Is it possible to live without banks?

[AndySt]

Really it is conceivable to live without banks. There are numerous individuals who are living in farther or rustic ranges that do not claim any bank account. Moreover, those individuals that are working in most blue collar employments, who are paid day by day or week after week that do not require bank accounts as they are being paid in cash. Some individuals in third world nations do not claim any bank account up until presently.

I will support you and i want to say that some indian tribes in the amazon region live not only without banks, but also do not use money in their daily lives and lead a natural eco-friendly economy engaged in hunting, fishing and collecting, followed by eating insects  A person can live without having all the benefits and vices of modern civilization, but I am not sure that all modern people would like such a life. The banking system, with all its vices and shortcomings, when properly conducted, helps to carry out the economic activities of society and contributes to economic growth.

[1714133615]

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[Sithara007]

Really it is conceivable to live without banks. There are numerous individuals who are living in farther or rustic ranges that do not claim any bank account. Moreover, those individuals that are working in most blue collar employments, who are paid day by day or week after week that do not require bank accounts as they are being paid in cash. Some individuals in third world nations do not claim any bank account up until presently.

If you don't have any savings, then obviously you don't necessarily need a bank account. A bank account is needed when you need to store your surplus earnings securely, or when you need a loan. Unlike the case with cryptocurrency, it is not viable to store fiat currency on your own. You can store banknotes in a safe, but that option is not very safe. Always there is a risk of confiscation or threat.

[solracjhon]

If you don't receive your salary paid in bitcoins and if you can't use your salary everywhere you will still need to use a bank.

Otherwise how do you plan to receive your monthly cheque or how do you plan to pay the recurring payments to pay the bills (water, electricity, ISP, phone, insurances, taxes, landlord...)? If you can not pay the groceries how will you pay the cashiers?

How businesses could be created if they can't borrow money from the banks? It's what makes an economy growing, create jobs, etc
What about the average Joe using his interest account to earn a small profit annually? He won't have any opportunity. The amount collected with the interest accounts from banks is also used on the local economy, to build houses for the average class for example.
The average Joe won't be able to borrow money to buy a car to find a job, or to build his own house.

Bitcoin isn't looking to replace the banks but rather to be an alternative, as a second layer (or as the first, as you wish)

I agree, crypto uses only to be an alternative money and bank is always as our primary. aside from that, not everyone has an ability to use crypto, it needs a deep understanding to be able to access in this kind of tools. Using bank as primary could help economy to grow and the thoughts about replacing it by crypto seems questionable or we can say that its too hard to say and always depends on the situation. So i agree to the statement that, btc crypto isnt looking to replace the bank but rather to be an alternative.

[Issa56]

From the research I made from this topic is very possible to survive without using bank but majorly for people staying at rural areas, but I don't really think is possible for people staying at urban area's!!! Because u have to pay tax and you have to pay bills!!!
But for people staying in rural areas all those are not necessary.

[Abiky]

If you don't have any savings, then obviously you don't necessarily need a bank account. A bank account is needed when you need to store your surplus earnings securely, or when you need a loan. Unlike the case with cryptocurrency, it is not viable to store fiat currency on your own. You can store banknotes in a safe, but that option is not very safe. Always there is a risk of confiscation or threat.

That's certainly true, mate. It all depends on an specific person's preferences or needs. Banks will always be necessary, since they are the gateway to the world of Fiat. National currencies are the standard of the world's economy, as they're backed by mainstream governments. The day governments abandon central bank currencies, will be the day where crypto will reign supreme. But that will never happen, as governments want to enforce control over the public. Citizens will have no choice but to rely on banks in order to gain access to government services and benefits. Crypto will ultimately become an alternative to the current monetary system than a replacement. At least, the decentralized and open source nature of crypto will keep it going for many years to come.

It doesn't matter if you use banks, crypto, or both, as long as you're able to remain financially stable. Exploiting each sides' benefits comes with its perks. Wise people will use both crypto and banks in order to gain control over their financial lives. But most people will avoid crypto simply because of its negative reputation in the mainstream world. The majority will continue to rely on banks on top of crypto, because Fiat currencies are stable, and backed by the government. Crypto being decentralized is all that matters in order to bring financial inclusion to the unbanked. Just my thoughts

[Princejebs]

From the research I made from this topic is very possible to survive without using bank but majorly for people staying at rural areas, but I don't really think is possible for people staying at urban area's!!! Because u have to pay tax and you have to pay bills!!!
But for people staying in rural areas all those are not necessary.

It's unnatural to live without banks, it has been on existence for the past decades though unable to bring proper solutions to economy as people would have expected.
Rural areas and under developed countries wouldn't be able to survive without banking since, in fact including the developing ones like Africa.
If you think crypto is the solution, you need internet to continue to be in ecosystem which will be difficult for many people.
We need banks as much as bank need is.

[konflikkastil]

Firstly, let me answer your question before I give my own thought about this. Yes, it is very possible to live without banks. Though they have lots of advantages, and their disadvantages is much as well. I believe in the ages there are ways in which they stored their valuable asset. Even the so called rich people of then. If they can do so then, I see no reason why it can't happen again. With the way the world is developing rapidly. One could expect sooner the other means in which valuable can be kept aside banks. I just remember the fiat. Imagine having a thousand BTC do you know what you worth. Money or asset thats on thr blockchain. Without the help of bank. We should expect this very soon. Because it's going to happen soon.

[Dollar_Hunter]

we are still in the era of centralization, the bank still controls people, it is difficult to get out of the zone,
because the government has also regulated people's lives, even though there is a decentralized system,
without a big power, this era will never change, life without banks ? like bullshit.

[fahmimajannat]

Yeah why not.
When people first came on earth they had no banks. Even you can live without every single thing of this world except food,health and a place to live. I think we made this world too complicated for us. In order to make an easier life people are making it complicated.

[Abiky]

we are still in the era of centralization, the bank still controls people, it is difficult to get out of the zone,
because the government has also regulated people's lives, even though there is a decentralized system,
without a big power, this era will never change, life without banks ? like bullshit.

That's certainly true, mate. It's practically impossible to find an "exit route" from the current centralized system. Banks and governments are too powerful as they control the mainstream economy. Living without a bank, meaning rejecting Fiat as a currency in your daily life. No one is willing to do this, as everything moves around Fiat. Remember, you can live without crypto but not without banks. Crypto was only meant to be an alternative to Fiat than a replacement. With how big banks have become since the emergence of paper money, it seems to me they won't be going anywhere. They'll simply adopt crypto/Blockchain tech for their own benefit, in order to stay relevant in the mainstream world.

Nonetheless, people will ultimately decide which type of currency to use the most for mainstream payments. So far it's Fiat, as it's stable, trusted, and backed by the government. If central banks collapse, then expect crypto to reign supreme. But this is unlikely to happen as governments continue to patronize these financial institutions for the issuance and circulation of Fiat money. As long as this is the case, it'll be impossible to live without a bank. At least, crypto will be able to survive because of its decentralized and open source nature. As long as there's an alternative to Fiat, there should be nothing to worry about. Just my thoughts

[oventu]

Crypto's volatility in price greatly defeats its purpose as "digital cash". Until this issue is solved, I don't see the possibility of living without a bank.

This is due to the fact that cryptocurrency's value is still measured with reference to Fiats, for it to be used as a valid means of transacting it has to have a value hedged on labour; wages/hour, properties etc. So, 1BTC would always be equal to 1BTC.
This would provide stability, but it's not practical at the moment due to low adoption levels, and also the dilemma of which cryptocurrency can provide transaction security, decentralization as is scalable.

You mentioned very good points about “cryptocurrency's value”. Indeed there must be a crypto-value that has intrinsic value, Something like "labor theory of value" but do not sticking that too much.
I propose an alternative monetary system and its proper money which:
- Distributes the wealth more fairly and more justly (in all local, national and global levels)
- Encourages the rational cash flow - not spend it ASAP nor Hodl it for ever-
- Without “Cantillon effect” shortcoming.
- Is absolutely decentralized
This model has to distribute a kind of good money that has all feature of money and something more, like:
- Some kind of money that is scarce and has “intrinsic value”. Thus cannot be generated out of thin air overnight.
- The money that appreciates its value over time, means not declining the purchasing power even over decades, meanwhile is anti hyper-deflation as well.
- The money that can be easily used for loan and lending – particularly decentralized P2P operations- but does not allow the “fractional reserve” banking system.
- And the last but not least, whole ecosystem around it (including monetary mechanisms, its money features, and system users) is emerged to make world a better place for “all”, and essentially has to has mechanisms to guarantee this intention and functionality.
it’s looks too good to be true, isn’t it?
Please read the this post of a series of article about proposal here.
Can we imagine an alternative monetary model to recover our current economic fails?
https://bitcointalk.org/index.php?topic=5305584.0

[pecson134]

You can avoid using bank at your own accord but for me it is not advisable since they would not break down that easily because banks were more established for a long time already. They would make some adjustment to adapt with the current situation we had.

[Smartprofit]

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?

Yes, soon there will be no commercial banks in the world.  The central bank currency (CBDC) can function without the intermediation of commercial banks.  Consequently, commercial banks will be liquidated in the future. 

Could Bitcoin become the bank for all people on planet Earth?  In theory, yes, it can. 

However, in my opinion, people are not yet ready for such responsibility.  To use a currency that does not need intermediaries, you need to be a very smart and independent person.  There are few such people in the world.

[JS34]

If your question is can we (society) live without banks the short answer is Not yet. And I doubt it would be possible at least in my life time. Individuals could do so to some extend but for example in countries where it is forbiden by law to make cash only purchases over a certain amount of money this is not possible.

How could you own a car or a house?

[Abiky]

Yes, soon there will be no commercial banks in the world.  The central bank currency (CBDC) can function without the intermediation of commercial banks.  Consequently, commercial banks will be liquidated in the future.

Could Bitcoin become the bank for all people on planet Earth?  In theory, yes, it can.

However, in my opinion, people are not yet ready for such responsibility.  To use a currency that does not need intermediaries, you need to be a very smart and independent person.  There are few such people in the world.

I don't think CBDCs will work without the intervention of mainstream banks. After all, banks are too powerful controlling the world's economy. CBDCs will be maintained by central banks, while governments continue to support them as the successor of physical cash (Fiat). A CBDC will be no different than credit/debit cards. The system will be nothing more than a "glorified" database heavily manipulated by the government. It'll be an end of an era for privacy.

Because Fiat will still be relevant in the future, it's impossible to live without a bank. CBDCs will become indispensable as they replace physical cash in its entirety. Crypto won't be going anywhere due to its decentralized and open source nature. Both CBDCs and crypto will co-exist in the future, giving people a choice to select one type of currency from another. Always remember that you can live without crypto, but not without banks. Crypto is more of an alternative than a replacement to the current monetary system. Only the collapse of central banks will lead crypto towards becoming the #1 currency of choice in the mainstream economy. But that's more of a dream than anything else. Just my thoughts

[Imran232]

I think it will be very tough to live life without bank. Now i want to ask a single question why we use bank? The answer is also simple for a security person. Because we know that only bank is the place where our money is safe for forever.
Now if you think that but if we use bitcoin wallet then why we need bank? Here is also a simple answer to make it cash. Remember that if we use bitcoin as a investment plus as a bank for saving money too. Then just think when we need to buy something very expensive then we need a huge amount of cash where we get it if bank support bitcoin then we goes to bank and send them bitcoin to take cash. So the Simple think is Bank is a must needed thing for our life.

[FlightyPouch]

If your question is can we (society) live without banks the short answer is Not yet. And I doubt it would be possible at least in my life time. Individuals could do so to some extend but for example in countries where it is forbiden by law to make cash only purchases over a certain amount of money this is not possible.

How could you own a car or a house?

That is because of the fact that they are relying on the banks. There are still a lot of countries that accpets fiat currencies or cash but usually people will just use their cards tp pay for their items. It is easy, that is true but as the the other said, we can't get out of this system right now because we are born to it. The reason we can't just get out with it.

[bryant.coleman]

if we lived in ancient times, maybe it could be because our need at that time was only food and that was enough for hunting, or maybe bartering. but for today's increasingly sophisticated technology, it will be difficult for us to meet our secondary needs if there are no banks. As well as storing large amounts of money, banks also provide loans where we can make ends meet if our money is not there or not yet paid.

During prehistoric times, humans didn't had much use for money, as bartering took care of everything. But nowadays, we are living in a money-centric world. Whatever we do in our daily life is related to money-making, in one way or another. And previously there was no concept of saving money for the future. At the most, ancient humans stored a part of their agricultural harvest for difficult times. Now there is a need to save money, in order to survive during bad times. And for that, banks are necessary. Without the banks, it will be very difficult to store money.

[namcunguyen]

If your question is can we (society) live without banks the short answer is Not yet. And I doubt it would be possible at least in my life time. Individuals could do so to some extend but for example in countries where it is forbiden by law to make cash only purchases over a certain amount of money this is not possible.

How could you own a car or a house?

That is because of the fact that they are relying on the banks. There are still a lot of countries that accpets fiat currencies or cash but usually people will just use their cards tp pay for their items. It is easy, that is true but as the the other said, we can't get out of this system right now because we are born to it. The reason we can't just get out with it.

No banking isn't possible even in the future. Not everyone can own a car or a house without a bank, borrowing is essential. I think it happens only when the world is in communism.

[Luthfiyaaa]

I think we can, if we live without depending on the bank anymore. but for people like us who maybe can save money digitally, get money from buying and selling digital currencies, it is very possible not to depend on the bank. but for those who don't understand the digital world at all, how can they not depend on banks, moreover everyone already believes that paper currency is a tool for transactions. it would be difficult to convince people to leave the bank and switch to digital currency.