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

[Abiky]

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.

Agree. Both sides have their distinct advantages/disadvantages. You just have to think what's best for your money, by adopting both banks and crypto. It's no secret that crypto brings us huge gains, while Banks helps keep our money safe. By leveraging cryptocurrencies and Banks, you'll be able to achieve financial freedom in the long term. It's impossible to live entirely on crypto, as not many businesses accept it as a payment method. Fiat is well-known to be stable and instant, which is why it's still the payment method of choice for such entities. Without a gateway to Fiat, crypto will be doomed as it's not an indispensable form of money. Crypto depends on Fiat to succeed as an alternative payment system for the world.

The only way to live off crypto entirely is if there an ecosystem large enough around it. Not to mention, there needs to be a wide acceptance of businesses and merchants worldwide to be able to use crypto to buy stuff that we need. With this, you can forget about Banks as you'll be able to use crypto in many of the areas Fiat is used today. But we all know, this is more of a dream than anything else. Just my thoughts

[Ausgewielt]

I think it will be good but we will be very dependent on electricity. We will also experience difficulties in economic recovery in areas that have recently experienced natural disasters. Many dissadvantage on paper money but it also has advantage in several condition. The best currency is gold, there is no extreeme inflation in speciefied country because the value of gold around the world is almost the same. There would be no hyperinflation as happened in venezuela if all country use the same currency. I think bank will still exist although we use cryptocurrency as the main currency because the bank functions as national fund collectors to support industries that will increase GDP is needed.

[Lolox]

Until now I would rather put my money in the crypto rather than save money at the Bank. In the crypto, it is more profitable because by investing and trading more profit-generating. Banks do not make our money grow, but every month we have to pay a fee.

Crypto has been like an additional job for me, but here all is also not going well. We also have losses, but this is the risk.

[paynercash]

I do not send money to the bank because I am young now, I need to find investments to make a lot of money for later life. I invest in this market instead of depositing money in the bank because I think at least investing in this market also has the opportunity to make profits even though I am currently losing money.

[pragna]

I think at this moment it is too difficult to live with out Banks. Because crypto currency are in limited number of using in whole world and  some organization or beaches. But we can hope to live without banks when crypto will lead whole worlds economy.

Thanks.

[Abiky]

Until now I would rather put my money in the crypto rather than save money at the Bank. In the crypto, it is more profitable because by investing and trading more profit-generating. Banks do not make our money grow, but every month we have to pay a fee.

Crypto has been like an additional job for me, but here all is also not going well. We also have losses, but this is the risk.

Crypto may bring greater benefits to its holders, but it has greater risks than Banks themselves. The huge volatility of crypto can either make you rich or poor within an instant. People who aren't accustomed to the world of crypto, could easily make mistakes that will cost them their financial future. In contrast, Banks are much easier to use and convenient for people within the mainstream world. You'd gain the stability and trust of Fiat currency, with a guarantee that your funds will be safe for a very long time. However, Banks are extremely manipulated by the government and their fees are not comfortable to get a hold of. That's why it's best to use both sides (crypto & Banks) in order to leverage their risks from one another.

You can live only on crypto entirely because it's much more limited than Fiat in many ways. Given how many merchants and businesses widely accept Fiat as a payment method worldwide, it's impossible to use crypto to do the same things you would do with Fiat currency in your daily life. It's hoped that sometime in the future, crypto improves enough to be able to increase in mainstream adoption like never before. But this may take some time, as crypto has some obstacles to overcome (like government regulations, scalability, etc) in order to become as good as Fiat within the mainstream world.

Nonetheless, there's a possibility that we could live entirely off crypto if we get more merchant acceptance worldwide. With stable prices, and a proper regulatory framework, crypto could become an independent monetary system just like Fiat is nowadays. Until then, we would either live only on Banks or use crypto as a complement to Fiat currency. Just my thoughts

[Naida_BR]

Until now I would rather put my money in the crypto rather than save money at the Bank. In the crypto, it is more profitable because by investing and trading more profit-generating. Banks do not make our money grow, but every month we have to pay a fee.

Crypto has been like an additional job for me, but here all is also not going well. We also have losses, but this is the risk.

Indeed cryptocurrencies provide a bigger profit right now, but also a bigger loss if the market goes the other way.
What I don't like in Banks is the fact that they hide a lot of information. If they would provide all the necessary information then people will start taking the money away from them surely.

[Abiky]

Indeed cryptocurrencies provide a bigger profit right now, but also a bigger loss if the market goes the other way.
What I don't like in Banks is the fact that they hide a lot of information. If they would provide all the necessary information then people will start taking the money away from them surely.

Cryptocurrencies have a higher reward ratio than Banks, but they're also extremely risky. One could not be comfortable with Banks behavior regarding people's information, but they're still the best thing around when it comes to financial stability and security. After all, governments are able to easily enforce regulatory measures in Banks than in crypto itself. I believe that's the reason why there are still a large number of people using Banks than crypto. Still though, crypto could gather a respectable amount of users if it manages to solve its many limitations. With stable prices, and a proper regulatory framework, crypto could become as prominent as Banks are nowadays.

Until this happens, I'm afraid that it'll be impossible to live off crypto in its entirety. After all, not many merchants or businesses accept crypto yet. Fiat currency is more commonly used within the mainstream world. Crypto users still need to depend on Fiat gateways to use physical cash one way or another. Either you live only with Banks, or use crypto in combination with Fiat. But you cannot use crypto only, because of the many aforementioned reasons. All in all, crypto's success will largely depend on mainstream adoption. But so far, Banks are still largely dominant because of Fiat's indispensability within the mainstream world. Just my thoughts

[Flor1982]

Looks good but for now i preferred to have lot of money in the banks as my assets are insured, safe and more convenient to use instantly anywhere in the world unlike the limited Crypto in which we need to protect our credentials from the hackers all the time that in case of loss and thieves they are lost forever.

[Ozero]

I would not want to live in a society where only cryptocurrency will be used. By that time, if this happens, the government will fully control the financial activities of all citizens through cryptocurrency. If the government is unable to exercise such control, then there will never be a transition to cryptocurrency. Everything is extremely simple.
However, I do not think that people will ever be able to switch to using only cryptocurrency. For this, a single government must exist on Earth. A single government can be when there will be a single state or a single union of states. The history of mankind still does not remember such a thing, therefore, it is hardly worth hoping for such a development of events.
Cryptocurrency, most likely, will be shared with the common currency of various countries and this will be much better.

[dengpei]

In my country, Zimbabwe, we are in this exact spot!

Because of the current prevailing hyperinflation, banks have stopped issued bills because the demand outweighs the supply by miles. As a result of this a black market for cash has risen where the local cash ironically called 'bond notes' and the USD are sold in exchange of electronic RTGS dollars and a digital mobile centralised currency called Ecocash. The premium for the bond note to ecocash is as high as 50% while the USD is trading today 26/09/19 at 1 : 19 RTGS.

This has driven people to rely on the digital ecocash issued by a mobile network operator, Econet, as well as bitcoin and paypal to a lesser extent.
Yes I can say an economy without banks and central bank influence is possible very much and can function BUT its not as novel as most liberals out there want it to sound. There is a lot we can do with crypto in Zimbabwe like hedge against inflation, easy cross boarder payments which are not possible with banks as there is no forex as well as easy peer to peer trading. However, since this system is informal it is difficult to find people to trade with as the government through the central bank has outlawed trade in crypto, to circumvent this trade happens mostly via WhatsApp and telegram groups. Also as with informal systems there is a lot of price inconsistencies as rent seekers look for ways to over benefit from it.

So yes, a future without banks is possible but there will be need to formalise the crypto market to make it function without hiccups.

[Abiky]

Looks good but for now i preferred to have lot of money in the banks as my assets are insured, safe and more convenient to use instantly anywhere in the world unlike the limited Crypto in which we need to protect our credentials from the hackers all the time that in case of loss and thieves they are lost forever.

Well, one thing for sure is that crypto isn't for everyone. There's some knowledge required in order to use cryptocurrency in a safe and responsible manner. This is largely attributed towards the decentralized nature of crypto. Banks are so much easier to use, and practically safe as your money is insured by the government (like in the case of the US). You don't need a certain degree of knowledge in order to protect your money against hacks, theft, or even scams. The responsibility of securing your capital lies within the Bank itself instead of you. Given that Fiat currency is still largely dominant for the world's transactions, it's somewhat difficult to live entirely on crypto these days. Decentralized digital money (like Bitcoin) is still not independent enough against Fiat. It needs Fiat in order to survive within the mainstream world due to lack of merchant acceptance.

One of the worse things of crypto, is its highly-volatile nature. This gives uncertainty to investors as they cannot know how much their holdings will be worth in the future. That's not largely the case with Fiat as it's rather stable. With all of the limitations that are still existent within the world of crypto, it's very difficult to use it as real cash. Which is why, you can either live only with Banks or combine both Banks and crypto for piece of mind. But be aware, that you cannot live without a Bank these days as everything is largely dependent on Fiat currency. Just my opinion

[robelneo]

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?

you can make your own income stream and use the coins earned to buy stuff from merchants who accept them

That's not the case always, the market is very volatile and if you are just relying on Cryptocurrency alone, you will find yourself restricted or at loss, you cannot use your Cryptocurrency to buy stuff that you need when your coins are all down, because of the volatility of the market,
worse you are forced to use your funds even if it is down in price when you have an emergency.

Not a wise choice to live on Crypto alone we still need fiat and banks, they can co-exist to satisfy our needs.

[meliodas]

It is very rewarding to live on cryptocurrency instead of the banks because cryptocurrency is more promising in terms of making more money rather than putting your money into the banks and trusting them that they will give you money. Cryptocurrency is undeniably volatile and it fluctuates more than the stock market but that is why I fall in love with crypto because in such a few movements of the price, you can make at least 5-10% profit from your capital.

[Abiky]

That's not the case always, the market is very volatile and if you are just relying on Cryptocurrency alone, you will find yourself restricted or at loss, you cannot use your Cryptocurrency to buy stuff that you need when your coins are all down, because of the volatility of the market,
worse you are forced to use your funds even if it is down in price when you have an emergency.

Not a wise choice to live on Crypto alone we still need fiat and banks, they can co-exist to satisfy our needs.

Exactly. Due to the volatility of crypto, it's very difficult to make a living off them these days. You're better off having a bank account for storing your money within the long term, than depending entirely on crypto for your survival. The best thing you can do, is to use both crypto and Banks for your convenience. Leveraging crypto's volatility would allow you to profit within the short term. Then, you could store that profit into your bank account to secure your capital. It's important to know that crypto has a high-risk, high-reward ratio, while Banks are the contrary. With this in hand, you'll be able to maintain a stable financial future like never before.

Neither crypto can replace Banks or vice versa. The latter is still dominant within the mainstream world, while the former is starting to blossom. Most merchants still accept Fiat over crypto, but that could change soon if volatility and regulatory uncertainty is put to an end. In the meantime, we'll have to deal with Fiat currency for a very long time until crypto is independent enough for mainstream use. As long as crypto depends on Fiat for its survival, it won't be going anywhere. Just my thoughts

[cutesgirl]

We can't live only with cryptocurrency without have Bank, Bitcoin or cryptocurrency and bank have each other connection if we want to buy something in traditional market we can use crypto but we have ready cash out money using bank, we need bank and crypto could working together and never banned each other.

[blckhawk]

It would be good of you only looked at it as a way of payment, etc. Dig deeper and you'll find fast changing prices, resulting to ambiguity and confusion for the seller/merchant and the consumer. Since no one governs crypto, no one would be responsible for your loss due to theft, for example. Or no one could ever backtrack transactions made by criminals. If there was to be a crypto bank, then it would contradict the main feature of crypto, which is to transact anonymously, securely without any intermediary involved.

[Ailmand]

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 of us would say it would be good, but we will never know once where already in that situation. Have you ever thought how are economy would be if our currency will be volatile since it is crypto. Or if that point comes, and crypto will be stable since it is the main currency, will people still enjoy crypto as it is today?

[Pearls Before Swine]

That's the main reason why crypto currency was created like bitcoin in order to give a full freedom on our financial assets without depending on banks ever again.

True statement.  The problem is that nobody is really using bitcoin as money, and there certainly aren't many using it for their day to day expenses.  Adoption is still minimal, so we're not seeing many merchants accepting it as payment.  Until that happens people are still going to be anchored to their bank accounts and nothing will change.

Dig deeper and you'll find fast changing prices, resulting to ambiguity and confusion for the seller/merchant and the consumer.

I don't think there is that much confusion, nor do I think its an issue.  Payment processors take care of that for both parties.  The real problem is the volatility.  Who would want to spend a currency and miss out on making a profit with it?  If bitcoin was a stable coin it would be a different story, but bitcoin isn't.  If you bought things with bitcoin back in 2015 or before you would have missed out on some serious money, just like buying a pizza for 10,000 btc.  Right?

[buwaytress]

Just want to add one experience here. I work with a lot of others like me earning almost chiefly in crypto now, if not exclusively. But on one main platform and with a few other clients we co-serve, we are now seeing more and more requests to switch payment in some form of stablecoin.

For these clients, they're still strictly in crypto but for us who earn, it's very different. For me, for example, being forced to accept stablecoin means I now have to find an exchange to sell it to for fiat. No more p2p (unless anyone here knows p2p that accepts some exotic stablecoin other than tether).

Never mind living on crypto. Even earning it now is getting less and less different from depending on banks. Maybe that's a good thing.