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

[fullhdpixel]

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.

[Dontme]

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.

[leea-1334]

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.

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:)

[jak3]

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.

[abeecrypto]

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.

[mersal]

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.

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.

[DigitalCyberius]

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."

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.

[Ayiranorea]

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.

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.

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.

[iMark]

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.

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

[KlepZ]

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.

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.

[Abiky]

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.

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

[Leyss]

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.

[shesheboy]

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.

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  .

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.

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

Each payment system has its advantages and disadvantages. I think that they will all exist together.

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 .

[indrakusumaindra]

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 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.

[FIFA worldcup]

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.

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.

[entebah]

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.

[oseikuf44]

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.

[omone1]

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.

[trickyriky]

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.

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.

[Abiky]

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.

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