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

[Japinat]

People living with crypto is not possible at this moment, in someway we're dependent on the bank.

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.

[TheUltraElite]

People living with crypto is not possible at this moment, in someway we're dependent on the bank.

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.

Maybe in future this could happen if banks too adopt cryptocurrencies.

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.

[haidil]

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

[Nunoluck]

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

If we're leaving in a much advance technology that will soon too happen then it'll be possible, government should see decentralised and blockchain development as the advancement that can help the government system, we should not depend too much on banks.

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.

[Farma]

People living with crypto is not possible at this moment, in someway we're dependent on the bank.

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.

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

[bitzizzix]

People living with crypto is not possible at this moment, in someway we're dependent on the bank.

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.

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.

[Robotbitcoin22]

It looks beautiful. But I think that we are still far before we see this dream. And most likely we will never see it at all. There will be something between banks and crypto - a symbiosis.

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.

[Abiky]

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 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

[Betwrong]

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)

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.

[engrshu]

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.

[laredo7mm]

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

[Argoo]

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.

[otong]

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.

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.

[yvesp110]

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)

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.

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.

[Inkdatar]

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.

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.

[Kelvinid]

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.

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.

[centhiniz]

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.

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.

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.

[LUCKMCFLY]

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?

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.

[Betwrong]

~

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.

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.

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.

[Abiky]

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.

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