Topic: What's it like to live on crypto instead of Banks? - page 2. (Read 2816 times)

Crypto implementation in my daily life is still lacking. In my country, there are only a few online merchants that accept Crypto as payment and that is limited. The use of banks still dominates my daily activities, if want to use Crypto I am the same as you, I have to convert it first to fiat money.

I cannot apply that in the location I'm in, although I convert my earnings coming from Crypto to fiat I will find it really hard to use Crypto
alone and no fiat to buy my daily needs because there's hardly a store or groceries that accept Bitcoin and Ethereum as a mode of payment, I still need to convert my Crypto to fiat maybe in the next five years things will be different, in this part of the world.

Mass adoption of cryptocurrency is a matter of time, a question of when not if. The defining factor it’s the project. With the right project, achieving the right licensing, but more important, with the right ecosystem and digital asset can surely make that a reality. The pros of such a vision implies accessibility for everyone and a lack of regulatory or governing bodies for a lot of parts of the banking process due to blockchain’s automation. This is something we’ll move towards organically and there will be an acclimation period (maybe over the course of a decade). The cons are the potential job losses that the automation process could produce. But progress is unstoppable and if the pros outweighs the cons for the majority, it’ll eventually become implemented. Sooner than later actually.

We can't live without depending with bank and crypto only is not enough for using transaction although crypto have become interested and popular transaction at the future, many people still need bank as transaction payment because bank can give us easy way to cash out money, bitcoin need bank to cash out and we need money for using as transaction with bitcoin still illegal transaction payment.

I think we will still need a bank even though cryptocurrency has started to be adopted. because the bank has existed for a long time in our lives and also has many members. there's no way the bank will suddenly disappear. and will still be needed by the community as a place to borrow money. because relying on crypto for loans in my opinion is not good because the value is very volatile.

Good dreaming  if we can save money in the bank using bitcoin or crypto, our money saving not only safety but we can increase by bitcoin and altcoin have higher price at the future, many bank wan to adopt bitcoin and altcoin as their saving method but just waiting when government allowed and legal using bitcoin and altcoin, several years later I think bank and bitcoin become greatest partner and we can save money using bitcoin and altcoin in the bank.

banks were created, of course, to regulate the circulation of state funds and deposits in a safe way, and for the circulation of currencies that have been broken into new banks will require a country in economic development and I'm sure one day there is a crypto currency bank

Yes i can understand your concerns and not every store is accepting bitcoin and i am of the opinion that we need a combination of the banking structure as well as the crypto market, government banning bitcoin is one thing and i bet you will be still trading bitcoin as no government can completely ban a decentralized currency like bitcoin and so is the reason developed countries are yet to take any drastic steps.

You can't just get rid of banks like that. Just imagine if there were no bank in this world, you couldn't send money thorough the world or even got income from cryptocurrency because it's involved with Bank. Just face the fact guys, that we can't live without banks.

Yes, the cryptocurrency is much dependent on the banking. This means without fiat the term bitcoin goes valueless, because till date we value bitcoin equalling with certain number of USD. This will change only when the direct usage of cryptocurrency increases, we can't expect this to happen in a short, we need to support and have patience to experience the good of crypto alone world.

I think we will have a better living if that occured. We all know how different cryptocurrencies are from the banks. Banks are under the regulation of the government whilst cryptocurrencies are not, it can already show that corruption and power tripping does not happen in crypto. In terms of volatility, the money in the banks are fiat, it has very low volatility and it depends on the economy whether the value increases or falls down. In crypto, it has a high volatility which helps investors gain extra profit whenever the price grows up.

Once the Incomes are being earned in Cryptocurrencies this would mean that even the retail expenses will also be done in Cryptocurrencies and only then we can imagine a life without banks otherwise as of now there is certainly no way this is happening because purchasing Cryptocurrencies itself involved buying it from transfers of Bank.

It is the same in life that cannot be separated from the bank because when I want to withdraw money I need a bank. although indeed in developed countries there are already those who can make payments using bitcoin and they feel life with crypto. but in my country still does not support payments using bitcoin or altcoin because the government prohibits using other than the applicable currency

Maybe we can say that living on crypto instead of banks is quite less hassle than we are currently having now, the system of the bank is centralized on the crypto world its always you, its you who decide and apparently it is a currency a crypto currency that are decentralized. It will be a lot easier than before, mostly in the aspect of buying things for instance is grocery, technology, and so on and so forth. We can really say that it is easy since we can buy while we are watching or on the house with just a click of a hand. And I think it will somehow diminished the crime rate of the country since it's anonymous but then again it has disadvantage, people become crazy and lots of illegal market will sprout and AI may occur in time of this era.

I'd experience the same thing. banks to me are just nothing because I already ended using crypto currency wherever I am.. in trading my crypto to fiat I use remittances so I can change it easily and faster than banks. if banks use crypto and they priority crypto users maybe I change my mind to trust them with my funds and use banks even further. 

You have a point there, mate. But I believe that Banks serve to be a better option than crypto for most people, because they provide ease-of-use and tightened security. Being backed by governments worldwide, gives Banks an advantage over crypto itself. With these financial institutions, the risk is lower than with crypto. However, the reward will be extremely low, greatly diminishing your chances of profiting within the long term. The best thing you could do is to combine both crypto and Banks to your own advantage. You can diversify risks by investing into various prominent cryptocurrencies on the market, while cashing out a portion of your earnings into a Bank of your choice. Before you know it, you'll be able to maintain a steady financial life for years to come.

As you've said earlier, Bitcoin and other cryptocurrencies are risky. This is due to their volatile prices across the market. But be aware, that this same volatility makes it a perfect opportunity for profiting massively within a short time frame. If you play your cards right, you'll be able to succeed no matter what. You can live only with a Bank, but you cannot live off crypto because of the aforementioned risks. Additionally, crypto is not widely accepted as Fiat currency is worldwide. With a greater degree of mainstream adoption, you'll expect crypto to be used as much as Fiat is nowadays. Until then, we'll be stuck with the likes of Banks and Fiat for years to come. Just my thoughts

You have a point, the same banks still played a significant function in our country. Though, in a bank, we can earn a small interest if we put up our money. Like in crypto we can have financial freedom whereas we can earn money the way wanted without being questionable by the government. Actually both has a good usage wherein we can comprehend.

I couldn't say that life without banks would be better because banks still play a vital role in our community. However, I'm the kind of person who doesn't mind about it since I'm not a bank dependant. I believe that it will be easy for me to cope up with life even without banks. There will be more convenience while earning enough profit at the same time.

Very well said, living without the banks, fiat, and instead use cryptocurrency might backfire to us. I mean cryptocurrency and fiat, in my opinion, both live in a harmonious way that benefits us in their own ways. It is scary and exciting at the same time thinking of using cryptocurrency all of the time without any banks that secretly robbing people's money, however, I guess it is too early for this to happen.

For myself, it still feels a bit strange, even though I am used to earning income from crypto, but I have never bought an item by paying directly using crypto currency like bitcoin.But times are increasingly digital. The bank may still be there later, but the system will change. It may be that the bank will adopt crypto later.