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

[princeyeboah]

Cryptocurrency has exciting features and benefits for its users and it will be an amazing experience when everything related to finance go crypto. Cryptocurrency offers independence to users as users own control over their transactions without an interruptions from third parties. Cryptocurrency users can send large amount of money across borders without any delay and interrogation from authoritative bodies like what the banks do.

[kennen1113]

before we imagine, I think it's difficult that happens. the government as the regulator of a country loses its power. and this is not given up by the government. if the bank is removed, I think many countries will experience a difficult economy. of course a large country with a lot of bitcoin supply will be easy to control it

Of course, the government imposes tax and rule problems on everyone, if we use crypto and don't need a bank, the government will lose a lot of profits through banks, in addition, many people will bypass taxes when crypto is highly secure and anonymous, more precisely, the government's job at this time is probably maintaining safety for society, except that, they are out of duty. Back to us, we will not live easily when crypto is easily hacked, the government does not manage and has no lawsuits here, living on banks and government is still better

[Abiky]

I imagine a world without paper money, everyone traveling just carrying their cellphones. it certainly will be a very amazing thing, very simple without having to carry a wallet in our pocket, just by carrying a smartphone.

Living only on crypto certainly brings convenience and security like never before. Our society is changing at a fast pace adopting the latest trends in technology. The level of adoption towards crypto and Blockchain tech, may have been somewhat slow but it'll completely transform our world within the future. Without the need to print paper money, cryptocurrencies prove to be eco-friendly and versatile for the world.

People could gain control of their money like never before, using a smartphone or any other electronic device in order to perform transactions worldwide. This could also be implemented as a form of implant where people carry their crypto with them all the time. While all of this sounds good, it seems to be far more than a reality nowadays. This is because governments have been too strict against crypto and Blockchain tech, greatly limiting their level of growth within the mainstream world. Central Banks are too powerful despite the emergence of these revolutionary technologies.

Which is why, I believe that there will always be a need for Banks. Using crypto only is not ideal because not many merchants accept it, and it's extremely volatile relative to Fiat currency (USD, EUR, etc). Despite this, one could take advantage of both crypto and Banks in order to reduce risks as much as possible. With Banks, you'd gain the stability of Fiat currency (whenever it's the USD, EUR, YEN or any other national currency) while with crypto you'd gain censorship-resistance and complete control over your money.

Nonetheless, despite the many limitations of crypto, you can still live off it without depending on Banks if there is merchant acceptance within your country. Just my opinion

[gabbie2010]

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?

Its a good experience to live on crypto and I can only imagine the the convenience in financial transactions it will bring to the world when it goes mainstream due to the elimination of third party interruptions which normally slow downs transactions or can even halt a transaction as the banks do. Crypto will definitely get there as  it gradually improve upon its services as the days go by.

The transaction of cryptos with the introduction of Lightning Network will be easier and swiftly done this will be a major achievement thus eliminating a third party as you rightly said and one of the consequences is that bankers will lose their daily jobs thus transactions with fiat will be reduced drastically while the central bank overbearing and autocratic policies will be checkmated by a decentralized cryptocurrency whose adoption is growing in leap and bound.

[Abiky]

The transaction of cryptos with the introduction of Lightning Network will be easier and swiftly done this will be a major achievement thus eliminating a third party as you rightly said and one of the consequences is that bankers will lose their daily jobs thus transactions with fiat will be reduced drastically while the central bank overbearing and autocratic policies will be checkmated by a decentralized cryptocurrency whose adoption is growing in leap and bound.

Agree. It's hoped that the Lightning Network would boost the adoption of Bitcoin within the mainstream world. If successful, then many people will begin using crypto at a greater level than Banks themselves. Still though, we'll be left with extreme price volatility which is something not usual with Fiat. But in the long run, crypto shall prevail as it proves to be much more efficient and cheaper than Banks. People nowadays are looking for convenience, whereas crypto fits the bill nicely.

If more merchants begin accepting crypto, then it would've been much easier to live entirely off it. However, that's not case, leaving us subject to Fiat for a very long time. In the meantime, all we could do is use both crypto and Banks in order to live a stable financial life that will last for many years to come. Whenever we need convenience and wide-spread acceptance, we'll use Fiat currency on top of crypto. But if we need security, resiliency and censorship-resistance, then crypto would be the most desirable option to take.

Nonetheless, it's becoming much more difficult for crypto to dominate the whole world, as central banks are still in control. Their level of power will allow them to survive within the mainstream world, despite crypto's success. In the future, Banks might as well adopt Blockchain technology in its entirety in order to transform our current monetary system into one that's more efficient and cheaper to use. Which is why, it'll be possible to live off only with Banks instead of crypto in the mainstream world. Just my opinion

[Ozero]

So far, I can’t even imagine using only cryptocurrency in my calculations. First of all, I am concerned about the safety of its use. Any programs can be hacked by other programs over time, and losing all your money in an instant is not very interesting. Still, you need to use various types of settlements and cash for a long time will remain one of the most reliable ways of financial payments.

[Questat]

So far, I can’t even imagine using only cryptocurrency in my calculations. First of all, I am concerned about the safety of its use. Any programs can be hacked by other programs over time, and losing all your money in an instant is not very interesting. Still, you need to use various types of settlements and cash for a long time will remain one of the most reliable ways of financial payments.

Even myself, I don't think I can fully trust my funds in crypto, it's better that we maintain the current situation where fiat system is more dominant.

I am using bitcoin and fiat in my daily lives right now, but more on fiat since it's acceptable anyway, crypto for me is more like an investment than a currency, so as an investment, it should have a risk that we also might loss money, but bank provide us safety when it comes to saving our funds because our money is under insurance which is not present in online wallets or exchanges.

[kidoseagle0312]

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?

Honestly, I lived with crypto now for 3 years without using any savings in bank. So far so good, til the present I'm still continuing what I had
started here in crypto business. Which it supported me for a years now and sustain all of my needs and pay all the bills I have here in my home as well. And thanks to my government here due to they've adopted the blockchain technology where BItcoin, Ethereum, XRP, BCH as mode of payment online.

[scambust]

I imagine living on crypto is hard. In my country, you cannot live without fiat. In fact, here you need paper fiat. You need to pay food vendors coins and paper currency because they don't have Point-of-Sale machines to accept credit/debit cards or even use their smartphones to accept payment.

The whole world still have a long time to catch up.

[samcrypto]

Its not that i like fiat more but the current status of bitcoin now is so weak that many exchanges get hacked. Because of this, the security when it comes to online wallets have become low. This is why we cannot fully rely on crypto not until its security strengthen.

[kennen1113]

I imagine living on crypto is hard. In my country, you cannot live without fiat. In fact, here you need paper fiat. You need to pay food vendors coins and paper currency because they don't have Point-of-Sale machines to accept credit/debit cards or even use their smartphones to accept payment.

The whole world still have a long time to catch up.

Yes, crypto can be a modern technology and the whole world is watching its development and success, but tracking is tracking, one thing that people might realize is that the technology still has a great distance for everyone, it has so many special requirements and issues, and these are the doors where people still haven't tapped all the information and answers. And if we live on crypto, it's a hardship, everyone's demand for fiat is still good, this change only brings life back to zero and almost nobody wants to start from scratch

[Lapatai]

In some way that would be almost perfect society. But this is utopia and here's why:
*Money needs to be controlled. Inflation rates etc.
*If some cryptocurrency gets stolen, it will be very hard to get it back.
*Crypto is uncontrollable, so buying something illegal wouldn't be hard at all.
*Some regions in the world doesn't even have a fresh water and food, not to talk about internet and BTC.
*Too little people control crypto prices.

[Abiky]

I imagine living on crypto is hard. In my country, you cannot live without fiat. In fact, here you need paper fiat. You need to pay food vendors coins and paper currency because they don't have Point-of-Sale machines to accept credit/debit cards or even use their smartphones to accept payment.

The whole world still have a long time to catch up.

Unfortunately, that seems to be the hard truth nowadays. Crypto still hasn't fulfilled its purpose of eliminating the middleman as we still need to depend on Fiat one way or another. Most people use Bitcoin as a means to get access to Fiat (or vice versa) due to lack of merchant acceptance. The majority of businesses and merchants widely accept Fiat over crypto because it's stable, trusted, and instant. If crypto wants to become the new standard of money, it would need to provide benefits that surpass those of Fiat.

Because of crypto's current limitations, I believe that it's widely impossible to live entirely on it these days. There's still a lot of work to be done, in order for crypto to scale for millions of transactions per second. On the other hand, governments need to "legitimize" the crypto ecosystem in other to boost its traction within the mainstream world. Once that's done, then it'll be much easier for anyone to live on crypto instead of banks.

Nonetheless, it's possible that in the future, both Banks and crypto will co-exist within the mainstream world. There will be people that will only use Banks, while others will use both crypto and Banks for their convenience. But we all know, that crypto is not a solution for everything especially when Fiat is still largely dominant worldwide. Just my thoughts

[Baofeng]

I imagine living on crypto is hard. In my country, you cannot live without fiat. In fact, here you need paper fiat. You need to pay food vendors coins and paper currency because they don't have Point-of-Sale machines to accept credit/debit cards or even use their smartphones to accept payment.

I lived in a developing country and I would tend to agree that we can't still get out of the old monetary system here, yes people have credit cards but it's not for average Joe's here. People still line up in a grocery store ready with their fiat.

The whole world still have a long time to catch up.

How long do you think it will take though. I'm seeing around 5-10 years before we can see crypto being adopted, but still, people are not going to let go of fiat, just saying.

[Tylev]

So far, no means of payment is perfect. Therefore, I would like to use both the old means of payment and new ones. In my opinion, this will be optimal. In some cases, using cryptocurrency as a means of payment will be very difficult or even impossible. Therefore, do not immediately abandon the old means of payment, such as cash. Yes, and this is hardly possible.

[muhhentuhhen]

So far, no means of payment is perfect. Therefore, I would like to use both the old means of payment and new ones. In my opinion, this will be optimal. In some cases, using cryptocurrency as a means of payment will be very difficult or even impossible. Therefore, do not immediately abandon the old means of payment, such as cash. Yes, and this is hardly possible.

I believe that both ways to deal with money will be used in the future. However, I am sure also that many banks will take a decision to deal with stable coins: it will be convenient for investors also. Digital money can become the equivalent of fiat if it turns out to be liquid and also very easy to be used. To do this, their technical side must be perfect - it should be easy for users, first of all.

[Unblock_news]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

Try to read this article: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

[nabilapimpo]

Local money is still a legitimate tool for making payments. And Bitcoin or Crypto is still being done by government studies. As long as we do not use Bitcoin as a payment medium to buy goods, I think it does not matter.

What I feel every day with crypto is to trade crypto coins and invest. Maybe if Bitcoin is legitimate, I think all Bitcoin users will be easier to develop.

Especially to improve the community economy. Buying goods or for shopping online, I think it will be very easy.

[rose9696]

What I like most is the convenience of payment. One thing that I quite inhibit is the payment of services by foreign credit cards or foreign applications.
I am young and I have not worked yet, so I cannot open a credit account. Whenever I want to pay for netfix or games, I have to spend a lot of time to get the help of people or have to spend more money to get help from 3rd parties.

[wxxyrqa]

I believe that a relatively small number of people from cryptocurrency users mainly use only cryptocurrency.  By my example, I know that today it is very difficult to refuse the banking system.  All life in big cities and beyond is very much connected with banking structures and bank cards.  In any case, it is Fiat that is the main means of payment today, but cryptocurrency in this regard every year occupies more and more new positions.  Nevertheless, it is very good at earning money with the help of cryptocurrency, and spending it is fiat.