Topic: What's it like to live on crypto instead of Banks? - page 5. (Read 2807 times)

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

Try to read this article: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

I believe that both ways to deal with money will be used in the future. However, I am sure also that many banks will take a decision to deal with stable coins: it will be convenient for investors also. Digital money can become the equivalent of fiat if it turns out to be liquid and also very easy to be used. To do this, their technical side must be perfect - it should be easy for users, first of all.

So far, no means of payment is perfect. Therefore, I would like to use both the old means of payment and new ones. In my opinion, this will be optimal. In some cases, using cryptocurrency as a means of payment will be very difficult or even impossible. Therefore, do not immediately abandon the old means of payment, such as cash. Yes, and this is hardly possible.

I lived in a developing country and I would tend to agree that we can't still get out of the old monetary system here, yes people have credit cards but it's not for average Joe's here. People still line up in a grocery store ready with their fiat.


How long do you think it will take though. I'm seeing around 5-10 years before we can see crypto being adopted, but still, people are not going to let go of fiat, just saying.

Unfortunately, that seems to be the hard truth nowadays. Crypto still hasn't fulfilled its purpose of eliminating the middleman as we still need to depend on Fiat one way or another. Most people use Bitcoin as a means to get access to Fiat (or vice versa) due to lack of merchant acceptance. The majority of businesses and merchants widely accept Fiat over crypto because it's stable, trusted, and instant. If crypto wants to become the new standard of money, it would need to provide benefits that surpass those of Fiat.

Because of crypto's current limitations, I believe that it's widely impossible to live entirely on it these days. There's still a lot of work to be done, in order for crypto to scale for millions of transactions per second. On the other hand, governments need to "legitimize" the crypto ecosystem in other to boost its traction within the mainstream world. Once that's done, then it'll be much easier for anyone to live on crypto instead of banks.

Nonetheless, it's possible that in the future, both Banks and crypto will co-exist within the mainstream world. There will be people that will only use Banks, while others will use both crypto and Banks for their convenience. But we all know, that crypto is not a solution for everything especially when Fiat is still largely dominant worldwide. Just my thoughts

In some way that would be almost perfect society. But this is utopia and here's why:
*Money needs to be controlled. Inflation rates etc.
*If some cryptocurrency gets stolen, it will be very hard to get it back.
*Crypto is uncontrollable, so buying something illegal wouldn't be hard at all.
*Some regions in the world doesn't even have a fresh water and food, not to talk about internet and BTC.
*Too little people control crypto prices.

Yes, crypto can be a modern technology and the whole world is watching its development and success, but tracking is tracking, one thing that people might realize is that the technology still has a great distance for everyone, it has so many special requirements and issues, and these are the doors where people still haven't tapped all the information and answers. And if we live on crypto, it's a hardship, everyone's demand for fiat is still good, this change only brings life back to zero and almost nobody wants to start from scratch

Its not that i like fiat more but the current status of bitcoin now is so weak that many exchanges get hacked. Because of this, the security when it comes to online wallets have become low. This is why we cannot fully rely on crypto not until its security strengthen.

I imagine living on crypto is hard. In my country, you cannot live without fiat. In fact, here you need paper fiat. You need to pay food vendors coins and paper currency because they don't have Point-of-Sale machines to accept credit/debit cards or even use their smartphones to accept payment.

The whole world still have a long time to catch up.

Honestly, I lived with crypto now for 3 years without using any savings in bank. So far so good, til the present I'm still continuing what I had
started here in crypto business. Which it supported me for a years now and sustain all of my needs and pay all the bills I have here in my home as well. And thanks to my government here due to they've adopted the blockchain technology where BItcoin, Ethereum, XRP, BCH as mode of payment online.

Even myself, I don't think I can fully trust my funds in crypto, it's better that we maintain the current situation where fiat system is more dominant.

I am using bitcoin and fiat in my daily lives right now, but more on fiat since it's acceptable anyway, crypto for me is more like an investment than a currency, so as an investment, it should have a risk that we also might loss money, but bank provide us safety when it comes to saving our funds because our money is under insurance which is not present in online wallets or exchanges.

So far, I can’t even imagine using only cryptocurrency in my calculations. First of all, I am concerned about the safety of its use. Any programs can be hacked by other programs over time, and losing all your money in an instant is not very interesting. Still, you need to use various types of settlements and cash for a long time will remain one of the most reliable ways of financial payments.

Agree. It's hoped that the Lightning Network would boost the adoption of Bitcoin within the mainstream world. If successful, then many people will begin using crypto at a greater level than Banks themselves. Still though, we'll be left with extreme price volatility which is something not usual with Fiat. But in the long run, crypto shall prevail as it proves to be much more efficient and cheaper than Banks. People nowadays are looking for convenience, whereas crypto fits the bill nicely.

If more merchants begin accepting crypto, then it would've been much easier to live entirely off it. However, that's not case, leaving us subject to Fiat for a very long time. In the meantime, all we could do is use both crypto and Banks in order to live a stable financial life that will last for many years to come. Whenever we need convenience and wide-spread acceptance, we'll use Fiat currency on top of crypto. But if we need security, resiliency and censorship-resistance, then crypto would be the most desirable option to take.

Nonetheless, it's becoming much more difficult for crypto to dominate the whole world, as central banks are still in control. Their level of power will allow them to survive within the mainstream world, despite crypto's success. In the future, Banks might as well adopt Blockchain technology in its entirety in order to transform our current monetary system into one that's more efficient and cheaper to use. Which is why, it'll be possible to live off only with Banks instead of crypto in the mainstream world. Just my opinion

The transaction of cryptos with the introduction of Lightning Network will be easier and swiftly done this will be a major achievement thus eliminating a third party as you rightly said and one of the consequences is that bankers will lose their daily jobs thus transactions with fiat will be reduced drastically while the central bank overbearing and autocratic policies will be checkmated by a decentralized cryptocurrency whose adoption is growing in leap and bound.

Living only on crypto certainly brings convenience and security like never before. Our society is changing at a fast pace adopting the latest trends in technology. The level of adoption towards crypto and Blockchain tech, may have been somewhat slow but it'll completely transform our world within the future. Without the need to print paper money, cryptocurrencies prove to be eco-friendly and versatile for the world.

People could gain control of their money like never before, using a smartphone or any other electronic device in order to perform transactions worldwide. This could also be implemented as a form of implant where people carry their crypto with them all the time. While all of this sounds good, it seems to be far more than a reality nowadays. This is because governments have been too strict against crypto and Blockchain tech, greatly limiting their level of growth within the mainstream world. Central Banks are too powerful despite the emergence of these revolutionary technologies.

Which is why, I believe that there will always be a need for Banks. Using crypto only is not ideal because not many merchants accept it, and it's extremely volatile relative to Fiat currency (USD, EUR, etc). Despite this, one could take advantage of both crypto and Banks in order to reduce risks as much as possible. With Banks, you'd gain the stability of Fiat currency (whenever it's the USD, EUR, YEN or any other national currency) while with crypto you'd gain censorship-resistance and complete control over your money.

Nonetheless, despite the many limitations of crypto, you can still live off it without depending on Banks if there is merchant acceptance within your country. Just my opinion

Of course, the government imposes tax and rule problems on everyone, if we use crypto and don't need a bank, the government will lose a lot of profits through banks, in addition, many people will bypass taxes when crypto is highly secure and anonymous, more precisely, the government's job at this time is probably maintaining safety for society, except that, they are out of duty. Back to us, we will not live easily when crypto is easily hacked, the government does not manage and has no lawsuits here, living on banks and government is still better

Cryptocurrency has exciting features and benefits for its users and it will be an amazing experience when everything related to finance go crypto. Cryptocurrency offers independence to users as users own control over their transactions without an interruptions from third parties. Cryptocurrency users can send large amount of money across borders without any delay and interrogation from authoritative bodies like what the banks do.

I believe that stability in prices would lead towards better usage of Bitcoin as digital cash, instead of a store of value. The way Bitcoin is now, makes it perfect as a store of value but not as currency you could use for daily payments. That's because volatility is an issue within the crypto market. The lack of regulation and liquidity, has affected Bitcoin's stability in prices.

Despite this, I agree with you that regulations could somehow destroy Bitcoin's value proposition. We've seen how restrictive the US has been towards crypto, preventing its growth in many ways. The enforcement of KYC/AML across centralized exchanges, has transformed them into central banks we've been accustomed for a long time. Crypto is about the elimination of middleman or third-parties. Requiring KYC-compliance, greatly limits people from gaining access to cryptocurrency within centralized exchanges.

Nonetheless, there are alternative ways that people could trade crypto without the middleman. Knowing the many benefits crypto provides, it's often better than Banks themselves. The only issue would be lack of acceptance within the mainstream world, but that's bound to change soon. Living only on crypto, would bring total freedom to our lives as we would no longer need to depend on Fiat which is highly manipulated by the government. Just my opinion

That's wrong. Look at Indonesia, they limited those crypto holders so they are not allowed to invest with crypto but you can still use it as payment method and also there are some countries that apply same rules as well.

But, you also need to wait for a long time to get profit from crypto tho??? What is the difference then.

majority of the 3rd world countries are verry open to cryptocurrencies and they dont have strict regulations or rules with it although the only problem is the adoption because there are still people that are not yet aware of the existence of cryptos and there are some that already knew crypto but they do still have doubts from using it .

most of these countries are not from the 3rd world. some may dissallow the use of cryptos but they still have other alternatives and they dont usually depend on the banks or banking system .