Bitcoin Forum

To be honest all i need is just cash machine ATM and card to use on store.
As all my money and many people money in on crypto exchangers they feel more secure and even much better liquity then regulars banks.
We dont need old banking system my crypto exchanger is my bank i dont need regular banks anymore what we need is to directly connect cash machines ATM s with crypto so its cobvient to use cash.
Yesterday my bank told me men you need to update some information i said cmon...i dont need even bank all i need is just cash and to keep my wealth safe stable coins so i saidi dont have to do nothing nowdays who needs bank ?

Lets be we are ready to adond all banks i dont care if they close down all banks same day and they are slow to use it for example i want to semd money to china to usa or russia to usa or uk to canada...its a pain whole process but USDT tron stable coin its instant i pay only 1$ and its fast and anonoynmous.

So im ready i dont need nobdy dont even business can start use stable coins its time old way not work and banks are old the banking system now days is like windows 90

Does your country accept BTC, stable coins, or other crypto as legal tender? If not and you're still paying goods and services you purchased offline/online using fiat, you'll still need banks. Even if you close your account now, those platforms you use for exchanging crypto to fiat and other financial transactions are still hooked to the banking system.

I thought you were leaving btc for sometime, looking for a greener pasture somewhere far away from the crypto space ???
Thought by now you must have left and probably sell whatever you own in btc since according to you the market is not moving the way you wanted it.
Am referring to your topic  -  Time to leave btc (https://bitcointalk.org/index.php?topic=5393960.msg59818573#msg59818573)

Am glad to hear crypto is serving you well, keeping your funds safe even if the price is not moving  ;)
If banks should close down (all of them) I don't know how you suppose the cash will come about, hope you have thought of that!
If no bank exit who will print cash for you, fill the ATM with loads of it for you to withdraw  ;D lol, you sound like a kid. Sorry to say.

I see it similar but some kind of banking structure is always required because 99% of mankind are unable to use the crypto/wallet stuff due a lack of ... cognitive capabilities ;)
Furthermore, they don't want to see volatility, so they prefer loosing all their wealth through inflation instead, another cognitive thing ;)

How would be the future? Well, not that bright due it is proven that the average cognitive capabilities are going down generation by generation https://www.wtkr.com/2018/06/13/iq-scores-are-falling-and-have-been-for-decades-new-study-finds (https://www.wtkr.com/2018/06/13/iq-scores-are-falling-and-have-been-for-decades-new-study-finds). I see the mankind of it's peak right now ... like in life expectancy and innovations.
Unfortunately is intelligence and attractiveness distributed reciprocally in society which explains the slowly but surely stupefaction of the mankind, which started with the baby boomer generation.

I dont care about btc much im here for USDT and cash thats it.

It seems OP doesn't have a lot of ideas on how the banking system works and how deep rooted they are within the society! OP thinks that bitcoin/USDT can dethrone the entire banking system. It's really hilarious to be honest! banks are not needed for only transaction or safekeeping of funds. This society and the businesses built on the needs of the consumer needs loans to function. Probably OP is super rich so he doesn't need any loan, but an "Average Joe" like me needs loans for housing or for cars. If banking is not here, would OP give us that loan? There are hundreds of other functions that banking system does but I will stick to the loan for now.

I request OP to come back to reality! A debit card and an ATM might serve your purpose but that doesn't represent the entire population. Banking is an essential service for the society and I don't see cryptos dethroning the banking system at all. Just being realistic!  

OP, if you stated all of the above just one time your post would be so much less bloated and even more coherent--and not to go off on a tangent, but Jesus, this isn't Twitter or a text messaging service here.  It's a discussion forum, so please write posts that are understandable and if possible, concise.

So you don't need banks, eh?  Have you actually closed your bank account yet, the one you have with the bank that asked for an update on your information?  My guess is that you haven't.  And as far as that little inconvenience goes, I'd play Devil's advocate and say that even crypto wallets require updates and whatnot.  There's not exactly any way around that yet.

I'd also ask whether you can pay rent, your utility and cell phone bill, and other day-to-day expenses with crypto.  You might be able to, but guess what?  You're still dealing with fiat and payment processors.  Do you think Newegg keeps that bitcoin you bought your new laptop with?  Nope.  They're getting dollars in the end, and for that to happen you're dependent on there being a service like Bitpay, which might as well be a bank.  So take that for what it's worth.

Banking system will be replaced by the crypto currency.It may be not possible in a year.But with some period,it will make huge impacts on the price.Some of friends still using of the stock market to inverse their money.The percentage of the profit in the stock market will be very low as compared to the crypto currency.This is reason for huge raise in the price of a bitcoin as

You are quite a rebellious person, I bet you have grief over your government and want to abandon your currency that badly. We still need our banks as of now, you cannot pay small time merchants with crypto anytime and anywhere. If you are living in a 3rd world country then you will be having a hard time buying you daily needs or living a simple life if you only have crypto and no cash at all.

It wont happen no matter what for crypto to replace banking system but somewhat it could really be integrated or adapted but of course it would really be taking lots of debates and talks about on making such step.

There's no doubt or question about profit making level which is more than with those traditional investment that we do know like forex/stocks/indices/estate etc. This is what makes crypto market do really look

appealing but of course it would really be corresponding on having higher risk which is pretty normal and understandable but its a bit point exaggerated that we wont really be needing banks anytime soon.

for now, humans are still dependent on the bank but in the next few decades, will it still be so? Cryptocurrencies were created for humans to be able to free ourselves from banks that have been a third party and are also the old financial system. the banking system will surely be eliminated as the adoption of cryptocurrencies occurs.

No we need to develope cash machines tp connect to crypto exvhangers thats it.
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Banks are still our only option for student loans, car loans, real estate loans and similar financing.

We lack crypto alternatives for those markets. And attempts to break into those areas of finance have not gone well.

There is reported to be a 4 billion people on earth who are unbanked that crypto markets can cater to. The 4 billion in this demographic cannot afford the minimum balance for a bank account, lack identification or other basic requirements to have a bank account. And so they often have no option other than to use bitcoin or another crypto currency for electronic payment, transfer, etc.

Personally I am a big fan of how the rivalry between AMD and intel has given us better GPUs and CPUs over the years. Competition in free markets has done much to advance the industries of personal computing and gaming and all of us have reaped the benefits.

The best outcome for banks and crypto is for them to have an AMD versus intel relationship that gives us access to better technology and better opportunities the way the AMD vs intel rivalry has.

There is no difference between a bank and a crypto exchange with a payment card and an ATM. Both are custodians that see all your transactions that you conduct with them, have your KYC information, potentially sell your private information to third parties, can freeze your account or transactions, and will work with government agencies against you. Exchanges are becoming more and more like "crypto banks". And stablecoins are the new bank notes.

I was also going to ask him that same question because if bitcoin is not a legal tender in his country then there is no way that he would be able to get rid of banks, since he’s always going to be in need of Fiat to make a lot of payments on a daily.

There are lots of people out there who are interested in making use of bitcoin as their bank for savings and everything but for the fact that it is not a legal tender in their country, there is no way that they would be able to be making use of it, since there is no way that they can be using to make payments in the market when buying products they need.

USDT is a centralized system. 

Yes, using stablecoins is convenient.  However, you must understand that Tether has the disadvantages of both fiat money and cryptocurrencies.  Tether, on the one hand, is centralized, on the other, outside the legal field. 

You mentioned Bitcoin. 

But Tether exists precisely thanks to Bitcoin and other cryptocurrencies.  It so happened historically that USDT is a bridge between the cryptocurrency ecosystem and the old financial system.  At the same time, Tether (as well as other stablecoins) has a lot of disadvantages. 

As for banks, their importance is drastically reduced.  This is facilitated by the development of cryptocurrencies and CBDC.

Don’t keep your money in exchangers, you should have an offline wallet where you’re storing your cryptocurrency assets, that would be much safe as you would have the private keys of your wallet.

If you’re storing your coins on an exchange, the exchange might get hacked one day and you lose your coin or they can as well decide to lock your account or freeze your assets if you happen to do something that is against their rules. I’m saying this because you said that you and your friends are making use of exchanges.

Don't keep a lot of your cryptos in exchanges. Also you'd still be converting fiat at some point for some of your operations.



This one. Your activity still fuels the banking system whether you use the banks or not. The only way we can completely cut them off from our lives is if we only transact crypto p2p.

Op, good for you if that's really the case, and you can abandon banks. I know that I can't, not under current conditions. In my country, you need a bank account to receive a salary, it's obligatory in most places. Now, I'm doing some research, and to receive my grant I also, of course, needed a bank account. Also, I need it often to pay for important things online, such as to help my relatives right now, who are in Ukraine, and I often need to send money to someone's bank account (I could send BTC if they accepted BTC, but they don't). So I could abandon banks if there was enough freedom in terms of how to get a salary and how to pay for things online, but not right now, based on how things are done.

Good luck with that. You seem to have a disconnect in your brain between the organization behind who issues your atm card and the huge payment network behind it. You might be incredibly lucky to have a large sum of Bitcoin available to you, but that is a very rare situation and not one that many people will have. It's the equivalent of winning to lottery, so it would make sense that you are either a liar or you're just here to brag - neither of which is a particularly good personality trait. The reality is that for most of the world and for the foreseeable future people will be reliant on the banking infrastructure that has existed for many decades.

You can't run away from banks yet when your country is still dealing in banks and not cryptocurrency, so it is not your decision to abandon it by yourself. Except that you are from El Salvador that has made the use of bitcoin as accepted by all. Which country are you from? Whatever you do about banks or cryptocurrency is with the law in your country because you can't have the choice to act on your own about not accepting or using banks.

Unfortunately this is not a move that most people can make, where I live the amount of businesses accepting bitcoin are extremely limited, plus my salary is directly deposited to my bank account so I have no way to disconnect from the banking system, however that does not mean that I do not have taken some steps to rely less and less on them, but the day in which I can cut all ties to banks is still very far away for me and I do not see this happening even if a whole decade passed.

You want to abandon and boycott banking services but you want cash? How ironic is that? Whether you only have stable coins and cash, you will still need to use the bank.
As you've said those exchangers of yours are also going through the banking service so you have to think that if you're encouraging everyone to abandon them, your influence ain't enough.

As much as we all would love to abandon all banks. This digital age you simply can’t.

Let’s say your house is paid off so you don’t need a bank for a mortgage. How will you pay all your bills? You got a power bill, the bill is usually paid by online banking. You can’t drive to your power company and pay cash. Sometimes you can pay your power bill with your credit card. But without a bank how will you get a credit card?

It’s simply not possible this day and age. Maybe 20-30 years ago it was possible but these days it would be too difficult.

Yes, if another decade goes by, banks will still exist and are necessary for us. Honestly Bitcoin is becoming more and more popular and accepted, but that doesn't mean Bitcoin is accepted everywhere, there are still a lot of countries and businesses that don't use bitcoin yet. Banking and fiat money are still the mainstay of the economy today. Thanks to Bitcoin, we can only reduce our dependence on banks. Instead of us investing and saving in the bank, Bitcoin is becoming an alternative in this case.

It is not easy, of course, to make cryptocurrencies, especially Bitcoin, acceptable in all countries,
it certainly takes time and process even though cryptocurrencies also continue to grow I think it will still be difficult too,
indeed, Bitcoin is currently an alternative investment choice that is in great demand

This guy needs a cash machine ATM to Withrow cash from ?? Will you tell me from where? no need of any bank but still wants cash.

I agree it's not possible to do much without banks, simply they are holding the monopoly, and it's not like they are doing anything for free, they are earning a shit load of money from what they do every day! I would love to turn back on banks and fiat and not use them ever again, but it's not possible!
In the end, it's not only about paying bills, how to pay for all other things around? In some advanced countries, there are services that accept crypto, and there are stores and shops doing the same as well, but in some countries and cities like mine, there's nothing like that, yet! So I guess it will take years and decades to get rid of corrupted banks and fiat... if it ever happens, that's always an option!

That's amazing to see that people can actually do their day to day activities within the range of cryptocurrencies like bitcoins. But let's be honest, it's not possible everywhere, few instances to consider :
1. Paying institutions like college and university
2. Small shops especially business which is locally owned
3. Farmers etc
All these people would rather accept cash than even card and cryptocurrencies, some of them don't even know how to use them therefore it's definitely not possible to do that everywhere as well.
Its also dependent on where you living and what the facilities are around, at some places you would only find things at City centre and during emergency you won't be able to get everything else done using just Bitcoins, since the transactions would also take time even if you consider encashing on local btc to the card of the client. Therefore for some people it's just a far off dream and they can only use it as an investment.

I know people who have not had an account in any bank for several years and use only the VISA card issued by Coinbase. Of course, cash is still useful in many places, which is why ATMs are needed, but in most places, as well as on the Internet, a cryptocurrency card is enough for payment for anything.

I see no reason to live without banks right now. It will just make life harder and less accessible for different products and services you have to pay in your daily life. The best to do is to adopt bitcoin and keep an account at a bank which doesn't charge abusive taxes and isn't too intrusive. This way you have access to cryptocurrencies, paper money and also credit/debit cards. That is the perfect solution so far.

Maybe some crypto banks are going to be everything we need in a near future, although in this case you will still need to find an alternative to acquire paper money (maybe making a virtual transaction to someone else's bank account and asking them cashout the money for you).

You are right, living your life without a bank account decades ago was relatively simple, however governments all over the world have put in place laws that hinder the use of cash, and when we add the pandemic to this then the process of avoiding cash accelerated even further, however while getting rid of our bank accounts is impossible for most, we can reduce how much we use them, which is the best outcome we can hope for as of right now.

Good thing if you are already ready to leave fiat and chose crypto. But the whole thing is, the world isn't ready to leave fiat and mostly all the transactions are still paid in fiat. So how come you will live a normal life without fiat onhand? Banks are still of high importance these days and even if crypto will already be here for good, i don't think those banks will stop their operations. They will come to adopt crypto in their transactions so that they can still continue on serving their clients regardless of the transactions in crypto or in fiat.

i like your enthusiasm but you can't get rid of the fact that currently you are still dependent on the bank.  i also really like living without a bank but because mass adoption of crypto hasn't happened yet so i can't do that.  In order for my business to run, i still need banks, but i believe that in the next few decades, when the mass adoption of crypto occurs, people will leave banks.

Banks are still necessary because fiat still rules the whole market and in my country, crypto is still not a legal tender. I wonder how to live without banks, cryptocurrency is still unstable for now and this is why I still have bank accounts beside they work perfectly with the loans which crypto doesn’t have yet. You’re too brave, I hope you succeed on that, living without a bank.

As long as they are centralized, all the transactions are still monitored and can even controlled by a group or entity. So they still look the same. And since majority still look up to banks, then it would not be easy to replace and i even think that traditional banks will stay for good. After all, crypto exchanges are becoming more centralized so most likely, traditional banks and crypto exchanges are bound not to compete but to integrate crypto in fiat banks in the future.

The only place in the world I think anyone would be able to live fully on Bitcoin would be El Salvador, since Bitcoin has been declared a legal tender in their country. But, for other countries where it is not regarded as a legal tender, anyone who is making use of it is likely going to be having a problem with the government.

So, the possibility of this guy living on Bitcoin is completely zero. At some point he’s always going to be in need of a bank account and the services that they offer. I like Bitcoin, but I don’t think I would switch totally to it, I just prefer to keep things balanced and not rely fully on one thing.

I don't think that as an institution, banking system will be simply ignored by us. For sure we all love crypto no doubt about it and maybe some of us are not using any banks at all. But personally, I can't, I have to pay my house mortgages with check so obviously, I need banks to process it for me. And with that, it will be very difficult if not impossible to bypass every huge transaction without banks and fiat.

The banking system will be forced to transform into a different form. In the form that it is, it will be forced to change to the needs of users like OP. But at the moment, there are very few such users. What percentage of BTC users compared to users of the traditional banking system? I'm guessing it's negligible. And I think that people will refuse banking services reluctantly and slowly. All the same, despite the shortcomings, there is convenience in this.

Of course, I would like to see more people like OP and more people switch to bitcoin, but it seems to me that the time for this phenomenon to be widespread has not yet come.

I am ready as well but the world is not. I could literally leave every single bank and just live purely full-time in crypto if I could. But all the places I go to works with banks and doesn't accept bitcoin. The good thing is, the amount of places that accept bitcoin keeps on rising every single day.

Digitally, in the online world we have a lot more places that accept bitcoin, all we need right now is the fact that we could get a good return on governmental places, like how El Salvador made it legal tender, or how Ukraine embraces it right now. If we can get that for many more nations, then we are going to have bitcoin accepted in more places and we may end up with full time crypto living.

What happens is that once a system is put in place then changing it is very difficult, most people do not see the reason to abandon their fiat currencies, they know there is something wrong as they can feel the high inflation all over the world but they do not see an alternative so they keep using their fiat, however once things get bad enough then that is when people will begin to look for answers to their problems, and that is when we could see a massive adoption of bitcoin and we could reach a critical mass which eventually allow us to use bitcoin in almost every single business that we may like.

Maybe in some reason they fantasize things and think about they don't need fiat anymore. But in reality once they  been hit on reality that the fiat still dominant for sure they will think about exchanging their crypto to fiat and use bank for safe keeping. Many people think about banks will die when crypto adoptions spread on many countries, but what provably the scenario will happen there is bank will stay and they adopt the new changes in technology and might they also accept bitcoin deposits/withdrawals or any transactions in future.

You said you are still going to be in need of ATM machine, then how do you make use of an ATM machine when you do not have a bank account? Before you can be able to make use of an ATM machine you must have had money saved in a bank before you are able to withdraw from an ATM machine, unless you are referring to a Bitcoin ATM machine? And your exchange cannot serve as a bank, another thing you’re also forgetting is that exchanges can be hacked, and that can lead to you losing your assets.

If you even want to save your money as Bitcoin, then exchanges shouldn’t be the way to store it, you should have a non custodial wallet where you can store your bitcoins offline.

The question is whether everything we can pay with cryptocurrencies? I'm sure it is difficult to do all transactions with cryptocurrencies, especially in my country it is still difficult to find Bitcoin ATM and this is what makes the role of Banks still very important.

Every country have got stores accepting bitcoin, but this is limited within specific region. So, it is a difficult task to spend bitcoin directly on different needs. Another thing without a bank how OP will make a deposit/withdrawal out of his cards. He says Cash Machines are more than enough, but when he start using it once again he'll complain that the transaction charge is high and why to spend in such a way. For this I could use fiat. So, what OP trying to say isn't a possible solution for now.

Depends if your country legalizes cryptocurrencies as a legal tender. That is the only way that you can use your crypto directly on anything but if your country hasn't done that yet then yes you will have a hard time using your cryptos since there's only less stores that accept it for now although there are more stores online that accepts crypto payments.

You can try them if you prefer cryptos more than the traditional fiat but why you need a btc atm anyway? I thought you want to use your crypto directly but I think btc ATM works like trading your btc to fiat. If you want to buy a btc, you can still easily do that even without the help of btc ATMs.