Now this is a very interesting question
At the end all the money is interconnected and somewhere the dollar is mother of all the currency
Bitcoin itself is a parallel banking system with proof of work ledger system.
I am sceptic if it can exist without banking system . But i see it as an advance banking system, suiting a global governance and a free world
Topic: Without banking bitcoins will be work - page 4. (Read 601 times)
To add to what Mbitr and others have already said, I want you to not think of banks anytime you think of cryptocurrencies or Bitcoin. Though the banks are coexisting with bitcoin, but they are not friends of bitcoin. The bank is more rooted and loyal to the government.
Meanwhile, the bank of cryptocurrencies is exchanges. They can do all the work that banks will do.
Then, talking if Bitcoin can exist when banks are no more; but I doubt that there is a time that banks will be no more.
Your poll question is wrong.
Without banks will bitcoin work in the future?, these should be your possible options
Meanwhile, the bank of cryptocurrencies is exchanges. They can do all the work that banks will do.
Then, talking if Bitcoin can exist when banks are no more; but I doubt that there is a time that banks will be no more.
Your poll question is wrong.
Without banks will bitcoin work in the future?, these should be your possible options
- Yes
- No
- Maybe
Where I come from (and in other countries in Latin America) you can buy bitcoin directly by joining a Telegram / Whatsapp channel of people who are looking to either sell or buy.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
A lot knew about BTC in our area. They just don't have the means to acquire BTC for even if BTC is meant for the unbanked, we need banks still.
Its where is KYC comes in. Somehow there is no escape to it when you cash out BTC unless you do a transaction with cash on hand. Bitcoin still will not stand on its own without the current banking system. Even the apps like the Strike, they ask KYC and if they intend to ask employment record for the funds source, many of my friends will likely not be able to use this app anymore.
Where I come from (and in other countries in Latin America) you can buy bitcoin directly by joining a Telegram / Whatsapp channel of people who are looking to either sell or buy.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin.
What are you even talking about?!!Bitcoin is not "connected" to anything, it is a stand alone currency that is working for over a decade. People don't need to exchange their bitcoin either, it is a currency that can be used just like any other currency meaning you get paid in bitcoin (you are in a signature campaign so you should already know it!!!) and you can directly spend bitcoin.
You could buy Bitcoin using gift cards(on Paxful) or by using online payment services like Paypal,Skrill,Neteller,Paxum,Cashapp,Venmo,the list goes on and on.
Is this risky?Of course it is,but at least it's an alternative of buying BTC with money from your bank account.
Like it or not,the banking services are the most convenient and user friendly.I'm talking about the banks in my country.I don't know about the banks in other countries.Perhaps this has something to do with the regulatory frame regarding banking services.
Anyway,OP you should improve your English.I could barely understand what you were trying to say.
Is this risky?Of course it is,but at least it's an alternative of buying BTC with money from your bank account.
Like it or not,the banking services are the most convenient and user friendly.I'm talking about the banks in my country.I don't know about the banks in other countries.Perhaps this has something to do with the regulatory frame regarding banking services.
Anyway,OP you should improve your English.I could barely understand what you were trying to say.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
I Don't know in your country but Here in ours? is not only Banks that we can exchange our crypto ,there are many ways where we can have fiat traded in bitcoin.There are p2p system mate when you and your fellow countryman will exchange of His fiat yo your Bitcoin.
We are not able to predict how the development of technology in the future will definitely be more advanced.
Of course, it is not impossible or difficult to use bitcoin because every system created in the future will certainly make its performance and regulations even more streamlined or technological tools so that it is easy for us to cash out bitcoins in general.
But at least we know what option to use if we are looking for our Bitcoin to be converted in fiat., and those are being mentioned above already.Of course, it is not impossible or difficult to use bitcoin because every system created in the future will certainly make its performance and regulations even more streamlined or technological tools so that it is easy for us to cash out bitcoins in general.
Just like what Mbitr said, you don't need a bank to really operate or exchange Bitcoin. If there is someone that agrees to exchange at a specific rate with you, then you could exchange with that. I think the one thing you are worried about is the transferring of the fiat that's why banks are still involved. If that's the case, there's nothing to be worried about because banking is not going anywhere.
We are not able to predict how the development of technology in the future will definitely be more advanced.
Of course, it is not impossible or difficult to use bitcoin because every system created in the future will certainly make its performance and regulations even more streamlined or technological tools so that it is easy for us to cash out bitcoins in general.
Of course, it is not impossible or difficult to use bitcoin because every system created in the future will certainly make its performance and regulations even more streamlined or technological tools so that it is easy for us to cash out bitcoins in general.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
That is not going to change anytime soon. There are couple of options available though where one can get their bitcoins exchanged against cash without going through banking route. But due to local laws on cash, many people are not able to make use of it. It is also risky to a certain extent because your identity will be revealed through this process. So I don't see the banking process changing anytime soon.
Banking system has been deep rooted within the structure of the society. It is next to impossible to avoid its influence and also the convenience provided by it.
You can always use P2P exchanges and thus there is no need for banks to be involved .
This method you are generally exchanging with another person.
Examples of P2P exchanges include -
Paxful - https://paxful.com/
Localbitcoins - https://localbitcoins.com/
As always though - DYOR.
Hope this helps
This method you are generally exchanging with another person.
Examples of P2P exchanges include -
Paxful - https://paxful.com/
Localbitcoins - https://localbitcoins.com/
As always though - DYOR.
Hope this helps
I don't know what will happen in the future. But whatever happens, there should be a payment system, so people can use it for their buys and sells.
How will you buy a cup of tea in the unlikely event there is no bank? You will be able to buy and sell bitcoin in the same way.
It's also possible that in the future with mass adoption of bitcoin, you can buy and sell everything with bitcoin and there is no need to change bitcoin to fiat at all.
How will you buy a cup of tea in the unlikely event there is no bank? You will be able to buy and sell bitcoin in the same way.
It's also possible that in the future with mass adoption of bitcoin, you can buy and sell everything with bitcoin and there is no need to change bitcoin to fiat at all.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
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