Is it possible to live without banks?

[shield132]

Lots of people don't use banks.

I hugely doubt...

I haven't had a bank account in years. I've only had a credit card for a few years now. Before that I went years with neither bank account nor credit card. I keep my savings secure in Bitcoin and earn all my revenues and make all my payments and purchases in cash.

If you own credit card, you are in touch with bank, right? Or do you mean xapo and similar wallets? If yes, then such services belongs to banks too at some point. I wrote very small info about functions of bank above: https://bitcointalk.org/index.php?topic=5250394.msg54486394#msg54486394

Where I am now, waiting out the covid-19 scare in a remote village in the Mexican jungle, absolutely no one uses banks. No one has a bank account nor receives nor writes checks. In fact there are no banks nor ATMs.  The nearest bank is almost an hour's drive away. I now own 6 properties here, including 3 houses, and all were bought with cash, except my first one which was bought partially with Bitcoin.

It's not right to discuss only from personal visions and examples cause they are hugely different from others. If you aren't getting ill for example, doesn't mean that illness doesn't exist.
When you want to start a business and need some money, what to do? If you need loan but everyone around you is poor, what to do? What to do when you have a lot of money and there are some people who need it? What about if there is something that offers you additional interest on it while benefiting borrower and taking all these risks of loan repayments on their own? I guess that's not a bad deal. There are other things why banks are bad.

[conhela]

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?

Right now? Probably not, Banks are too widespread and many people still favor them. You'll need some sort of banking if you still want to deal with the "regular world", so to speak. But this is changing, I wouldn't be surprised if in the future we finally move over this dated and stupid system. But that could be wishful thinking from my side. That's what I hope for anyway.

[Lunatic_Pandora]

It's possible for banks to start losing relevance as we transition into a cashless society, it all depends on which currencies crash and burn first though.

[Darker45]

Without any kind of bank? Not just the current form of bank that we all know? I really doubt it.

There should be no doubt. It will be difficult for every one if we don't have banks that regulate or control the money flow.

If you are referring to the many powerful and rich banks around us, they do not regulate nor control the money flow. They are just receiving orders from the central banks.

For now, I cannot live without banks. I cannot even live with crypto alone.

Just think if we don't have banks, you'll see more crimes related to theft lol.

Probably, yes. Safekeeping, especially long term, is precisely one of the main reasons why, at least for me, banks still have relevance until now. Not to mention their financing capacity and role.  

[Baoanhbmt]

 In my opinion it is impossible to live without banks,Banking industry serves a big help to many people even if their services sometimes are not good. Living without banks is only possible if you don’t need their services since a lot of financial apps where you can use as an alternative and cryptocurrency as well which is slowly growing, living without banks will also depend on a country you’re living. There are still a lot of people who really believes that it is far safe to keep your money there,  we all know that banks have been part of our lives for centuries know. So it will be very difficult for them to adjust and simply adapt crypto in their lives. especially since not all countries have legalized crypto. For me the presence of crypto is not to turn off the bank. But only as an alternative payment, so bank or fiat collaborate with crypto.

[wozzek23]

If people decide to use crypto, precious metals, and physical cash, will it be possible to live a normal life without a bank?

Again physical money? What about living with cryptos and precious metals alone? I mean if you hold or depend on physical cash then that means you are still living a life with traditional banks; no big differences.

There are 2 possibilities about living without banks:
1. Only you and me hold and use cryptos whereas most other people yet to adopt cryptos but there are widely available exchanges which help to pay and get paid in cryptos to the people not yet making use of cryptos.

2. When everything available for cryptos then everyone may start living without the need of banks. A purely decentralized economy.

I guess we are going to enter into the first possibilities and will be sticking there for a while until the second one gets ready!

[plvbob0070]

It's still hard to live without banks because until now, people are dependent on it and with fiat. Also, the fact that the government won't allow removing the bank and paper money. The bank plays an important role in the economy, it's not just about printing and making paper money. As long as people are receiving and making transactions using paper money, banks will be there. Even with cards, they are the one who is decreasing your money when you buy things using your card.

If everyone will be using decentralized crypto for every transaction, then I think it will be possible to live without banks. But the idea of decentralized crypto as the main currency is still quite impossible to happen.

[Lorence.xD]

It's still hard to live without banks because until now, people are dependent on it and with fiat.

If we are talking on a grander scale on the situation here then I can say that we can live without banks, for example is tribes that are still living the old ways and they are getting their sustenance from hunting and farming, they also can barter their products and goods from other tribes, this is feasible but when it comes to a modern setting then it will be different because the norms have changed overtime and we now have novel needs that was once unavailable like medicines and medical treatments. Unpopular opinion, poor people do not depend on banks.

[Leviathan.007]

Banks are always a huge part of economy. During the history there was always a bank with different types. But considering the last generation of the banks I think if I just receive your salary in bitcoins I would never go to bank for opening any kind of account. Because security matters and we chose crypto as last generation of the currencies.

[azmirihaque]

The world market and transaction are gradually converting into digital form. Banks of the whole world have already introduced different debit/credit card, internet banking, online banking, mobile banking, ATM, POS Machine etc for digital transaction. As as Digital currency, why crypto can't be used for online transaction like fiat money. The main hindered in the obligation of the government. People now invest in cryptocurrency only for making profit. So, it is not possible to avoid the banks at this moment. If the government of the countries permit it to use in all transactions, we may think cryptocurrency as the alternative for banks. 

[Bezobraznike]

It's still hard to live without banks because until now, people are dependent on it and with fiat.

If we are talking on a grander scale on the situation here then I can say that we can live without banks, for example is tribes that are still living the old ways and they are getting their sustenance from hunting and farming, they also can barter their products and goods from other tribes, this is feasible but when it comes to a modern setting then it will be different because the norms have changed overtime and we now have novel needs that was once unavailable like medicines and medical treatments. Unpopular opinion, poor people do not depend on banks.

   Lorence.xD you are right, we can live without banks. It's evolution, from tribes
to modern world, banks were essential before, even now they are a big part of
economy, but with introducing crypto-currencies we see that we can do things without banks as third party service. We needed them before, but now I can send coins to
anywhere, why I need to go bank and pay them to do that for me when I can do it myself and it will be cheaper.

[Janation]

It's possible for banks to start losing relevance as we transition into a cashless society, it all depends on which currencies crash and burn first though.

I don't think that will happen.

I mean even the government convert to digital currencies, they will not be dissolving banks. People will still use currencies, and as long as people have a lot of them, they will still be using the service of the banks. It is not that they will be using Bitcoin or other cryptocurrencies as a main currency, they will just use it as a secondary.

[lumeire]

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?

I guess Crypto has its benefits but so do the banking system, they are like a safe heaven for the poor people, they can keep their money in the banks for saving it, but who will teach them use of Crypto and how to open up their own wallet as most of those wouldn't know anything about smartphones other than calling from it, so the main problem is illetracy and if it is cured it can lead to wonders.

[Reatim]

Even if we wanted to live without banks Yet we have no option to choose because

Frist-  Depend on our community/government if the Crypto or other form of payments is adopted and you can use to purchase everything you need from services and for products .

Second- Many people still believe in banking than putting their money in Volatile market like crypto currencies.

Third- Crypto/online wallets are prone to Scamming,Hacking and any sort of online syndicates so we must also consider this part.


Having those reason this maybe hard to happen even in the near future,not unless the total adoption happens the whole world then things may change to favor us all cryptonians.

[coolcoinz]

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?

As a mater of fact this can be done with ease.
Some of my friends work in companies that pay them in cash. There's a dedicated office in the building where you go and get cash every month, pretty normal stuff.
Most contractors like gardeners, electricians, construction workers receive cash. Nobody expects them to cary around a card terminal and checkbooks aren't a thing in the EU.
Every bill can be paid in my local post office. You just bring them all your bills, they scan the barcodes and you're done.
It's possible to live without banks. Is it convenient? No, but that's a different question.

[fiulpro]

It is possible to live without banks .

Years before people have been living without any banking system , but the population was not that big .

They need a reasonable body which can control the economic situation , banks do a very important job , the lending was in the past done by the rich and they did have  very unreasonable rates.

I do think it is possible but won't do any good .

For most startups and business , usually banks do an amazing job , many students do take special loans from them to complete their studies.

They have safety deposits for multi-purpose

Online banking is actually a very very important part of the society right now , without online banking cryptocurrencies won't be there

We can buy and sell the cryptocurrencies and other goods , we can trade because there is an online method enabling us to find people to do that with .

Banks are not a safe heaven but at the same time they are much needed resource for the community as a whole .

Community is not dependent on them but they do a good job let's leave it at that .

[TitanGEL]

In this current era, banks are so important so economy will die if there will no a financial institutions like banks. Banks have a important role especially to the government and to the society. Banks are often lending to government, companies and even entrepreneurs for them to have money that they can use, banks also have a important role especially in circulations of money but there are also disadvantages that is why there are smart persons who are now not trusting banks.

There are now many banks that have been bankrupt because of not good management and most of the banks nowadays have negative zero interests where they are offering interest that are too low so it is not good to store our money their. There are now many persons like me who are buying cryptocurrencies monthly than saving it in banks because of the opportunities that I can get.

[Alert31]

For me it is possible to live without banks because you can take care of your own money or wealth by your own but the problem is the security. Without banks and if you have a big amount of money ,i am sure your life is always in danger because there are so many robber and holdupper arround. Also if you are a businessman and need financial assistance,you need a bank. There are many benefits that banks can give to us but we can live without it.

[Guryon_master]

I like your point but I doubt that it will come to that since  banking is the absolute system that couldn't be annihilated. There could be some modifications but never it will remove from the human history.

[Electric4]

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)

If the OP doesn't work, has his own fortune, then it's possible for him to live without banks. But like with the things you mentioned, banks are here to stay.