Topic: What's it like to live on crypto instead of Banks? - page 7. (Read 2816 times)

It will take time for sure. Older generations will find it hard to adopt crypto in every way, which is why they'll stick with Fiat for a long time. However, newer generations (mostly millennials) are quite fond with crypto and Blockchain in general. They know that crypto provides greater freedom than Fiat backed by Banks and governments worldwide. For that reason, we've seen an upsurge in crypto's popularity within the past years.

Still though, while Fiat will always be the leading currency of the world, people will make use of crypto whenever they need censorship-resistance over convenience. Living only on crypto seems quite impossible to achieve, since it's largely volatile across the market. But, if you don't care about the price per coin in terms of Fiat, then crypto will serve well its purpose as digital money for your daily needs.

Nonetheless, it's hoped that more people make use of crypto for their everyday transactions as time goes by. Just my opinion

This is a good hope, but it will be very long to be able to make crypto as the main currency, even that can be said as a dream if you have to eliminate banknotes and banks from this world. The nature of crypto fluctuations is the reason for all this so that the world community's trust in crypto is only a few percents. They are still comfortable doing transactions with banknotes and banks.

Well, everything depends on mainstream adoption. If cryptocurrencies are not widely adopted by merchants and businesses worldwide, then Fiat will be largely predominant within the mainstream world. Even if crypto becomes highly popular, Fiat will always exist because it's largely backed by central banks and the government. People still trust the traditional form of payment (Fiat) despite being controlled by the government. Since crypto is still new to them, they're afraid of joining the cause to revolutionize finance.

In the event that crypto becomes the number one form of payment worldwide, then Banks will cease to exist for sure. But we all know that's widely impossible, since Banks have a lot of power and dominance within today's finance. What will happen in the future is that Banks will adopt Blockchain technology in order to devise digital Fiat currencies of their own. And once that happens, then people won't have much interest into crypto at all.

Of course, crypto will still be a decentralized alternative which is censorship-resistant. However, it won't be the only form of payment, the same way some people still use precious metals and other means to conduct their transactions nowadays. Hence, a crypto-only world look to be more like a dream than a reality for most people. Just my thoughts

I do not think that banks has no role in cryptocurrency adaptation. Of course cryptocurrency need the banks in order to have a smooth flow of cryptocurrency transactions especially if cryptocurrency still link to fiat currency in exchange.

  It precisely advantageous to acknowledge its individual principle that should be grab on, as well an opportunity for the future. Crypto has been part of our life and it make our fund conveniently. Thus, I believe that crypto and bank can still work out in the future on its indivudual purposes, it is about people's choice on which are liable to be used.

You might be wrong here with this statement, fiat digital money is secure when it comes to user perspective, if i loose my money from any of the banks, i can very well claim that amount and they will have to refund it, if they are hacked or stolen without my knowledge and that is the most secure part and that cannot be said about crypto currency as there is no guarantee if your money is lost to hackers, as money once lost is lost forever.

Just like the way I get to do some transfer without visiting my bank, shop online and pay for services online and save myself the stress of moving around and going to the front teller for physical cash. So using Crypto will be more friendly and less expensive, we are going to that era.

we must be grateful for knowing cryptocurrency first. thus, later on we have obtained financial freedom and freedom of transaction, this I believe is happening because the development of technology cannot be avoided, and later the government seems to be pressured by circumstances

Crypto is a full practice of decentralization and this works entirely in favor of the people. This is because crypto eliminates all middle men or third party interruptions between financial transactions just as the banks do. Third parties slows transactions. Going entirely crypto means the user is now in total control over the finances.

Living your life on cryptocurrency is not an imaginative thought. It is fully possible of course it involves a lot of volatility but that can be managed. With a little effort and will be tough money management, one can get freedom from the central bank. Well if someone is willing to go fully on cryptocurrencies then they have to convince shops and other merchants to accept Bitcoin as a payment method but other than that yes it is possible to live your life on cryptocurrencies instead of banks.

I think we can use crypto instead of banks, and can be more easy for some people to use crypto, but before we need to buy crypto with money, and after we need a card that can be load with crypto and shops to accept payment with that card and also companies like tv cable and another to accept payment with that kind of card, i think that can happen but only after people change their opinion and start using crypto.

One way or another, a cashless society will happen in the future. It could be either crypto, or the banksters with their own digital currencies. The future is unpredictable for sure. If we were able to live only on cryptocurrency, then we would be able to circumvent many restrictions imposed by the government. Everyone would gain control over his/her money, doing as they wish with it. That's not possible with Fiat, but crypto's biggest flaw is its volatility.

That's why, Fiat currency will still be the leading form of payment worldwide. Banks will continue to exist, and will embrace Blockchain technology in many ways possible. Nowadays, many people still trust Fiat for many of their transactions. Despite that it's largely controlled by the government, it serves well as a form of payment that's fungible and stable.

In the end, Fiat will turn into a digital currency, leading us towards using it the same way as Bitcoin or any other known cryptocurrency today. While it's impossible to live only on crypto nowadays, one could easily use both crypto and Banks to minimize risks one from another.

Nonetheless, a crypto-only society would be interesting for us to experience but it seems to be just a dream, unfortunately. Just my opinion

To me living on cryptocurrencies rather than the banks it's a personal choise due to my own living style. I do prefer to use crypto for my bills rather than banks because banks asks you for so many commissions nowadays.
Also on some banks you require to provide more information at the time you start winning more money and sending to your bank.

Therefore living on crypto and trading to some other traders and getting your fiat in hands at your location is much more "safer" sort of speaking rather than sending to your bank, waiting for some confirmation that arrived without issues and withdrawing to fiat.

I think it would be much more convinient. You don't to fall in a long line and spend long hours for your turn in a bank transaction. You don't have to go elsewhere to withdraw. In few clicks, your transactions can be completed. Surely comfortable. However, there is no such thing as perfect. Relying mainly on crypto can also be disastrous. For example, if there's no internet, there is no other way to access your account. Or if the value falls down steeply, that's a big loss for your investment. Maybe a balance usage of fiat and crypto is better

times and technology certainly need something practical fast and can meet the needs of course and for this reason crypto currencies are created and I believe crypto currencies will be used and needed for the development of technology in the economy

managing crypto for me is sometimes easy and sometimes difficult, so it all depends on the conditions, the main thing is the condition on the internet. but if the bank is different from crypto, it does not need to depend on the internet, sometimes the bank can be done as a transaction.

This is most primary reason for cryptos to be invented but most people afraid the cryptos could be hacked.The actual thing is fiat money is more unsecured compared to fiat digital wallet the only thing need to be aware is keep the private keys safe,you are in full control of your wallet.

It is very convenient but you need a stable Internet connection. If some problems appear with it, then, what will you do? Traditional money and banks are needed even for those guys, who work with crypto permanently.

well i do think we would exchange crypto like forex and i do think if we do really use crypto as the main way for payments i think the price of crypto will be much stablize. We also become a cashless society and transactions will be much faster with a barcode scan or something like that. But i do think we still need a good source of power to maintain the big transaction and seems like we are currently still searching for the solutions.

I want to note another point, thanks to which many people have the opportunity to receive a monthly stable income.  It does not climb in the banking system.  today, using a cryptocurrency is earned only by a person who has certain experience and knowledge, but no more than that.  And using deposits in banks can receive almost all citizens of any country.