Is it possible to live without banks?

[FACE 2 FACE]

It seems to me that these are vain hopes that banks will one day disappear. Even if they do not exist physically and they do not have offices and real estate in which they are now, they will continue to exist virtually. In the form of portals or in the form of interactive decentralized services. I think it will be that way.

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[1715462060]

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[Twentyonepaylots]

It seems to me that these are vain hopes that banks will one day disappear. Even if they do not exist physically and they do not have offices and real estate in which they are now, they will continue to exist virtually. In the form of portals or in the form of interactive decentralized services. I think it will be that way.

Banks live and thrive over their customer's trust and money. Their biggest ways of earning profits is through investments and ironically, through loans made by the customer. That being said, as the economy continuously decline due to the pandemic, it is expected that people will look for alternative ways of investing rather than sticking with banks. This is where bitcoin comes in. It's going to be a long process, but this is the first of the many steps bitcoin will take towards winning over corporations.

[AndySt]

It seems to me that these are vain hopes that banks will one day disappear. Even if they do not exist physically and they do not have offices and real estate in which they are now, they will continue to exist virtually. In the form of portals or in the form of interactive decentralized services. I think it will be that way.

Banks live and thrive over their customer's trust and money. Their biggest ways of earning profits is through investments and ironically, through loans made by the customer. That being said, as the economy continuously decline due to the pandemic, it is expected that people will look for alternative ways of investing rather than sticking with banks. This is where bitcoin comes in. It's going to be a long process, but this is the first of the many steps bitcoin will take towards winning over corporations.

For some reason, I have a persistent feeling that corporations with their huge resources will ultimately win in the end Human self-organization is a great thing, but it usually gives in to a clearly organized hierarchical structure, which in its current manifestation is a modern corporation. The pandemic is hitting small businesses much harder in the current situation than large corporations that have accumulated reserves to survive the current situation. The state also provides assistance to big business.

[Abiky]

Some people believe, that they pay to much for fiat transaction and "banks just sit on their butts, do nothing and get rich by that". So they switch to cryptocurrency transactions. I partly agree with that. But I think, that a lot of people who thinks this way, at the time people switch to cryptocurrency transactions, will have same opinion about miners. They will argue that there people who bought hardware, plugged it in to power socket and not "sit on their butts doing nothing but getting rich".

What I'm saying, if right now we are discussing if "it is possible to live without banks?", then in 10-20 years (for example), we will be discussing if it possible to live without miners

Ironic, isn't it? Miners are essentially "bankers" in the decentralized world. Even if you avoid mainstream banks, you're still participating in decentralized banking. People are criticizing banks now, but they might criticize crypto miners in the future. Alternative blockchain networks like XRP and XLM won't have such a problem as miners are unnecessary. No matter how you see it, we cannot avoid banks altogether. They dominate the current monetary system empowered by mainstream governments. As long as governments rely on central banks for the circulation of Fiat, banks won't be going anywhere.

Nonetheless, living without a bank is only a dream. You're better off living with both banks and crypto for peace of mind. Saying that crypto will replace banks in the future, is a complete misconception. I don't mind crypto being an alternative to traditional banks as long as it delivers as intended. Just my opinion

[DevilSlayer]

It seems to me that these are vain hopes that banks will one day disappear. Even if they do not exist physically and they do not have offices and real estate in which they are now, they will continue to exist virtually. In the form of portals or in the form of interactive decentralized services. I think it will be that way.

Banks live and thrive over their customer's trust and money. Their biggest ways of earning profits is through investments and ironically, through loans made by the customer. That being said, as the economy continuously decline due to the pandemic, it is expected that people will look for alternative ways of investing rather than sticking with banks. This is where bitcoin comes in. It's going to be a long process, but this is the first of the many steps bitcoin will take towards winning over corporations.

For some reason, I have a persistent feeling that corporations with their huge resources will ultimately win in the end Human self-organization is a great thing, but it usually gives in to a clearly organized hierarchical structure, which in its current manifestation is a modern corporation. The pandemic is hitting small businesses much harder in the current situation than large corporations that have accumulated reserves to survive the current situation. The state also provides assistance to big business.

But still the economy fill not function very well without banks. For those people who thinks that banks are not important, try to study more economics. Banks have important role in our economy and it should not be remove because they are the one who circulates fiat money in our society. The banks are also giving loan especially for those corporations of businessman that want to expand their business. Banks are also giving interest as payment for those people who want to save their money but there is also a downside which it only give small interest in long period of time. In this kind of pandemic, we should really see how important are the banks. A lot of business are now not functioning because of the their losses but they can able to operate again if they will get loan in banks to expand their business.

[fishbonez11]

Banks are making a lot of money, banks are also essential in this modern time, we can live without it but it is better to have this kind of system. They offer security and regulates  the transaction of the clients, while they benefit from the money we store in them. With Blockchain as the newest technology, I believe that in the future it will take over the traditional way and all will be shifted on this new kind of technology.

[hahay]

Banks are making a lot of money, banks are also essential in this modern time, we can live without it but it is better to have this kind of system. They offer security and regulates  the transaction of the clients, while they benefit from the money we store in them. With Blockchain as the newest technology, I believe that in the future it will take over the traditional way and all will be shifted on this new kind of technology.

So, banking is still an important element in the modern era because they also continue to innovate and keep abreast of the times. That way, the latest technology such as blockchain is still not a guarantee that it will be the main one in the future. Everyone today still does not fully live or support the digital system because there are still many parents and poor people who still use traditional methods, so living without a bank or not depends on yourself because even many people only keep money in private places in their homes.

[suzanne5223]

Banks are making a lot of money, banks are also essential in this modern time, we can live without it but it is better to have this kind of system. They offer security and regulates the transaction of the clients, while they benefit from the money we store in them. With Blockchain as the newest technology, I believe that in the future it will take over the traditional way and all will be shifted on this new kind of technology.

So, banking is still an important element in the modern era because they also continue to innovate and keep abreast of the times. That way, the latest technology such as blockchain is still not a guarantee that it will be the main one in the future. Everyone today still does not fully live or support the digital system because there are still many parents and poor people who still use traditional methods, so living without a bank or not depends on yourself because even many people only keep money in private places in their homes.

Yes, bank in an important element and living without them will lead to some complications but the latest blockchain presented the potential of future technology also it guarantees to be one of the main technology in the future if not 95% of the government won't have acknowledged it.
In the meantime, we need both banks and cryptocurrency for the ease of payment and others means of transactions (cause the blockchain can not provide us safety deposit box services).

[plast555]

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.

Yeah it is not possible to live without Bank if you are earning in Bitcoin. because whenever you need to change your bitcoin in real cash you must have a bank account to receive your funds there.  so we are technically forced to use Banks if we are using bitcoin. unless there is another way to receive our money without banks involvement.
living without banks is only possible for those who working IRL and getting paid in direct cash hand to hand. and they don't use banks to store their funds (savings)

[rtan0220]

Bank is like a bridge to connect financial transactions. With that, it is not possible to live without banks. For institutional banks, even we are now leading to an online transactions, these banks are still can't be removed since it offers a physical transactions that are necessary to the people who are still prefer to do a traditional way of banking than to use online transactions. As you can see that even now on pandemic, and most of the transaction are now can be done through online, there are still people who prefer to go to physical bank even if there's a danger on going outside. I think, that is because physical bank can't be replace by online banking.

Since innovation is created according to our needs, I think it is not made to replace our institutional banks but to have a other option to use. On the other hand, I am looking forward that online banking will going to be successful since it is still not bad to used it as an alternative to institutional banks.

[Dragonfund]

It seems to me that these are vain hopes that banks will one day disappear. Even if they do not exist physically and they do not have offices and real estate in which they are now, they will continue to exist virtually. In the form of portals or in the form of interactive decentralized services. I think it will be that way.

I was going through an article, benefit of blockchain and I saw an image that summarize the whole bitcoin and blockchain. I am bitcoin Maximalist but I still like banking system and I have my reasons. Banks aren't going anywhere soon buddy.


Most of the comments I have seen here are all against banks but do you all know that 90% of investors who invest their cash in to bitcoin comes through front door of banks?
Giant companies in crypto aren't left out with use of banks, the almighty and largest stable currency USDT used bank for record keeping of amount of minted currency that are sold to investors. We need bank as much as we need bitcoin, bitcoin is never designed to replace banking system.
I personally take profit when I have gains in any coins I invested in and book my profits in USDT but I hardly trust them due to improper audit of stable coins, I sold them back to fiat and transferred back to my bank account. I'm safe with them because regulations is in their favour for now.

Don't be surprised when you see Banking system and blockchain becomes a symbiotic relationship to win back the trust of people.

[pinggoki]

This is very simple I guess, as long as fiat is still used as a legal transaction tool, banks are needed to withdraw funds because not all stores use digital wallets. you can imagine a shop near your house, is it possible that you use a virtual/debit card if you only buy mineral water

Meaning the banks are the ones we need because of this banks we have the fiat money that is circulating each country and also this is the one who are reliable when it comes to the fiat money that is issued by the central banks. As long as there are a fiat money, there will be banks anywhere. Banks will be useless only if there will be no paper money that will circulate around us, which is impossible because most of the shops are using fiat money to make their transactions.

[emmybd]

A bank is very important. Commercial banks play a very important role. It keeps our assets secure. We can also take loan from banks. It helps us in our bad times. Banks make the financial system more efficient.
Banks are special and valuable. Banks are special because of their importance to the way our economy transfers payments for goods and services. Commercial banks provide investible funds to both the public sector, and specially the private sector. Banks collect the savings of people and also lend people money.
Actually we can't live without a bank. In our everyday life we require a bank very much. Without a bank we can't say that our money is 100% secure and also when we need extra money for some important work like: business, buy a house and so on we can take loan from banks. So I can say that we can't live without banks, as there hasn't been any other system in place yet.

[FlightyPouch]

It seems to me that these are vain hopes that banks will one day disappear. Even if they do not exist physically and they do not have offices and real estate in which they are now, they will continue to exist virtually. In the form of portals or in the form of interactive decentralized services. I think it will be that way.

It will never stop, it will go all the way. No doubt that it will continue improving and developing itself technologically following trends and upgrades that are needed to the currencies, securities needed, and services to make the transactions way faster and better. This is the reason why I don't think we will be seeing bitcoin as the main currency or a global currency.

[bitbunnny]

The purpose of which digital currency has risen is to make a bank without a banking hall, cryptocurrency give you the ability to be the banker of yourself, and monitor your account anywhere extra advantage is you can hold as much as possible in you account anywhere you are with any one suspect how it came, this is a timely solution in a country like Nigeria where they feel one you are rich and especially young, you are a criminal.

That is true if you look only from the very narrow perspective. But if you look broader picture especially from the point of business you can't depend only on Bitcoin and how much funds you can hold it's not only thing that matters.
We are still depending on fiat currencies and services that banks provide. Without legal regulations and formal introduction into financial and economy system we can't rely only on Bitcoin as a society in whole and due to many limitations of Bitcoin we will need to combine fiat and cryptocurrency for a long time.

[mezzaluna]

This is very simple I guess, as long as fiat is still used as a legal transaction tool, banks are needed to withdraw funds because not all stores use digital wallets. you can imagine a shop near your house, is it possible that you use a virtual/debit card if you only buy mineral water

This is basically the simplest answer that is true. As long as we are still relying on banks to convert our Cryptocurrency funds into cash, we need banks. However, it would be possible to just use Cryptocurrency but that would still take time since not everybody is knowledgeable regarding Cryptocurrencies. Banks are still important and they are still to be trusted since they are now advancing into a more digitized stage and we might see local Cryptocurrency banks in the future.

[pankowri]

This is very simple I guess, as long as fiat is still used as a legal transaction tool, banks are needed to withdraw funds because not all stores use digital wallets. you can imagine a shop near your house, is it possible that you use a virtual/debit card if you only buy mineral water

This is basically the simplest answer that is true. As long as we are still relying on banks to convert our Cryptocurrency funds into cash, we need banks. However, it would be possible to just use Cryptocurrency but that would still take time since not everybody is knowledgeable regarding Cryptocurrencies. Banks are still important and they are still to be trusted since they are now advancing into a more digitized stage and we might see local Cryptocurrency banks in the future.

Mentioned some good points. I want to add that we are habituated with the traditional way of the system which is very difficult to change now. But we can try at least and our next generation can feel the features fully. Therefore we need to set up it from now by breaking the previous method to pay the bills and other transactions. We can use the cashless system to pay our bill then it can be considered as our habit very soon.

[atjiat]

If initially we are not forcibly connected with the banking system, then people will lose the need for these institutions. But we will hardly be able to get rid of the banking system so easily. Firstly, the banking system is an opportunity to earn huge money thanks to other people's money, as well as a strong ability to control not only the income and expenses of citizens, but also completely their entire life.

[Argoo]

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?

Actually, many people live their lives and never cross the threshold of banks.  They did not have bank accounts and did not use loans.  However, it should be borne in mind that if we use cash, then we are actually using the services of banks.  After all, paper money is issued by the central bank of the state, and I see no reason to refuse it.

[Text]

As a user of bitcoin and other cryptocurrencies, I have become more aware of the importance of the bank in the midst of unexpected calamities such as strong storms and floods. I see that we need the bank more for such events because you can still use them, unlike crypto which if you lose power for a long time and the towers of service providers are damaged you will lose access. But since you have an ATM from a bank you can still use it as long as you have enough balance. You have hope in a crisis like this.