What's it like to live on crypto instead of Banks?

[IraKit]

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

[salty]

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?

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.

[Vaculin]

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.

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.

[radjie]

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.

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

[Kiweikoo]

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?

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.

[StarofBTC]

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.

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.

[entebah]

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. 

[el kaka22]

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.

[Oceat]

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.

[samycoin]

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?

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.

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.

[Abiky]

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

[mersal]

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?

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.

[Astvile]

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

[Nunoluck]

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?

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.

[Betwrong]

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

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)

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%.

[deisik]

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)

[bitbunnny]

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.

[_Django05_]

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.

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.

[Snaic]

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?

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.

[Pagri]

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?

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.