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

[Abiky]

Cryptocurrency is an investment in that point and obviously, it will give you a lot of percentage than banks since banks will not give you profit by putting there your money, you can earn some money but not that much money. The difference that cryptos give us is not in the profits but in the way we transact our cryptos, that is what we call decentralization.

Exactly. The main importance of crypto is the liberation from third-parties or central authorities. That's something that's not widely possible with Banks since they're regulated and backed by the government. With crypto, not only we're able to transact freely worldwide, but also we're able to obtain some decent side income. Crypto's rates are much higher than Banks without a doubt. However, they're much riskier than Banks since they're highly volatile in terms of price across the market.

If you're living only on crypto, certain sacrifices must be made as it's a completely different world than Fiat. There's no protection against malicious actors, neither your investment is insured by the government (the responsibility lies within yourself). But, if you're able to live with this, then crypto should be more than enough to satisfy your daily needs. Given that nowadays, Fiat is still necessary, we can't live without Banks. What we could do is live either on Banks entirely, or on both Banks and crypto to live a normal life within the mainstream world.

Nonetheless, if the world would live off crypto only, then the whole economy would've been completely decentralized. Just my thoughts

[Tigerw]

Cryptocurrency give more than 200% from the banks because it will give the profit with the income also so that it will be more than anything especially when we are investing in something also we cannot get the profit like the Crypto investment.

Cryptocurrency is an investment in that point and obviously, it will give you a lot of percentage than banks since banks will not give you profit by putting there your money, you can earn some money but not that much money. The difference that cryptos give us is not in the profits but in the way we transact our cryptos, that is what we call decentralization.

You can talk and dream a lot, presenting your dreams as reality, but I try to earn with the help of cryptocurrency, and in real life I use Fiat and bank cards.  It's easier for me today.

[Successmaniac4]

The issue with cryptocurrency is that, it is not accepted worldwide. In addition to this, it is very volatile making it difficult to be sure of the exact funds you have. Your $300 can change to $200 within the shortest possible time. When you are living on crypto, its like you are not certain.

[nydiacaskey01]

If only a lot of merchants are accepting Bitcoin as payments this dream will be a reality but until merchants are not accepting Cryptos, it will remain as a dream. I once read a blog about a traveler who spent Bitcoin only when he traveled and it looks like a good idea, no customer service that will put you on hold for a long time because your deposits did not show up in your account. No need to fall in line to make a bank transaction and most of all, anywhere I go I don't need to worry exchanging fiat to where I am going. Imagine when I go to Singapore I worry if I run out of SGD.

[wxxyrqa]

anyway, today it should already be used in banking structures and quite successfully implemented in other sectors of the state.  Recently even declared the behavior of state elections or referendums using the blockchain.  In any case, the cryptocurrency will already be used by different projects and resources.  But it will not be able to replace the banking system.

[Abiky]

If only a lot of merchants are accepting Bitcoin as payments this dream will be a reality but until merchants are not accepting Cryptos, it will remain as a dream. I once read a blog about a traveler who spent Bitcoin only when he traveled and it looks like a good idea, no customer service that will put you on hold for a long time because your deposits did not show up in your account. No need to fall in line to make a bank transaction and most of all, anywhere I go I don't need to worry exchanging fiat to where I am going. Imagine when I go to Singapore I worry if I run out of SGD.

Unfortunately, that's the hard truth of crypto. Not many merchants accept it because they don't seem to trust the "new generation of money". Crypto is known to be extremely volatile, yet it's not regulatory-compliant. Merchants are looking for a stable currency that processes transactions fast at the lowest cost possible. So far, Banks have the lead, since credit card transactions are confirmed within an instant. Not to mention, Fiat currency is always stable in price which gives merchants confidence in it.

Still though, if crypto would've been scalable and stable in price across the market, things would've been better for its adoption. There are many exciting things that are yet to come, which will help solve crypto's issues. With Bitcoin's Lightning Network, I believe that many more merchants will join the cause in order to make crypto a better place. Transactions will be confirmed within an instant, and there will be almost no fees at all. The only thing would be the unstable prices across the market. But, with proper regulation across crypto exchanges, this could be a thing of the past.

Nonetheless, I believe that many people will continue to use Banks because of the convenience it provides (as you've mentioned earlier). Until crypto becomes easily accessible and stable for the world, Fiat will always be in the lead. Just my opinion

[Ozero]

It seems to me that it will be better to use all types of means of payment. I personally do not want to live in a world where there will only be a cryptocurrency as the only means of payment. Yes, and it is generally impossible. However, if we assume that this happens, then most likely, we will all be almost completely under the control of our finances by the states. Over time, states will find a way to control us in cryptocurrency. Therefore, I want each of us to always have the right to choose means of payment and the more there will be, the better.

[HELLOFF]

It seems to me that everyone has the right to make his personal choice, how to solve all his financial issues.  Someone likes a cryptocurrency, and someone is suitable to use the services of the banking system.  But today I am fairly well using both cryptocurrency and banking services, and at the same time I will try to be satisfied with my capabilities.

[romero121]

If only a lot of merchants are accepting Bitcoin as payments this dream will be a reality but until merchants are not accepting Cryptos, it will remain as a dream. I once read a blog about a traveler who spent Bitcoin only when he traveled and it looks like a good idea, no customer service that will put you on hold for a long time because your deposits did not show up in your account. No need to fall in line to make a bank transaction and most of all, anywhere I go I don't need to worry exchanging fiat to where I am going. Imagine when I go to Singapore I worry if I run out of SGD.

Unfortunately, that's the hard truth of crypto. Not many merchants accept it because they don't seem to trust the "new generation of money". Crypto is known to be extremely volatile, yet it's not regulatory-compliant. Merchants are looking for a stable currency that processes transactions fast at the lowest cost possible. So far, Banks have the lead, since credit card transactions are confirmed within an instant. Not to mention, Fiat currency is always stable in price which gives merchants confidence in it.

Still though, if crypto would've been scalable and stable in price across the market, things would've been better for its adoption. There are many exciting things that are yet to come, which will help solve crypto's issues. With Bitcoin's Lightning Network, I believe that many more merchants will join the cause in order to make crypto a better place. Transactions will be confirmed within an instant, and there will be almost no fees at all. The only thing would be the unstable prices across the market. But, with proper regulation across crypto exchanges, this could be a thing of the past.

Nonetheless, I believe that many people will continue to use Banks because of the convenience it provides (as you've mentioned earlier). Until crypto becomes easily accessible and stable for the world, Fiat will always be in the lead. Just my opinion

A stable bitcoin could never lead to such a level of adoption, if it was stable there is nothing different from the common currency. However the market gets regulated bitcoin will serve to be the same as now, and more of its regulations will surely lead to destruction. Right now what we experience is the true effect of decentralization. When things go regulated, finally it'll be in the hands of some authority holding the maximum holdings. This goes similar to other investments, making it same as a banking system.

[lienfaye]

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?

Using crypto makes my life easier when it comes to sending money and paying bills however eliminating banks is impossible because people used to it eversince blockchain and crypto were introduce.

As of now we cant live only by using crypto due to lack of adoption of merchants and some people are not aware of its existence. There are many things to improve first before we can use crypto alone without the needs of fiat and banks.

[princeyeboah]

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?

Its a good experience to live on crypto and I can only imagine the the convenience in financial transactions it will bring to the world when it goes mainstream due to the elimination of third party interruptions which normally slow downs transactions or can even halt a transaction as the banks do. Crypto will definitely get there as  it gradually improve upon its services as the days go by.

[Ewox]

I think it varies depending on what country you live in. Because if you live in a country wherein cryptocurrencies are fully accepted at some merchants or restaurants then it'd be easier for you but of course if you live in a third world country and cryptocurrencies are not that familiar to them, then your absolutely doomed. But I would want to live for a change wherein I don't have to use banks and just use cryptocurrencies for any of my everyday transactions; like buying groceries and paying bills.

[Dondont]

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.

What I like is just how fast it is to get this crypto profit. While the bank you have to deposit your money to get interest and of course you have to wait a long time

[AlehandroTheGreat]

Nah, in my country crypto is still like "subject/thing", nobody think about it as for money and nobody want to accept it as payment option cuz it is very risky moola for any business... Anyway the only one great thing accepting crypto as payment option is, that you will no pay any additional fees... So... I am living on crypto, but I am changing it to cash everyday...so I am no living on my crypto I am thinking

[leea-1334]

I think it varies depending on what country you live in. Because if you live in a country wherein cryptocurrencies are fully accepted at some merchants or restaurants then it'd be easier for you but of course if you live in a third world country and cryptocurrencies are not that familiar to them, then your absolutely doomed. But I would want to live for a change wherein I don't have to use banks and just use cryptocurrencies for any of my everyday transactions; like buying groceries and paying bills.

Even if you live in a country where restaurants accept Bitcoin, will you be using it to pay? I admit I only use my BTC online,,, but at least I use it. I know people who just talk a lot about using it. This forum is full of them of course! But in real life do you think they really use and spend? And teach others? No, they just tell people to hodl, and invest and speculate. Very few people actually use crypto every day. I am willing to bet on it.

You are not totally doomed to hodl in a country banning BTC even by the way.

[arbifahrozy]

in my opinion living with a crypto system with centralization would be like fiat money only different from paper money with digital money and without banks of course. many will change from the method of payment and people will only bring cellphones not with the wallet.

[jakoylantern]

For me, it depends on the state where you are living at; some countries can’t or not ready to the cryptocurrency world I’m telling the 3rd world country. But if you are living at the technological nation and the physical cash is like cryptos or theirs much merchandises that accept cryptocurrency as a payment its good instead of banks right. There is some state having their own cryptos.

[shoreno]

For me, it depends on the state where you are living at; some countries can’t or not ready to the cryptocurrency world I’m telling the 3rd world country.

majority of the 3rd world countries are verry open to cryptocurrencies and they dont have strict regulations or rules with it although the only problem is the adoption because there are still people that are not yet aware of the existence of cryptos and there are some that already knew crypto but they do still have doubts from using it .

But if you are living at the technological nation and the physical cash is like cryptos or theirs much merchandises that accept cryptocurrency as a payment its good instead of banks right. There is some state having their own cryptos.

most of these countries are not from the 3rd world. some may dissallow the use of cryptos but they still have other alternatives and they dont usually depend on the banks or banking system .

[sulendra12]

majority of the 3rd world countries are verry open to cryptocurrencies and they dont have strict regulations or rules with it

That's wrong. Look at Indonesia, they limited those crypto holders so they are not allowed to invest with crypto but you can still use it as payment method and also there are some countries that apply same rules as well.

What I like is just how fast it is to get this crypto profit. While the bank you have to deposit your money to get interest and of course you have to wait a long time

But, you also need to wait for a long time to get profit from crypto tho??? What is the difference then.

[Abiky]

A stable bitcoin could never lead to such a level of adoption, if it was stable there is nothing different from the common currency. However the market gets regulated bitcoin will serve to be the same as now, and more of its regulations will surely lead to destruction. Right now what we experience is the true effect of decentralization. When things go regulated, finally it'll be in the hands of some authority holding the maximum holdings. This goes similar to other investments, making it same as a banking system.

I believe that stability in prices would lead towards better usage of Bitcoin as digital cash, instead of a store of value. The way Bitcoin is now, makes it perfect as a store of value but not as currency you could use for daily payments. That's because volatility is an issue within the crypto market. The lack of regulation and liquidity, has affected Bitcoin's stability in prices.

Despite this, I agree with you that regulations could somehow destroy Bitcoin's value proposition. We've seen how restrictive the US has been towards crypto, preventing its growth in many ways. The enforcement of KYC/AML across centralized exchanges, has transformed them into central banks we've been accustomed for a long time. Crypto is about the elimination of middleman or third-parties. Requiring KYC-compliance, greatly limits people from gaining access to cryptocurrency within centralized exchanges.

Nonetheless, there are alternative ways that people could trade crypto without the middleman. Knowing the many benefits crypto provides, it's often better than Banks themselves. The only issue would be lack of acceptance within the mainstream world, but that's bound to change soon. Living only on crypto, would bring total freedom to our lives as we would no longer need to depend on Fiat which is highly manipulated by the government. Just my opinion