Is it possible to live without banks?

[srcarreira]

Why not live without bank, after higher technology and faster of internet way will give positive effect to make many countries forget their bank and use currency digital as payment way, but now still have country not support with bitcoin as legal currency payment and keep bitcoin as illegal transaction.

I guess govs of developed countries won't adopt crypto as fast as it did developing countries just because they're doing fine and afraid to stumble upon crypto's volatility.

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[Stedsm]

Banks are currently a necessity because without them, the possibility of transacting our money will become lesser as these were set fit in our minds so deep by our Governments since ages that we need to live relying on these banks (even if they exhaust some day completely). I'm biased on your question but yeah, if we, the people, ever decide to completely stop the use of banks and start using crypto only, then I believe we may see a global level of change in the shutdown of banking systems and the rise of cryptocurrencies.

[Heart18]

Actually it is possible to live without banks. There are many people who are living in remote or rural areas that don't own any bank account. Also, those people that are working in most blue collar jobs, who are paid daily or weekly that don't need bank accounts as they are being paid in cash. A lot of people in third world countries don't own any bank account up until now. So my answer is yes, it is still possible to live without banks.

 
You are absolutely right...I know a lot of those kind of people who are living without a bank, but learned to use digital wallets. And as the world became more high-technology driven, we can easily transact and manage all our finances through this digital wallets without any hassle just like falling out in a long line and waited for a long time in the banks to be assisted. For my high-tech thoughts, having a bank is not necessary now...digital wallets and virtual coins is the most helpful this time, for it has a great features that the bank doesn't have, and we will never be surprise if in the near future, we won't need the banks anymore.

[South Park]

Most of us are having issues only with the exploitative practices of the banks. Banks with a human touch will be very much welcome. Under normal circumstances, the banks will never do this. However, if faced with competition from Bitcoin, they will be forced to become lenient. In case it is not possible, then we can work towards the complete eradication of banks.  

It is precisely because this is not possible bitcoin was created on the first place, banks being as powerful as they are feel that there is nothing that can replace them and they have engaged in all kind of abusive behaviors over the years, but finally something appeared that will allow us to avoid them if we want and they do not know what to do, they want all of this market to disappear and they have played a part with other attempts of creating a free currency but for the first time they are realizing they will not be able to do this so they are doing everything to discredit bitcoin on the eyes of the general public but even this strategy is not going to work forever.

[ChiBitCTy]

With the world's economy collapsing, people are looking for alternative safe-haven assets to use in times of turmoil. Interest in crypto has sparked a lot ever since the stock market went on a decline. If people decide to use crypto, precious metals, and physical cash, will it be possible to live a normal life without a bank?

In my case, I'd be willing to exit the banking system in order to have true sovereignty over my money. After all, that's what crypto is all about. If you could live your normal life without the need to ever interact with a bank (having a bank account to make transactions, etc), it'll be a blast. With the world shifting towards the online realm for e-commerce, virtual meetings, and more, it seems likely that people will be using decentralized money more thoroughly. There are still people using credit/debit cards, but that may change soon as Fiat becomes hyper-inflated.

What are your thoughts?

As an Investment Advisor by trade I've got a real love hate relationship with banks.  First of all there is a big difference between your traditional bank (Chase Bank/ Bank of America) vs your mom and pop bank where they know your first name when you walk in the door or a Credit Union.  The mom and pop bank and Credit Union aren't the evil dictators that Chase bank and those of that ilk are like.  

Now of course technically we can live with out banks, we've done if for centuries before, but until the price of cryptocurrency or bitcoin stabilizes, I don't see this ever becoming a reality.  People still view banks as the safest place for their money overall.  Also to keep in mind is remembering banks provide more than just simple banking services..loans, mortgages, financial products etc.

[yhiaali3]

For me I live like this already, I am in a country where most of the people here do not have bank accounts due to poverty and the poor economic and technological situation in the country, I deal with banks only through the necessary government transactions, so I would be very happy to live in a world without banks, I use Cryptocurrency to transfer money to anywhere in the world and this was not available to me before, also I actually own my money by owning my wallet keys. In fact, the world looks much better to me without banks.

[WHIZZ718]

In the UK, covid has made market traders cautious about touching dirty banknotes.
Wireless £ transactions at a card reader work in most shops and are convenient.
You cannot have a card to do that without a bank who own it.

Loan-Banking is a separate question to transaction-banking, and I don't do loans.

Who pays for all that technology to do transaction-banking ?  I'm not at all sure and fear that the next financial crisis might have to pay for it.  In the mean time, if you want the pretence that is costless transaction-banking, and you want unfunded borrowing to pay for the hardware which supports that, then use them whilst you can.  If they start to introduce transaction fees and monthly fees then ditch the bank and move to cryptocurrency.

[Abiky]

Yes, more and more people are using real bitcoin so it is possible for the growth of bitcoin to replace fiat to be successful in the future too, but unfortunately real usage is still very rare so even though this digitalization era continues to grow but somehow banks and fiat also continue to be the main for any transaction, so I'm not sure to live without banks because they have legal institutions that are difficult to get rid of.

With the introduction of De-Fi, it might be possible to live without banks. Everything is limited to how many merchants and businesses accept crypto as payment method. If more of them started to accept Bitcoin and Ethereum more thoroughly, anyone could live entirely off crypto without touching banks ever. But the fact that Fiat is more widely used for mainstream commerce, forces us to interact with banks one way or another. Given that crypto adoption is still limited, it's impossible to live without banks.

Let's hope that with the introduction of stablecoins, merchants and businesses alike would start using it as an acceptable payment method for daily payments. If that happens, people using crypto might start to separate themselves from banks at a slow and steady rate. But considering that banks and governments have long dominated the world's economy, they wouldn't allow this to happen anytime soon. In the meantime, crypto will serve as an "alternative" to the current banking system than a "replacement". There might be far more important things to focus in crypto land, than just trying to take over the centralized financial system. Just my opinion

[finaleshot2016]

For me I live like this already, I am in a country where most of the people here do not have bank accounts due to poverty and the poor economic and technological situation in the country, I deal with banks only through the necessary government transactions, so I would be very happy to live in a world without banks, I use Cryptocurrency to transfer money to anywhere in the world and this was not available to me before, also I actually own my money by owning my wallet keys. In fact, the world looks much better to me without banks.

Let's just conclude that some people who have no much money do not need banks in their lives. On the other hand, those wealthy people really need banks since they can't just protect momey in their own houses.

[BigBos]

For me I live like this already, I am in a country where most of the people here do not have bank accounts due to poverty and the poor economic and technological situation in the country, I deal with banks only through the necessary government transactions, so I would be very happy to live in a world without banks, I use Cryptocurrency to transfer money to anywhere in the world and this was not available to me before, also I actually own my money by owning my wallet keys. In fact, the world looks much better to me without banks.

Let's just conclude that some people who have no much money do not need banks in their lives. On the other hand, those wealthy people really need banks since they can't just protect momey in their own houses.

in fact, most people need banks. many banks functions that we are not aware of but we use them for example, we use cash every day, or when exchanging Fiat for other currencies. In fact, when you try to do business online, it all requires a bank. I think 90% of people in the world today really need a bank.

[Wexnident]

Let's hope that with the introduction of stablecoins, merchants and businesses alike would start using it as an acceptable payment method for daily payments. If that happens, people using crypto might start to separate themselves from banks at a slow and steady rate. But considering that banks and governments have long dominated the world's economy, they wouldn't allow this to happen anytime soon. In the meantime, crypto will serve as an "alternative" to the current banking system than a "replacement". There might be far more important things to focus in crypto land, than just trying to take over the centralized financial system. Just my opinion

I doubt stable coins would be used as a payment method. It'd probably be similar to how Bitcoin is, an alternative. Digital fiat would dominate e-commerce sites no matter how I see it with how easy it is plus, it doesn't have fees. Not to mention that some apps even offer cashback. Even in the long term, I see Bitcoin as an alternative, for when you want to purchase something anonymously or something. The system of Bitcoin right now is way too forced and is mostly seen as an investment or speculative asset, which really kills the concept of what Bitcoin is supposed to be. This just makes users that have Bitcoin hodl, instead of actually using them for everyday life as a currency.

[NavI_027]

Even in the long term, I see Bitcoin as an alternative, for when you want to purchase something anonymously or something. The system of Bitcoin right now is way too forced and is mostly seen as an investment or speculative asset, which really kills the concept of what Bitcoin is supposed to be. This just makes users that have Bitcoin hodl, instead of actually using them for everyday life as a currency.

That's a hard fact. I actually don't know what to feel regarding this matter. Yeah I'm glad because I'm earning through bitcoin since I mainly treat it as a tradable asset but at the same time there's something on the back of my mind telling me that "Is it really what Satoshi wanted?". You're right, we are going away from crypto's real vision. But I hope we can still use it for our own advantage. Maybe we can use btc's huge value and volatility features to attract more and more adopters in the future until the price became more stable thus later on become like the usual currency we used today but of course a more high tech version of it . 

[Janation]

I think that if there are no banks in the world, those peoplr lle who are really wealthy will have a huge chunk of money from everyone. There is a chance also that we will gwt back to barter system.

These wealthy people might have huge vaults in their houses.

Either way, banks might've been discovered since rich businessmen will still find their way to create these banks. Either way, somewhere in our country, barter is getting popular. Lots and lots of people are posting things online and people are being addicted to it in some way. I don't think that trading is addicting but in a way, it is.

[Ronaldcoin2017]

Banking is just an option there are so many ways to make profit with the use of your fiat. Specially today we can now invest or trade in cypto for us to earn a lot of profit 3 times more higher than putting our asset on banks, so i can now say that it is posible to live a life without bank this time around. I believe that people are now slowly adapting crypto and soon billions of people will use it for good.

[South Park]

Banking is just an option there are so many ways to make profit with the use of your fiat. Specially today we can now invest or trade in cypto for us to earn a lot of profit 3 times more higher than putting our asset on banks, so i can now say that it is posible to live a life without bank this time around. I believe that people are now slowly adapting crypto and soon billions of people will use it for good.

Things are not so simple, in fact the opposite is the truth, it is becoming harder and harder to use only cash to live your life as governments are putting more and more restrictions on it with the obvious intent to force people to use electronic means of payment so they know exactly what they are doing with their money, this is done in an attempt to control the population as politicians have lost their main function of serving the people and now are only interested in perpetuating themselves in power, bitcoin could prove to be a salvation for some but not for all as many do not have the means to access the bitcoin network.

[Aworiss]

It is easy to live without banks, but it is difficult to live without central currencies.
We are attached to the homelands that we belong to, and one of the things that brings us together in one homeland is the common currency.
There may be no banks in the future, but inevitably there will be currencies controlled by the central bank and imposed restrictions on trading.
Bitcoin will destroy banks and will open to use blokchain.

[Xxmodded]

Not possible life without bank because many people need to borrow money from the bank and make their business, not available for borrowing in bitcoin and altcoin and then not have institution available for every one could borrow bitcoin or altcoin, now day many country have several bank kinds and give good service for every one to save their money.

[lienfaye]

Not possible life without bank because many people need to borrow money from the bank and make their business, not available for borrowing in bitcoin and altcoin and then not have institution available for every one could borrow bitcoin or altcoin, now day many country have several bank kinds and give good service for every one to save their money.

Yes its not possible for now because banks has a participation to our economy to boom. Its like a cycle giving and taking. So crypto and banks will co exist and that would be beneficial for us right? There's no need to get rid the banks because its essential part of our lives and economy.

[feengai0Ph]

We cannot live without a bank because it is the banks that issue money and they print money and move the financial system.
Banks are the backbone of the money-based economies, and they represent the financial sovereignty of the state.
We can live without commercial banks, but life will be difficult.
Living without central banks is impossible.

[Lynfax]

Not possible life without bank because many people need to borrow money from the bank and make their business, not available for borrowing in bitcoin and altcoin and then not have institution available for every one could borrow bitcoin or altcoin, now day many country have several bank kinds and give good service for every one to save their money.

Actually crypto lending is growing right now, so maybe we'll meet times when crypto could replace banks or at least live right next to banks (on the same credit card of one user)