11:32 PM

Imagine living your life without depending on Banks ever again. Using only cryptocurrencies such as Bitcoin or Ethereum, you can make your own income stream and use the coins earned to buy stuff from merchants who accept them. Every day, cryptocurrencies have been going closer towards full mainstream adoption. However, there are still some things which prevent crypto from being used over traditional payment systems we've been accustomed to for a long time.

Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money? Cheesy

It would be good, yet still nothing more than a dream. I still need to convert Bitcoin or Ether to fiat on a daily basis with my Wirex or Fedor cards to cover my expenses and pay everywhere.
People doesn't changes and this is the main reason why crypto will not be widely adopted in next 5-10 years. Like it or not, we will depend on exchanges, not necessary banks.

If the banks will get involved in the blockchain technology things will be different, but in the same time we would have to pay the same taxes and fees that we pay with the fiat money. For better or worse it is good as it is now.

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Quote from: 1Referee on January 25, 2019, 03:49:19 PM

Quote from: deisik on January 25, 2019, 02:51:03 PM

I would say it depends

For example, if Bitcoin's volatility was in the range of 5-10% a day (or every other day) but the price would still stay in the same range for months without either abrupt crashes or as abrupt surges, it would be one thing. And if the price stayed the same with insignificant volatility (say, on the order of 1% daily) for a month and then crashed a couple times within a short week, that would be a completely different thing

Well, volatility is impossible to time/predict. It may look like it's relatively stable for a week or two, but then it bounces up and down like crazy out of nothing, or it continues to plunge like what we have seen when ~$5800 support broke last year. The uncertainty that comes with this market makes crypto unreliable as day to day currency

It is impossible to predict because Bitcoin is a purely speculative asset

You can take a look at a commodity like crude oil and you will see how real value backs up its price even despite a huge derivatives market which is mostly speculative in nature. It is not uncommon for crude oil to have price swings in the range of a dozen percent within a single day (though not every day, obviously), but I don't remember even one case in the recent history when oil dropped in price like two times within a couple of weeks (or even a couple of months). Yes, it went down from $140 per barrel down to below $30 but it took a few years

hxtop

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There will be some miners or some other instituitons for the execution of works. But they can keep things on its way faster and safer with a lower fee when compared to banks. I would see a world that crypto currencies are mostly accepted by authorities and institutions and they are in use in our daily life. I hope it will be realized as soos as it is possible.

Febo

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Quote from: Abiky on January 23, 2019, 06:11:32 PM

Imagine living your life without depending on Banks ever again. Using only cryptocurrencies such as Bitcoin or Ethereum, you can make your own income stream and use the coins earned to buy stuff from merchants who accept them. Every day, cryptocurrencies have been going closer towards full mainstream adoption. However, there are still some things which prevent crypto from being used over traditional payment systems we've been accustomed to for a long time.

Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money? Cheesy

You should just use what is cheaper for you. You should not focus in one or another but use both. Banks itself will eventually use crypto if will be cheaper to transact. But they will still exist and serve.

1Referee

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Quote from: deisik on January 25, 2019, 02:51:03 PM

I would say it depends

For example, if Bitcoin's volatility was in the range of 5-10% a day (or every other day) but the price would still stay in the same range for months without either abrupt crashes or as abrupt surges, it would be one thing. And if the price stayed the same with insignificant volatility (say, on the order of 1% daily) for a month and then crashed a couple times within a short week, that would be a completely different thing

Well, volatility is impossible to time/predict. It may look like it's relatively stable for a week or two, but then it bounces up and down like crazy out of nothing, or it continues to plunge like what we have seen when ~$5800 support broke last year. The uncertainty that comes with this market makes crypto unreliable as day to day currency.

It's waiting for a stablecoin that's fast, cheap to use, and more importantly, scalable. Most of the stablecoins run on Ethereum, or in case of USDT on Bitcoin, but both networks severely lag when stressed, and aren't scalable on-chain to have the mass use them. I guess time will tell what stablecoin will find a solution to all problems the current ones struggle with, but we have at least had a glimpse of what the future may look like with the current generation of stablecoins.

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Quote from: Abiky on January 23, 2019, 06:11:32 PM

Imagine living your life without depending on Banks ever again. Using only cryptocurrencies such as Bitcoin or Ethereum, you can make your own income stream and use the coins earned to buy stuff from merchants who accept them. Every day, cryptocurrencies have been going closer towards full mainstream adoption. However, there are still some things which prevent crypto from being used over traditional payment systems we've been accustomed to for a long time.

Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money? Cheesy

Maybe we can feel the freedom of using owr own money when we using cryptp currencies for it.There is no meed for prppf verification to send any money overseas and everything will be much easier and complete decentralized but maube the transaction time will be little longer when compared to current system.

Toy_evil

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Stability is a relative concept. Your fear is quite obvious. But it is impossible to predict what will happen in the end. Over time, the cryptocurrency itself will be in our everyday life.

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Quote from: 1Referee on January 25, 2019, 01:43:11 PM

Stability is such an important factor that regardless of how fast and cheap your transactions are, if the price jumps up and down like crazy, it's not a serious day to day currency

I would say it depends

For example, if Bitcoin's volatility was in the range of 5-10% a day (or every other day) but the price would still stay in the same range for months without either abrupt crashes or as abrupt surges, it would be one thing. And if the price stayed the same with insignificant volatility (say, on the order of 1% daily) for a month and then crashed a couple times within a short week, that would be a completely different thing

tinkerr99

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On the one hand it sounds good, but still nonsense. Undecided

The lack of control pulls a lack of any stability course. You should take this into account.

1Referee

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It's just a matter of time before every payment processor will start accepting payments in stablecoins, and I'm certain that this will turn out to be something that will gain a lot of traction in the forthcoming years. Coingate already accepts TrueUSD, so the first step has been set. Considering that most people don't need censorship resistant payments, these stablecoins will do well, very likely better than most decentralized cryptos combined eventually.

Stability is such an important factor that regardless of how fast and cheap your transactions are, if the price jumps up and down like crazy, it's not a serious day to day currency.

deisik

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Quote from: Abiky on January 24, 2019, 07:26:46 PM

Quote from: kolesozw on January 23, 2019, 06:39:18 PM

It would be good, yet still nothing more than a dream. I still need to convert Bitcoin or Ether to fiat on a daily basis with my Wirex or Fedor cards to cover my expenses and pay everywhere.
People doesn't changes and this is the main reason why crypto will not be widely adopted in next 5-10 years. Like it or not, we will depend on exchanges, not necessary banks.

That's certainly true, mate. People can't adapt to changes easily, which means that they'll be slow in adopting something new in their daily lives. For many years, fiat has dominated our world and for obvious reasons, many people trust it. Considering how Bitcoin is just 10 years old, it's still relatively new to the world. Perhaps, after the Blockchain industry becomes so successful, we'll get to see crypto more often in mainstream businesses and corporations

People don't easily adapt unless they have to and it is a matter of their own survival. And then you will be surprised how fast this process can go. For example, if a local currency is being massively devalued by the corrupt and incompetent government (like it happened in Zimbabwe and is now happening in Venezuela), people will quickly start using other currencies as well as Bitcoin, provided it is technically available to them (i.e. they have Internet access). They will adopt anything that will help them save their wealth (if they have it, of course)

As the saying goes, necessity is the mother of invention

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