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

[stompix]

It's surprisingly easy, as long as you also have a Bitcoin debit card.
Look, having a Bitcoin debit card might kinda defeat the purpose of "living on cryptocurrency", but for me there's no way around it.

Yup, it pretty much defeats every purpose of it.
You use a card, issued by a bank and you use visa's network for every payment.

You're simply avoiding having to sell coins and send it to your bank account every time you want.
The bank can still freeze your cc, visa cand always block your card or strip the issuer of its partnership like the case of wavecrest.

IBut we are still used to storing our money in wallets, provided by centralized companies.

This is the problem, and if this is not solved (changed), then there is absolutely no point is saying we're using cryptos when all we do is pay in fiat through a centralized gateway.

The major one is that cryptocurrency markets are 24/7 365 days open, instead of banks that they close on weekends and holidays.

I have 24/7 banking access as so does anybody (at least in the western world). You can withdraw money from an atm at 2 am, you can send a transfer at 4 am, and you can buy socks online with a cc at 5.47 am. Seriously, you use your card only between 8-16 during work days?

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[LeGaulois]

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Spending your bitcoins with a credit card isn't much different than using a bank. You rely on a 3rd party, Visa/Mastercard/and Banks too.

Perhaps it'll be fast-paced society wherein almost everything is completely digital, with no one oppressing the masses from their own financial freedom and everyone is capable of doing their own thing without having to think of what the next paycheck would get them to. People would then be more creative knowing that the pressure wouldn't be on their shoulders and they can do anything to their heart's delight. But then these are all just assumptions, and we will never know what is in store for each of us.

I trust cryptocurrency are most useful one and comparing two banks and cryptocurrency gives a lots of profit but when comes to bank there is the limitation for anything that you want to do in your account that's why people will turn into cryptocurrency sharing and it will be more safer and profitable also.

Banks aren't only to deposit your money to invest in. They're used too for our daily life, to receive your salary and pay your bills. They're here when you need to borrow money for your house when you need funds to start up your company, when you need investment/taxes advices. Real estate management and so on.

[huhhuh18]

It'd be awesome for that to happen but well, who knows when such can happen. May be in the next decade or two or whatever but if crypto doesn't die this time, i think we'll get there.

[goaldigger]

The only hindrance i see regarding this matter is the cryptos volatility in nature. Compare to dollar and other currency, its value is difficult to handle. If example you deposited to your savings acount 1BTC, after a month, it will change its value and you can only get 0.8BTC.

[Dreamchaser21]

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?

This will continue to grow and make a good competition with the banks, for now I jut can’t imagine how to fully live with cryptocurrency since banks offer also good service to me though I’m not considering it as my investment. Cryptocurrency has a chance for the mass adoption and it can happen in the future.

[xuan87]

It will be good ,I imagine I can go to every store without any need to bring wallet, and I can go travel to any country without need to exchange my money, it will be super efficient if we can used crypto in any store in any country, and we are now moving phase to phase to reach the mass adoption

[boyptc]

Everyone will hold smartphones everywhere and looking at the bright side, transactions are finally digital and even my favorite local store would have its own QR code to scan to pay.

Life would be faster by that time and we're living like the sci-fi movies that we have watched before.

[Abiky]

It would be good, yet still nothing more than a dream. I still need to convert Bitcoin or Ether to fiat on a daily basis with my Wirex or Fedor cards to cover my expenses and pay everywhere.
People doesn't changes and this is the main reason why crypto will not be widely adopted in next 5-10 years. Like it or not, we will depend on exchanges, not necessary banks.

That's certainly true, mate. People can't adapt to changes easily, which means that they'll be slow in adopting something new in their daily lives. For many years, fiat has dominated our world and for obvious reasons, many people trust it. Considering how Bitcoin is just 10 years old, it's still relatively new to the world. Perhaps, after the Blockchain industry becomes so successful, we'll get to see crypto more often in mainstream businesses and corporations.

But until now, crypto has a long way to go, since it needs to solve many issues like scalability, and fungibility to be able to be widely used within the mainstream world. Once that happens, then living only on crypto instead of Banks would be the way of the future. Of course, that is if banks don't adopt blockchain technology for their own benefit. If they do, then fiat will keep dominating our lives for many years to come. Just my opinion

[nebiki]

It seems that living with crypto is very beautiful and tense because all this time I have felt crypto has helped me in terms of economic and financial that are more than enough and tense when crypto values are destroyed like last year until now because it is difficult to get income

[Unblock_news]

i agree, cryptocurrency is much more better than our traditional financial system. Imagine, here in the philippines, when you send or deposit money, it takes 30 mins to 1 hour in the line before you can make a transaction. But in crypto, by just using your phone or laptop, you can send money right away. Less hassle and more convenient. This is one of the advantage  of crypto in banks.

[awik p]

It seems that living with crypto is very beautiful and tense because all this time I have felt crypto has helped me in terms of economic and financial that are more than enough and tense when crypto values are destroyed like last year until now because it is difficult to get income

same as me, where last year even though prices dropped sharply, I was still able to shift my income from crypto to real assets, so that it really helped my psychological stability. it is conceivable that I still keep all assets in crypto form, maybe at this time I have been desperate and regret that I feel

[Snaic]

It will be good ,I imagine I can go to every store without any need to bring wallet, and I can go travel to any country without need to exchange my money, it will be super efficient if we can used crypto in any store in any country, and we are now moving phase to phase to reach the mass adoption

Cryptocurrency gives us many new features, but it also has some significant drawbacks. Therefore, I think that it is necessary to take advantage of all forms of financial relations. That is, you can not refuse services of the banking sector or ordinary currency. It should be used together and then their flaws will not be so noticeable. Hoping for information about cryptocurrency in a smartphone is also very dangerous in case of theft of such a smartphone.

[bestpikka]

if crypto can be applied as a tool for maintenance in the world it will certainly provide convenience for its users but if the crypto price is still unstable is it not inconvenient to transact?

[cfif123]

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.

for me to live in crypto is a happy life because crypto made me mature at this time for me

[Eclipse2021]

Cryptocurrencies are to volatile yet so the risk is high for looses and banks are here since a good period so banks are more safer right now than cryptos on this segment.

[sheenshane]

snip-
Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money?

Living with cryptocurrency instead of a bank is a dream we would like to come true in the future. But since crypto-banks were initiated I can tell that banks are already adapting the cryptocurrency to generate profits and to control it because once they can't regulate cryptocurrency, it would end their industrial industry. Imagine living with your own wallet and bank and spending amounts of money without any charges or small charges? No fiats mean no stress of keeping your paper money into the case instead you can actually have your password and a link of your wallet only.

[Supercrypt]

It is not possible for NOW but it doesn't mean it will be impossible forever. First of all in countries like USA you can get a debit card thats filled with crypto in it and can be used in anywhere you go that accepts debit/credit cards and live like you never need a bank ever again but in reality you are still using a "bank" which is the company that issued you that debit card.

Most of the time those "debit" cards that you use to spend bitcoin are backed by a bank, even places like coinsbank that gives you debit card actually gets it from other banks they are partnered with. However one day it will be possible to live this kind of life not thanks to debit cards but mobile phone apps, with apps you will be capable of paying, we just need to wait until all shops have app payment options.

[deisik]

It would be good, yet still nothing more than a dream. I still need to convert Bitcoin or Ether to fiat on a daily basis with my Wirex or Fedor cards to cover my expenses and pay everywhere.
People doesn't changes and this is the main reason why crypto will not be widely adopted in next 5-10 years. Like it or not, we will depend on exchanges, not necessary banks.

That's certainly true, mate. People can't adapt to changes easily, which means that they'll be slow in adopting something new in their daily lives. For many years, fiat has dominated our world and for obvious reasons, many people trust it. Considering how Bitcoin is just 10 years old, it's still relatively new to the world. Perhaps, after the Blockchain industry becomes so successful, we'll get to see crypto more often in mainstream businesses and corporations

People don't easily adapt unless they have to and it is a matter of their own survival. And then you will be surprised how fast this process can go. For example, if a local currency is being massively devalued by the corrupt and incompetent government (like it happened in Zimbabwe and is now happening in Venezuela), people will quickly start using other currencies as well as Bitcoin, provided it is technically available to them (i.e. they have Internet access). They will adopt anything that will help them save their wealth (if they have it, of course)

As the saying goes, necessity is the mother of invention

[1Referee]

It's just a matter of time before every payment processor will start accepting payments in stablecoins, and I'm certain that this will turn out to be something that will gain a lot of traction in the forthcoming years. Coingate already accepts TrueUSD, so the first step has been set. Considering that most people don't need censorship resistant payments, these stablecoins will do well, very likely better than most decentralized cryptos combined eventually.

Stability is such an important factor that regardless of how fast and cheap your transactions are, if the price jumps up and down like crazy, it's not a serious day to day currency.

[tinkerr99]

On the one hand it sounds good, but still nonsense.  The lack of control pulls a lack of any stability course. You should take this into account.