Bitcoin Forum

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? :D

It would be good, yet still nothing more than a dream. I still need to convert Bitcoin or Ether to fiat on a daily basis with my Wirex or Fedor cards to cover my expenses and pay everywhere.
People doesn't changes and this is the main reason why crypto will not be widely adopted in next 5-10 years. Like it or not, we will depend on exchanges, not necessary banks.

Yes, it's very fun to live with Crypto, there are always many surprises that come, because prices always go up and down quickly. So I used the situation to make a profit. But what you say is true, that every day I always exchange Crypto with Fiat money for my daily needs.

There are many positive aspects that I can point out to live only on crypto. The major one is that cryptocurrency markets are 24/7 365 days open, instead of banks that they close on weekends and holidays. This market is always available to the crowd and this is what can promote the economic freedom of our society.

I once imagined that this really happened, but I immediately realized.
it can't be true, related to the many rejections of cryptocurrencies in several countries.

That's the main reason why crypto currency was created like bitcoin in order to give a full freedom on our financial assets without depending on banks ever again. It's just astonishing that bitcoin have come this far with so much accomplishments already achieved and community adaptations are still going strong.

Banks exist for a long time and people are used to using them on a daily basis. To receive salary you need account in bank, or when you need a loan you will go to bank, so it is hard to switch only to crypto. Although some people are trying to push crypto more, there are too many obstacles on that path.

Crypto is just too volatile and not clear enough to most people in this world, most of them experience it as some internet ponzy/scam thing where few rich become even richer running pump&dump schemes.

To live only on cryptocurrency in a literal sense is an impossible mission, considering buying food, paying bills, taxes and similar. But using crypto online for buying digital goods is very popular and available almost everywhere in the world. With more and more understanding of how this technology works, and with Lightning Network becomes more and more present in daily transactions, in next 5-10 years paying with BTC will become more and more accepted.

Man, I want to say again, that depends on country too. There are still some good countries where people don't use banks often, some of them get money in cash, without accesing to banks ever. Some people are self-employed and don't pay tax for this reason, still everything depends on where you live. If you depend on banks, then that's it. I have no idea why to ignore them. It will be a headache to search bitcoin accepted shops and etc for nothing, at least as for now. Is there anyone who already lives only with crypto and don't even touch to banks? I think no and if anyone says yes, then he/she lies.

It is a good thought but how will you survive with only cryptos since this is just the starting phase, one will not be able to buy all the things with cryptocurrencies alone as there are things like groceries and for days to meet one need to have fiat currency in hand, may be in future every market will have POS machines to accept crypto with a lower transaction fee, for fund transfers all around the world the use of cryptos is a good go than the traditional use of banks. Even if a person has cryptos he need to have a bank account linked to crypto exchanges to convert to cash.

The world for now need our banks. Living in crypto like this is a horror since we are in the bear market. So a lot of people has still love banks because of it.

just imagining that, I might like losing all the facilities and conveniences that we can get at the Bank, most of which are transfers and withdrawal of money. If we use crypto it might be difficult because not every place will be able to support, not to mention the necessity of the internet network and only a few partnership's merchants

I actually have some experience with this. I've been living mostly of off crypto for 3 - 4 years now.
It's surprisingly easy, as long as you also have a Bitcoin debit card.

Look, having a Bitcoin debit card might kinda defeat the purpose of "living on cryptocurrency", but for me there's no way around it.
It allows me to keep my lifestyle just about the same as when I only use fiat exclusively.

I do try to pay for most of my purchases with Bitcoin directly, but to pay for everything with Bitcoin just isn't possible atm.

On another note, I do hope that I can eventually pay most of my bills with Bitcoin, but I don't see that happening any time soon.

At the moment, it's just a utopia that sounds good. But much more needs to be overcome before the crypt becomes part of everyday life. I think you should understand this.

I don't think much would change, really, if we look at how countries are regulating cryptocurrencies. Okay, say there are no banks anymore. But we are still used to storing our money in wallets, provided by centralized companies. And we'd probably use more paying apps in supermarkets to use our coins. Moreover, we will probably have to pay taxes (in some countries it will be VAT and income tax, which is okay, while others will have capital gains taxes as well). It would be better, safer and more decentralized, but the governments will still have control over money in many aspects.

This is yet but a dream, cryptocurrency is nor yet robust enough to become the global currency and support all forms of transactions.
A few more years down the line, bitcoin would be in a better position to truly disrupt the financial system.

Perhaps it'll be fast-paced society wherein almost everything is completely digital, with no one oppressing the masses from their own financial freedom and everyone is capable of doing their own thing without having to think of what the next paycheck would get them to. People would then be more creative knowing that the pressure wouldn't be on their shoulders and they can do anything to their heart's delight. But then these are all just assumptions, and we will never know what is in store for each of us.

I trust cryptocurrency are most useful one and comparing two banks and cryptocurrency gives a lots of profit but when comes to bank there is the limitation for anything that you want to do in your account that's why people will turn into cryptocurrency sharing and it will be more safer and profitable also.

It is not something that an average Joe would agree to

First of all, you will have to use a whole host of tools to allow for the extreme volatility of Bitcoin (not even speaking of other cryptocurrencies). That's definitely doable but it requires skill and effort that is not just beyond the average Joe's ability but also beyond an average Bitcoin holder's capacity as well. Then, you won't be able to spend crypto directly most of the time, which means you are going to use a Bitcoin payment card. This is another can full of worms in its own right. Further, you have to secure your local storage, be it a desktop wallet, hardware device, or piece of paper, which can be a pain in the ass on its own. And the list likely goes on and on

It is possible to live off of cryptocurrency, but it would severely limit you in every way, plus you would probably have to live within a 1st world country to pull it off, or be incredible resourceful and disciplined.
   You would be limited to using vendors whom hopefully accept Bitcoin. This alone will narrow your selection for purchases, unless your ready to give up a countless number of material things. Hell, it's like living off the grid, in some ways.
   Making money with crypto is easy enough, but living off it is what is what makes it really tough,  it for the feint at heart.
I think the government and banks know this, hence why it is legal, because it only supplements the current financial system. Unless your a die hard crypto anarchist, it is possible,  it not very feasible.

Just my two cents!

It depends if we're talking about peer-to-peer payments only, or also merchants that accept BTC through payment processors.

It's really easy to live on crypto income through payment processors (Bitpay) and gift card services. You can buy gift cards to Amazon, supermarkets, etc. with coins these days. The only trouble is paying rent. You'd probably still need to sell BTC for fiat to do that.

Yup, it pretty much defeats every purpose of it.
You use a card, issued by a bank and you use visa's network for every payment.

You're simply avoiding having to sell coins and send it to your bank account every time you want.
The bank can still freeze your cc, visa cand always block your card or strip the issuer of its partnership like the case of wavecrest.


This is the problem, and if this is not solved (changed), then there is absolutely no point is saying we're using cryptos when all we do is pay in fiat through a centralized gateway.


I have 24/7 banking access as so does anybody (at least in the western world). You can withdraw money from an atm at 2 am, you can send a transfer at 4 am, and you can buy socks online with a cc at 5.47 am. Seriously, you use your card only between 8-16 during work days?

Spending your bitcoins with a credit card isn't much different than using a bank. You rely on a 3rd party, Visa/Mastercard/and Banks too.
Banks aren't only to deposit your money to invest in. They're used too for our daily life, to receive your salary and pay your bills. They're here when you need to borrow money for your house when you need funds to start up your company, when you need investment/taxes advices. Real estate management and so on.

It'd be awesome for that to happen but well, who knows when such can happen. May be in the next decade or two or whatever but if crypto doesn't die this time, i think we'll get there.

The only hindrance i see regarding this matter is the cryptos volatility in nature. Compare to dollar and other currency, its value is difficult to handle. If example you deposited to your savings acount 1BTC, after a month, it will change its value and you can only get 0.8BTC.

This will continue to grow and make a good competition with the banks, for now I jut can’t imagine how to fully live with cryptocurrency since banks offer also good service to me though I’m not considering it as my investment. Cryptocurrency has a chance for the mass adoption and it can happen in the future.

It will be good ,I imagine I can go to every store without any need to bring wallet, and I can go travel to any country without need to exchange my money, it will be super efficient if we can used crypto in any store in any country, and we are now moving phase to phase to reach the mass adoption

Everyone will hold smartphones everywhere and looking at the bright side, transactions are finally digital and even my favorite local store would have its own QR code to scan to pay.

Life would be faster by that time and we're living like the sci-fi movies that we have watched before.

That's certainly true, mate. People can't adapt to changes easily, which means that they'll be slow in adopting something new in their daily lives. For many years, fiat has dominated our world and for obvious reasons, many people trust it. Considering how Bitcoin is just 10 years old, it's still relatively new to the world. Perhaps, after the Blockchain industry becomes so successful, we'll get to see crypto more often in mainstream businesses and corporations.

But until now, crypto has a long way to go, since it needs to solve many issues like scalability, and fungibility to be able to be widely used within the mainstream world. Once that happens, then living only on crypto instead of Banks would be the way of the future. Of course, that is if banks don't adopt blockchain technology for their own benefit. If they do, then fiat will keep dominating our lives for many years to come. Just my opinion :)

It seems that living with crypto is very beautiful and tense because all this time I have felt crypto has helped me in terms of economic and financial that are more than enough and tense when crypto values are destroyed like last year until now because it is difficult to get income

i agree, cryptocurrency is much more better than our traditional financial system. Imagine, here in the philippines, when you send or deposit money, it takes 30 mins to 1 hour in the line before you can make a transaction. But in crypto, by just using your phone or laptop, you can send money right away. Less hassle and more convenient. This is one of the advantage  of crypto in banks.

same as me, where last year even though prices dropped sharply, I was still able to shift my income from crypto to real assets, so that it really helped my psychological stability. it is conceivable that I still keep all assets in crypto form, maybe at this time I have been desperate and regret that I feel

Cryptocurrency gives us many new features, but it also has some significant drawbacks. Therefore, I think that it is necessary to take advantage of all forms of financial relations. That is, you can not refuse services of the banking sector or ordinary currency. It should be used together and then their flaws will not be so noticeable. Hoping for information about cryptocurrency in a smartphone is also very dangerous in case of theft of such a smartphone.

if crypto can be applied as a tool for maintenance in the world it will certainly provide convenience for its users but if the crypto price is still unstable is it not inconvenient to transact?

for me to live in crypto is a happy life because crypto made me mature at this time for me

Cryptocurrencies are to volatile yet so the risk is high for looses and banks are here since a good period so banks are more safer right now than cryptos on this segment.

Living with cryptocurrency instead of a bank is a dream we would like to come true in the future. But since crypto-banks were initiated I can tell that banks are already adapting the cryptocurrency to generate profits and to control it because once they can't regulate cryptocurrency, it would end their industrial industry. Imagine living with your own wallet and bank and spending amounts of money without any charges or small charges? No fiats mean no stress of keeping your paper money into the case instead you can actually have your password and a link of your wallet only.

It is not possible for NOW but it doesn't mean it will be impossible forever. First of all in countries like USA you can get a debit card thats filled with crypto in it and can be used in anywhere you go that accepts debit/credit cards and live like you never need a bank ever again but in reality you are still using a "bank" which is the company that issued you that debit card.

Most of the time those "debit" cards that you use to spend bitcoin are backed by a bank, even places like coinsbank that gives you debit card actually gets it from other banks they are partnered with. However one day it will be possible to live this kind of life not thanks to debit cards but mobile phone apps, with apps you will be capable of paying, we just need to wait until all shops have app payment options.

People don't easily adapt unless they have to and it is a matter of their own survival. And then you will be surprised how fast this process can go. For example, if a local currency is being massively devalued by the corrupt and incompetent government (like it happened in Zimbabwe and is now happening in Venezuela), people will quickly start using other currencies as well as Bitcoin, provided it is technically available to them (i.e. they have Internet access). They will adopt anything that will help them save their wealth (if they have it, of course)

As the saying goes, necessity is the mother of invention

It's just a matter of time before every payment processor will start accepting payments in stablecoins, and I'm certain that this will turn out to be something that will gain a lot of traction in the forthcoming years. Coingate (https://coingate.com/accept/tusd/trueusd) already accepts TrueUSD, so the first step has been set. Considering that most people don't need censorship resistant payments, these stablecoins will do well, very likely better than most decentralized cryptos combined eventually.

Stability is such an important factor that regardless of how fast and cheap your transactions are, if the price jumps up and down like crazy, it's not a serious day to day currency.

On the one hand it sounds good, but still nonsense.  :-\ The lack of control pulls a lack of any stability course. You should take this into account.

I would say it depends

For example, if Bitcoin's volatility was in the range of 5-10% a day (or every other day) but the price would still stay in the same range for months without either abrupt crashes or as abrupt surges, it would be one thing. And if the price stayed the same with insignificant volatility (say, on the order of 1% daily) for a month and then crashed a couple times within a short week, that would be a completely different thing

Stability is a relative concept. Your fear is quite obvious. But it is impossible to predict what will happen in the end. Over time, the cryptocurrency itself will be in our everyday life.

Maybe we can feel the freedom of using owr own money when we using cryptp currencies for it.There is no meed for prppf verification to send any money overseas and everything will be much easier and complete decentralized but maube the transaction time will be little longer when compared to current system.

Well, volatility is impossible to time/predict. It may look like it's relatively stable for a week or two, but then it bounces up and down like crazy out of nothing, or it continues to plunge like what we have seen when ~$5800 support broke last year. The uncertainty that comes with this market makes crypto unreliable as day to day currency.

It's waiting for a stablecoin that's fast, cheap to use, and more importantly, scalable. Most of the stablecoins run on Ethereum, or in case of USDT on Bitcoin, but both networks severely lag when stressed, and aren't scalable on-chain to have the mass use them. I guess time will tell what stablecoin will find a solution to all problems the current ones struggle with, but we have at least had a glimpse of what the future may look like with the current generation of stablecoins.

You should just use what is cheaper for you. You should not focus in one or another but use both. Banks itself will eventually use crypto if will be cheaper to transact. But they will still exist and serve.

There will be some miners or some other instituitons for the execution of works. But they can keep things on its way faster and safer with a lower fee when compared to banks. I would see a world that crypto currencies are mostly accepted by authorities and institutions and they are in use in our daily life. I hope it will be realized as soos as it is possible.

It is impossible to predict because Bitcoin is a purely speculative asset

You can take a look at a commodity like crude oil and you will see how real value backs up its price even despite a huge derivatives market which is mostly speculative in nature. It is not uncommon for crude oil to have price swings in the range of a dozen percent within a single day (though not every day, obviously), but I don't remember even one case in the recent history when oil dropped in price like two times within a couple of weeks (or even a couple of months). Yes, it went down from $140 per barrel down to below $30 but it took a few years

If the banks will get involved in the blockchain technology things will be different, but in the same time we would have to pay the same taxes and fees that we pay with the fiat money. For better or worse it is good as it is now.

I don't want to imagine if that thing is to happen right now because I still need money for my life and my family. But if that really happens, then I will try to use crypto in my life, and I will learn more about not depends on the banks again because using the crypto is enough for us. We can buy something for our life using crypto, pay bills using crypto and crypto will change the fiat place.

So far it is difficult to imagine, because there was no such situation. It's like looking to the future and figuring out how we're going to live.
Life without banks and Fiat money is impossible, but for its beginning it is necessary at least that the bitcoin rate does not fluctuate with such huge ranges.
I am ready to pay for everything crypto, but only if it is stable and the services working with it will be well protected and work without failures.

I guess I'm just old school. I much prefer to hold most funds in bitcoins in cold storage and hedge short with a portion as needed. Stablecoins seem risky no matter what. With the "legit" stablecoins (GUSD, PAX) you need to worry about Gemini or Paxos hassling you when you try to redeem, or outright freezing funds. Gemini has a backdoor, after all. On the other side of the spectrum (Tether), you need to worry about the U.S. government fining or shutting down Tether. They're already being investigated for price manipulation. I think there might be another BTC-e situation in the making there.

I could be possible in the future where the community will not need cash. Cashless society is what the aim for the revolution of cryptocurrency, so I am not that surprised to see a cashless society in the future.

It is really a hard thing to achieve such an access. Cryptocurrency hasn't reached such a level of being used independently without the banking or the local currency. Even now there are many people around the globe who use just cryptocurrencies for all their needs. So, the more we explore more will be the possibility. Recently read an article about a person who used only bitcoin to travel dfferent countries and on each and everything required during the travel.

Stablecoins are neither here nor there

And hedging with partially covered shorts is the way to go (or via futures and options if you have access to these). This is not the old school (which it is), this is the right school. These stablecoins are a substitute for fiat, but it is not the same as fiat in your bank account. They are to give you a sense of being protected without actually protecting from systemic risks like exchange hacked, funds frozen, money stolen

  I really love to live in crypto it is very easy transaction through payment , shopping , transferring money investment , trading and so others like an easy life. While in a banks you are transaction in person to the bank lossing time is lossing money..

What you said is really happen to me I never use bank eversince I discover Cryptocurrency because in my mind I think you having wallet of bitcoin or other coin is good to save your funds. And you can detect your own funds in your wallet so I will say that as we people we can live with crypto. It depending to us being individual to how manage it.

Explain to me how are you paying your house, bills, etc Do you go to the supermarket with your wallet and say to the cashier "hold on, I am waiting for the confirmation"...
Oh man, I am also able to "detect my funds" when it hits my bank account, don't worry. Nothing to be jealous of.
Sometimes when I read people in the economics section there are a lot of people I wonder if they have a bank account, ever pay taxes, it makes me think the majority is living in their parent's house.

Cryptocurrency presents financial freedom to you when you decide to use it for all your daily living activities. You can send and receive funds anytime you want or feel like within some few minutes. You can be in the comfort of your room and do business transactions without the need of a third party to confirm your transactions. Cryptocurrency gives you the freedom no bank can provide you. ;D ;D ;D

I think we still need fiat money because bitcoin or cryptocurrency dont have loan facility. People and government still need fiat money because have function to boost economic growth or bussiness

it will be good, because there will no longer be bank interest. and if a deposit of money is put in crypto, it can actually be an investment asset because the value can go up, but it can also go down. but it will be more fun and more challenging.

right, therefore I want to save quality coins, so the possibility for the price to rise is greater. saving in a bank will certainly get interest that is smaller than inflation that occurs every time, so that the value of money will shrink if bought the same item

For now there are still many shortcomings and we are still far from that, I cannot feel life only with crypto, like paper money does not exist. We ourselves know that there are not many shops that accept bitcoin as a payment tool, even the store owner is very foreign and doesn't know what cryptocurrency is.

Saving money in bank has a small interest but the stability is there  and the security is also much better  . while in cryptos , the value of our money can decrease or increase depending on the mood of the whales   .

I guess diversifying your money on banks and in cryptos are a better way to earn and reduce the risk at the same time than going for one option .

Yes I agree it is better to diversify your money on banks and crypto so that you will not become regret later because sometimes there is an unexpected error that possibly happen on which we cannot know the time it become properly working again that's why when you diversify it you can have a chance to minimize the risk and you can have a chance to use it anytime wherever you are.

At the moment - it means constantly fearing for what will happen next. To be afraid that one fine morning you can see that your money has become 2 times less, because you decided to keep the money in an unstable (at the moment) cryptocurrency.
Do not think that I'm against Bitcoin. No! On the contrary, I want the price to go up. And I'm sure that it will be so! But at the moment to keep all your money in Bitcoin is too risky and unjustified. I hope in the future this situation will change for the better.

The world is heading to a cashless society where the need for physical cash will be eliminated. The banks are encouraging this. The use of cryptocurrency is heading to that direction and its advantages are more convenient, cheaper and faster transactions.

Well, cryptocurrencies will always be cheaper than banks because of their underlying Blockchain technology. Even with Bitcoin's astronomical rise in fees, it's still cheaper than traditional payment processors. That's why many Banks see crypto as a threat, because it enables people to send money at lower costs, giving them the power to be their own bank. With all the available technologies and advancements within the Blockchain industry, cryptocurrencies can outmatch banks in terms of speed and cost efficiency.

Right now, Ripple (XRP) and Stellar are already the fastest cryptocurrencies in the world. On top of that, they're extremely cheap where it costs only fractions of a penny to send money around the world. What is needed is mainstream adoption, for cryptocurrencies to become a force to be reckoned with. Once that happens, and many merchants and businesses start accepting cryptocurrencies, then many people will choose to live on crypto instead of banks for the rest of their lives. Cryptocurrencies give freedom, which is contrary to what Banks offer. If we were to live on crypto only, instead of Fiat money issued by Banks, things would be a lot better, IMO.

Nonetheless, time will tell us whenever Banks will adapt to the Blockchain or become obsolete as crypto takes over the mainstream world. Just my thoughts ;D

Living fully with functional cryptocurrency system and without fiat money is something very high tech. Imagine that almost every financial transaction is digital, the processes would be very liquid and transparent. Through this technology, corruption and fraud will be reduced. This is the potential of cryptocurrency system.

Only in some cases. If you're sending millions of dollars, Bitcoin is obviously cheaper because we pay a flat fee per byte.

If you're sending lower value transactions or using a lot of inputs, it can actually be more expensive to use Bitcoin, especially when you consider times of high congestion like December of 2017. We also have free ACH and intra-bank transfers, free-Paypal-to-bank transfers and free domestic Paypal transfers among friends and family.......There are more examples like this too.

Bitcoin will always be more expensive in some cases. Where you don't need censorship resistance, an additional layer of privacy or cross-border remittance, there's a good chance it's rational to use something else instead.

This is what bitcoin was made for, to be an alternative payment system to banks.
Crypto has evolved to the point where there are viable alt coins even if they are
a bit questionable or are disliked by portions of the community. Knowing which
of these can be used for what task can be beneficial.

On the point of living off crypto, there is 1 community member that i am aware
of who does just that, FRANKY1 has mentioned before that he buys all his goods
etc. With cryoto, id love to know exactly how, but thats his own business

Nano is instant, has zero fees, has way more transaction throughput, and is scalable, and I'm sure that there are a couple more with similar specifications.

XRP is a shitbag that happens to be centralized. It doesn't take much for governments or even banks to compete with that. I am honestly of believe that the same banks they are partnering with, will end up forking them in the ugliest possible way. They don't need xCurrent or xRapid, it's just a matter of time before they do it themselves.

What makes the crypto currencies in this space different is that they are decentralized, some more than others, but you get the point. Decentralization is what makes crypto valuable, where centralized coins or tokens don't have any of these characteristics.

but if cryptocurrency wants full adoption as well as what the bank does it can experience the same thing even worse because of the crypto unpreparedness in this case. They should have a portion of each and every field, and not change the standards and places where they should move. Bank is Offline, Crypto is Online, each ecosystem that have good relation always create something good

what is certain with crypto as if you have a private bank. we have a wallet that can hold our assets and can be used as transactions when we want with all the advantages of a decentralized system

Maybe true in some places of the world. Not true in other parts. Mostly its just paying money to top up digital wallet services and then use that money gradually. Thats nothing different from paying cash at the local grocery shop. Its just been made a bit easier. Crypto-currencies should not be compared as just digital cash.

Banks encourage their own services to be adopted and not crypto.

I think more people are actually holding crypto for future moons for speculative market trading than use it for buying daily necessities. After all, who wants to become the second guy/girl to buy pizza for 1btc? (prior to a bullrun) :D

Bank transfers can be free of charge too

As it obviously depends on the bank and its client policy. For example, it is not uncommon for banks in my quarters to offer payments completely free of charge (up to a certain limit, which is high enough for the majority of clients) or offer flat fee (like 20 cents per transaction, for example)


The difference between Bitcoin and banks is that these cases are pretty rare and marginal as otherwise people will be using something else instead (for example, Litecoin). In other words, your options are open with cryptocurrencies

I feel the convenience, I can see the shipping track record or my transaction in crypto currency clearly and quickly. I also feel that I get more convenience than transacting using a bank

Approximately 97% of Western money is printed arbitrarily, as needed.

If the system crashes, it will drop a monster. If banks name the real volume of their debts in fiat currency, it can cause a whole avalanche of consequences. The elite will be safe, but the vast majority will remain in dire straits.

If It can possible than It will be very resourceful cause no hidden charge will be applicable. Instead of a bank, There are many charges Applicable for an account when even we are using booth Extra Charges will be Included. Live with the crypto is more useful and we can buy daily necessary things for our own. Digital cryptocurrency reduces fraud and this is really a very Convenient for us.

there is always going to be dependency on third party services in my opinion. and banks have just been doing that, they have been offering services that people want and made things easier for them. of course the corruption,... came later.
but since that needs still exists i say the banks or any bank like services will also exist in the future. see how web wallets and web accounts such as coinbase exist and people use them although they shouldn't? that is the need i am talking about. some people don't give it up.

well etherum is more centralized than anything else. so you can't really say stop using banks and use another centralized corrupted coin like ethereum!

Not depending again to banks which mean possibly government does not control our funds again and not necessary to pay tax because such as the nature of crypto we're will be independent but i think banks and government will not let this happen and they will figure out the ways how to control our wealth but i still wondering whether this is will effective because volatility still belong to crypto

It sounds really good, but it's very difficult to happen. If it completely replaces fiat, I think that is difficult to happen, and the government will not let the country's currency disappear.

I think bank will still be there because in the long run they will accept bitcoin to stay in the industry. I still see people putting most of their funds like their bitcoin in banks for tight security. And small amount of  altcoins are in there own personal wallet.

Well, by the grace of God I had been living for a years here in this world crypto and sustaining all of my daily expenses through of it honestly speaking. With crypto I can gain a bit of bitcoin where all my expenses for the whole month was done by it. Because since I begun here I never use any bank only crypto or bitcoin to tell you frankly.

The government won't let that happen that's why some have come up of an idea that they have to use fiat and cryptocurrency at the same time to make a new way system about of this corrupted system about fiat currency.
Digital and physical money is both completely different from each other though they have some common but different when talking about of the system.

fun maybe. imagine you will be earning and spending with out the obligation of giving anyone an account of how much I am earning, how much I am saving. there will be no obligations of paying tax and abiding by your bank rules and regulations. no fear of maintaining balance in the bank and fear of being charged of penalties. living with crypto alone I think means freedom.

If your employer is paying you in crypto, and at the same time is knowingly not following the law, then it might work, but that doesn't work for the majority of the people here. In most cases there isn't a way to avoid dealing with banks, especially in my case. If you don't have a bank account here, you won't be able to get a job, it's that simple.

Obviously, it's different as 'anonymous' entity on the internet doing tasks for crypto left and right, but people doing so have been avoiding taxation already in most cases, so there isn't much new about this. Technically you are still expected to pay your due taxes, but hey, who does that?

it could be good any some banks are using blockchain for transaction i think in future your dream will become to reality

I personally do not fully live with Crypto, because surely when I need something out there that needs FIAT money, surely I will exchange my Crypto for FIAT money, so I choose to live with both of them.

Agree. Decentralization is the number one value proposition of cryptocurrencies and blockchain. Eventually, they'll take over centralized financial institutions that are highly inefficient. Having a centralized cryptocurrency greatly defeats its purpose, since Blockchain technology was designed to eliminate middleman or third parties. I believe that XRP is extremely fast only because it's highly centralized compared with other prominent cryptocurrencies on the market. But in the end, it could fail due to its single point of failure.
 
On the other hand, Nano is better than most cryptocurrencies out there. With decentralization in mind, and a unique design (using a DAG), it can achieve numerous TPS without costs. IOTA is also similar, which means that the future lies on decentralized cryptocurrencies that are fast, feeless, and secure.

With DAG-based cryptocurrencies like Nano and IOTA, it becomes much easier to live only on crypto instead of Banks. The benefits are numerous, and if every merchant in the world would accept cryptocurrencies, things would've been much better. :)




Excellent points, mate. This usually summarizes the benefits of crypto over Banks. The best feature crypto has is freedom as it enables us to be in charge of our own money. There's no risk or fear of getting our funds seized or frozen by the government. The decentralized nature of cryptocurrencies, makes them highly autonomous and independent from third parties. Which is why, the more people realize the benefits of crypto, the better as they'll use cryptocurrencies on top of existing Fiat money.

The only limitation of crypto is scalability and privacy, but that's being worked on. Eventually, crypto will become mature enough to prove itself as a viable competitor against existing payment solutions. ;)

How is that there's no need for someone to approve our transaction?

Aren't we supposed to wait till our transaction gets confirmed by a miner? Isn't it essentially the same as "someone approving our transaction"? Besides, the point of "no fear of theft to our money" also doesn't look very credible. If someone steals your coins in case you are using a desktop wallet or an exchange gets hacked (openly steals your money) in case you are a trader and have to use them, you can safely kiss good-bye to your coins. With banks it is quite different, though. Indeed, someone can steal your money from a bank account too, but the chances of catching the thief are arguably better

It could've been an easy life.

There are times when I am trying to imagine this kind of things. (kind of like a director in a movie or a writer)
I tend to go way deeper in my imagination and I see a life of ease and no more queue.

Payment is one swipe away. No need for cashier to get that machine where you will swipe a card and input a password. Just a swipe or a barcode reader and it is all done.

My opinion is if I only live with crypto
everything will be simpler, all forms of transactions will be easier to not take long, and privacy protection will be guaranteed and more economical without any third party payment burdens

If this happen, i think the economic system will be stronger and more resistant againts inflation. But i am doubt this happen because banks will needed in every economic situation and i think crypto and fiat money will run side by side

Yeah there will be a start difference of course but the reality is that it'll probably happen in years, probably decades before we see that to even start happening. Banks can be considered as one of the cornerstones of every country's economy so it's hard to imagine people dumping banks in favor of crypto for now.

I can't imagine it because I haven't felt it yet.
for us, it might be easier. but for some people it will be difficult, because by using crypto we must always be connected to the internet, besides that it will be difficult for people who do not understand the world of technology, so it is difficult for crypto to change banks.

Personally, I think it would be more of fun for me if I can live only on Cryptocurrency.
It means I have full control of my funds and so can use it at my convenience .
I can shop from the comfort of my home .
I can decide tomake more money by swing trading my holdings. There won't be need carrying cash around and risking my life .
There are so many things that I can do.

It's like living in the world without boundaries, without fear to go somewhere else as you feel secure and no need to bring your wallet for physical money. I believe living in the world under the era of cryptocurrency is the most favorable advance system in financial concern.

Exactly.It's like we will experience freedom in managing our own income and holding it without the presence of banks.There will be more transparency and even fast and efficient crypto transactions that is too far from fiat transactions.I think if this will happen in the future,then people should be more responsible too on how to keep their cryptos safe and secured.

That's certainly true, mate. Banks have dominated our economy for a long time. It would be difficult for people to choose crypto over Banks, especially since Fiat is still the leading currency. Not to mention, crypto is still experimental and on its very beginnings. This means that it would take quite some time before cryptocurrencies become mature for the mainstream world.

Even now, with crypto's limitations, it’s still faster and cheaper than Banks. There are many technologies available which allow some cryptocurrencies to process thousands of TPS without reduced throughput. All they need is regulatory compliance and mainstream acceptance to prevail. Despite this, the decentralized nature of cryptocurrencies is unfriendly to many of the world's governments. As such, Banks will continue to dominate because they're centralized and easily to manipulate or enforce regulatory measures.

Nonetheless, it would be a dream to live only on crypto on top of existing banking infrastructure. Just my opinion :)

Everyone wants to experienced such cashless society. But new things are hardly accept and we shall admit that banks is has a secured and centralized system which we still need. But who knows? Thoug I might think that removing banks in our country in a replacement of cryptocurrency is really impossible. There's nothing wrong if we think about the, "What if's".

I agree that banks are a secured and centralized system which we still need. Not all banks are greedy and abusive, I know some banks which offer nice features like cheap fees (or no fees), different investment options and they act like advisors.
In a cashless society we would still need to pay fees to the miners, like we pay in our societies, so I think there isn't a point on it.

Also, there are some banks that doesn't give you interest each month. So, it's a better option to use bank if you are "afraid" with interest stuff.
Still there are many people use banks because they are easy to use and widely accepted around the world. I mean there are pros and cons on each method, so they can choose whatever they want.

Of course there is nothing wrong to imagine about that, we have used the bank since we were born, and of course many of us are tired of being in control and limits. using cryptocurrency as a major currency certainly gives you freedom, which the bank cannot provide. but it's true what you say that banks have better security and responsibility for us ?

I think it can be possible and in future can happen, but i think governments will still want bank to work and this is the way they control money, but will be great if will be possible to use only crypto, now when i want to cashout crypto i need to work with banks.

Live without the banks is a total financial freedom from prying eyes always watching over your assets and i really wish to see such a vision come true in the nearest future. Making transactions in cryptocurrencies is more convenient than having to send monies through banks.

Citizens of Venezuela already do it. As do Nigerians and many underbanked regions of the world.

indeed, convenience when transacting is an option, but we must bear the risk of each, because our wallets are like banks. therefore I think there will also be services from the bank for crypto storage or crypto loans

The emergence of banks has been around ever since time immemorial. They handle assets, resources, and money in which they utilize for lending or for investment. Most people rely on banks for the security of their money and in-return, they exercise this fiduciary relationship wherein TRUST is the focal point of the subject.

Now when we talk about cryptocurrency which is volatile in nature, we do not want our assets to change its value overtime. In fact, what we want is an investment wherein we could grow the value in maturity for the long-run. I doubt that living in a cryptocurrency world would be that successful. It is good on paper but the risk outweighs the merit by a long shot.

surely the choice of a country's economic system is different there are those that have banks and some that are not, but some of the world is dominated by bank banks and rarely those who do not have a bank may only be remote countries. in my opinion, living with crypto without a bank is not safe.

I don’t know what kind of world you are in, but I still live in our physical world, where most people use ordinary paper money and are not going to fully switch to using cryptocurrency. Yes, and how can you switch to its use, if so far only a very small percentage of trading structures of a business trade for cryptocurrency? The adoption of cryptocurrency and the development of infrastructure for its use as a means of payment is still very far away.

I don't think I need to imagine it anymore as this is happening already.
My life in crypto space so far is awesome, I don't need to use too many platforms to do payment cross-nations as I can use Bitcoin and other cryptos as form of payment (Ethereum and Doge are my favorites to buy online things).

Soon in the future, I think I don't need to go out to deal with bankers or anyone and I can do everything from home, like working, paying bills and anything.

Exactly,,, if we all had a choice of course we would like financial freedom, independence with our money and all of that, but in the end of the day most of us want the security of someone to keep our money, to decide how much things cost for us. Well,,, people in my country say they prefer to work with the government even and earn a pension so they do not have to worry about the life in old age. If you remove banks and use crypto only, none of these things can happen properly.

The notion of central banks control over the economy and the constant increase in global prices create the need for cryptocurrencies. Unlike other electronic cash settlement systems that take days to process transactions, cryptocurrencies enable instant settlements. So I believe that we can actually live better with cryptocurrencies instead of fiat money 

living without banks is i think verry hard  , why ? simply because not all people can use cryptos and with that said , the support for cryptos on merchants is also less . that means we cant use our cryptos anywhere   .  now if there were no banks , were can we get a fiat money ?  how can we buy a crypto if we dont have a fiat ?  see   ?  there are still many hindrances that limits the use of cryptos  .

Well the only things I couldn't do for now using crypto is that I am planning to have a car loan and the only thing I can give as a collateral is the monthly salary. Who could've give me such loan for now but nonetheless the banks themselves. No car company is still accepting Bitcoin here in the country and I feel sorry for that. For now I am enjoying Bitcoin as online tool of paying, I shop online and in an instant and that is what I am most fond of, no interest unlike credit cards and other middleman payments, direct to the supplier and the item is directly delivered to me.

Money transfers and local exchange can provide that. A local exchange allows you to convert crypto into fiat money and the money transfer allows you to withdraw your money in that particular local exchange. Although it exists, in my opinion using bank to get your fiat is still better since it's available anywhere as you may withdraw at any atm machine if you have for example a visa atm/debit card.

And their experience suggests having to deal with vey high fees. The unbanked pay way more to transact stuff than people with a debit card. Crypto does work well when fees are low, but when they spike, they're worse than western union. Until there is a huge network of retailers etc that accept crypto, being banked will always be the superior option.

Western Union International transfer fees vary from $10 to $95, and Bitcoin fees were in that range only once in its history, from mid November 2017 to mid January 2018. So, I think we can say, Apart from one exception in the past crypto does work well.

I know that now it's hard to imagine how the whole world can live on crypto instead of banks because the Internet is not everywhere, not everybody has a smartphone etc. But could anyone imagine 20 years ago that around 2.5 billion people would be using smartphones in 2019?  

It is possible but it is very hard. Even if you have a lot of Bitcoin, it will be a problem to find the places where to spend them. In the future, this problem will disappear, and BTC will be used widely.

I think banks and currencies are same but the difference is the percentage of income will be different from the banks and cryptocurrency especially the cryptocurrency had most percentage giving investment in my life so I think that is the difference between them.

Well, that question is a double-edge sword. While it appears that cryptocurrencies may be prospering with astronomical gains - assuming you're a trader or a long term investor, the downsides of unregulated markets can be devastating. And on the other hand, having regulations would constraint the abilities of decentralization and in a way reduce profit taking. Besides, the real worth of crypto isn't that if gives humungous profits, but that it has practical utility whether as a store of value or a medium of exchange. This is why we still need the services of the banks until cryptocurrencies can fully replace the entire banking systems, the duo is inevitable for crypto users.

You can try to use only cryptocurrency in your life and you will have your own experience in this matter. However, this is not possible within the framework of the state, since no government of any state will ever give up its national money and will not switch to using only cryptocurrency. The economy of any state will not be able to work only on cryptocurrency and, above all, that it is not connected with it in any way, because the cryptocurrency will always have high price volatility and this will completely unbalance the economy of any state in a short period of time.

We will not hear the inflation anymore if there is no banks but still we will experience the price changes for our currency but if we are using only selected crypto currency then it is possible to attain stable value for the cryptos as well.

Life would get much easier in such case and also there would be no issues regarding the filling of taxes so it might go smoother and with higher profits. There would be no restriction on any individual in the crypto community to earn maximum amount and to spend them. The number of merchants should increase in number to really make it happen.

There are very less merchants who accept bitcoins or any other cryptos as payment so it would be difficult for the peoples to live without physical cash. Once the blockchain network grows more wider then I am sure that physical cash would really be used in minimum amount.

Until the current situation being with the banks is the better option as the usage of cryptocurrencies have not yet grown to that extend. Peoples would prefer the easy way of payments and also paying with cryptocurrencies might be difficult each time as the price too is not that stable and might vary any time.

There always needs to be some precautions which should be taken before starting payments with cryptos. And in the case this happens soon, there should be Cryptos ATM where the retailers can easily convert their cryptos into cash so that will also make a lot of retailers accept cryptos as payments.

I can't do suhc a thing, even if I decide to do it, I'm not going to move everything I have to cryptocurrency, I'm still going to leave half of it in the bank cause bank is much more safe than storing my whole wealth in crypto wallet. Yes you can live wiht cryptocurrency and not rely on banks.

There are lots of wallets that are offering same services as bank and you can as well get a debit card for an quick atm withdrawal at anytime. But you will be very sorry for yourself when you wake up only to find out that the price of the cryptocurrency you have in wallets has decreased drasticallyand you have just lost everything you have.

I think the problem isn't that, yeah I realize the profits and income in crypto might be far greater than your dailyjob. but living without a bank will certainly make you difficult. in the current era it is impossible for you to live without a bank, the bank system is in every element of the economy, The salary you receive in the bank, payment in supermarkets using a credit or debit card (bank), cash payment (bank) almost all of your daily activities use a bank

That's how it looks from today's perspective. We can't imagine what new technologies will be capable of in a few years. Let me show you just one possibility out of millions. There can be a wallet that decides which currency you should use for buying a particular product or service so that it would be advantageous for you and for the seller. It is possible that fiat currencies will be used less and lees in that scenario.

The only way for this to happen is through mass adoption wherein the government has to step in and regulate cryptos. Bitcoin has to have the stability of some sort that everyone can refer to. This is only my opinion, but surely, when you take a closer look, we are definitely heading to a  cashless environment long before bitcoin was discovered. All I know is that volatility needs to be fully eliminated when such an event becomes a reality.

As of now, my partner and i loves Bitcoin more than fiat, because Bitcoin gave us more opportunity and also open a door for us in the near future. Bitcoin can give you more profit once you keep it than storing your money in bank and gain little every year.
Thou in our country they only accept fiat.

Do you think isn't possible to see crypto gets inflation like what has already happened with the bank? Im not a hypocrite person if the fact that we still need a bank in our life to create a bridge to create or top up our amount to be the digital amount. Since the fact that the value of crypto has been generated from the demand and supply and then how can you prevent the volatility created by the demand and supply? It's impossible to do that. that's how crypto works.

Living a live where one uses cryptocurency other than fiat currency gives the true meaning of  a cashless  society where payment and other financial transactions are done digitally. I see a life of financial freedom where the user is fully in control of his finances.

Yeah, like Venezuelans and Nigerians are so eager to send transactions outside the country.
Be honest how many international payments you do a month and how many small transactions via a debit/credit card?
I'm willing to bet that if we put the average fee on 10cents you would end up paying more than enough to cover a wire transfer.

And why take the extremes, in my case I already have an alternative for WU,  is called SEPA and it works pretty fast and cheap.
When was the last time you send somebody some BTC at zero costs?
When was the last time you were charged a fee to move some cash from one pocket in your trousers to another one in your jacket?



Crypto ATMs are the worst things you could use to exchange BTC to fiat. Ridiculous expensive, involving another third party, the more links you add to the chain through which the money flows the higher the costs.

It cannot be denied by anyone that the development of crypto is very rapidly advancing, so that it cannot be avoided that the progress will also facilitate the transactions that will occur. but we must also not be able to ignore that there are still many who are accustomed to traditional ways, maybe even not yet familiar with crypto. so once again it cannot legalize that crypto can make it easier, for those who already know it, but for those who are uncertain there are obstacles.

I still do not know a single person who would live using only cryptocurrency. Apparently, I hardly ever find such a person. Cryptocurrency will always occupy only a certain part of our financial relationship. We will always need a common currency; not all structures will accept cryptocurrency as a means of payment. I know that many fundamentally will not use it. Cryptocurrency can only be used along with the national currencies of the states and will be one of the non-cash forms of payment, and very specific ones.

If you are saying that right now using Bitcoin for all payments and transfers is inconvenient and disadvantageous, I can't help but agree, but what I meant was that Bitcoin can be perfectly used for international payments currently, and that it is very likely that in the near future (after some improvements) all the other payments will be made in BTC as well, maybe not by all the people in the world but by hundreds of millions people.



I always pay a transaction fee. If there were times in the past when you could send BTC with zero fee, then I guess I missed it. Right now you can send BTC paying 6 satoshis/byte, and your transaction will be confirmed in several hours. It means paying 1,350 sats for an average transaction (225 bytes). I think I can afford paying $0.08 fee for transferring $200 to another country. I really don't think this is too much for a fee.

its cool because we can call our selves independent  . we get our money online and we can spend it the way we want  .  we dont need to worry bout the taxation and other charges that what we have on a centralized payments .

 the best part is that  we can use our cryptos directly in any country that we will end up  . cant wait for this to happen but i think this can take a long time for it to be approved because other country and people are not yet ready to dispose fiat curencies  permanently  .

It's all relative and it is even more relative than it appears at first glance

If given a choice, most people would choose not to pay anything even if the difference is apparently and technically quite negligible (like $0.08 mentioned) provided making a transaction doesn't cause them a lot of inconvenience and pain in the ass (e.g. card-to-card money transfers). Further, if we assume that Bitcoin is good money (as per Gresham's law), why would anyone want to send (spend) bitcoins instead of fiat if given that choice? These two thoughts that will quickly spring up in the minds of most people will make their decision quite predictable. It works even within the cryptoverse as well when people would rather use, for example, lites instead of bitcoins in case they need to move coins on a regular basis (fees add up quickly)

It would be great living in a crypto world without having to used banks, digital currency can be used 24/7 while banks cannot be used on holidays. However in my place i still need to use cash for everyday life, i think mass adoption has a long to go but living in a crypto world is a dream that i wish come true.

If you can buy food, clothing and basic things for cryptocurrency, then I think many of this will be enough

It depends on what kind of life You live using cryptocurrency.If You monthly income is$ 100,000 then I think You should be spitting on Fiat money.Alas, personally, I can not afford to live only on cryptocurrency.I don't make much money here.

Yes. It will be a more convenient and great living with crypto knowing we are able to manage our own crypto and only save them in our own wallets. It will make us more responsible not just in managing our finances but also in making crypto as our own living. I think with my own country massive adoption is already close to happen so i might be ready as it is.

all that must still get regulation from the government, it is quite difficult if all countries are able to eliminate the bank and can replace it with crypto because it certainly can affect the public forget about fiat

It is possible, but nobody is living such a life because it is going to be a risky one, so no one is ready for it. Imagining that you received $100k in your wallet and you wake up the next day only to see $50k🙄. Bitcoin is volatile, so making use of it puts you at such a risk of losing your money at anytime, and there are also the good times when you will also make money (that's when the price starts to go up during bull run). There are ways to spend bitcoin, some wallets offer debit cards and there are online stores that accepts BTC as payment. If you want to make use of Bitcoin you can do so with just 5% of what you have.

That is correct, we cannot completely scrap the use of Fiat in our transactions a we definitely need it to have crypto in our wallet, and so long cash still exist, Traditional banks will still be in existence, but then, when it comes to payment system, crypto can completely replace Fiat and scrap the involvement of banks In that regards.

Although it will be more useful to merchants that uses the service of internet to sell their product or technology devices, the moment all online merchants introduces the use of cryptocurrency for payment would be the end to fiat payment, and for the local store, I am sure crypto POS will be introduced soon that will enable them to make crypto payment without using fiat. So the power of banks over our finances might go down to 10% over time.

It's very nice to live with Crypto, even though there is no market or entertainment place in my village to receive Crypto payments, but I feel a great benefit when I have Crypto in my wallet.  ;)

I have been living on crypto for a long time but I combined it with banks as well so I can't say I am living without banks at all. First of all I work and earn bitcoin almost daily, which means that all my living expenses are covered thanks to bitcoin earning however I have to withdraw that bitcoin into my bank account to be able to lly crypto? No. But, that is as crypto as it gets for the current adoption phase considering I do not work for fiat anymore and only spend fiat because I have to.

I can testify that it is a marvelous feeling because it gives you the sense of freedom that is absent from our society, I feel like I can do whatever I want, earn as much as I want or as little as I want and live my life the way I want to live and do what I want to do. That freedom can be only acquired by going full crypto.

The advantage of having crypto is you can easily get accessed to your money anytime you want, whereas if you go to the bank you might have to wait just to check your balance or if you have to deposit/withdraw. By having access to your own wallet address you can easily look at how much crypto do you have and of course you can easily use it to pay for any kind of services as long as there are services/merchants who do accept crypto as a payment too.

That's true because we still need banks to convert our cryptocurrency to use to our every day life, not all merchants are using cryptocurrency so we still need banks that can we cash out our fiat. Especially if where in out of the country, so I think not all will be basing to cryptocurrency only.

Yes. That's the real deal and we'd have to face it until crypto becomes large enough to handle all the world's payments. Once scalability and volatility issues are solved, there's nothing stopping merchants from accepting crypto at a large scale. Blockchain technology is great for cutting costs and improving efficiency of financial transactions. But most cryptocurrencies haven't been widely adopted within the mainstream world because they lack true usability.

Still though, if every store or local retailer would accept cryptocurrency, then it would be a dream come true for most of us. Living only on crypto instead of Banks it's the key towards being financially and independently free. But without convenience or acceptance, you'll get a system which only serves as a speculative/experimental instrument rather than something useful for the mainstream world.

Nonetheless, time will tell us whenever living on crypto would be a better option than Banks or not. Just my thoughts ;D

most importantly cryptocurrency gives 100% satisfaction about money making but banks will not give any profit for me that's why I mostly entered into the Crypto field more than anything it will give the money for my investment.

It will be so awsome thats for sure,imagine buying everything by just sitting in front of your computer or just by holding your phone,pay everything you pay on malls by just scanning QR codes it will be a very good way of living for all of us very convinient

There will be positive and negative side of this. Our transaction will be easier and faster but the other side no central authority who control the economy of the country. This mean everyone is responsible to make themselve become better and better in financial and help the country. Bank is one of government's tool to control the economy of the country. Actually there is no problem with bank, the real problem is the system that it use. Print money regardless the amount of gold and lending interest are the real problem. Those two factors makes the world economy become really bad.

You are right, especially right now, when paying $0.43 for a transaction one can wait 10 hours until the first confirmation. But I believe this situation can be (and will be) improved in the future.

As for the adding up of fees, idk if I can agree with that logic. I know some people would go to another store if they could buy a product there for $10.80 instead of $11, but I'm not one of them. I think any difference below 5% is a negligible one. And it's not because I'm super rich. I just think that it's more economically feasible if you spend your energy on earning more money instead of on looking for where you can save 5%.

Everything counts in large amounts

Note that I specifically pointed out that fees add up when you make a lot of transactions, and in that peculiar case saving 5% per transaction (and in total) may be well worth it. In fact as much (or as little, depending on your point of view) as that can be a matter of life and death for a business, e.g. enough to make it profitable or go bust. Further, if it doesn't make a substantial difference in terms of time and effort, why choose a more expensive option? For example, you have two stores with two identical goods and all you have to do is just choose where to go (i.e. all other things being equal). The rational choice is obvious, especially if it is more like $10k versus $10.2k (you can choose a multiplier if you are not happy with these figures)

It would be very nice not depending on banks at all but at the moment this is still utopia. Cryptocurrencies can't replace fiat and because of salary that we receive on bank account and how the whole economy system is functioning we still can't live without banks. To my opinion the situation will not change so soon. I'm trying to use crypto as much as I can but I still can't live normal life without bank services.

Banks are worried that the rate at which crypto market is growing will have a serious impact on their operation. The banks seem to fight cryptocurrencies to slow down their growth rate. Increase in value of cryptocurrency will attract many people to using it instead of regular currency. As a result, the bankers’ operation will be disrupted.

This will not happen for several reasons. First of all, people can not live using only cryptocurrency. This requires special living conditions, but they are far from being the same everywhere. In addition, many groups of people simply categorically will not use cryptocurrency and there can be a lot of reasons for this.
The second, and even more spring, reason is that a transition from a conventional currency to a cryptocurrency is necessary for a state, but no state will ever give up its national money, because the normal functioning of the economy of each state depends on them.

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.

The best and important quality in cryptocurrency is making money it will give the profit for everyone but banks are only e available for our investment for the profit that is the qualities that I seen in cryptocurrency field only.

For me it would be paradise, where you should not go to the bank to withdraw money FIAT, that instead of FIAT everything is digital, the only weakness I see in this system is if there is a power failure or if there is a failure massive internet, if this happens, we can hardly acquire goods and services, although could be invented satellite systems where transactions are made using some type of chip while offline.

But obviously the transactions, purchases, sales, would be instantly, there would be no queues, there would be many more simple options to have another level in business, it would be much more universal if you could practice only with bitcoin, Eth and other altcoins would be used only for not to collapse the network, but immediately the automatic change to bitcoin is made, this so that the transactions do not take longer than normal.

The case of the miners would have great work generating more speed in the transactions. Without the presence of banks in the economy, the possibility of corruption is reduced to zero, there would be no cheat in the economies, politicians could not steal freely as they do because each transaction would be audited and followed by anyone who decides to investigate.

The greatest advantage would be that it would be excellent to handle the large or small amount of money that the person wants without having to demonstrate their funds.

Yes. The time will really come when banks will no longer operate because people will be using their cryptos already and thus they should be more responsible in managing their own finances. Other countries have started to adopt cryptocurrency already and in few years from now, we can see all countries are into crypto already.

Bitcoin will not fully replace banks unfortunately. Not in our life or ever. It will live alongside of banks

life with cryptocurrency I think cryptocurrency still has a usage limit which means that there are still not many countries that can use cryptocurrency freely so I only use cryptocurrency as a place to grow assets that I have and save money, when I want to use something I have to make a first withdrawal to the bank to be exchanged for local currency because in my country there are still not many who accept payments using cryptocurrency.

I think the idea of cryptocurrency is far way beyond that because it is by that alone, these age of cashless policy has made this things you mentioned already possible which has been in existence for a very long time now, because before cryptocurrency, most of our transactions has been through online.

The biggest solution that cryptocurrency brought is to have less interaction with banks in having access to the currency we need to perform these online digital payments, as we have little or no interaction with third party, it will make the cost of doing business very cheap as all the hidden charges embedded in the cost of products to meet up with bank and government tax and demands will be eliminated.

I don't even understand why there are still people who thinks that bitcoin can replace bank.
This is a mission like we are replacing the government IMO, which is impossible to happen, we can see both successful, we should be happy with that.
Bank can serve all people but bitcoin can't, that's the reality we need to understand and see.

I would never want to live in a world where it will be based entirely on banks or entirely on cryptocurrencies , what I believe is banks are as important as cryptocurrencies and vice versa both can actually support each other and inturn increase the market value of the whole cryptocurrency world.

I really this we need both stability and a scope of attaining profit fast , both of them are dependent on each other.

I don't want to change the current attributes , the current situation banks and cryptocurrencies can go hand in hand .

From my perspective, this is a false dilemma or dichotomy

First of all, banks are not antagonistic to Bitcoin and cryptocurrencies in general. If it ever comes to that, they can easily integrate crypto into their existing infrastructure and facilities (like they use payment systems, e.g. Visa or Western Union), providing banking services based on both cryptocurrencies and fiat money. In simple terms, banks are not at odds with Bitcoin or other cryptocurrencies

Further, I wouldn't say that Bitcoin can't replace banks and still less equal that to replacing governments as this is an obvious case of comparing two different things (which can hardly be compared on their own) with an even more different one. I'm not sure if Bitcoin can actually replace the government (but who knows), but it can definitely get along well with banks (and with the government too, for that matter)

Making use of cryptocurrency instead of banks, let's assume that you have all your money in a cyypto wallet, well you're about to either be a very rich person or a broke ass. Your worth will be up and down with crypto as it moves, if the market falls then you will be broke, cause most of the investors will withdraw their money as the price falls and you that has decided to make use of crypto will get stuck in it.

It's not really good idea, this is for the purpose of investment, but if you decide to live your life on it, then you've put yourself on the line and be ready to take the risk. Bank is the safest place to keep your money as long as you're not breaking any rules, you will be alright. You need to have money in banks and also be an investor cause investment is very important.

Why need change if both can be facilitated and works alongside each others to support and help the needs of the society, if this things happened it's much
better for both communities, we do have options and we can use whatever system we love to be use.

banks and cryptocurrency someday could be unseparated things.both of them make collaboration in system that will facilitate user in finance world.there are much advantages if we could combine between bank and cryptocurrency someday.no need to change one of them from market.

For now? probably not significant as most of the big assets are still done in loans, and loans need trust and income, and you might get a job as usual. Its just that your cryptocurrency could sustain daily needs easily when a community of merchant are embracing it, your wallets could probably staking as you use it, rewarding scheme. Cryptocurrency is still young and might just be another investment to bet that it would be adopted widely among huge communities

Given the dynamic market, we use the cryptocurrency system instead of banks now, everything could have gone very badly already from the moment of another strong recession. In a panic, people would start selling coins, which would lead to even greater decline.

Right.Crypto is not invented to compete with fiat currency but rather it will be a reserve currency for those people who loves to use bitcoin rather than keeping their money in the banks.With bitcoin,people will be trained to be more responsible in managing their own funds to make it safe and secured all the time.

I think the presence of cryptocurrency introduces to the public about technological advances in the field of currency. and evolution is common. but of course community and government assessments are the key to its development

That is why we have stable coins, you think by the time crypto is fly regulated and virtually everyone adopts it, there will still be this much volatility, No, by that time, bitcoin would have even be too expensive for people to manipulate and it will be more useful for utility other than the investment part of it that we are always holding on to.

Government regulations and control, even if it is an anonymous system would not make it possible to always have dump, crypto banks too will still have their own laws in regulating it, and you are the one getting it wrong that it is for the purpose of investment, the idea of crypto was to create a payment system between peers to peers while getting little reward from that, but as it is now, many people wants to turn it to a get quick rich scheme.

Indeed it would be good, I don't like bank's system and also government system. They always use their authority to make some people miserable and make some people tired because the rule that they created is so complicated actually in my country. Can you imagine, some days ago I tried to open bank account and they ask like he ask to prospective daughter-in-law such as ask me where I work and where I get the income because that is very secret for me. But in crypto I don't need like this, I just stay home to create an account and doesn't take a long time to use its account. For the payment system, I hoping very much bitcoin can be use as legal payment system so as I can't make an imagine as you think because bitcoin already feasible to make it happen.

That's what I've thought in the first place. However, considering how crypto has become extremely popular these days, anything is possible. What's needed is regulation and mainstream adoption, for crypto to become an independent medium of exchange just like Fiat. Of course, Banks won't be going anywhere simply because they're backed by the government (whereas crypto is not). On the other hand, crypto is largely unstable and unscalable right now.

With all the well-known issues of crypto, living only on it would be just a mere dream. Still though, there's room for growth and improvement within the space. If crypto succeeds, then people will start living off it instead of Banks. Which in effect, would create a completely decentralized economy that's free from corruption or fraud.

Nonetheless, it's good to make a balance between Banks and crypto, as they have their pros/cons from one another. Just my opinion :)

People living with crypto is not possible at this moment, in someway we're dependent on the bank. There are very few people around the globe who take more efforts to fulfill their needs without the use of banking. For each and every service we need to search hard and find the person who accepts bitcoin and need to get things achieved. This won't be that effective as well we can't get things done instantly as that things happen with the use of fiat or banks. Maybe in future this could happen if banks too adopt cryptocurrencies.

That's correct, we cannot rely on crypto at the moment as the adoption is still very low.
We need to see a massive adoption where all our basic needs we can buy it using bitcoin, I think that's a big dream now and this is likely not gonna happen int the future. We like big adoption but we will not see as big as the adoption of the people to the bank, we cannot beat them.

We are and we will be till something drastic happens. But note this that even a drastic change wont happen till several years of development. If bitcoin becomes the mode of transactions in future then you can be doubly sure that banks are the first to accept and take up the pro-bitcoin stance. Its highly speculative of what will happen once that becomes the biggest bag of bitcoin.

You would be too late if you think this in the future. It has already started happening. JP and his crooks are stocking up bitcoin on every dump. You can be sure to see them manipulate the market in future. SO stock up your armory before low prices run out. ;D

in my personal opinion I can't get out of the bank and use paper money, because in my country the payment uses paper money but if all payments are legalized by crypto we only have to carry a cellphone enough is enough

The blockchain development will help country but bank has important role on country economy. Bank will not dissapear but the system that it use will change. Companies need to borrow money from bank to increase the number of product that can be produced by those companies. We need to find the other way of funding so the ise of bank will be reduced.

actually, living with crypto is still very difficult to be realized in several places, especially if people prefer cash. many things that need to be considered. however, so far, the development of crypto in the community has become an alternative payment, although that is not so often. this technology will definitely continue to grow

I think in the end both will go together, and crypto can only be used as an alternative payment or other transaction.
it is not easy for crypto to replace fiat and if that happens it takes a long time and process, because there will be changes in the system of the government and the people who use it and who in my opinion is not easy.

yes indeed it looks beautiful and we will never see it if people use crypto rather than banks. surely people will prefer fiat money and banks rather than choosing crypto because fiat money is traditional money and has become a legitimate means of payment since the country was founded.

That's certainly true, mate. The reasons for that are many, not limited only to lack of merchant acceptance of crypto. I believe that there needs to be a solid infrastructure for crypto, in order to allow the "unbanked" to stay away from traditional finance as possible. Low fees, and quick transactions are just the tip of the iceberg. The first step would be to implement proper regulations for crypto to become accepted as a legal form of payment around the world. Then, with proper improvements to cryptocurrencies' blockchain networks, micropayments and instant transactions could be widely possible.

Nonetheless, it may be practically impossible to live off crypto given that we need to depend on Banks for Fiat currency one way or another. Which means, that without access to banking, you couldn't do much in this world. In the future, Banks may use Blockchain technology to improve their infrastructure, allowing customers to interact with their accounts in a cheaper and more efficient manner. Just my thoughts ;D

Do you go shopping for food often? Because I do, and I know that in one place some products may be more expensive than in another, but in this very place some other products will be cheaper. And what I was saying was that I will not go to another store to buy some particular products 5% cheaper, I will buy them in the store I am now, screw the 5%! And most people who buy products frequently follow this approach because it's very hard to live acting otherwise.

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.

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.

More precisely it might live with income from cryptocurrency and not live with cryptocurrency because there are still many countries that still prohibit the existence of cryptocurrency. and banks cannot be separated from humans now because most places to save money or to transfer money still use banks even though there have been advances from many payment applications that are already available

It seems to me that we are unlikely to ever fully be able to go only to the use of cryptocurrency. And in my opinion, this does not need to strive. In many cases, the usual currency is much easier to use than cryptocurrency. In particular, Bitcoin will be better used for large transactions, and for small ones, the usual currency is more suitable.

Crypto currencies and their crypto may be created to keep up with the progress of the economy, but return to the decisions of the government and its investors themselves and if crypto currencies are needed in the future, we certainly feel fortunate to know more about crypto currency.

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.

Because some countries did not fully use cryptocurrency to purchase goods and services. That, everyday we still need to convert from crypto to currency we use in the country. Yes more suitable for the currency that were in than crypto so hopefully in the future crypto could fully adopt and be totally use than banks.

Same it happens in our country(Philippines), we usually convert our crypto coins into fiat and transfer into banks so we can easily have any cashout. This option has nothing to change cause in the first place, only a few online business institutions accepting crypto even for Bitcoin and so we need to convert into fiat so we can enjoy using it to buy stuff or anything we want for.

the rejection that occurs does not necessarily eliminate the transaction process individually, the government cannot super-track the details of existing transactions. We can use third party/individual exchanges to remain smooth until it becomes cash.

but indeed the bank still has a strong trigger, because all things that are traded in real terms must go through a systematic procedure that is intact. But if it works, I think it will indeed be more fun.

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.

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.

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 :)

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.

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.

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:)

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.

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.

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."

:D 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.

At the last you've described about the risk of investing and the return got out of cryptocurrency investment. Right now the usage of cryptocurrency for investment and for other purposes is very low which shows people look for security than profiting big. Banks provide very mere interest on the holdings, but we haven't got access to use bitcoin same as banks by people who aren't much knowledge about bitcoin is the reason for the reduced use of bitcoin as investment. Hope this will change in the future.

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

U.S. dollars are not backed by anything other than the faith of the fools who accept it as payment and of other fools who agree in turn to accept it as payment from them. The main difference is that, for the moment at least, the illusion, in the case of dollars, is more widely and more fiercely believed.

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 :)

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.

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  .

Crypto is now being used freely by most of the population because there were now lots of countries that legalize the use of cryptos but alot of users are saying that crypto is still on its infant stage  . That maybe true because on some places , there are still stores that does not accept a crypto . Some people does not also recognized crypto

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 .

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.

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.

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.

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.

It feels good and comforting to know one that I won't be illegally charged by the bank for whatsoever reason, I should be able to pay for good and services irrespective of country and continent without having some restrictions on my money not fearing it will be delivered on time without any network delay of technicalities. I really love going cash light, which bitcoin supports.

For me, the main job where I get salary in traditional money is still the main source to provide everything for living. Therefore, I cannot refuse bank services. nevertheless, I can agree that it is possible to live on BTC and/or crypto only.

Agree. Even after Bitcoin's progress since launch, it still has a long way to go. The same applies to other cryptocurrencies on the market today. Adoption is key in order for crypto to be used more thoroughly in the same way as Fiat. Otherwise, their purpose would be only for speculation or as a store of value rather than a real currency for daily transactions. Merchants, businesses, and consumers would need to adopt crypto as an alternative form of payment in order to live only on it instead of Banks.

Not to mention, there needs to be stability in price and proper regulations from the government for crypto to become a highly independent financial system. Still though, given that Fiat is much more flexible and available everywhere, it seems to be quite impossible to avoid Banks. Such financial institutions will exist for a long time for the mere reason that they're backed by the government. People tend to trust them more than anything else, given that Banks have been the custodians of money for a long time now.

While this is true, crypto can become a viable alternative of Banks that will be sure to last for many generations. Both Banks and crypto might co-exist within the mainstream world, giving people the option to choose one from another. Therefore, in the future, employers could pay their employees via either crypto or Fiat if they desire. Just my opinion :)

I personally still need FIAT money to exchange Bitcoin currency into FIAT, because in my country the government still has not legalized Cryptocurrency. So if I go to the market to buy food, I still use paper money.

That's the real issue. We still need to depend on Fiat money one way or the other. There's no way around it. This is largely because, Banks have dominated our economy for a long time. On the other hand, cryptocurrencies are fairly new to the world with only 10 years of inception. The road for mainstream adoption is still long, since crypto is not fully regulatory-compliant and stable in price yet. For this reason, Fiat money is still the top form of payment among merchants and businesses alike.

Still though, it would be better if we had more choices to spend crypto than simply Fiat money. I believe that if the world would only use crypto instead of Fiat, then our economy would've been fully decentralized. However, this is very unlikely since Banks are heavily backed by governments and they're trusted by many people worldwide. Living only on crypto seems to be a dream nowadays.

Nonetheless, there's a possibility that Banks will adapt to Blockchain technology someday making paper money extremely outdated. Just my thoughts ;D

Me too but that's okay for me because at least our government still able us to use crypto compare to others who impose a total ban on it. But you know what? I'm very proud to say that our usage of crypto transactions are quite growing now. I say so because the mobile wallet I used, which is the biggest here in our country, offers several means of bill payments such us for electric, water and internet consumption. We can also buy prepaid load through this. Anyway, I admit that we're still far from the mass adoption but having those improvements are not bat at all, right?

It is not a possibility any longer, it's now a reality :). One of the most popular banks here in our country already starting to adopt blockchain technology. For more info, check this (https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/) out.

Interesting. It's good to know that Banks have started to make use of Blockchain technology since they're the ones in charge of the world's finance. Sooner or later, the worldwide economy will adapt towards Blockchain technology allowing us to obtain its benefits in every way. A digital USD or EUR is not far from becoming a reality, since Banks alongside governments have been studying this emerging technology more thoroughly.

While Banks will still be largely dominant in the world of finance, I believe that crypto will never disappear given that it's widely supported and adopted by individuals around the world. Living only on crypto nowadays seems to be a dream, especially when it's unstable in price and not widely accepted by merchants worldwide. But as long as there's the ability to exchange crypto to Fiat, then there should be nothing to worry about.

Now that the Union Bank of Philippines has started embracing cryptocurrency ATMs, I believe that it should only be a matter of time before other banks do the same. With more Banks becoming partners of Ripple and Stellar (via IBM's World Wire Payments Network), it's becoming more evident that Banks will be here to stay for a long time.

Nonetheless, time will tell us what lies ahead for the future of crypto as it's largely dependent on mainstream adoption. Just my thoughts ;D

Most probably when that time comes, mobile applications on cryptocurrency play a big role on this. Imagine doing your transaction online uaing your mobile phones. Also, part of it is a beep card that in a simple swipe transactions can be made possible. All payments and other cash transactions are made online using cryptocurrency.

If you have significant holdings on cryptocurrencies enough to make you live decently then it is better to find stable employment  instead. Cryptocurrencies like bitcoin is unstable when it come to giving you income and its still risky because anytime its price may go down if you are not prepared to it. Even some of the traders are relying solely on cryptocurrency as their life-giving income because they know how high is the risk in living with cryptocurrencies alone. I think it is better to invest some of your profits from cryptocurrencies to a business that can give you continued income throughout the year.

  We may have different perspection by choosing on what aspect is liable to be used by living on our individuality. But I think that both crypto and banks can work on their own individual way, because many people had keep and hold bitcoin in appropriable way but still need a bank for every shortcomings and daily needs.

I agree with diversifying the benefits of bitcoin for other businesses or buying other assets. that way we can have income from several sources. while banks and bitcoin, of course, must support each other. and full rights are in the government

indeed cryptocurrency is still used by many people in various countries but the amount of cryptocurrency usage cannot make the price of bitcoin recover because sellers who accept payment using cryptocurrency are still very few.

maybe at this time fiat currency still dominates because the government still prohibits crypto currency as a currency for transactions directly but I am sure one day along with the times and technology can happen

Well we trade and use crypto a lot but at this time we still need banks when we want to buy crypto or when we want to cashout crypto be because not all shops accept bitcoin and still need fiat money.

Crypto has more benefits if we use it as a currency. The fee payment and bank charges are more in fiat currency and banks.
We do hear that banks or people are robbed, so using crypto does not mean that it has more chances of the hack. Both crypto and fiat can be stolen and it is our responsibity to keep our money and coins save.

Right now, cryptocurrency has been a secondary currency on the internet, and real life and that happens on the country which accepts cryptocurrency. But maybe in the future, we will use cryptocurrency as a currency too, and it will use for daily life. But like or not, we still need banks to save our money and to make a transaction because of the banks among us.

in any case, the world exists using the banking system to the full And, at the same time, Gradually, it starts using cryptocurrency.  We need to understand that every member of society chooses the best for itself and therefore both banks and cryptocurrency will always have their followers.  Ideally, the banking system should cooperate very closely with the cryptocurrency military commissar, which of course is happening in minimal amounts today.  Any of us today earned money using cryptocurrency, and spends it with the help of banks and their payment systems.  in any case, we do not have any infrastructures for the full use of cryptocurrency.

I don't know if its in Japan or it is in China we're almost anything that you buy you need to scan and I guess this is future that we are looking at. No need to bring coins just your smart phone equipped with your choice of app that can help you pay for your purchases. When I was in Hong Kong, I was obliged to buy this card called Octupus because it helps me pay for my bus rides, trains an buy small items in 7-11. However, I guess we cant do it without the help of banks because they will hold your funds for you and monitor the transactions.

What I like in crypto is when you save it to your digital wallet you can use it any time, you can check it everyday your funds than to bank. Although we can use the bank to save our cash but for me I'm happy to use digital wallets in crypto it's more convenient to me to save my money their as long you take care your private keys or password.

The only way you could live off cryptocurrency would be if you had millions of dollars invested into it. With crypto's extreme volatility, the average individual finds it hard to achieve a stable income to survive in the mainstream world. Those who want the convenience of Fiat and crypto, would definitely rely on both Banks and cryptocurrencies. Without a bank, one couldn't interact with many businesses and merchants available worldwide. Banks are the gateway to Fiat currency, so they're still necessary even if crypto provides greater benefits.

Cryptocurrencies like Bitcoin and Ethereum, may be the most popular ones in the world, but they're still not widely adopted by mainstream businesses. There needs to be stability, reliability, and scalability for crypto to achieve said purpose. Many exciting things are yet to come such as the Lightning Network, Sharding, Plasma Framework, and more. With these improvements, and proper regulatory compliance, crypto could become the top choice of merchants and businesses worldwide.

Despite this, one cannot deny the fact that Fiat will always exist for years to come. Hence, Banks will never replace crypto and vice versa. Just my thoughts ;D

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.

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.

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.

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.

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.

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

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

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.

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 :)

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.

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.

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.

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

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.

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.

  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.

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.

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 ;D

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.

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 :)

Until the moment we begin to use cryptocurrency daily, it will take a very long time.It is necessary to create an appropriate infrastructure for the full use of cryptocurrency, as well as to adopt appropriate legislation that will correctly regulate all actions of the cryptocurrency market and the cryptocurrency as a whole and only then can we talk about replacing the banking system with cryptocurrency.

Cryptocurrency give more than 200% from the banks because it will give the profit with the income also so that it will be more than anything especially when we are investing in something also we cannot get the profit like the Crypto investment.

Cryptocurrency is an investment in that point and obviously, it will give you a lot of percentage than banks since banks will not give you profit by putting there your money, you can earn some money but not that much money. The difference that cryptos give us is not in the profits but in the way we transact our cryptos, that is what we call decentralization.

Exactly. The main importance of crypto is the liberation from third-parties or central authorities. That's something that's not widely possible with Banks since they're regulated and backed by the government. With crypto, not only we're able to transact freely worldwide, but also we're able to obtain some decent side income. Crypto's rates are much higher than Banks without a doubt. However, they're much riskier than Banks since they're highly volatile in terms of price across the market.

If you're living only on crypto, certain sacrifices must be made as it's a completely different world than Fiat. There's no protection against malicious actors, neither your investment is insured by the government (the responsibility lies within yourself). But, if you're able to live with this, then crypto should be more than enough to satisfy your daily needs. Given that nowadays, Fiat is still necessary, we can't live without Banks. What we could do is live either on Banks entirely, or on both Banks and crypto to live a normal life within the mainstream world.

Nonetheless, if the world would live off crypto only, then the whole economy would've been completely decentralized. Just my thoughts ;D

You can talk and dream a lot, presenting your dreams as reality, but I try to earn with the help of cryptocurrency, and in real life I use Fiat and bank cards.  It's easier for me today.

The issue with cryptocurrency is that, it is not accepted worldwide. In addition to this, it is very volatile making it difficult to be sure of the exact funds you have. Your $300 can change to $200 within the shortest possible time. When you are living on crypto, its like you are not certain.

If only a lot of merchants are accepting Bitcoin as payments this dream will be a reality but until merchants are not accepting Cryptos, it will remain as a dream. I once read a blog about a traveler who spent Bitcoin only when he traveled and it looks like a good idea, no customer service that will put you on hold for a long time because your deposits did not show up in your account. No need to fall in line to make a bank transaction and most of all, anywhere I go I don't need to worry exchanging fiat to where I am going. Imagine when I go to Singapore I worry if I run out of SGD.

anyway, today it should already be used in banking structures and quite successfully implemented in other sectors of the state.  Recently even declared the behavior of state elections or referendums using the blockchain.  In any case, the cryptocurrency will already be used by different projects and resources.  But it will not be able to replace the banking system.

Unfortunately, that's the hard truth of crypto. Not many merchants accept it because they don't seem to trust the "new generation of money". Crypto is known to be extremely volatile, yet it's not regulatory-compliant. Merchants are looking for a stable currency that processes transactions fast at the lowest cost possible. So far, Banks have the lead, since credit card transactions are confirmed within an instant. Not to mention, Fiat currency is always stable in price which gives merchants confidence in it.

Still though, if crypto would've been scalable and stable in price across the market, things would've been better for its adoption. There are many exciting things that are yet to come, which will help solve crypto's issues. With Bitcoin's Lightning Network, I believe that many more merchants will join the cause in order to make crypto a better place. Transactions will be confirmed within an instant, and there will be almost no fees at all. The only thing would be the unstable prices across the market. But, with proper regulation across crypto exchanges, this could be a thing of the past.

Nonetheless, I believe that many people will continue to use Banks because of the convenience it provides (as you've mentioned earlier). Until crypto becomes easily accessible and stable for the world, Fiat will always be in the lead. Just my opinion :)

It seems to me that it will be better to use all types of means of payment. I personally do not want to live in a world where there will only be a cryptocurrency as the only means of payment. Yes, and it is generally impossible. However, if we assume that this happens, then most likely, we will all be almost completely under the control of our finances by the states. Over time, states will find a way to control us in cryptocurrency. Therefore, I want each of us to always have the right to choose means of payment and the more there will be, the better.

It seems to me that everyone has the right to make his personal choice, how to solve all his financial issues.  Someone likes a cryptocurrency, and someone is suitable to use the services of the banking system.  But today I am fairly well using both cryptocurrency and banking services, and at the same time I will try to be satisfied with my capabilities.

A stable bitcoin could never lead to such a level of adoption, if it was stable there is nothing different from the common currency. However the market gets regulated bitcoin will serve to be the same as now, and more of its regulations will surely lead to destruction. Right now what we experience is the true effect of decentralization. When things go regulated, finally it'll be in the hands of some authority holding the maximum holdings. This goes similar to other investments, making it same as a banking system.

Using crypto makes my life easier when it comes to sending money and paying bills however eliminating banks is impossible because people used to it eversince blockchain and crypto were introduce.

As of now we cant live only by using crypto due to lack of adoption of merchants and some people are not aware of its existence. There are many things to improve first before we can use crypto alone without the needs of fiat and banks.

Its a good experience to live on crypto and I can only imagine the the convenience in financial transactions it will bring to the world when it goes mainstream due to the elimination of third party interruptions which normally slow downs transactions or can even halt a transaction as the banks do. Crypto will definitely get there as  it gradually improve upon its services as the days go by.

I think it varies depending on what country you live in. Because if you live in a country wherein cryptocurrencies are fully accepted at some merchants or restaurants then it'd be easier for you but of course if you live in a third world country and cryptocurrencies are not that familiar to them, then your absolutely doomed. But I would want to live for a change wherein I don't have to use banks and just use cryptocurrencies for any of my everyday transactions; like buying groceries and paying bills.

What I like is just how fast it is to get this crypto profit. While the bank you have to deposit your money to get interest and of course you have to wait a long time

Nah, in my country crypto is still like "subject/thing", nobody think about it as for money and nobody want to accept it as payment option cuz it is very risky moola for any business... Anyway the only one great thing accepting crypto as payment option is, that you will no pay any additional fees... So... I am living on crypto, but I am changing it to cash everyday...so I am no living on my crypto I am thinking :)

Even if you live in a country where restaurants accept Bitcoin, will you be using it to pay? I admit I only use my BTC online,,, but at least I use it. I know people who just talk a lot about using it. This forum is full of them of course! But in real life do you think they really use and spend? And teach others? No, they just tell people to hodl, and invest and speculate. Very few people actually use crypto every day. I am willing to bet on it.

You are not totally doomed to hodl in a country banning BTC even by the way.

in my opinion living with a crypto system with centralization would be like fiat money only different from paper money with digital money and without banks of course. many will change from the method of payment and people will only bring cellphones not with the wallet.

For me, it depends on the state where you are living at; some countries can’t or not ready to the cryptocurrency world I’m telling the 3rd world country. But if you are living at the technological nation and the physical cash is like cryptos or theirs much merchandises that accept cryptocurrency as a payment its good instead of banks right. There is some state having their own cryptos. :)

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 .

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.

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 :)

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.

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

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 :)

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.

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 :)

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.

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.

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.

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.

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.

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

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.

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 ;D

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.

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 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.

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

Local money is still a legitimate tool for making payments. And Bitcoin or Crypto is still being done by government studies. As long as we do not use Bitcoin as a payment medium to buy goods, I think it does not matter.

What I feel every day with crypto is to trade crypto coins and invest. Maybe if Bitcoin is legitimate, I think all Bitcoin users will be easier to develop.

Especially to improve the community economy. Buying goods or for shopping online, I think it will be very easy.

What I like most is the convenience of payment. One thing that I quite inhibit is the payment of services by foreign credit cards or foreign applications.
I am young and I have not worked yet, so I cannot open a credit account. Whenever I want to pay for netfix or games, I have to spend a lot of time to get the help of people or have to spend more money to get help from 3rd parties.

I believe that a relatively small number of people from cryptocurrency users mainly use only cryptocurrency.  By my example, I know that today it is very difficult to refuse the banking system.  All life in big cities and beyond is very much connected with banking structures and bank cards.  In any case, it is Fiat that is the main means of payment today, but cryptocurrency in this regard every year occupies more and more new positions.  Nevertheless, it is very good at earning money with the help of cryptocurrency, and spending it is fiat.

Agree. Both sides have their distinct advantages/disadvantages. You just have to think what's best for your money, by adopting both banks and crypto. It's no secret that crypto brings us huge gains, while Banks helps keep our money safe. By leveraging cryptocurrencies and Banks, you'll be able to achieve financial freedom in the long term. It's impossible to live entirely on crypto, as not many businesses accept it as a payment method. Fiat is well-known to be stable and instant, which is why it's still the payment method of choice for such entities. Without a gateway to Fiat, crypto will be doomed as it's not an indispensable form of money. Crypto depends on Fiat to succeed as an alternative payment system for the world.

The only way to live off crypto entirely is if there an ecosystem large enough around it. Not to mention, there needs to be a wide acceptance of businesses and merchants worldwide to be able to use crypto to buy stuff that we need. With this, you can forget about Banks as you'll be able to use crypto in many of the areas Fiat is used today. But we all know, this is more of a dream than anything else. Just my thoughts ;D

I think it will be good but we will be very dependent on electricity. We will also experience difficulties in economic recovery in areas that have recently experienced natural disasters. Many dissadvantage on paper money but it also has advantage in several condition. The best currency is gold, there is no extreeme inflation in speciefied country because the value of gold around the world is almost the same. There would be no hyperinflation as happened in venezuela if all country use the same currency. I think bank will still exist although we use cryptocurrency as the main currency because the bank functions as national fund collectors to support industries that will increase GDP is needed.

Until now I would rather put my money in the crypto rather than save money at the Bank. In the crypto, it is more profitable because by investing and trading more profit-generating. Banks do not make our money grow, but every month we have to pay a fee.

Crypto has been like an additional job for me, but here all is also not going well. We also have losses, but this is the risk.

I do not send money to the bank because I am young now, I need to find investments to make a lot of money for later life. I invest in this market instead of depositing money in the bank because I think at least investing in this market also has the opportunity to make profits even though I am currently losing money.

I think at this moment it is too difficult to live with out Banks. Because crypto currency are in limited number of using in whole world and  some organization or beaches. But we can hope to live without banks when crypto will lead whole worlds economy.

Thanks.

Crypto may bring greater benefits to its holders, but it has greater risks than Banks themselves. The huge volatility of crypto can either make you rich or poor within an instant. People who aren't accustomed to the world of crypto, could easily make mistakes that will cost them their financial future. In contrast, Banks are much easier to use and convenient for people within the mainstream world. You'd gain the stability and trust of Fiat currency, with a guarantee that your funds will be safe for a very long time. However, Banks are extremely manipulated by the government and their fees are not comfortable to get a hold of. That's why it's best to use both sides (crypto & Banks) in order to leverage their risks from one another.

You can live only on crypto entirely because it's much more limited than Fiat in many ways. Given how many merchants and businesses widely accept Fiat as a payment method worldwide, it's impossible to use crypto to do the same things you would do with Fiat currency in your daily life. It's hoped that sometime in the future, crypto improves enough to be able to increase in mainstream adoption like never before. But this may take some time, as crypto has some obstacles to overcome (like government regulations, scalability, etc) in order to become as good as Fiat within the mainstream world.

Nonetheless, there's a possibility that we could live entirely off crypto if we get more merchant acceptance worldwide. With stable prices, and a proper regulatory framework, crypto could become an independent monetary system just like Fiat is nowadays. Until then, we would either live only on Banks or use crypto as a complement to Fiat currency. Just my thoughts ;D

Indeed cryptocurrencies provide a bigger profit right now, but also a bigger loss if the market goes the other way.
What I don't like in Banks is the fact that they hide a lot of information. If they would provide all the necessary information then people will start taking the money away from them surely.

Cryptocurrencies have a higher reward ratio than Banks, but they're also extremely risky. One could not be comfortable with Banks behavior regarding people's information, but they're still the best thing around when it comes to financial stability and security. After all, governments are able to easily enforce regulatory measures in Banks than in crypto itself. I believe that's the reason why there are still a large number of people using Banks than crypto. Still though, crypto could gather a respectable amount of users if it manages to solve its many limitations. With stable prices, and a proper regulatory framework, crypto could become as prominent as Banks are nowadays.

Until this happens, I'm afraid that it'll be impossible to live off crypto in its entirety. After all, not many merchants or businesses accept crypto yet. Fiat currency is more commonly used within the mainstream world. Crypto users still need to depend on Fiat gateways to use physical cash one way or another. Either you live only with Banks, or use crypto in combination with Fiat. But you cannot use crypto only, because of the many aforementioned reasons. All in all, crypto's success will largely depend on mainstream adoption. But so far, Banks are still largely dominant because of Fiat's indispensability within the mainstream world. Just my thoughts ;D

Looks good but for now i preferred to have lot of money in the banks as my assets are insured, safe and more convenient to use instantly anywhere in the world unlike the limited Crypto in which we need to protect our credentials from the hackers all the time that in case of loss and thieves they are lost forever.

I would not want to live in a society where only cryptocurrency will be used. By that time, if this happens, the government will fully control the financial activities of all citizens through cryptocurrency. If the government is unable to exercise such control, then there will never be a transition to cryptocurrency. Everything is extremely simple.
However, I do not think that people will ever be able to switch to using only cryptocurrency. For this, a single government must exist on Earth. A single government can be when there will be a single state or a single union of states. The history of mankind still does not remember such a thing, therefore, it is hardly worth hoping for such a development of events.
Cryptocurrency, most likely, will be shared with the common currency of various countries and this will be much better.

In my country, Zimbabwe, we are in this exact spot!

Because of the current prevailing hyperinflation, banks have stopped issued bills because the demand outweighs the supply by miles. As a result of this a black market for cash has risen where the local cash ironically called 'bond notes' and the USD are sold in exchange of electronic RTGS dollars and a digital mobile centralised currency called Ecocash. The premium for the bond note to ecocash is as high as 50% while the USD is trading today 26/09/19 at 1 : 19 RTGS.

This has driven people to rely on the digital ecocash issued by a mobile network operator, Econet, as well as bitcoin and paypal to a lesser extent.
Yes I can say an economy without banks and central bank influence is possible very much and can function BUT its not as novel as most liberals out there want it to sound. There is a lot we can do with crypto in Zimbabwe like hedge against inflation, easy cross boarder payments which are not possible with banks as there is no forex as well as easy peer to peer trading. However, since this system is informal it is difficult to find people to trade with as the government through the central bank has outlawed trade in crypto, to circumvent this trade happens mostly via WhatsApp and telegram groups. Also as with informal systems there is a lot of price inconsistencies as rent seekers look for ways to over benefit from it.

So yes, a future without banks is possible but there will be need to formalise the crypto market to make it function without hiccups.

Well, one thing for sure is that crypto isn't for everyone. There's some knowledge required in order to use cryptocurrency in a safe and responsible manner. This is largely attributed towards the decentralized nature of crypto. Banks are so much easier to use, and practically safe as your money is insured by the government (like in the case of the US). You don't need a certain degree of knowledge in order to protect your money against hacks, theft, or even scams. The responsibility of securing your capital lies within the Bank itself instead of you. Given that Fiat currency is still largely dominant for the world's transactions, it's somewhat difficult to live entirely on crypto these days. Decentralized digital money (like Bitcoin) is still not independent enough against Fiat. It needs Fiat in order to survive within the mainstream world due to lack of merchant acceptance.

One of the worse things of crypto, is its highly-volatile nature. This gives uncertainty to investors as they cannot know how much their holdings will be worth in the future. That's not largely the case with Fiat as it's rather stable. With all of the limitations that are still existent within the world of crypto, it's very difficult to use it as real cash. Which is why, you can either live only with Banks or combine both Banks and crypto for piece of mind. But be aware, that you cannot live without a Bank these days as everything is largely dependent on Fiat currency. Just my opinion :)

That's not the case always, the market is very volatile and if you are just relying on Cryptocurrency alone, you will find yourself restricted or at loss, you cannot use your Cryptocurrency to buy stuff that you need when your coins are all down, because of the volatility of the market,
worse you are forced to use your funds even if it is down in price when you have an emergency.

Not a wise choice to live on Crypto alone we still need fiat and banks, they can co-exist to satisfy our needs.

It is very rewarding to live on cryptocurrency instead of the banks because cryptocurrency is more promising in terms of making more money rather than putting your money into the banks and trusting them that they will give you money. Cryptocurrency is undeniably volatile and it fluctuates more than the stock market but that is why I fall in love with crypto because in such a few movements of the price, you can make at least 5-10% profit from your capital.

Exactly. Due to the volatility of crypto, it's very difficult to make a living off them these days. You're better off having a bank account for storing your money within the long term, than depending entirely on crypto for your survival. The best thing you can do, is to use both crypto and Banks for your convenience. Leveraging crypto's volatility would allow you to profit within the short term. Then, you could store that profit into your bank account to secure your capital. It's important to know that crypto has a high-risk, high-reward ratio, while Banks are the contrary. With this in hand, you'll be able to maintain a stable financial future like never before.

Neither crypto can replace Banks or vice versa. The latter is still dominant within the mainstream world, while the former is starting to blossom. Most merchants still accept Fiat over crypto, but that could change soon if volatility and regulatory uncertainty is put to an end. In the meantime, we'll have to deal with Fiat currency for a very long time until crypto is independent enough for mainstream use. As long as crypto depends on Fiat for its survival, it won't be going anywhere. Just my thoughts ;D

We can't live only with cryptocurrency without have Bank, Bitcoin or cryptocurrency and bank have each other connection if we want to buy something in traditional market we can use crypto but we have ready cash out money using bank, we need bank and crypto could working together and never banned each other.

It would be good of you only looked at it as a way of payment, etc. Dig deeper and you'll find fast changing prices, resulting to ambiguity and confusion for the seller/merchant and the consumer. Since no one governs crypto, no one would be responsible for your loss due to theft, for example. Or no one could ever backtrack transactions made by criminals. If there was to be a crypto bank, then it would contradict the main feature of crypto, which is to transact anonymously, securely without any intermediary involved.

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?

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?

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.

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.

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.

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.

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.

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.

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

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.

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.

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 ;D

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.

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.

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.

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.

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.

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.

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.

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.

For myself, it still feels a bit strange, even though I am used to earning income from crypto, but I have never bought an item by paying directly using crypto currency like bitcoin.But times are increasingly digital. The bank may still be there later, but the system will change. It may be that the bank will adopt crypto later.

Very well said, living without the banks, fiat, and instead use cryptocurrency might backfire to us. I mean cryptocurrency and fiat, in my opinion, both live in a harmonious way that benefits us in their own ways. It is scary and exciting at the same time thinking of using cryptocurrency all of the time without any banks that secretly robbing people's money, however, I guess it is too early for this to happen.

I couldn't say that life without banks would be better because banks still play a vital role in our community. However, I'm the kind of person who doesn't mind about it since I'm not a bank dependant. I believe that it will be easy for me to cope up with life even without banks. There will be more convenience while earning enough profit at the same time.

You have a point, the same banks still played a significant function in our country. Though, in a bank, we can earn a small interest if we put up our money. Like in crypto we can have financial freedom whereas we can earn money the way wanted without being questionable by the government. Actually both has a good usage wherein we can comprehend.

You have a point there, mate. But I believe that Banks serve to be a better option than crypto for most people, because they provide ease-of-use and tightened security. Being backed by governments worldwide, gives Banks an advantage over crypto itself. With these financial institutions, the risk is lower than with crypto. However, the reward will be extremely low, greatly diminishing your chances of profiting within the long term. The best thing you could do is to combine both crypto and Banks to your own advantage. You can diversify risks by investing into various prominent cryptocurrencies on the market, while cashing out a portion of your earnings into a Bank of your choice. Before you know it, you'll be able to maintain a steady financial life for years to come.

As you've said earlier, Bitcoin and other cryptocurrencies are risky. This is due to their volatile prices across the market. But be aware, that this same volatility makes it a perfect opportunity for profiting massively within a short time frame. If you play your cards right, you'll be able to succeed no matter what. You can live only with a Bank, but you cannot live off crypto because of the aforementioned risks. Additionally, crypto is not widely accepted as Fiat currency is worldwide. With a greater degree of mainstream adoption, you'll expect crypto to be used as much as Fiat is nowadays. Until then, we'll be stuck with the likes of Banks and Fiat for years to come. Just my thoughts ;D

I'd experience the same thing. banks to me are just nothing because I already ended using crypto currency wherever I am.. in trading my crypto to fiat I use remittances so I can change it easily and faster than banks. if banks use crypto and they priority crypto users maybe I change my mind to trust them with my funds and use banks even further. 

Maybe we can say that living on crypto instead of banks is quite less hassle than we are currently having now, the system of the bank is centralized on the crypto world its always you, its you who decide and apparently it is a currency a crypto currency that are decentralized. It will be a lot easier than before, mostly in the aspect of buying things for instance is grocery, technology, and so on and so forth. We can really say that it is easy since we can buy while we are watching or on the house with just a click of a hand. And I think it will somehow diminished the crime rate of the country since it's anonymous but then again it has disadvantage, people become crazy and lots of illegal market will sprout and AI may occur in time of this era.

It is the same in life that cannot be separated from the bank because when I want to withdraw money I need a bank. although indeed in developed countries there are already those who can make payments using bitcoin and they feel life with crypto. but in my country still does not support payments using bitcoin or altcoin because the government prohibits using other than the applicable currency

Once the Incomes are being earned in Cryptocurrencies this would mean that even the retail expenses will also be done in Cryptocurrencies and only then we can imagine a life without banks otherwise as of now there is certainly no way this is happening because purchasing Cryptocurrencies itself involved buying it from transfers of Bank.

I think we will have a better living if that occured. We all know how different cryptocurrencies are from the banks. Banks are under the regulation of the government whilst cryptocurrencies are not, it can already show that corruption and power tripping does not happen in crypto. In terms of volatility, the money in the banks are fiat, it has very low volatility and it depends on the economy whether the value increases or falls down. In crypto, it has a high volatility which helps investors gain extra profit whenever the price grows up.

Yes, the cryptocurrency is much dependent on the banking. This means without fiat the term bitcoin goes valueless, because till date we value bitcoin equalling with certain number of USD. This will change only when the direct usage of cryptocurrency increases, we can't expect this to happen in a short, we need to support and have patience to experience the good of crypto alone world.

You can't just get rid of banks like that. Just imagine if there were no bank in this world, you couldn't send money thorough the world or even got income from cryptocurrency because it's involved with Bank. Just face the fact guys, that we can't live without banks.

Yes i can understand your concerns and not every store is accepting bitcoin and i am of the opinion that we need a combination of the banking structure as well as the crypto market, government banning bitcoin is one thing and i bet you will be still trading bitcoin as no government can completely ban a decentralized currency like bitcoin and so is the reason developed countries are yet to take any drastic steps.

banks were created, of course, to regulate the circulation of state funds and deposits in a safe way, and for the circulation of currencies that have been broken into new banks will require a country in economic development and I'm sure one day there is a crypto currency bank

Good dreaming  if we can save money in the bank using bitcoin or crypto, our money saving not only safety but we can increase by bitcoin and altcoin have higher price at the future, many bank wan to adopt bitcoin and altcoin as their saving method but just waiting when government allowed and legal using bitcoin and altcoin, several years later I think bank and bitcoin become greatest partner and we can save money using bitcoin and altcoin in the bank.

I think we will still need a bank even though cryptocurrency has started to be adopted. because the bank has existed for a long time in our lives and also has many members. there's no way the bank will suddenly disappear. and will still be needed by the community as a place to borrow money. because relying on crypto for loans in my opinion is not good because the value is very volatile.

We can't live without depending with bank and crypto only is not enough for using transaction although crypto have become interested and popular transaction at the future, many people still need bank as transaction payment because bank can give us easy way to cash out money, bitcoin need bank to cash out and we need money for using as transaction with bitcoin still illegal transaction payment.

Mass adoption of cryptocurrency is a matter of time, a question of when not if. The defining factor it’s the project. With the right project, achieving the right licensing, but more important, with the right ecosystem and digital asset can surely make that a reality. The pros of such a vision implies accessibility for everyone and a lack of regulatory or governing bodies for a lot of parts of the banking process due to blockchain’s automation. This is something we’ll move towards organically and there will be an acclimation period (maybe over the course of a decade). The cons are the potential job losses that the automation process could produce. But progress is unstoppable and if the pros outweighs the cons for the majority, it’ll eventually become implemented. Sooner than later actually.

I cannot apply that in the location I'm in, although I convert my earnings coming from Crypto to fiat I will find it really hard to use Crypto
alone and no fiat to buy my daily needs because there's hardly a store or groceries that accept Bitcoin and Ethereum as a mode of payment, I still need to convert my Crypto to fiat maybe in the next five years things will be different, in this part of the world.

Crypto implementation in my daily life is still lacking. In my country, there are only a few online merchants that accept Crypto as payment and that is limited. The use of banks still dominates my daily activities, if want to use Crypto I am the same as you, I have to convert it first to fiat money.

What I we lack at the moment that I can see is the application of bitcoin and cryptocurrency. Even if it is accepted by our government and people, we don't use it to buy goods, spend to services and such. What we need is to start by ourselves to focus on creating business where utilization of cryptocurrency will be the main focus. If people will see how well it goes, they might adopt our system and start their own as a domino effect. Eventually, we can all benefit when crypto, being the national currency will be implemented.

I don't think anyone is really living the crypto life without banks unless for those who are truly rich and can afford to do so. But atm, I believe it is more expensive to be living off crypto because you still have to go through intermediary institutions if the service/product you are looking for doesn't yet accept bitcoin.

One thing I believe banks have an edge over crypto (temporarily) tho is stable interest rates. While it's true that crypto earns much more than a 7% annual return from banks, there are times when the timing of losses makes it difficult to live with.

It is till depends on the society where you live, if they fully adopted Cryptocurrency and they have thousands of various stores that accept Crypto currency, I'd love to live in a country or society where you can use your coins to all your needs but so far no country on our list that has that, we still need fiat, and I think fiat will never become obsolete.

you have a point in your opinion because right now in my country the cryptocurrency is still not a fully recognized currency by the government while for direct transactions with the crypto currency the government still prohibits but for the future everything is possible and nothing can happen can predict with certainty

Living only on crypto without the natural bank should only exists in our fantasy because banks plays some dominant roles in making crypto to be worthwhile e.g bitcoin is often quoted against USD (btc/usd) the usd will no longer be there if there is no natural banks thereby nothing to stake btc against.

This can be possible with online businesses and merchants only and not all online business will accept crypto based on choices but it might be difficult in a physical open shop.

Most of us ended up exchanging crypto to fiats and this makes banks to be relevant.

It is not a fantasy to live in the cryptocurrency instead of banks. You can still do your day to day tasks without using the service of the banks because there is a lot of remittances around our country and that is where we are going to cash out our money in cryptocurrency. Banks are mostly used for loans and for keeping our wealth but for growing our capital faster and more secure then it will go to cryptocurrency.

We all need to remember that banks and the bankers are the middlemen. And similar to all other domains, it is the middlemen who benefits the most. The advantage with Bitcoin is that it removes the middlemen. With Bitcoin, we no longer need banks to store our wealth. And when the middlemen are removed, it is the direct user who benefits. We should ask ourselves why we need these banks. A large part of the federal debt originates from various bank bailouts (the one that happened during 2008-09 is not the only one) and the average salary in the banking profession is much higher than most of the other professions. They live off our hard earned money and this should not be allowed to continue.

Though there are still things that we can’t effectively do in cryptocurrencies like loaning a huge amount which what most of the business do especially those who just started. We can loan though in crypto but it is hard to trust someone that you can’t physically see nor you don’t have any documents to sign into. I guess it is still better to loan in banks than in cryptocurrencies.

Other than that, I would choose crypto over banks if I think it is more beneficial than the latter.

People are really into using cryptocurrency, for instance, bitcoin, because this is decentrakized, meaning the government doesn't have any control or say with it,, this decentralization is giving people the idea of living freely with regards to their finances if they started using cryptocurrency for their daily expenses but what they don't see is the downside of this being able to happen. The reason why cryptocurrency is still isn't usable for our daily trades is because up until now its still considered as asset not a currency, meaning taxes is still applied younhave to pay for it. For younto be able to use it for transacting you need to convert it first and for tgere would be another fee for that so you migh be possibly live paying taxes and fees. Next thing is, cryptocurrency is volatile, its better of younuse it for other matters that could make you hold onto it for a while.

Can't imagine live without depending on bank and only use crypto for every transaction, we need internet access around in my country where ever we go we can use bitcoin for payment currency, without support with faster internet access we can't use bitcoin and never dreaming with live without bank and only use crypto as payment currency.

It could be great to be independent of banks but I'm afraid that is still not possible. Majority of us still gets salary in fiat and have some fixed expenses like house loans or remts, bills etc. With such obligations it's hard to depend only on cryptocurrencies. Even if you have fixed income in Bitcoin because of volatility that is too risky to count on. So only very rare can make enough for living only with crypto and can be independent from banks.

This is cool to loan someone a good amount of crypto coins and a proof of humanity but there is no need to be a bank in your own. Why would you lend anyone big amounts in the form of digital currencies. you can help others by introducing crypto currencies and the ways to get them. Crypto currencies are our potential investments and they eradicate the problem of taking loan at the first place.

The bank provides safety to our money and this is the advantage that crypto does not have. In crypto if your coin is gone 99% you can never recover it, Because 1% depends on if you know the thief and he can return it to you in full. In the bank once it loses our money it can be returned to us in full and there is an additional charge due to the nuisance it has caused to us.

I'm not saying I'm against in crypto development but let's look at the truth now. I knew it was going to happen but not yet.

why not? crypto can do all of those things .

we have so many platform that allow you to pay any bills through cryptocurrency , you can also receive your salary in cryptocurrency as some mainstream company have tried to do this and if your company did not allow you to get paid in cryptocurrency which i think the majority still do the fiat salary of course , don't worry you can try bitwage , a platform that allow you to convert you slary into digital asset/cryptocurrency.

we are living in the digital era where cryptocurrency could be the center of it really soon.

Well, then that'll just be like the current state of things were we work for fiat and use fiat. Obviously the benefits is that we no longer need to have the money go through banks before using them and we can keep them ourselves but there might be some services that would not be available to us such as loans (which also means no credit scores, etc). We basically just spend what we have.

Of course once we get to the point where crypto more than half the population is using crypto then there might be more providers to replace the services banks give but for now we still have a use for them.

We'll then realize how it is to have full control over our money. That's what Bitcoin was supposed to do in the first place, right? Though of course, for now that's just wishful thinking and I don't think that we'll get by exclusively on crypto. Too many aspects need to be addressed and considered first.

And with bankers basically controlling most goverments, it's unlikely that we'll see that happen within our lifetimes.

now technology is growing, and this is the time we have to be able to make the best use of it. indeed bitcoin requires internet access, and we all know that the internet can be accessed anywhere. as human beings, we cannot deny that everyone will choose the best from what is. banks do provide benefits to people, but when we feel crypto can exceed the ability of banks, it is very natural that we will choose crypto over banks. indeed for the moment we cannot imagine if life is not dependent on banks, but I am still convinced that someday, crypto will become a great rival. and people will choose for themselves, which is better in terms of transactions between the two.

I don't think so if you cant imagine, It feels like heaven(LOL). In that way, I can be able to make my saving earn massive profit rather than saving in a bank where they are the only one who gets rich using the money of their clients. The majority of all countries now can access internet, even how poor it is as long as there is a telecom provider. I am investing last year and now I saw I have benefits and earned a lot just because of bitcoin, I can now buy the things that I wanted to have and I am so thankful I bitcoin came into my life. It makes my life easier than before.

For the current generation it'll probably really mostly about an alternative way of storing money. Sure there are institutions that accept bitcoins for payment but that still involve them converting it to fiat and having it pass through the banking industry. It'll still be far in the future that we'd see people just using BTC instead of cash.

And speaking of government, wouldn't be surprised if they've already spied on us enough by then to track down our addresses. Can't let all that money go untaxed.

That's certainly true, mate. Since Banks are largely relevant within the mainstream world, it's impossible to avoid them. Fiat currency is backed by the government while crypto is not. On top of that, the former is much more stable in price than the latter. It's no wonder why merchants and businesses prefer Fiat on top of crypto. Given that the options are limited for crypto users, a bank is needed to perform most transactions in daily life.

Even if crypto turns to become extremely popular over time, I doubt that you'll be able to live off it within the future. After all, prices are still volatile with regulatory uncertainty across the crypto market. It's much better to leverage the benefits of a bank and crypto in order to maintain yourself financially stable for years to come. While crypto lacks merchant acceptance within the mainstream world, I believe that it'll survive for a long time because of its community.

Nonetheless, if it were possible to live on crypto instead of Banks it would be a blast. Unfortunately, crypto's limited infrastructure makes this more of a dream than anything else. You can always use crypto for long term investments, while separating some funds in a Bank account that will act as savings. For some purposes, you'll need to pay with crypto while for others you'll need a Bank. Hopefully, more people would become aware of crypto to make it bigger and stronger over time. Just my thoughts ;D