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

[bangkit tri]

it will be good, because there will no longer be bank interest. and if a deposit of money is put in crypto, it can actually be an investment asset because the value can go up, but it can also go down. but it will be more fun and more challenging.

right, therefore I want to save quality coins, so the possibility for the price to rise is greater. saving in a bank will certainly get interest that is smaller than inflation that occurs every time, so that the value of money will shrink if bought the same item

[ufaiz50]

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?

For now there are still many shortcomings and we are still far from that, I cannot feel life only with crypto, like paper money does not exist. We ourselves know that there are not many shops that accept bitcoin as a payment tool, even the store owner is very foreign and doesn't know what cryptocurrency is.

[shesheboy]

it will be good, because there will no longer be bank interest. and if a deposit of money is put in crypto, it can actually be an investment asset because the value can go up, but it can also go down. but it will be more fun and more challenging.

right, therefore I want to save quality coins, so the possibility for the price to rise is greater. saving in a bank will certainly get interest that is smaller than inflation that occurs every time, so that the value of money will shrink if bought the same item

Saving money in bank has a small interest but the stability is there  and the security is also much better  . while in cryptos , the value of our money can decrease or increase depending on the mood of the whales   .

I guess diversifying your money on banks and in cryptos are a better way to earn and reduce the risk at the same time than going for one option .

[Nasty23]

it will be good, because there will no longer be bank interest. and if a deposit of money is put in crypto, it can actually be an investment asset because the value can go up, but it can also go down. but it will be more fun and more challenging.

right, therefore I want to save quality coins, so the possibility for the price to rise is greater. saving in a bank will certainly get interest that is smaller than inflation that occurs every time, so that the value of money will shrink if bought the same item

Saving money in bank has a small interest but the stability is there  and the security is also much better  . while in cryptos , the value of our money can decrease or increase depending on the mood of the whales   .

I guess diversifying your money on banks and in cryptos are a better way to earn and reduce the risk at the same time than going for one option .

Yes I agree it is better to diversify your money on banks and crypto so that you will not become regret later because sometimes there is an unexpected error that possibly happen on which we cannot know the time it become properly working again that's why when you diversify it you can have a chance to minimize the risk and you can have a chance to use it anytime wherever you are.

[don_ricci]

At the moment - it means constantly fearing for what will happen next. To be afraid that one fine morning you can see that your money has become 2 times less, because you decided to keep the money in an unstable (at the moment) cryptocurrency.
Do not think that I'm against Bitcoin. No! On the contrary, I want the price to go up. And I'm sure that it will be so! But at the moment to keep all your money in Bitcoin is too risky and unjustified. I hope in the future this situation will change for the better.

[munareal]

The world is heading to a cashless society where the need for physical cash will be eliminated. The banks are encouraging this. The use of cryptocurrency is heading to that direction and its advantages are more convenient, cheaper and faster transactions.

[Abiky]

You should just use what is cheaper for you. You should not focus in one or another but use both. Banks itself will eventually use crypto if will be cheaper to transact. But they will still exist and serve.

Well, cryptocurrencies will always be cheaper than banks because of their underlying Blockchain technology. Even with Bitcoin's astronomical rise in fees, it's still cheaper than traditional payment processors. That's why many Banks see crypto as a threat, because it enables people to send money at lower costs, giving them the power to be their own bank. With all the available technologies and advancements within the Blockchain industry, cryptocurrencies can outmatch banks in terms of speed and cost efficiency.

Right now, Ripple (XRP) and Stellar are already the fastest cryptocurrencies in the world. On top of that, they're extremely cheap where it costs only fractions of a penny to send money around the world. What is needed is mainstream adoption, for cryptocurrencies to become a force to be reckoned with. Once that happens, and many merchants and businesses start accepting cryptocurrencies, then many people will choose to live on crypto instead of banks for the rest of their lives. Cryptocurrencies give freedom, which is contrary to what Banks offer. If we were to live on crypto only, instead of Fiat money issued by Banks, things would be a lot better, IMO.

Nonetheless, time will tell us whenever Banks will adapt to the Blockchain or become obsolete as crypto takes over the mainstream world. Just my thoughts

[bettercrypto]

Living fully with functional cryptocurrency system and without fiat money is something very high tech. Imagine that almost every financial transaction is digital, the processes would be very liquid and transparent. Through this technology, corruption and fraud will be reduced. This is the potential of cryptocurrency system.

[exstasie]

Well, cryptocurrencies will always be cheaper than banks because of their underlying Blockchain technology. Even with Bitcoin's astronomical rise in fees, it's still cheaper than traditional payment processors.

Only in some cases. If you're sending millions of dollars, Bitcoin is obviously cheaper because we pay a flat fee per byte.

If you're sending lower value transactions or using a lot of inputs, it can actually be more expensive to use Bitcoin, especially when you consider times of high congestion like December of 2017. We also have free ACH and intra-bank transfers, free-Paypal-to-bank transfers and free domestic Paypal transfers among friends and family.......There are more examples like this too.

Bitcoin will always be more expensive in some cases. Where you don't need censorship resistance, an additional layer of privacy or cross-border remittance, there's a good chance it's rational to use something else instead.

[aoluain]

You should just use what is cheaper for you. You should not focus in one or another but use both. Banks itself will eventually use crypto if will be cheaper to transact. But they will still exist and serve.

Well, cryptocurrencies will always be cheaper than banks because of their underlying Blockchain technology. Even with Bitcoin's astronomical rise in fees, it's still cheaper than traditional payment processors. That's why many Banks see crypto as a threat, because it enables people to send money at lower costs, giving them the power to be their own bank. With all the available technologies and advancements within the Blockchain industry, cryptocurrencies can outmatch banks in terms of speed and cost efficiency.

Right now, Ripple (XRP) and Stellar are already the fastest cryptocurrencies in the world. On top of that, they're extremely cheap where it costs only fractions of a penny to send money around the world. What is needed is mainstream adoption, for cryptocurrencies to become a force to be reckoned with. Once that happens, and many merchants and businesses start accepting cryptocurrencies, then many people will choose to live on crypto instead of banks for the rest of their lives. Cryptocurrencies give freedom, which is contrary to what Banks offer. If we were to live on crypto only, instead of Fiat money issued by Banks, things would be a lot better, IMO.

Nonetheless, time will tell us whenever Banks will adapt to the Blockchain or become obsolete as crypto takes over the mainstream world. Just my thoughts

This is what bitcoin was made for, to be an alternative payment system to banks.
Crypto has evolved to the point where there are viable alt coins even if they are
a bit questionable or are disliked by portions of the community. Knowing which
of these can be used for what task can be beneficial.

On the point of living off crypto, there is 1 community member that i am aware
of who does just that, FRANKY1 has mentioned before that he buys all his goods
etc. With cryoto, id love to know exactly how, but thats his own business

[1Referee]

Right now, Ripple (XRP) and Stellar are already the fastest cryptocurrencies in the world. On top of that, they're extremely cheap where it costs only fractions of a penny to send money around the world. What is needed is mainstream adoption, for cryptocurrencies to become a force to be reckoned with.

Nano is instant, has zero fees, has way more transaction throughput, and is scalable, and I'm sure that there are a couple more with similar specifications.

XRP is a shitbag that happens to be centralized. It doesn't take much for governments or even banks to compete with that. I am honestly of believe that the same banks they are partnering with, will end up forking them in the ugliest possible way. They don't need xCurrent or xRapid, it's just a matter of time before they do it themselves.

What makes the crypto currencies in this space different is that they are decentralized, some more than others, but you get the point. Decentralization is what makes crypto valuable, where centralized coins or tokens don't have any of these characteristics.

[Matthewmorris4]

 I really love to live in crypto it is very easy transaction through payment , shopping , transferring money investment , trading and so others like an easy life. While in a banks you are transaction in person to the bank lossing time is lossing money..

but if cryptocurrency wants full adoption as well as what the bank does it can experience the same thing even worse because of the crypto unpreparedness in this case. They should have a portion of each and every field, and not change the standards and places where they should move. Bank is Offline, Crypto is Online, each ecosystem that have good relation always create something good

[nur rochid]

 I really love to live in crypto it is very easy transaction through payment , shopping , transferring money investment , trading and so others like an easy life. While in a banks you are transaction in person to the bank lossing time is lossing money..

but if cryptocurrency wants full adoption as well as what the bank does it can experience the same thing even worse because of the crypto unpreparedness in this case. They should have a portion of each and every field, and not change the standards and places where they should move. Bank is Offline, Crypto is Online, each ecosystem that have good relation always create something good

what is certain with crypto as if you have a private bank. we have a wallet that can hold our assets and can be used as transactions when we want with all the advantages of a decentralized system

[TheUltraElite]

The world is heading to a cashless society where the need for physical cash will be eliminated.

Maybe true in some places of the world. Not true in other parts. Mostly its just paying money to top up digital wallet services and then use that money gradually. Thats nothing different from paying cash at the local grocery shop. Its just been made a bit easier. Crypto-currencies should not be compared as just digital cash.

The banks are encouraging this.

Banks encourage their own services to be adopted and not crypto.

The use of cryptocurrency is heading to that direction and its advantages are more convenient, cheaper and faster transactions.

I think more people are actually holding crypto for future moons for speculative market trading than use it for buying daily necessities. After all, who wants to become the second guy/girl to buy pizza for 1btc? (prior to a bullrun)

[deisik]

Well, cryptocurrencies will always be cheaper than banks because of their underlying Blockchain technology. Even with Bitcoin's astronomical rise in fees, it's still cheaper than traditional payment processors.

Only in some cases. If you're sending millions of dollars, Bitcoin is obviously cheaper because we pay a flat fee per byte.

If you're sending lower value transactions or using a lot of inputs, it can actually be more expensive to use Bitcoin, especially when you consider times of high congestion like December of 2017. We also have free ACH and intra-bank transfers, free-Paypal-to-bank transfers and free domestic Paypal transfers among friends and family.......There are more examples like this too

Bank transfers can be free of charge too

As it obviously depends on the bank and its client policy. For example, it is not uncommon for banks in my quarters to offer payments completely free of charge (up to a certain limit, which is high enough for the majority of clients) or offer flat fee (like 20 cents per transaction, for example)

Bitcoin will always be more expensive in some cases. Where you don't need censorship resistance, an additional layer of privacy or cross-border remittance, there's a good chance it's rational to use something else instead.

The difference between Bitcoin and banks is that these cases are pretty rare and marginal as otherwise people will be using something else instead (for example, Litecoin). In other words, your options are open with cryptocurrencies

[babarian]

I feel the convenience, I can see the shipping track record or my transaction in crypto currency clearly and quickly. I also feel that I get more convenience than transacting using a bank

[St4yInTh3D4rk]

• No fear of theft to our money
• No need to wait for someone to approve our transaction
• No daily limits
• No hidden fee
• No worry about border transaction

[Reinsurer]

Approximately 97% of Western money is printed arbitrarily, as needed.

If the system crashes, it will drop a monster. If banks name the real volume of their debts in fiat currency, it can cause a whole avalanche of consequences. The elite will be safe, but the vast majority will remain in dire straits.

[Rono]

If It can possible than It will be very resourceful cause no hidden charge will be applicable. Instead of a bank, There are many charges Applicable for an account when even we are using booth Extra Charges will be Included. Live with the crypto is more useful and we can buy daily necessary things for our own. Digital cryptocurrency reduces fraud and this is really a very Convenient for us.

[BrewMaster]

there is always going to be dependency on third party services in my opinion. and banks have just been doing that, they have been offering services that people want and made things easier for them. of course the corruption,... came later.
but since that needs still exists i say the banks or any bank like services will also exist in the future. see how web wallets and web accounts such as coinbase exist and people use them although they shouldn't? that is the need i am talking about. some people don't give it up.

Imagine living your life without depending on Banks ever again. Using only cryptocurrencies such ... Ethereum,

well etherum is more centralized than anything else. so you can't really say stop using banks and use another centralized corrupted coin like ethereum!