I’m ditching traditional banks in favor of bitcoin—and you can, too

[ijphlrnxewho]

I’m ditching traditional banks in favor of bitcoin—and you can, too

http://qz.com/689365/im-giving-up-traditional-banks-and-living-on-bitcoin-and-you-can-too/

[1714136757]

1714136757

[1714136757]

1714136757

[SFR10]

Well the author seems to cover most important aspects and I do agree to most of them, except the following line he said in regards to banks (in which he thinks can't be done while BTCitcoin is used: "I hate the idea that someone is monitoring how much I can withdraw or deposit at any given time." This is one of the main reasons why BTCitcoin is transparent, so we could monitor everything using blockchain, although it could be harder if someone doesn't give names to their addresses so tracking their activity would be harder but not impossible.

[Kakmakr]

I would ditch my bank for the simple reason that they favor the rich and exploit the poor. The more money you deposit, the higher your interest rate and the less money you have in your account, the higher the fees. Some of these banking services even give free transactions to people, if they maintain more than a specific amount of money in their account.

Bitcoin treats everyone the same, no matter how much money you have. ^smile^

[Bitcoinpro]

Bitcoin also favous an asset rich society ie a material world

Madonna should be a bitcoin fan

[quentincole32]

I’m ditching traditional banks in favor of bitcoin—and you can, too

http://qz.com/689365/im-giving-up-traditional-banks-and-living-on-bitcoin-and-you-can-too/

Bitcoin has no central entity, meaning there’s no financial guarantee that you will get your bitcoin back.

sound interesting and brave decision,but have you hear from people from other country that they do same way as you do?how about problem above?
i think many people still rather about bitcoin un regulated becuase no one can guarantee they assets.

[Doms]

I would ditch my bank for the simple reason that they favor the rich and exploit the poor. The more money you deposit, the higher your interest rate and the less money you have in your account, the higher the fees. Some of these banking services even give free transactions to people, if they maintain more than a specific amount of money in their account.

Bitcoin treats everyone the same, no matter how much money you have. ^smile^

I'm not favoring banks but they too have online services that offer fund transfers, bills payment, online purchases, and what have you. Bitcoin is somehow catching up on these services and it doubles as an investment instrument. For me, I'm keeping a fair share of both bitcoin and bank-related services. It's gives me more flexibility to have both.

[LFC_Bitcoin]

I HODL a decent number of bitcoin's (unfortunately I'm not rich ) but I'm nowhere near willing or able to ditch my fiat banks to go 100% bitcoin at the moment.

Hopefully that time will come because it'll mean we've gone to the moon.

[Lauda]

No, the 'you can, too' part is a hasty generalization. It really comes down to the region in which a person lives and the level of adoption in it. At the moment, I would not be able to pay some bills (e.g. rent) and it would be quite difficult to shop for food (as it is not common for grocery stores to accept them). Technically this could be all mitigated with a Bitcoin debit card (e.g. XAPO), although I'd prefer paying directly out of my Bitcoin wallet.

The more money you deposit, the higher your interest rate and the less money you have in your account, the higher the fees.

The solution is not to deposit a lot of money in the bank.

This is one of the main reasons why BTCitcoin is transparent, so we could monitor everything using blockchain, although it could be harder if someone doesn't give names to their addresses so tracking their activity would be harder but not impossible.

You have to remember that (especially after there's more TX volume) it is really hard to connect a person to an address (except in cases where e.g. they've stated that it is their address). This is why the constant use of the same address is not encouraged.

[Amph]

you can easily go 100% bitcoin by using service that convert atuomatically your wage in bitcoin, like bitwage or akin and even bills can be payed in bitcoin already

also you can save plenty fo money with purse io on small stuff, really there is no reason to remain with fiat anymore...

[franky1]

them debit cards are pretty much the same as getting any debit card and asking your (fiat) employer to pay a fiat wage into the debit card.. (subtly saying ITS STILL A BANK ACCOUNT that has fee's)

instead of jumping right in with a debit card, which if you remove the mystery.. is the same as a bank account., try researching retailers in your area, getting some to accept bitcoin. even getting your landlord to accept bitcoin is a start.

i laugh when i see many people complain that in their town there are not really any bitcoin accepting retailers or their personal landlord doesnt accept bitcoin, and i have to ask them, 'have YOU done anything to better YOUR situation in YOUR area...? or are YOU naively waiting for a fairy/genie to magically make YOUR town in particular change'.

the reason i say this is because for a couple years now my bank account has remained virtually ZERO. and im 100% bitcoin funded, bitcoin hoarding and bitcoin spending.
all because i prepared for it,... oh and another thing, i dont use those gimmicky debit cards..

sidenote: i do see a purpose for those debit cards as a transitional part of moving from 100% fiat over to bitcoin.. but it should be treated as a temporary measure untill you are in a 100% bitcoin lifestyle, or if your not as skeptical about fiat and are happy playing with fiat still
 

[InternationalBankAlliance]

I’m ditching traditional banks in favor of bitcoin—and you can, too

No! Plz come back, Actor_Tom_Truong! We'll give you key fobs and free pens!

[LiberOptions]

I have already tried to do just the same, however it is still pretty difficult living and not using the banks. Eventyally, you will need to use them... ven if it is just to pay your mobile charge or your rent, one way or another you will have to use it!

[bittrojan]

I have already tried to do just the same, however it is still pretty difficult living and not using the banks. Eventyally, you will need to use them... ven if it is just to pay your mobile charge or your rent, one way or another you will have to use it!

i'm agree with you,and i have same situation right here,its still almost impossible to leave bank and not used it in your life for now,bitcoin is good currency and can used as investement,its dream to have this currency,but ditching banks for now isn't good option.

[bitbunnny]

I have already tried to do just the same, however it is still pretty difficult living and not using the banks. Eventyally, you will need to use them... ven if it is just to pay your mobile charge or your rent, one way or another you will have to use it!

i'm agree with you,and i have same situation right here,its still almost impossible to leave bank and not used it in your life for now,bitcoin is good currency and can used as investement,its dream to have this currency,but ditching banks for now isn't good option.

I have to agree also. Ideally, I would like to give up from all relations with the bank but that is impossible. I have the mortgage and the loan so I'm depending on bank. I beleive that the majority of people is in similar situation. And for longterm, could we realy count on Bitcoin? I think that we are all aware tha Bitcoin is not able to replace fiat. Unfortunately.

[XCASH]

I have already tried to do just the same, however it is still pretty difficult living and not using the banks. Eventyally, you will need to use them... ven if it is just to pay your mobile charge or your rent, one way or another you will have to use it!

i'm agree with you,and i have same situation right here,its still almost impossible to leave bank and not used it in your life for now,bitcoin is good currency and can used as investement,its dream to have this currency,but ditching banks for now isn't good option.

I have to agree also. Ideally, I would like to give up from all relations with the bank but that is impossible. I have the mortgage and the loan so I'm depending on bank. I beleive that the majority of people is in similar situation. And for longterm, could we realy count on Bitcoin? I think that we are all aware tha Bitcoin is not able to replace fiat. Unfortunately.

Most people who "own" their houses don't really own them, they have a mortgage from the bank. Until there is a Bitcoin mortgage service those people will have no choice but to use a bank. There are new innovative banking services considering using Bitcoins, but they will take time to establish themselves.

On the other hand there were no Bitcoin debit cards three years ago, and in another three years maybe Bitcoin can replace ordinary bank accounts.

[poptok1]

I have already tried to do just the same, however it is still pretty difficult living and not using the banks. Eventyally, you will need to use them... ven if it is just to pay your mobile charge or your rent, one way or another you will have to use it!

i'm agree with you,and i have same situation right here,its still almost impossible to leave bank and not used it in your life for now,bitcoin is good currency and can used as investement,its dream to have this currency,but ditching banks for now isn't good option.

I have already ditched banks, actually that was a while ago.
No bank account, no connection to any bloodsuckers one way or another.
I'm paying my phone bills and other required payments with cash in local stores. Yes they are operated
by some bank but its indirect. I live in a small town so some payments can be done directly at facility that collects
rent etc. That was not my intention to do so it just happened.
No banking in necessary for my well being.   

[calkob]

Sounds great but i think there is still some practical limitations to its ease of use.  Just everyday things are hard to purchase in bitcoin and utilities also none of my providers accept it and prob havnt even heard of it.  i look forward to the day i can use just crypto but i think we just are not there yet.

[From Above]

TBH I still have a bank account and will probably always have. Most people will.

~CfA~