Is it possible to live without banks?

[baeva]

You can do without many things in life, another question is whether this will make our life more convenient Ordinary citizens may have a lot of complaints about the activities of banks, but as long as there is such a thing as money, there is a need for specialized organizations whose activities are directly related to monetary transactions, and banks are an example of such organizations.

One way or another, we're forced to use banks for day-to-day payments. Salaries are paid in Fiat, while government services only rely on Fiat as payment method. It's quite difficult to live without a bank as nearly everything depends on Fiat. Crypto hasn't grown to a point where it's independent enough from the current monetary system. The wild fluctuations in price, along with limited adoption by merchants and businesses alike, makes living only from crypto a dream.

Nonetheless, we have to accept the fact that banks aren't going anywhere. These financial institutions still dominate the mainstream economy, even with crypto/Blockchain tech in play. With the recent announcement of launching new digital currencies for the public, it seems to me that both crypto and banks will co-exist for a very long time. As long as governments force the use of Fiat for day-to-day transactions, it'll be impossible to live without banks. Just my thoughts

Since we are talking about banks in the field of cryptocurrencies, I will assume that in the near future:
- cryptocurrencies will not replace banks
- banks will begin to actively and widely use blockchain technologies, albeit without full decentralization
- blockchain solutions can become a practical replacement for payment mechanisms, and will appear in every mobile phone, or IoT device.
- Classic cryptocurrencies and crypto protocols will continue to evolve, giving rise to solutions that will be partially borrowed by the banking sector.
- The crypto solutions themselves will continue to develop and expand the capabilities of, in a sense, an isolated environment of the crypto world.
- Between the real world + the banking sector, more "bridges" will be built than crypto-exchanges, other schemes of interaction between the two "worlds" will appear

Well, if you think so, then you are right. In addition, in China, not only are they urging banks to adopt blockchain technology, but they are forcibly forced to do so, that is, the development of blockchain specifically goes to the world level of banking systems

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[GbitG]

Maybe you didn’t expect that there are still 2 billion adults living in a world without a bank account. For them, whether they have a bank or not, it’s just us.

And if yet if there is two billion people who doesn't have a bank account of his/her own but most of the people are taking the benefit from a bank either that is directly or not. But it is not impossible to live without a bank as ancient time or before the discover/invent of bank people lived without a bank.

Very good point as I am also feeling we can live without banks even there are many issues which need to solve but its possible because there are many other possibilities which can replace to them so if someone feel its not possible its just matter of understanding because in developing countries we have millions those are living without banks.

[bittraffic]

It's possible if the small stores will accept crypto/online payments, if not you will still end up going to banks to register. I myself am planning to go to the bank still so I can have an ATM card for withdrawal of cash. Even if I have some BTC in my wallet I have nowhere else to spend it but to turn it into fiat and then spend. Not all countries, for now, had adopted BTC or any other cryptocurrency.

[nicecrypto]

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?

This is going to be a long way off from now because the most basic things we still need today and in most countries you still need the banks to complete that transaction whether cash or cashless even that is still a struggling process for most in the developing countries as most of the local traders like to see their physical cash  however, this can mainly gain ground and momentum with the new age tech savvy population.   

[Arkann]

It's possible if the small stores will accept crypto/online payments, if not you will still end up going to banks to register. I myself am planning to go to the bank still so I can have an ATM card for withdrawal of cash. Even if I have some BTC in my wallet I have nowhere else to spend it but to turn it into fiat and then spend. Not all countries, for now, had adopted BTC or any other cryptocurrency.

The fact is that at the state level, a single payment system is used using the banking system, although on an individual basis a person can use other payment systems, of course, where possible. But as for the daily life of a person, today people are forced to make non-cash payments only with the help of banks, and this is primarily a state policy.

[chaoscoinz]

I really would like to believe within my heart that if we as a humanity society will be one day able to pull the unplug from fiat and go full crypto. Unfortunately the price might crash worse than it did a few days ago.
I think that cryptocurrency isn't meant to replace fiat currency but is meant to supplement or be a bridge or a reserve currency. Fiat is too beneficial and provides means and utility to the unbanked with cold hard cash. there are a lot of countries and people that don't have access to computers and crypto but do have access to fiat. Call it a necessary evil if you must, but fiat might be here to stay.  

Just my to cents, not financial advice!

[Ozero]

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?

The fact is that if we use cash, then in fact, by doing so, we use the services of a bank, because cash is a bank document. I don't think we should completely boycott the banking services. Bank payment and credit cards are also convenient and useful in some cases. I believe that we need to use all kinds of conveniences, including financial ones, since there is no universal money that could fully satisfy us.

[Jocuserious]

In fact, the amount of extra capital should be deposited in the bank because there is more security. Your capital will never be deducted from the bank and in addition you will get interest from bank. However, if you want, you can avoid the bank and for that you should set up a large business where you can deposit all your capital.

[illete]

For me fiat is alive and will be alive, banks will be inescapable. You might not require it but there would be a parcel of individuals that will do. Indeed in spite of the fact that there's this opportunity that crypto money offers, there are those that will still utilize banks for something. It could be since of the little and boring intrigued, perhaps for other things but there are some individuals that are really living without utilizing these banks,Crypto is sweet for gaining but not for crisis stores but Fiat is.

[DrBeer]

Since we are talking about banks in the field of cryptocurrencies, I will assume that in the near future:
- cryptocurrencies will not replace banks
- banks will begin to actively and widely use blockchain technologies, albeit without full decentralization
- blockchain solutions can become a practical replacement for payment mechanisms, and will appear in every mobile phone, or IoT device.
- Classic cryptocurrencies and crypto protocols will continue to evolve, giving rise to solutions that will be partially borrowed by the banking sector.
- The crypto solutions themselves will continue to develop and expand the capabilities of, in a sense, an isolated environment of the crypto world.
- Between the real world + the banking sector, more "bridges" will be built than crypto-exchanges, other schemes of interaction between the two "worlds" will appear

Well, if you think so, then you are right. In addition, in China, not only are they urging banks to adopt blockchain technology, but they are forcibly forced to do so, that is, the development of blockchain specifically goes to the world level of banking systems

Thank you for rating !
Regarding China ... China is somewhat out of the general pattern. There are politics and peculiarities of organization and management within the country. Although I absolutely agree - they consume and use technologies very actively. But I'm not sure that blockchain technologies will be used to make everyone more convenient. Unfortunately, we must admit that many seemingly positive decisions in China, in fact, lead to tougher control and monitoring of population activity. But this is their country, this is their choice, and they have to live with it. Although I wish China prosperity and development, and I respect this people

[migolmigol]

I think banks are also essential in today's time. There are a lot of people who actually takes advantage of other's wealth and so we need something that can secure it. Banks is one of the best options especially those banks who are already well established. And aside from that, banks also has other purpose that consumers can take advantage of. We can get loans from it to get a new car or house. Or even stuff that we can not yet afford through credit cards. However there are charges and interests that will accumulate from this. Also, banks nowadays are really getting in to the digital world. It is now very convenient to send money or pay bills using these mobile banking.

Living without it is possible. This is the case before way back in time. But it is very helpful in today's time and really helped in the progress of the economy so there is no reason why it should be removed. I know a lot of people are also against in using banks but there are people who relay on these as well.

[Text]

I think banks are also essential in today's time. There are a lot of people who actually takes advantage of other's wealth and so we need something that can secure it. Banks is one of the best options especially those banks who are already well established. And aside from that, banks also has other purpose that consumers can take advantage of. We can get loans from it to get a new car or house. Or even stuff that we can not yet afford through credit cards. However there are charges and interests that will accumulate from this. Also, banks nowadays are really getting in to the digital world. It is now very convenient to send money or pay bills using these mobile banking.
~snip

I agree with what you said because banks will not give up on developing their products and services and will be able to keep up with new technologies today when it comes to mobile banking and convenience.  They also have cashback and still offer free cash out cash using ATMs.  Those who are against the bank, for sure they are still using other uses of the bank because how can they make full use of crypto if they do not use it connected to the bank.  As of today, I have expected money I have saved in my bank account because I can not move my crypto assets due to low cost.  So it helps a lot because even when transferring, there is no deduction.

[DrBeer]

I think banks are also essential in today's time. There are a lot of people who actually takes advantage of other's wealth and so we need something that can secure it. Banks is one of the best options especially those banks who are already well established. And aside from that, banks also has other purpose that consumers can take advantage of. We can get loans from it to get a new car or house. Or even stuff that we can not yet afford through credit cards. However there are charges and interests that will accumulate from this. Also, banks nowadays are really getting in to the digital world. It is now very convenient to send money or pay bills using these mobile banking.
~snip

I agree with what you said because banks will not give up on developing their products and services and will be able to keep up with new technologies today when it comes to mobile banking and convenience.  They also have cashback and still offer free cash out cash using ATMs.  Those who are against the bank, for sure they are still using other uses of the bank because how can they make full use of crypto if they do not use it connected to the bank.  As of today, I have expected money I have saved in my bank account because I can not move my crypto assets due to low cost.  So it helps a lot because even when transferring, there is no deduction.

today comparing the financial fiat system and cryptocurrencies in the financial market is like comparing a good private house and a hut in the forest, an excellent supermarket with a sparrow hunt with snares, a comfortable bath with hot water and a convenient shower compared to a lake covered with mud ... Not yet full-fledged and completely replacing the banking system of decisions, talking about life "without banks" is illogical, and is more reminiscent of youthful maximalism than common sense ...
No, I'm not saying that blockchain technology will not take root in the market, I think cryptocurrency has already done a lot to change the world and the worldview for money. But for all the positives, it is still very far from being able to fully replace the banking system by many criteria.

[roosbit]

No we can't live without them because they help bridge certain services with the people we interact with from crypto to fiat and vice versa.

Other than that banks make it possible to get financing be it an over draft or loan which enables us to buy the crypto we love hussle free.

In fact, the amount of extra capital should be deposited in the bank because there is more security. Your capital will never be deducted from the bank and in addition you will get interest from bank. However, if you want, you can avoid the bank and for that you should set up a large business where you can deposit all your capital.

I do agree with you when it comes to security but it certainly comes at a cost, which leads me to say Banks do charge maintenance fees depending on account type ,this applies to interest money gets for banking with them.

[carelessboy]

obviously it,s possible . we use bank for safety and Transactions. if people want live without bank i think it,s possible .crypto currency very safe and we also transaction every place and every time.  every bank transaction need more time then crypto and blockchain transaction .we need to use the currency and tell our on other relative and friends.

[Nikola95]

Banks, both central and comercial banks regulate money flow in economy. Without them we couldn't use this paper money, if we couldn't use paper money our trade would look like trade before medieval age, salt for food, food for some product etc. This is how it works now, and for now, we will see what will come later. So this is basic explanation and basic example why banks are important. There are much more functions they have.

[Bitcoinsummoner]

It's possible if the small stores will accept crypto/online payments, if not you will still end up going to banks to register. I myself am planning to go to the bank still so I can have an ATM card for withdrawal of cash. Even if I have some BTC in my wallet I have nowhere else to spend it but to turn it into fiat and then spend. Not all countries, for now, had adopted BTC or any other cryptocurrency.

We keep our money into the bank and then we have to withdraw it. So, if we do not deposit into bank then we do not need to withdraw it.In this case we do not need a bank. We yet need to go to bank if we need loan, if we do not need loan then we can again avoid it. And maximum people do not take loan so maximum people can live without bank.

[baeva]

Since we are talking about banks in the field of cryptocurrencies, I will assume that in the near future:
- cryptocurrencies will not replace banks
- banks will begin to actively and widely use blockchain technologies, albeit without full decentralization
- blockchain solutions can become a practical replacement for payment mechanisms, and will appear in every mobile phone, or IoT device.
- Classic cryptocurrencies and crypto protocols will continue to evolve, giving rise to solutions that will be partially borrowed by the banking sector.
- The crypto solutions themselves will continue to develop and expand the capabilities of, in a sense, an isolated environment of the crypto world.
- Between the real world + the banking sector, more "bridges" will be built than crypto-exchanges, other schemes of interaction between the two "worlds" will appear

Well, if you think so, then you are right. In addition, in China, not only are they urging banks to adopt blockchain technology, but they are forcibly forced to do so, that is, the development of blockchain specifically goes to the world level of banking systems

Thank you for rating !
Regarding China ... China is somewhat out of the general pattern. There are politics and peculiarities of organization and management within the country. Although I absolutely agree - they consume and use technologies very actively. But I'm not sure that blockchain technologies will be used to make everyone more convenient. Unfortunately, we must admit that many seemingly positive decisions in China, in fact, lead to tougher control and monitoring of population activity. But this is their country, this is their choice, and they have to live with it. Although I wish China prosperity and development, and I respect this people

Well, respect should be for all peoples, but this is not about that . You see, the blockchain is such a thing that taking into account the fiat currency and its number of transactions, the network will be very overloaded, all the more it will be necessary to choose some kind of network for implementation, I do not think that they will implement several networks (for example, erc20, tezor and so on) at once ... If there will be such an implementation, it will definitely not be soon)

[hahay]

A impossible one in now a days. For instant the people from most developing country start to earn and buy a Bike with instalment. The pure base of bike buying is faced on the credit from the bank. The people use to replace bitcoin to usd by using the bank.Bank became a part of life for now. Many online transaction below 10$, will get the huge free. Like that bank is essential one for now.

What is certain is that life without a bank is like something that is very unlikely because even, when someone is still not tied to a bank, in reality they will find it difficult to carry out wider transactions. Crypto and other assets only as a store of value which means that the real use is still impossible to realize, so the bank becomes something important even though we don't heed it but we will still use it for many purposes.

[Abiky]

Banks are enterprises in the economic and financial sphere, like enterprises in industry and other areas of the economy. Therefore, of course, you can speculate hypothetically about life without banks and even offer other options, but considering the real situation, you can say that the work of the economy will then not be effective. Banks may lose some of their current functions in the future, but they are unlikely to disappear completely.

It's very unlikely banks will go away, as governments continue to patronize them. We have to accept the fact that it's impossible to live without a bank. You can live without crypto because it's not the standard of the mainstream economy. After all, most merchants and businesses accept Fiat on top of crypto. Even with stablecoins in play, this remains unchanged. That is unless governments rely on decentralized cryptocurrencies instead of a central bank for mainstream finance. But that'll never happen because governments don't want to lose control over people's money. They want a piece of the pie, so banks will eventually adapt themselves to the latest trends by using crypto/Blockchain tech for their own benefit. The introduction of CBDCs tells us that banks won't be going anywhere soon.

Nonetheless, the world changes at a fast pace. No one can tell what exactly will happen in the future. If banks collapse because of the harmful economic effects of the pandemic, then crypto will take over as the new standard for mainstream finance. By then, you'll be able to pay for nearly everything using crypto in a truly-decentralized manner. It'll be true financial freedom as we speak. For now, let's focus on making crypto bigger, and stronger than ever to be able to rival Fiat sometime in the future. Just my opinion