Topic: What's it like to live on crypto instead of Banks? - page 9. (Read 2807 times)
Crypto is meant as a investment vehicle only and using it for daily transactions is just be wasting your money away in fee payments and even the risk of losing your money through hack.
So far living with Crypto has been very profitable, because by trading Crypto I got a good profit, so living with Crypto was very pleasant for me. Because of crypto, I don't have to work elsewhere, just work at home.
Investing in crypto is like investing in banks, saving in crypto is like saving in banks. But the thing is, crypto is more riskier because it fluctuates too much, so putting money on crypto for too long could be bad, but if you want to earn big with a short time of period, you can put your money on crypto but with always have big risk.
Saving crypto is very different than saving fiat in banks. The money saved in banks remain more or less same in value but if you store bitcoin in your wallet, it can move 10 -20x its initial price with 2 3 years. So saving crypto is always more beneficial in the long term.
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?
The adoption will take a lot of time, maybe soon or later there will be businesses that pay their worker with eth and btc, i do believe it will help a lot the adoption of cryptocurrency, and i do also think we need a stable price to make people to use cryptocurrency for daily transactions. Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money?
We earn Fiat not in banks, but at the place of our main job. A significant part of the population does not apply to banks at all.
But where did your employer get the fiat that he used to pay you ? Still in banks right ? Fiat do only comes from bank therfor all the population or the country rather needs a bank .Each payment system has its advantages and disadvantages. I think that they will all exist together.
Thats what im about to say . Crypto and banks will work and help each other . We need banks for fiats and banks need crypto so that they can gain more costumers .
We earn Fiat not in banks, but at the place of our main job. A significant part of the population does not apply to banks at all. Also, so far only a few percent of the world's population use a cryptocurrency. Cryptocurrency has not yet reached the stage of development at which it could be freely and massively used as a means of payment. However, I think that if the cryptocurrency reaches mass adoption, the usual currency will continue to exist and be in great demand. Each payment system has its advantages and disadvantages. I think that they will all exist together.
I gladly like to use cryptocurrencies in my daily life then using selfish banking systems. just imagine when you can pay for anything you like with cryptocurrencies. I will not only be beneficial to the sellers but there will be a lot of options to make money from it. like we can spend our coins all over the internet. we can buy domains, rent some stuff or shop for coins. or a lot of different kinds of stuff people can also make their skills useful or they can rent their resources for the coins. there are millions of money making options or people can just use their coins on the casino without any legal issue.
Cryptocurrencies are widely accepted at many merchants worldwide, but Fiat still has better options. If we want to live off crypto entirely, then there needs to be more variety of merchants accepting it. Using crypto, is nearly the same as using cash as it's somewhat anonymous. You can easily spend crypto anywhere without an ID check, credit verification, etc. On the other hand, if you use credit cards, you'll be subject to credit checks, and KYC-compliance. The only downside with using crypto only, is that you'll be cut from finance if there's no access to the Internet at all. Not to mention, there's huge volatility in prices and lack of regulation.
Which means, that you'll still need a Bank in order to minimize risks as much as possible. Given that Fiat is still used by worldwide governments, it's nearly impossible to live out of crypto only. Accessibility is key towards the success of any financial system. And so far, Fiat has far more flexibility than crypto.
Despite this, it would be amazing if everyone in the world starts living off crypto instead of Banks as it would completely decentralize our economy. But that's very unlikely to happen anytime soon. Just my opinion
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?
Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money?
At least in my country this is far from happening, because there are very few establishments or stores where you can exchange bitcoin for goods or services. In fact, although most of my income is derived from the cryptos I get, I still have to pass through an exchange where I exchange them for local currency, and although the process is efficient and almost instantaneous, I can not escape from the banking intermediation, but if it were possible for me, of course I would prefer to carry out all my economic transactions directly through cryptos.
Lol. Well, it is all imagination. But it is a possibility. However, saying one would live on cryptocurrency Rather than banks is like saying cryptocurrency would replace Fiat. I don't think cryptocurrency would replace Fiat. Cryptocurrency and fiat will be choices by the people. Cryptocurrencies still have its various challenges that is preventing its global adoption. So, for now, I will stick with cryptocurrency and bank working hand in hand.
if what is meant by replacing fiat is certainly impossible, yeah bitcoin is still having trouble getting regulation, and global adoption, limited use of bitcoin, and other problems. for now of course using bitcoin is entirely something that complicates yourself
Investing in crypto is like investing in banks, saving in crypto is like saving in banks. But the thing is, crypto is more riskier because it fluctuates too much, so putting money on crypto for too long could be bad, but if you want to earn big with a short time of period, you can put your money on crypto but with always have big risk.
Investing or saving the money in the banks is the worst ever investments you can make because the returns you are getting from the banks are less than the inflation rate of your money so you are actually losing the value of that money you have invested and not getting any returns but investing on cryptos are more riskier but you know what it is the most profitable way to invest the money.
1st. "Honey, there's no BTC ATMs or accepting merchants in our area, we have to move..."
2nd. "Honey, we can't eat or shop at any of these places because they don't accept BTC, we've got a limited selection, which are all out of the way."
3rd. "What I mean we can't afford our bills? I mean the price of Bitcoin has dropped drastically over the week, and what was enough a week ago isn't now. Let's hope the price goes up again."
4th. "Honey, we're millionaires!"
5th. "Honey, we're broke."
Life exclusively on Crypto. Certainly has benefits as an alternative method of transfer, wouldn't want to store a significant amount of money on it, or live exclusively on it.
Have a good day,
The Cyberius team.
2nd. "Honey, we can't eat or shop at any of these places because they don't accept BTC, we've got a limited selection, which are all out of the way."
3rd. "What I mean we can't afford our bills? I mean the price of Bitcoin has dropped drastically over the week, and what was enough a week ago isn't now. Let's hope the price goes up again."
4th. "Honey, we're millionaires!"
5th. "Honey, we're broke."
Life exclusively on Crypto. Certainly has benefits as an alternative method of transfer, wouldn't want to store a significant amount of money on it, or live exclusively on it. Have a good day,
The Cyberius team.
Investing in crypto is like investing in banks, saving in crypto is like saving in banks. But the thing is, crypto is more riskier because it fluctuates too much, so putting money on crypto for too long could be bad, but if you want to earn big with a short time of period, you can put your money on crypto but with always have big risk.
Investing or saving the money in the banks is the worst ever investments you can make because the returns you are getting from the banks are less than the inflation rate of your money so you are actually losing the value of that money you have invested and not getting any returns but investing on cryptos are more riskier but you know what it is the most profitable way to invest the money.
Lol. Well, it is all imagination. But it is a possibility. However, saying one would live on cryptocurrency Rather than banks is like saying cryptocurrency would replace Fiat. I don't think cryptocurrency would replace Fiat. Cryptocurrency and fiat will be choices by the people. Cryptocurrencies still have its various challenges that is preventing its global adoption. So, for now, I will stick with cryptocurrency and bank working hand in hand.
I gladly like to use cryptocurrencies in my daily life then using selfish banking systems. just imagine when you can pay for anything you like with cryptocurrencies. I will not only be beneficial to the sellers but there will be a lot of options to make money from it. like we can spend our coins all over the internet. we can buy domains, rent some stuff or shop for coins. or a lot of different kinds of stuff people can also make their skills useful or they can rent their resources for the coins. there are millions of money making options or people can just use their coins on the casino without any legal issue.
The truth would be something great, because not depend on the banks is something that I have always dreamed, but I always think that if there is any failure in the electricity or internet service, how is it done? For example if you want to make a market, and if this failure occurs, how can you acquire these goods and services? I think that we should do or invent some kind of technology that achieves or allows off-line transactions, either by satellites or something similar because I think this is the only problem that can exist between banking with crypto.
Money FIAT always offers ease to acquire goods and services, and this is given by banking, however, if we had a world where everything is handled only through Crypto, purchases and everything would be much faster, would eliminate the possible queues in supermarkets, and in any establishment that is willing to generate goods and services.
Really the world would be anticipating the future in an impressive way, because everything would be in a matter of seconds. People would only have a card that provides all their purchases by code and many times if not, having the public and private key would be enough.
It is not fiat that has done all these things,,, you have to remember, it is money. And fiat is one form of that money. In the days before fiat they also had money and these all served the same purposes,,, to acquire goods and services. Banks just took over that control as did the states, and created something quite new and different entirely, but same is still money.
Bitcoin is that newest form now:)
Investing in crypto is like investing in banks, saving in crypto is like saving in banks. But the thing is, crypto is more riskier because it fluctuates too much, so putting money on crypto for too long could be bad, but if you want to earn big with a short time of period, you can put your money on crypto but with always have big risk.
Not me, I can't live such a life even if others are saying Yes, I don't agree with it. I like it that I'm able to have a lot of options available to me and since cryptocurrency is volatile, it is not something you can really rely on cause the price can move any direction at anytime.
I like cryptocurrency and I like banks as well, I can make use of both of them and I don't see any reason why I should stick to just one. Bank is more safe to me than cryptocurrency and crypto is my option when I talk about quick and cheap transaction.
I like cryptocurrency and I like banks as well, I can make use of both of them and I don't see any reason why I should stick to just one. Bank is more safe to me than cryptocurrency and crypto is my option when I talk about quick and cheap transaction.
Cryptocurrency has pros and cons same as banks. One of the advantage/disadvantage of cryptocurrency is how it is prone to the change in value. If you're a planning to invest in crypto your money will not just sleep like in the banks, but the chance of change in value of your invested money is at risk. So you should better be updated on the latest news and make sure you're keeping an eye on the market to know when to buy and to sell.
Good point. Such conditions (volatility and instability) makes crypto terrible for use as the main medium of exchange. Still though, they provide decentralization and censorship-resistance which is good enough for those people looking for an independent financial system from the likes of the government. On the other hand, Banks are centralized but they're highly trusted among individuals and governments alike. Being regulatory-compliant, gives us a "guarantee" that our money will be safe from harm for a very long time.
Despite these facts, it would be nice to be living off crypto instead of Banks for many obvious reasons. Crypto just needs to overcome its issues, in order to become an alternative that's reliable enough to withstand anything along the way. Not to mention, merchant support is essential here for crypto to be used more than Banks themselves.
Nonetheless, I believe that it's best to live on both crypto and Banks to obtain their respective benefits. Just my opinion
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Applying this to crypto. If I have BTC and I can buy with BTC something I need paying 5% more compared to what I would pay exchanging it for fiat, I wouldn't bother about the difference.
You are right it is not only about the price but it is about the benefit and time saving as well if you will use bitcoin to buy goods maybe you will not have to wait for the payment or you will not have to go out in hot summer but you can buy at home with cheap price without any extra cutting, so I like to live my whole life using only bitcoin it is best to use than fiat.Applying this to crypto. If I have BTC and I can buy with BTC something I need paying 5% more compared to what I would pay exchanging it for fiat, I wouldn't bother about the difference.
Currently, it is hardly the case though. What I meant was that we can lose up to 5% paying for goods and services in BTC, but it's not a big deal, we can afford that, and in real life we are acting this way constantly, paying extra for a gift wrap, for example, or giving tips in a restaurant etc. Bitcoin can become, and will become imo, such a convenient and advantageous method of payment as you described in the future, but we have to admit that right now we are not there yet.
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?
The truth would be something great, because not depend on the banks is something that I have always dreamed, but I always think that if there is any failure in the electricity or internet service, how is it done? For example if you want to make a market, and if this failure occurs, how can you acquire these goods and services? I think that we should do or invent some kind of technology that achieves or allows off-line transactions, either by satellites or something similar because I think this is the only problem that can exist between banking with crypto.Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money?
Money FIAT always offers ease to acquire goods and services, and this is given by banking, however, if we had a world where everything is handled only through Crypto, purchases and everything would be much faster, would eliminate the possible queues in supermarkets, and in any establishment that is willing to generate goods and services.
Really the world would be anticipating the future in an impressive way, because everything would be in a matter of seconds. People would only have a card that provides all their purchases by code and many times if not, having the public and private key would be enough.
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