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

[lutfi-hasan]

I personally still need FIAT money to exchange Bitcoin currency into FIAT, because in my country the government still has not legalized Cryptocurrency. So if I go to the market to buy food, I still use paper money.

[Abiky]

I personally still need FIAT money to exchange Bitcoin currency into FIAT, because in my country the government still has not legalized Cryptocurrency. So if I go to the market to buy food, I still use paper money.

That's the real issue. We still need to depend on Fiat money one way or the other. There's no way around it. This is largely because, Banks have dominated our economy for a long time. On the other hand, cryptocurrencies are fairly new to the world with only 10 years of inception. The road for mainstream adoption is still long, since crypto is not fully regulatory-compliant and stable in price yet. For this reason, Fiat money is still the top form of payment among merchants and businesses alike.

Still though, it would be better if we had more choices to spend crypto than simply Fiat money. I believe that if the world would only use crypto instead of Fiat, then our economy would've been fully decentralized. However, this is very unlikely since Banks are heavily backed by governments and they're trusted by many people worldwide. Living only on crypto seems to be a dream nowadays.

Nonetheless, there's a possibility that Banks will adapt to Blockchain technology someday making paper money extremely outdated. Just my thoughts

[samputin]

I personally still need FIAT money to exchange Bitcoin currency into FIAT, because in my country the government still has not legalized Cryptocurrency. So if I go to the market to buy food, I still use paper money.

Me too but that's okay for me because at least our government still able us to use crypto compare to others who impose a total ban on it. But you know what? I'm very proud to say that our usage of crypto transactions are quite growing now. I say so because the mobile wallet I used, which is the biggest here in our country, offers several means of bill payments such us for electric, water and internet consumption. We can also buy prepaid load through this. Anyway, I admit that we're still far from the mass adoption but having those improvements are not bat at all, right?

Nonetheless, there's a possibility that Banks will adapt to Blockchain technology someday making paper money extremely outdated. Just my thoughts

It is not a possibility any longer, it's now a reality . One of the most popular banks here in our country already starting to adopt blockchain technology. For more info, check this out.

[Abiky]

It is not a possibility any longer, it's now a reality . One of the most popular banks here in our country already starting to adopt blockchain technology. For more info, check this out.

Interesting. It's good to know that Banks have started to make use of Blockchain technology since they're the ones in charge of the world's finance. Sooner or later, the worldwide economy will adapt towards Blockchain technology allowing us to obtain its benefits in every way. A digital USD or EUR is not far from becoming a reality, since Banks alongside governments have been studying this emerging technology more thoroughly.

While Banks will still be largely dominant in the world of finance, I believe that crypto will never disappear given that it's widely supported and adopted by individuals around the world. Living only on crypto nowadays seems to be a dream, especially when it's unstable in price and not widely accepted by merchants worldwide. But as long as there's the ability to exchange crypto to Fiat, then there should be nothing to worry about.

Now that the Union Bank of Philippines has started embracing cryptocurrency ATMs, I believe that it should only be a matter of time before other banks do the same. With more Banks becoming partners of Ripple and Stellar (via IBM's World Wire Payments Network), it's becoming more evident that Banks will be here to stay for a long time.

Nonetheless, time will tell us what lies ahead for the future of crypto as it's largely dependent on mainstream adoption. Just my thoughts

[pinkpanther03]

Most probably when that time comes, mobile applications on cryptocurrency play a big role on this. Imagine doing your transaction online uaing your mobile phones. Also, part of it is a beep card that in a simple swipe transactions can be made possible. All payments and other cash transactions are made online using cryptocurrency.

[Rooster101]

If you have significant holdings on cryptocurrencies enough to make you live decently then it is better to find stable employment  instead. Cryptocurrencies like bitcoin is unstable when it come to giving you income and its still risky because anytime its price may go down if you are not prepared to it. Even some of the traders are relying solely on cryptocurrency as their life-giving income because they know how high is the risk in living with cryptocurrencies alone. I think it is better to invest some of your profits from cryptocurrencies to a business that can give you continued income throughout the year.

[Cherylstar86]

If you have significant holdings on cryptocurrencies enough to make you live decently then it is better to find stable employment  instead. Cryptocurrencies like bitcoin is unstable when it come to giving you income and its still risky because anytime its price may go down if you are not prepared to it. Even some of the traders are relying solely on cryptocurrency as their life-giving income because they know how high is the risk in living with cryptocurrencies alone. I think it is better to invest some of your profits from cryptocurrencies to a business that can give you continued income throughout the year.

  We may have different perspection by choosing on what aspect is liable to be used by living on our individuality. But I think that both crypto and banks can work on their own individual way, because many people had keep and hold bitcoin in appropriable way but still need a bank for every shortcomings and daily needs.

[Xampeuu]

If you have significant holdings on cryptocurrencies enough to make you live decently then it is better to find stable employment  instead. Cryptocurrencies like bitcoin is unstable when it come to giving you income and its still risky because anytime its price may go down if you are not prepared to it. Even some of the traders are relying solely on cryptocurrency as their life-giving income because they know how high is the risk in living with cryptocurrencies alone. I think it is better to invest some of your profits from cryptocurrencies to a business that can give you continued income throughout the year.

  We may have different perspection by choosing on what aspect is liable to be used by living on our individuality. But I think that both crypto and banks can work on their own individual way, because many people had keep and hold bitcoin in appropriable way but still need a bank for every shortcomings and daily needs.

I agree with diversifying the benefits of bitcoin for other businesses or buying other assets. that way we can have income from several sources. while banks and bitcoin, of course, must support each other. and full rights are in the government

[cryptoknightt]

I personally still need FIAT money to exchange Bitcoin currency into FIAT, because in my country the government still has not legalized Cryptocurrency. So if I go to the market to buy food, I still use paper money.

It seems like it's still used by many people in this world. I also use the same thing to be able to buy some items in my country. My country has not legalized Bitcoin completely because information hasn't been thoroughly explained.

indeed cryptocurrency is still used by many people in various countries but the amount of cryptocurrency usage cannot make the price of bitcoin recover because sellers who accept payment using cryptocurrency are still very few.

[Wellyan]

I personally still need FIAT money to exchange Bitcoin currency into FIAT, because in my country the government still has not legalized Cryptocurrency. So if I go to the market to buy food, I still use paper money.

maybe at this time fiat currency still dominates because the government still prohibits crypto currency as a currency for transactions directly but I am sure one day along with the times and technology can happen

[Adriano2010]

Well we trade and use crypto a lot but at this time we still need banks when we want to buy crypto or when we want to cashout crypto be because not all shops accept bitcoin and still need fiat money.

[virasog]

Crypto is meant as a investment vehicle only and using it for daily transactions is just be wasting your money away in fee payments and even the risk of losing your money through hack.

Crypto has more benefits if we use it as a currency. The fee payment and bank charges are more in fiat currency and banks.
We do hear that banks or people are robbed, so using crypto does not mean that it has more chances of the hack. Both crypto and fiat can be stolen and it is our responsibity to keep our money and coins save.

[ethereumhunter]

I personally still need FIAT money to exchange Bitcoin currency into FIAT, because in my country the government still has not legalized Cryptocurrency. So if I go to the market to buy food, I still use paper money.

maybe at this time fiat currency still dominates because the government still prohibits crypto currency as a currency for transactions directly but I am sure one day along with the times and technology can happen

Right now, cryptocurrency has been a secondary currency on the internet, and real life and that happens on the country which accepts cryptocurrency. But maybe in the future, we will use cryptocurrency as a currency too, and it will use for daily life. But like or not, we still need banks to save our money and to make a transaction because of the banks among us.

[wxxyrqa]

in any case, the world exists using the banking system to the full And, at the same time, Gradually, it starts using cryptocurrency.  We need to understand that every member of society chooses the best for itself and therefore both banks and cryptocurrency will always have their followers.  Ideally, the banking system should cooperate very closely with the cryptocurrency military commissar, which of course is happening in minimal amounts today.  Any of us today earned money using cryptocurrency, and spends it with the help of banks and their payment systems.  in any case, we do not have any infrastructures for the full use of cryptocurrency.

[nydiacaskey01]

I don't know if its in Japan or it is in China we're almost anything that you buy you need to scan and I guess this is future that we are looking at. No need to bring coins just your smart phone equipped with your choice of app that can help you pay for your purchases. When I was in Hong Kong, I was obliged to buy this card called Octupus because it helps me pay for my bus rides, trains an buy small items in 7-11. However, I guess we cant do it without the help of banks because they will hold your funds for you and monitor the transactions.

[Vness10]

What I like in crypto is when you save it to your digital wallet you can use it any time, you can check it everyday your funds than to bank. Although we can use the bank to save our cash but for me I'm happy to use digital wallets in crypto it's more convenient to me to save my money their as long you take care your private keys or password.

[Abiky]

If you have significant holdings on cryptocurrencies enough to make you live decently then it is better to find stable employment  instead. Cryptocurrencies like bitcoin is unstable when it come to giving you income and its still risky because anytime its price may go down if you are not prepared to it. Even some of the traders are relying solely on cryptocurrency as their life-giving income because they know how high is the risk in living with cryptocurrencies alone. I think it is better to invest some of your profits from cryptocurrencies to a business that can give you continued income throughout the year.

The only way you could live off cryptocurrency would be if you had millions of dollars invested into it. With crypto's extreme volatility, the average individual finds it hard to achieve a stable income to survive in the mainstream world. Those who want the convenience of Fiat and crypto, would definitely rely on both Banks and cryptocurrencies. Without a bank, one couldn't interact with many businesses and merchants available worldwide. Banks are the gateway to Fiat currency, so they're still necessary even if crypto provides greater benefits.

Cryptocurrencies like Bitcoin and Ethereum, may be the most popular ones in the world, but they're still not widely adopted by mainstream businesses. There needs to be stability, reliability, and scalability for crypto to achieve said purpose. Many exciting things are yet to come such as the Lightning Network, Sharding, Plasma Framework, and more. With these improvements, and proper regulatory compliance, crypto could become the top choice of merchants and businesses worldwide.

Despite this, one cannot deny the fact that Fiat will always exist for years to come. Hence, Banks will never replace crypto and vice versa. Just my thoughts

[Suslura]

If you have significant holdings on cryptocurrencies enough to make you live decently then it is better to find stable employment  instead. Cryptocurrencies like bitcoin is unstable when it come to giving you income and its still risky because anytime its price may go down if you are not prepared to it. Even some of the traders are relying solely on cryptocurrency as their life-giving income because they know how high is the risk in living with cryptocurrencies alone. I think it is better to invest some of your profits from cryptocurrencies to a business that can give you continued income throughout the year.

The only way you could live off cryptocurrency would be if you had millions of dollars invested into it. With crypto's extreme volatility, the average individual finds it hard to achieve a stable income to survive in the mainstream world. Those who want the convenience of Fiat and crypto, would definitely rely on both Banks and cryptocurrencies. Without a bank, one couldn't interact with many businesses and merchants available worldwide. Banks are the gateway to Fiat currency, so they're still necessary even if crypto provides greater benefits.

Cryptocurrencies like Bitcoin and Ethereum, may be the most popular ones in the world, but they're still not widely adopted by mainstream businesses. There needs to be stability, reliability, and scalability for crypto to achieve said purpose. Many exciting things are yet to come such as the Lightning Network, Sharding, Plasma Framework, and more. With these improvements, and proper regulatory compliance, crypto could become the top choice of merchants and businesses worldwide.

Despite this, one cannot deny the fact that Fiat will always exist for years to come. Hence, Banks will never replace crypto and vice versa. Just my thoughts

I want to note another point, thanks to which many people have the opportunity to receive a monthly stable income.  It does not climb in the banking system.  today, using a cryptocurrency is earned only by a person who has certain experience and knowledge, but no more than that.  And using deposits in banks can receive almost all citizens of any country.

[indrakusumaindra]

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 i do think we would exchange crypto like forex and i do think if we do really use crypto as the main way for payments i think the price of crypto will be much stablize. We also become a cashless society and transactions will be much faster with a barcode scan or something like that. But i do think we still need a good source of power to maintain the big transaction and seems like we are currently still searching for the solutions.

[shulc7]

What I like in crypto is when you save it to your digital wallet you can use it any time, you can check it everyday your funds than to bank. Although we can use the bank to save our cash but for me I'm happy to use digital wallets in crypto it's more convenient to me to save my money their as long you take care your private keys or password.

It is very convenient but you need a stable Internet connection. If some problems appear with it, then, what will you do? Traditional money and banks are needed even for those guys, who work with crypto permanently.