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

[whirlcoin]

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 think banks and currencies are same but the difference is the percentage of income will be different from the banks and cryptocurrency especially the cryptocurrency had most percentage giving investment in my life so I think that is the difference between them.

[olumyd]

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?

Well, that question is a double-edge sword. While it appears that cryptocurrencies may be prospering with astronomical gains - assuming you're a trader or a long term investor, the downsides of unregulated markets can be devastating. And on the other hand, having regulations would constraint the abilities of decentralization and in a way reduce profit taking. Besides, the real worth of crypto isn't that if gives humungous profits, but that it has practical utility whether as a store of value or a medium of exchange. This is why we still need the services of the banks until cryptocurrencies can fully replace the entire banking systems, the duo is inevitable for crypto users.

[Leyss]

You can try to use only cryptocurrency in your life and you will have your own experience in this matter. However, this is not possible within the framework of the state, since no government of any state will ever give up its national money and will not switch to using only cryptocurrency. The economy of any state will not be able to work only on cryptocurrency and, above all, that it is not connected with it in any way, because the cryptocurrency will always have high price volatility and this will completely unbalance the economy of any state in a short period of time.

[bonker]

We will not hear the inflation anymore if there is no banks but still we will experience the price changes for our currency but if we are using only selected crypto currency then it is possible to attain stable value for the cryptos as well.

[ricardobs]

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?

Life would get much easier in such case and also there would be no issues regarding the filling of taxes so it might go smoother and with higher profits. There would be no restriction on any individual in the crypto community to earn maximum amount and to spend them. The number of merchants should increase in number to really make it happen.

There are very less merchants who accept bitcoins or any other cryptos as payment so it would be difficult for the peoples to live without physical cash. Once the blockchain network grows more wider then I am sure that physical cash would really be used in minimum amount.

[sana54210]

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?  

Until the current situation being with the banks is the better option as the usage of cryptocurrencies have not yet grown to that extend. Peoples would prefer the easy way of payments and also paying with cryptocurrencies might be difficult each time as the price too is not that stable and might vary any time.

There always needs to be some precautions which should be taken before starting payments with cryptos. And in the case this happens soon, there should be Cryptos ATM where the retailers can easily convert their cryptos into cash so that will also make a lot of retailers accept cryptos as payments.

[guoyu78]

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 can't do suhc a thing, even if I decide to do it, I'm not going to move everything I have to cryptocurrency, I'm still going to leave half of it in the bank cause bank is much more safe than storing my whole wealth in crypto wallet. Yes you can live wiht cryptocurrency and not rely on banks.

There are lots of wallets that are offering same services as bank and you can as well get a debit card for an quick atm withdrawal at anytime. But you will be very sorry for yourself when you wake up only to find out that the price of the cryptocurrency you have in wallets has decreased drasticallyand you have just lost everything you have.

[Pattart]

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 think banks and currencies are same but the difference is the percentage of income will be different from the banks and cryptocurrency especially the cryptocurrency had most percentage giving investment in my life so I think that is the difference between them.

I think the problem isn't that, yeah I realize the profits and income in crypto might be far greater than your dailyjob. but living without a bank will certainly make you difficult. in the current era it is impossible for you to live without a bank, the bank system is in every element of the economy, The salary you receive in the bank, payment in supermarkets using a credit or debit card (bank), cash payment (bank) almost all of your daily activities use a bank

[Betwrong]

~
Until the current situation being with the banks is the better option as the usage of cryptocurrencies have not yet grown to that extend. Peoples would prefer the easy way of payments and also paying with cryptocurrencies might be difficult each time as the price too is not that stable and might vary any time.

There always needs to be some precautions which should be taken before starting payments with cryptos. And in the case this happens soon, there should be Cryptos ATM where the retailers can easily convert their cryptos into cash so that will also make a lot of retailers accept cryptos as payments.

That's how it looks from today's perspective. We can't imagine what new technologies will be capable of in a few years. Let me show you just one possibility out of millions. There can be a wallet that decides which currency you should use for buying a particular product or service so that it would be advantageous for you and for the seller. It is possible that fiat currencies will be used less and lees in that scenario.

[swordling143]

The only way for this to happen is through mass adoption wherein the government has to step in and regulate cryptos. Bitcoin has to have the stability of some sort that everyone can refer to. This is only my opinion, but surely, when you take a closer look, we are definitely heading to a  cashless environment long before bitcoin was discovered. All I know is that volatility needs to be fully eliminated when such an event becomes a reality.

[bhabygrim]

As of now, my partner and i loves Bitcoin more than fiat, because Bitcoin gave us more opportunity and also open a door for us in the near future. Bitcoin can give you more profit once you keep it than storing your money in bank and gain little every year.
Thou in our country they only accept fiat.

[JeffBrad12]

We will not hear the inflation anymore if there is no banks but still we will experience the price changes for our currency but if we are using only selected crypto currency then it is possible to attain stable value for the cryptos as well.

Do you think isn't possible to see crypto gets inflation like what has already happened with the bank? Im not a hypocrite person if the fact that we still need a bank in our life to create a bridge to create or top up our amount to be the digital amount. Since the fact that the value of crypto has been generated from the demand and supply and then how can you prevent the volatility created by the demand and supply? It's impossible to do that. that's how crypto works.

[munareal]

Living a live where one uses cryptocurency other than fiat currency gives the true meaning of  a cashless  society where payment and other financial transactions are done digitally. I see a life of financial freedom where the user is fully in control of his finances.

[stompix]

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?  

Yeah, like Venezuelans and Nigerians are so eager to send transactions outside the country.
Be honest how many international payments you do a month and how many small transactions via a debit/credit card?
I'm willing to bet that if we put the average fee on 10cents you would end up paying more than enough to cover a wire transfer.

And why take the extremes, in my case I already have an alternative for WU,  is called SEPA and it works pretty fast and cheap.
When was the last time you send somebody some BTC at zero costs?
When was the last time you were charged a fee to move some cash from one pocket in your trousers to another one in your jacket?

There always needs to be some precautions which should be taken before starting payments with cryptos. And in the case this happens soon, there should be Cryptos ATM where the retailers can easily convert their cryptos into cash so that will also make a lot of retailers accept cryptos as payments.

Crypto ATMs are the worst things you could use to exchange BTC to fiat. Ridiculous expensive, involving another third party, the more links you add to the chain through which the money flows the higher the costs.

[elisabetheva]

It cannot be denied by anyone that the development of crypto is very rapidly advancing, so that it cannot be avoided that the progress will also facilitate the transactions that will occur. but we must also not be able to ignore that there are still many who are accustomed to traditional ways, maybe even not yet familiar with crypto. so once again it cannot legalize that crypto can make it easier, for those who already know it, but for those who are uncertain there are obstacles.

[Tylev]

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 still do not know a single person who would live using only cryptocurrency. Apparently, I hardly ever find such a person. Cryptocurrency will always occupy only a certain part of our financial relationship. We will always need a common currency; not all structures will accept cryptocurrency as a means of payment. I know that many fundamentally will not use it. Cryptocurrency can only be used along with the national currencies of the states and will be one of the non-cash forms of payment, and very specific ones.

[Betwrong]

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?  

Yeah, like Venezuelans and Nigerians are so eager to send transactions outside the country.
Be honest how many international payments you do a month and how many small transactions via a debit/credit card?
I'm willing to bet that if we put the average fee on 10cents you would end up paying more than enough to cover a wire transfer.

~

If you are saying that right now using Bitcoin for all payments and transfers is inconvenient and disadvantageous, I can't help but agree, but what I meant was that Bitcoin can be perfectly used for international payments currently, and that it is very likely that in the near future (after some improvements) all the other payments will be made in BTC as well, maybe not by all the people in the world but by hundreds of millions people.

When was the last time you send somebody some BTC at zero costs?

I always pay a transaction fee. If there were times in the past when you could send BTC with zero fee, then I guess I missed it. Right now you can send BTC paying 6 satoshis/byte, and your transaction will be confirmed in several hours. It means paying 1,350 sats for an average transaction (225 bytes). I think I can afford paying $0.08 fee for transferring $200 to another country. I really don't think this is too much for a fee.

[shoreno]

its cool because we can call our selves independent  . we get our money online and we can spend it the way we want  .  we dont need to worry bout the taxation and other charges that what we have on a centralized payments .

 the best part is that  we can use our cryptos directly in any country that we will end up  . cant wait for this to happen but i think this can take a long time for it to be approved because other country and people are not yet ready to dispose fiat curencies  permanently  .

[deisik]

I think I can afford paying $0.08 fee for transferring $200 to another country. I really don't think this is too much for a fee

It's all relative and it is even more relative than it appears at first glance

If given a choice, most people would choose not to pay anything even if the difference is apparently and technically quite negligible (like $0.08 mentioned) provided making a transaction doesn't cause them a lot of inconvenience and pain in the ass (e.g. card-to-card money transfers). Further, if we assume that Bitcoin is good money (as per Gresham's law), why would anyone want to send (spend) bitcoins instead of fiat if given that choice? These two thoughts that will quickly spring up in the minds of most people will make their decision quite predictable. It works even within the cryptoverse as well when people would rather use, for example, lites instead of bitcoins in case they need to move coins on a regular basis (fees add up quickly)

[Aldrinx00]

It would be great living in a crypto world without having to used banks, digital currency can be used 24/7 while banks cannot be used on holidays. However in my place i still need to use cash for everyday life, i think mass adoption has a long to go but living in a crypto world is a dream that i wish come true.