Is it possible to live without banks?

[Tingtong]

I think it's not possible. If you get a salary in cryptocurrency, you need to cash it. For this, you need a third party. Another after bank systems a county can not count her value. A bank gives you advance loons that cost you real life. So I think it's not possible to live without bank.

[1713872526]

1713872526

[1713872526]

1713872526

[Shakil29]

Almost all our employees are paid through banks. For this reason it is important for us to have a bank. But if we can expand the cryptocurrency and get our salaries online, then having a bank is not so important. Then we can go without banks. If money transactions are based online we will be able to transact anytime. And that would be good for us

[Dsdaq]

I will say the answer to the question is is depends where you leave. If one leaves in a developed countries it will be difficult to leave without a bank because just for example most store accept credit for payment. But if one leaves in a developing country it is very possible to leave without a bank, because most of this country's dont even have electricity and standard infrastructure to support banking transactions.

[bits4books]

Its not possible if you are living in the City, you always need a bank for financial management and assistance, especially if you are working and paid directly through your bank accounts. Its really important, that people will always seek some bank services from time to time. However, if you were just a simple person, living in some remote areas, or a villager, its quite possible to live without banks for this kind of people only does works in the fields to eat and earn just a few, enough for daily living or good for a week. They dont need a bank for their fund management, I guess.
In addition to that, the world is fast-transforming into more digitalized and some people are now using several digital platforms that will make their fund management be more easier, less hassle and secure. So, maybe, it can be possible this time.

How long has it been since you were in the countryside? If long ago, I hasten to disappoint you - everything is exactly the opposite as you described.
Not only that, even if I live far from the city, I work either in local production or remotely. In any case, I will be paid a salary on a Bank card - and this is where the greatness of country life begins.
With the universal prevalence of the Internet-even in "rural areas", you can pay for purchases by Bank transfer/transfer money to someone/transfer money between your accounts everywhere. Outside the city, you are much more critically dependent on banks because without this infrastructure, cash payments will be much more difficult for you because there are much fewer ATMs for cash withdrawal there than in the city.
You have a rather funny and truly childish idea of life in the country to be honest.

[Darkelf11]

Banks is not that important because even if there is no bank people can still live, our ansistors didn't use bank before but they live. Not all people are using bank there are people that choose thier own wy of making profit and invest into crypto. so i think bank is not that important we are not a bank dependent.

Yes people can still live without banks but it still have its value. Our way of living is different from the way our ancestors lives. We are now approaching the digital age, banks have their own role in our financial system, they do allocate some funds to the people who are really in need. Yes, we can choose our own way of making profit and securing our money but banks are also helpful in terms of securing our assets. We do not need to be bank dependent but we should know that it still helps us in its own way.

[vlast01]

I thinks its not possible, Because due to the facts that banks are always in used in every transactions you may not experience it but we really need banks specially in company, industries and all future and current businesses. The banks is the one that help businessmen to build business/company, Then the company needs an employer to function and these employers will be paid through cheque and other payment methods wherein banks are associated. So i may say its very impassible to live without banks.

[raidarksword]

Banks will be there hence not all people are aware of crypto currencies and if you are working on corporations your salary will be sent to your bank accounts and withdraw it on fiat currencies. Banks will still exists because it's still being used by majority of businesses on conducting their financial assets both local and international transactions. Banks and crypto currencies can work together its just a matter of preferences and usability.

[sakbahagiaku]

I really appreciate those who want to leave the banking system, deep down, I also want to leave this system.  However, as far as my observations and personal life are concerned, it is still very difficult because there are still many people who depend on fiat money, including myself to meet their daily needs.

[KennyR]

Banks have created an financial infrastructure, and people are used to it. Also with the physical availability of banks throughout, it is accessible and used by all levels of people. Even the people who haven't studied make use of banking services. Living without banks is possible, but that doesn't mean people are into bitcoin. I've seen people saving and holding each pennies in their own hands.

[Salauddin1994]

Banks help the poor and helpless people a lot to meet the needs of daily life they are able to carry out various activities with loans from the bank and also need the bank to save their money many people do not know the use of bitcoin that's why you need a bank for a job. Salary allowances are adequately funded by the officers not everyone is able to keep up with the need for knowledge when it comes to bank use but knowledge skills are both needed to save crypto money.

[proTECH77]

Bank will remain centralized in the country.
Bank make many transaction easy for every humanity in the world. Many people are used to bank system over some years before cryptocurrencies came to exist in the world today.

It will not be easy for someone to live without bank because the rate of robbery in the country is causing many people to operate bank system to make sure their money and other documents are safe.
Many bitcoin user are still using bank to assist their transaction to make sure they see the cash physical.

[DrG]

Its not possible if you are living in the City, you always need a bank for financial management and assistance, especially if you are working and paid directly through your bank accounts. Its really important, that people will always seek some bank services from time to time. However, if you were just a simple person, living in some remote areas, or a villager, its quite possible to live without banks for this kind of people only does works in the fields to eat and earn just a few, enough for daily living or good for a week. They dont need a bank for their fund management, I guess.
In addition to that, the world is fast-transforming into more digitalized and some people are now using several digital platforms that will make their fund management be more easier, less hassle and secure. So, maybe, it can be possible this time.

How long has it been since you were in the countryside? If long ago, I hasten to disappoint you - everything is exactly the opposite as you described.
Not only that, even if I live far from the city, I work either in local production or remotely. In any case, I will be paid a salary on a Bank card - and this is where the greatness of country life begins.
With the universal prevalence of the Internet-even in "rural areas", you can pay for purchases by Bank transfer/transfer money to someone/transfer money between your accounts everywhere. Outside the city, you are much more critically dependent on banks because without this infrastructure, cash payments will be much more difficult for you because there are much fewer ATMs for cash withdrawal there than in the city.
You have a rather funny and truly childish idea of life in the country to be honest.

That's the crap that Citibank, Chase and B of A feed customers to make them think the banks are there to assist people. People have conflated the digitization of assets with banks. Cryptocurrency is digital and really has not need for banks (except for centralized ones like Ripple and Tether). All those day to day financial activities could be done with a simple piece of plastic and it could be issued by a credit union. Probably the only thing difficult to obtain outside of banks is money for a home loan as Freddie/Fannie in the US basically make banks take a cut - corporate welfare baked into the system.

You could easily have a digital device that reads a cards magnetic strip and does a blockchain transaction at the point-of-sale. In China most people are using their phones for payment. It's only a matter of time before that central server that tracks your Yuan gets converted to a blockchain network.

[acquafredda]

I really appreciate those who want to leave the banking system, deep down, I also want to leave this system.  However, as far as my observations and personal life are concerned, it is still very difficult because there are still many people who depend on fiat money, including myself to meet their daily needs.

Their should be more alternatives available to all of us: banks have integrated so much in our lives that thinking a world without them is hard, but the thing is today in 2020 there are so many alternatives available. I really hope one day there will be a fully inclusive financial world where it won't matter if you and I have a bank or not.

[sakbahagiaku]

Their should be more alternatives available to all of us: banks have integrated so much in our lives that thinking a world without them is hard, but the thing is today in 2020 there are so many alternatives available. I really hope one day there will be a fully inclusive financial world where it won't matter if you and I have a bank or not.

A fly will find it difficult to get out if it is trapped in a spider's web, unless there is God's intervention in it.  There must be a strong event or shock in the economy so that they (the people) are aware of this adverse system.

[Fortify]

It probably is possible to live without banks, but it is extremely difficult in the modern age and will restrict a lot of possibilities. I'm not sure you'd be able to have a very comfortable life and could face all sorts of difficulties living day to day - if you could find a person who would be able to accept and make bank related transactions (receiving a paycheck, paying utilities & rent, renewing your driving license/passport) then it is possible, but that kind of defeats the purpose of what you asked. Either way, it's going to make a lot of things uncomfortable and you'd probably have to survive on a combination of precious metals and crypto currency.

[finaleshot2016]

Bank will remain centralized in the country.
Bank make many transaction easy for every humanity in the world. Many people are used to bank system over some years before cryptocurrencies came to exist in the world today.

It will not be easy for someone to live without bank because the rate of robbery in the country is causing many people to operate bank system to make sure their money and other documents are safe.
Many bitcoin user are still using bank to assist their transaction to make sure they see the cash physical.

Agree to it, banks are there for how many decades and many people are used to it.

And besides, banks are now implementing online banking and developing their system on transactions and I guess those improvements will make them stay longer. It's impossible for banks to extinct as long as there are many people using it especially huge companies.

So I guess for some people, it's impossible to live without banks but some don't really care, maybe because they don't have enough money to be saved on banks.

[bryant.coleman]

Recently PayPal integrated cryptocurrency in to its platform. What does this step tell you? For me, it is a hint that mainstream financial corporations and banks are looking forward to co-exist with the cryptocurrency. They no longer regard cryptocurrency as their competitor. Nowadays, they regard cryptocurrency as an innovation, which can help them in gaining new customers and increase their market share. 

[Text]

Recently PayPal integrated cryptocurrency in to its platform. What does this step tell you? For me, it is a hint that mainstream financial corporations and banks are looking forward to co-exist with the cryptocurrency. They no longer regard cryptocurrency as their competitor. Nowadays, they regard cryptocurrency as an innovation, which can help them in gaining new customers and increase their market share. 

I think other big companies will follow in the footsteps of Paypal as it embraces the world of cryptocurrency especially when it has seen and had good results.  This is also said to be the reason for the recent rise in the price of bitcoin.  It is better to think that the bank and the blockchain are working together to deliver a new idea that will benefit everyone.  You can use either of the two, fiat or crypto.  So if you are a crypto user, you can not miss the bank.

[Vishnu.Reang]

I think other big companies will follow in the footsteps of Paypal as it embraces the world of cryptocurrency especially when it has seen and had good results.  This is also said to be the reason for the recent rise in the price of bitcoin.  It is better to think that the bank and the blockchain are working together to deliver a new idea that will benefit everyone.  You can use either of the two, fiat or crypto.  So if you are a crypto user, you can not miss the bank.

Fiat currencies are rapidly losing their value and that is the reason why people are going for decentralized assets such as gold and Bitcoin. Even the stock markets are not looking safe right now. Many of the large-cap and mid-cap stocks are having a very high P/E ratio, and they may perform really badly if a market crash occurs in the future. This has prompted investors to diversify their portfolio, by including assets such as cryptocurrency. 

[barto123]

You can't fully live without banks yet, however I think in the next year or 2 you will definitely be able to.

You can already use services like Bitrefill to spend your Bitcoin/crypto & completely bypass fiat (Without KYC/ID)

You can use P2P services like Hodl Hodl or Bisq to go outside the KYC system too, not very convenient though.

I'm personally betting more merchants will adopt services like Opennode/BTCPayserver. These platforms are decentralized/opensource.

Going to be hard to regulate & tax this. The cost to enforce will be too high.

It's definitely happening, but we do need to come together end KYC - reclaim our privacy. CoinJoin & Lightning as much as you can.

KYC completely undermines Bitcoin's tech & puts the average law abiding citizen in more danger. KYC does not prevent crime.

In the end, I'm pretty confident Bitcoin will be the victor though.

No banks or central banks - completely irrelevant.