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

[Moiyah]

It's like living in the world without boundaries, without fear to go somewhere else as you feel secure and no need to bring your wallet for physical money. I believe living in the world under the era of cryptocurrency is the most favorable advance system in financial concern.

Everyone wants to experienced such cashless society. But new things are hardly accept and we shall admit that banks is has a secured and centralized system which we still need. But who knows? Thoug I might think that removing banks in our country in a replacement of cryptocurrency is really impossible. There's nothing wrong if we think about the, "What if's".

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[uneng]

It's like living in the world without boundaries, without fear to go somewhere else as you feel secure and no need to bring your wallet for physical money. I believe living in the world under the era of cryptocurrency is the most favorable advance system in financial concern.

Everyone wants to experienced such cashless society. But new things are hardly accept and we shall admit that banks is has a secured and centralized system which we still need. But who knows? Thoug I might think that removing banks in our country in a replacement of cryptocurrency is really impossible. There's nothing wrong if we think about the, "What if's".

I agree that banks are a secured and centralized system which we still need. Not all banks are greedy and abusive, I know some banks which offer nice features like cheap fees (or no fees), different investment options and they act like advisors.
In a cashless society we would still need to pay fees to the miners, like we pay in our societies, so I think there isn't a point on it.

[sulendra12]

I agree that banks are a secured and centralized system which we still need. Not all banks are greedy and abusive, I know some banks which offer nice features like cheap fees (or no fees), different investment options and they act like advisors.

Also, there are some banks that doesn't give you interest each month. So, it's a better option to use bank if you are "afraid" with interest stuff.
Still there are many people use banks because they are easy to use and widely accepted around the world. I mean there are pros and cons on each method, so they can choose whatever they want.

[BeGoods]

It's like living in the world without boundaries, without fear to go somewhere else as you feel secure and no need to bring your wallet for physical money. I believe living in the world under the era of cryptocurrency is the most favorable advance system in financial concern.

Everyone wants to experienced such cashless society. But new things are hardly accept and we shall admit that banks is has a secured and centralized system which we still need. But who knows? Thoug I might think that removing banks in our country in a replacement of cryptocurrency is really impossible. There's nothing wrong if we think about the, "What if's".

Of course there is nothing wrong to imagine about that, we have used the bank since we were born, and of course many of us are tired of being in control and limits. using cryptocurrency as a major currency certainly gives you freedom, which the bank cannot provide. but it's true what you say that banks have better security and responsibility for us ?

[Adriano2010]

I think it can be possible and in future can happen, but i think governments will still want bank to work and this is the way they control money, but will be great if will be possible to use only crypto, now when i want to cashout crypto i need to work with banks.

[joinfree]

Live without the banks is a total financial freedom from prying eyes always watching over your assets and i really wish to see such a vision come true in the nearest future. Making transactions in cryptocurrencies is more convenient than having to send monies through banks.

[smartbitcoininvestor]

Citizens of Venezuela already do it. As do Nigerians and many underbanked regions of the world.

[andriarto]

Live without the banks is a total financial freedom from prying eyes always watching over your assets and i really wish to see such a vision come true in the nearest future. Making transactions in cryptocurrencies is more convenient than having to send monies through banks.

indeed, convenience when transacting is an option, but we must bear the risk of each, because our wallets are like banks. therefore I think there will also be services from the bank for crypto storage or crypto loans

[qwertyup23]

The emergence of banks has been around ever since time immemorial. They handle assets, resources, and money in which they utilize for lending or for investment. Most people rely on banks for the security of their money and in-return, they exercise this fiduciary relationship wherein TRUST is the focal point of the subject.

Now when we talk about cryptocurrency which is volatile in nature, we do not want our assets to change its value overtime. In fact, what we want is an investment wherein we could grow the value in maturity for the long-run. I doubt that living in a cryptocurrency world would be that successful. It is good on paper but the risk outweighs the merit by a long shot.

[Robotbitcoin22]

Citizens of Venezuela already do it. As do Nigerians and many underbanked regions of the world.

surely the choice of a country's economic system is different there are those that have banks and some that are not, but some of the world is dominated by bank banks and rarely those who do not have a bank may only be remote countries. in my opinion, living with crypto without a bank is not safe.

[Ozero]

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?

I don’t know what kind of world you are in, but I still live in our physical world, where most people use ordinary paper money and are not going to fully switch to using cryptocurrency. Yes, and how can you switch to its use, if so far only a very small percentage of trading structures of a business trade for cryptocurrency? The adoption of cryptocurrency and the development of infrastructure for its use as a means of payment is still very far away.

[rijaljun]

I don't think I need to imagine it anymore as this is happening already.
My life in crypto space so far is awesome, I don't need to use too many platforms to do payment cross-nations as I can use Bitcoin and other cryptos as form of payment (Ethereum and Doge are my favorites to buy online things).

Soon in the future, I think I don't need to go out to deal with bankers or anyone and I can do everything from home, like working, paying bills and anything.

[leea-1334]

Everyone wants to experienced such cashless society. But new things are hardly accept and we shall admit that banks is has a secured and centralized system which we still need. But who knows? Thoug I might think that removing banks in our country in a replacement of cryptocurrency is really impossible. There's nothing wrong if we think about the, "What if's".

Exactly,,, if we all had a choice of course we would like financial freedom, independence with our money and all of that, but in the end of the day most of us want the security of someone to keep our money, to decide how much things cost for us. Well,,, people in my country say they prefer to work with the government even and earn a pension so they do not have to worry about the life in old age. If you remove banks and use crypto only, none of these things can happen properly.

[Fabienne_ayy]

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 notion of central banks control over the economy and the constant increase in global prices create the need for cryptocurrencies. Unlike other electronic cash settlement systems that take days to process transactions, cryptocurrencies enable instant settlements. So I believe that we can actually live better with cryptocurrencies instead of fiat money 

[imstillthebest]

living without banks is i think verry hard  , why ? simply because not all people can use cryptos and with that said , the support for cryptos on merchants is also less . that means we cant use our cryptos anywhere   .  now if there were no banks , were can we get a fiat money ?  how can we buy a crypto if we dont have a fiat ?  see   ?  there are still many hindrances that limits the use of cryptos  .

[kaya11]

Well the only things I couldn't do for now using crypto is that I am planning to have a car loan and the only thing I can give as a collateral is the monthly salary. Who could've give me such loan for now but nonetheless the banks themselves. No car company is still accepting Bitcoin here in the country and I feel sorry for that. For now I am enjoying Bitcoin as online tool of paying, I shop online and in an instant and that is what I am most fond of, no interest unlike credit cards and other middleman payments, direct to the supplier and the item is directly delivered to me.

[Polar91]

living without banks is i think verry hard  , why ? simply because not all people can use cryptos and with that said , the support for cryptos on merchants is also less . that means we cant use our cryptos anywhere   .  now if there were no banks , were can we get a fiat money ?  how can we buy a crypto if we dont have a fiat ?  see   ?  there are still many hindrances that limits the use of cryptos  .

Money transfers and local exchange can provide that. A local exchange allows you to convert crypto into fiat money and the money transfer allows you to withdraw your money in that particular local exchange. Although it exists, in my opinion using bank to get your fiat is still better since it's available anywhere as you may withdraw at any atm machine if you have for example a visa atm/debit card.

[alyssa85]

Citizens of Venezuela already do it. As do Nigerians and many underbanked regions of the world.

And their experience suggests having to deal with vey high fees. The unbanked pay way more to transact stuff than people with a debit card. Crypto does work well when fees are low, but when they spike, they're worse than western union. Until there is a huge network of retailers etc that accept crypto, being banked will always be the superior option.

[Betwrong]

Citizens of Venezuela already do it. As do Nigerians and many underbanked regions of the world.

And their experience suggests having to deal with vey high fees. The unbanked pay way more to transact stuff than people with a debit card. Crypto does work well when fees are low, but when they spike, they're worse than western union. Until there is a huge network of retailers etc that accept crypto, being banked will always be the superior option.

Western Union International transfer fees vary from $10 to $95, and Bitcoin fees were in that range only once in its history, from mid November 2017 to mid January 2018. So, I think we can say, Apart from one exception in the past crypto does work well.

I know that now it's hard to imagine how the whole world can live on crypto instead of banks because the Internet is not everywhere, not everybody has a smartphone etc. But could anyone imagine 20 years ago that around 2.5 billion people would be using smartphones in 2019?  

[sakokinak]

I think it can be possible and in future can happen, but i think governments will still want bank to work and this is the way they control money, but will be great if will be possible to use only crypto, now when i want to cashout crypto i need to work with banks.

It is possible but it is very hard. Even if you have a lot of Bitcoin, it will be a problem to find the places where to spend them. In the future, this problem will disappear, and BTC will be used widely.