Topic: What's it like to live on crypto instead of Banks? - page 3. (Read 2816 times)

I can't imagine how our life without banks, yes, same though I don't think it would happen, and I also don't think we will have a cashless society, maybe in few decades, but too early for now as some people would prefer cash as they don't know crypto yet.  I believe in the coming years, we will have cryptobanks which will help better transaction for crypto to fiat and vice versa.

Based on my own experience, i think i never tried living without banks when i am using crypto because when i started to earn good profit from my investments and my signature campaigns, i go to banks so i could convert it into fiat and used it for my neccesities. But i don't use banks to store my funds, i rather choose to store all of my funds in my crypto wallet for better investments.

Cryptocurrency and Banks have their unique features and I always say both systems should be allowed to operate in order to provide the unique services which leads to a better financial life. One thing we must all hope for is a crypto project which will combine Banking and cryptocurrency into a single body. DIVI has started this development by establishing the Ridivi project which combines banking and crypto services.

Yes its good than bank because in crypto you can earn everyday every week every month so its a big income. If your money put in the bank you wait a long long time to get the interest of your money. Compare  to crypto its hufe amount you can earn.

Living with crypto on a daily base sounds good as long as you can provide all the necessary things in order to survive and also in order to make more money without having the fear to be hacked as for now the only thing that is keeping the people to getting robbed of their bitcoin is anonymity of transaction , once this feature goes away ( I HOPE IT NEVER WILL ) chaos will be running free on streets again as we have so many cryptocurrencies even by now and its easy to change them until the trace is lost by anyone who is tracing them. Banks will survive no matter what , they are to smart not to but yea if Bitcoin transactions stay this way , a society based on Cryptos alongside Banks would be nice to have.

For me personally, banks have never been a huge problem, because I never took a loan from a bank.  All the people who contacted the bank are themselves to blame for this.  In any case, today with the help of cryptocurrency I can get a good and stable income, but nevertheless I use fiat currencies in everyday life.  Nevertheless, all payments on bills also occur with the help of banking institutions.  Perhaps the only good opportunity that the Bank gives today is the opportunity to choose good conditions for deposits that are still not available on the cryptocurrency market, because there are no favorable conditions.

Well, I feel so happy and relax. This time I will never trust bank also I won't save money on them. If you save your money on banks you are just helping them become richer. They only give small interest in our saving then they use it and offer loans to people with a higher interest rate. Bitcoin is the answer to all my problems. But we should always know how risky it is and also we should know the buying point at all times.

I think it would be nice if we could use crypto for daily needs. unfortunately in my country and most countries in Asia are not able to use crypto for everyday payment. we have to exchange crypto money for fiat money. and banks will always be there and needed because banks are a government tool to control the economy and also a tool to receive taxes. so I think the use of crypto for daily needs will be difficult to realize.

That's certainly true, mate. While it's difficult to live off crypto during a bear market, you can still use them as an alternative to Banks. After all, crypto proves to be a safe haven against undesired situations within the mainstream world. Since crypto isn't backed by any government or central bank whatsoever, it's able to provide true censorship-resistance to its users. Of course, you'll need a Bank to conduct transactions using Fiat currencies since they're still largely dominant within the mainstream world. By leveraging both sides (crypto and Banks), you'll be able to maintain a steady financial future.

We often enjoy the stability of Fiat currency via a Bank of our choice. But we can also reap the benefits of crypto's censorship-resistance, in case our economy were to fail in the future. Slow speeds and high fees are no longer an issue within crypto land, as there are already solutions such as DAG-based cryptocurrencies and the Lightning Network. For some people, Banks are convenient for their daily lives. For others, crypto is their top choice for sending money worldwide without barriers. Right now, you cannot earn a decent income with crypto as prices are declining each day. But a savings account in a Bank, will allow you to earn a steady flow of income even if the annual percentage rate is relatively low compared to crypto.

Nonetheless, with crypto's dependence of Fiat to survive in the mainstream world, it becomes harder for anyone to live off it. You can live without crypto, but you cannot live without a Bank. Which is why, I believe that living only on crypto is more of a dream than anything else. Just my thoughts

Transition from banks to crypto could take a long process, fiat is still the best solution and more convenient to use to pay our debts and buy our needs at the moment. Slow transition will help people understand more about the technology, crypto and fiat should work together. Also allowing banks to introduce crypto to their clients could be a big help too.

Having the chance to live in a world where crypto alone exists without any presence of banks would promote greater convenience and an assured control of your money. Though we cannot really testify how successful and beneficial to all, if we are going to observe and analyze properly how the system works, we can atleast be more confident that the world would have a better monetary system with it.

If we do not analyze and respond in a hurry, we will always say life with crypto is always very good when we can enjoy and enjoy the benefits of crypto every day but as you say, when we calm down and think more about that life, whether we are satisfied with the value that changes every day, salary and wage goods, and some other miscellaneous money or not. Besides, if it really maintains stability and doesn't change, we will no longer feel the biggest benefit from crypto, crypto will not be crypto

First of all living without having a connection in any bank seems impossible especially living in this era. Using only a crypocurriencies upon making a transaction seems also impossoble because majority of the market whether it is online or not they aren't ready yet to accept this type of currencies and one of the reason is that government restrict this currency.

In some ways you are correct, but, we can live with only cryptocurrency, and don't have any banks anymore, if, we could successfully make the economy adapt bitcoin, if that happens, we just need cryptocurency to buy everything, we don't need banks for us to cashout our fiat. The complication that making bitcoin's adaptation hard to happen is the bigger part of the population, and of course the Government.

They never stop creating FUDs, and blasting discouragement to the public.

Hmm, although i love crypto, i think there is much risk with holding just crypto for all time.

With banks and a large enough sum, you can gain a steady amount of interest to live your days without ever working. With crypto though, you will only have to rely on "interest" gained through appraisal of value of coin, and even sometimes, a decrease in value when dumps occur.

While it is good to imagined the no line transactions, cashing out in ATM that are sometimes offline or no money in it. It might be hard to do it also thru cryptocurrency alone. The fact that Internet is need to do transactions and no machines or government is too poor to provide nationwide Internet or machines will really hinder the transactions. Its good to still have banks for options. We can't only operate thru cryptocurrency alone yet.

Live only with cryptocurrency without bank look some thing not good, we not get some special which only available with bitcoin or altcoin without using money, we live look without eat fish when we are dinner. Always need bank and cryptocurrency for cashing out our bitcoin balance and we can't live with bitcoin or altcoin only.

Just want to add one experience here. I work with a lot of others like me earning almost chiefly in crypto now, if not exclusively. But on one main platform and with a few other clients we co-serve, we are now seeing more and more requests to switch payment in some form of stablecoin.

For these clients, they're still strictly in crypto but for us who earn, it's very different. For me, for example, being forced to accept stablecoin means I now have to find an exchange to sell it to for fiat. No more p2p (unless anyone here knows p2p that accepts some exotic stablecoin other than tether).

Never mind living on crypto. Even earning it now is getting less and less different from depending on banks. Maybe that's a good thing.

True statement.  The problem is that nobody is really using bitcoin as money, and there certainly aren't many using it for their day to day expenses.  Adoption is still minimal, so we're not seeing many merchants accepting it as payment.  Until that happens people are still going to be anchored to their bank accounts and nothing will change.

I don't think there is that much confusion, nor do I think its an issue.  Payment processors take care of that for both parties.  The real problem is the volatility.  Who would want to spend a currency and miss out on making a profit with it?  If bitcoin was a stable coin it would be a different story, but bitcoin isn't.  If you bought things with bitcoin back in 2015 or before you would have missed out on some serious money, just like buying a pizza for 10,000 btc.  Right?

Most of us would say it would be good, but we will never know once where already in that situation. Have you ever thought how are economy would be if our currency will be volatile since it is crypto. Or if that point comes, and crypto will be stable since it is the main currency, will people still enjoy crypto as it is today?