Is it possible to live without banks?

[thesmallgod]

The reason why we couldn't do without bank is because we are already used to getting things done easily using banks. From making purchase of goods and services using cards from bank to taking loans and other services provided by the banks. However, I strongly believe if banks do not exist, then we will not depend on them. By the way, researches have shown that there are millions of people that remain unbanked. meaning they are not using banks especially in Africa and other countries with low standard of living

[lienfaye]

No, without banks then there's no fiat existing, we know its the main form to transact physically. Not all people are fortunate to have a gadgets to access an internet and use virtual currency for payment. But it wont work for average people because we need banks in order to survive for taking loan in banks for housing or business. So for now its not possible we need both because its beneficial for us.

[panganib999]

That would be easy to say that someone can be able to live even without banks specially for those people who belongs to those country that have already adapted the usage of cryptocurrencies. But for people who are using cryptocurrencies but belongs to countries that still cannot adapt on directly using cryptocurrencies, it will be quite impossible since the currency they will need to purchase goods and services is based on fiat currency and we all know that banks are in charge to the fiat circulation (which includes transactions, etc)

At this time of pandemic, people are surely seeking for other ways of spending or how they can be able to pay for goods and services while avoiding the usage of paper money for it is said that it might carry the virus. But remember, even some countries have not yet adapt usage of cryptocurrencies, still they can be able to pay goods and services using fiat in terms of using online banking, credit cards and other financial assistance application to help people carry out on this pandemic. Well actually, it depends on the individual if he can or cannot live with or without banks because involvement on banks is still a matter of choice since fiat is freely circulating without in need to always seek for bank's assistance.

[FanatMonet]

It is advisable to always have your savings at your place, not trusting the banks or anyone else. Because in which case, you have the opportunity to lose all your money, and literally stay with nothing. But in what exactly to store, everyone already decides for himself.

[bitbunnny]

It is advisable to always have your savings at your place, not trusting the banks or anyone else. Because in which case, you have the opportunity to lose all your money, and literally stay with nothing. But in what exactly to store, everyone already decides for himself.

Yes, you can store money at your place and then the burglars might get into your home and steal it.
I don't think that home is safer than bank when we talk about money. Besides, your savings in bank is secured.
In a.type of world that we live it's not yet possible to live without banks. Yes, a few xan, but these are people without regular income that have no need for credit cards or loans, bank account and similar and they usualy live very modest. But in general, for average citizen that would be very hard.

[Zemomtum]

It is not possible to leave totally without them but we can minimize their involvement in our financial transactions using blockchain technology. At the end, we still need to convert to the fiat that is acceptable by the majority.

[FlightyPouch]

It is advisable to always have your savings at your place, not trusting the banks or anyone else. Because in which case, you have the opportunity to lose all your money, and literally stay with nothing. But in what exactly to store, everyone already decides for himself.

It depends really. Fiat is not the same as bitcoin where you could manage it yourself as long as you can secure your own wallet, and most of the people say that it is better to take care of your bitcoins than putting it in an exchange since you could consider that bitcoin not yours at all. Banks could give interests and not all of the people could save their money by themselves, another thing is that people always take loans to banks. That is the reason why I think people can't leave without banks.

[princeyeboah]

Banks have government support hence it is very difficult to eliminate them out of the system. Banks have infiltrate the financial sector in the sense that almost every financial transaction involving fiat finally goes to the books or records of the banks. Living with or without banks should not distort a cryptocurrency believer from using cryptocurrency.

[AniviaBtc]

It is possible to live without banks. But fiat? I don't think so.

Say your employer decides to pay you in bitcoin. Even if it's in the form of cryptocurrency, they have their records of payrolls in order to keep track of how much whom gets. It's good if the government is willing to accept bitcoin as tax, but until then that bitcoin is going to be converted to fiat in order to fulfill your 'civic' duty for the country. Also, buying your necessities would be a hard thing to do since you can't just go out into Walmart and whip your phone, expecting to see a QR code designated for bitcoin payments. Well perhaps if the idea of bitcoin is truly accepted, then perhaps you can do that.

If that happens, probably our economy will suffer because the government will really have a hard time to get taxes from its people. Inflation will occur, higher price of goods will be implemented as it is the only way which the government will get the taxes. They will benefit from the huge market or store, or other businesses with a large rate and the businesses will suffer.

That's the importance of bank, so that there is something which will regulate and save our money. It is much safe compared to an economy without banks that will make our money vulnerable from crimes. It is true that it is much faster to use digital currency than fiat in most of the transactions and it is less hassle.

[rodskee]

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?

For me that is exaggerated about Collapsing because we already knew the reason of this economic crisis
( or better say Sabotage?lol) because the world is fighting back and doing their best to comply in this problematic situation.

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.

I support you in your campaign about Leaving banks and just use crypto or other virtual money and i think thats your right.

What are your thoughts?

Majority of us here wanted this why not?but only if the availability of everything is indeed then maybe all of crypto users
 will totally leave banks and make the world new from capitalist and opportunist .

[brotherwood12]

its possible , but hard to do , most of job payment always going thorugh bank , even if u do own business , is hard to keep bunch of money at ur place at all

[Vannie12]

I think it depends on its flexibility and acceptance in the community. No one would want fiat if it is not acknowledged, it is worthless.
Moving to a decentralized system, banks made us see its possibility. And now as we seek progress, cryptocurrencies make us think that we would not need physical money or banks which i think is possible if implimented right. But as long as cryptos has still its limitations, barriers in the society banks for now is convinient, flexible and accepted. It makes fiat be decentralized as possible.

[Assface16678]

Even we called the bitcoin as the safe haven today to avoid getting touched into the economic crisis still we have a problem with it because not all the time the bitcoin is the key to success to save your funds. Today there are a lot of people accepting the use the bitcoin as the payment and storage of their funds because of the volatility of it they can make an additional market income on it but still, the market is volatile there is a chance to lose.
Some of the countries already accepted the bitcoin even we have the term of "decentralized" the government does not want this kind of currency will conquer the whole market and some of them support the use of the bitcoin but still they regulate this so the people avoid this kind of transactions to get spam.
IMO the banks are still important because not all the people see the benefits and potential of the cryptos also the banks already gained a lot of reputation in terms of having the security and integrity of the money. But still, for me, it is better to use the crypto because it is more transparent so you can see the potential of margin errors.

[sana54210]

I think you’re getting it wrong here. People are only stepping away from cash and not banks.
A lot of people these days are now making use of their cards (debit or credit) to make purchase at stores and some are using their mobile apps (whether Bank’s Mobile, PayPal, Payoneer). Where I live I don’t see any stores where cryptocurrency is being accepted as payment.

The only thing I do with cryptocurrency is just my regular day trading and nothing else. When making purchase online or offline, it’s still my bank that I make use of. Let’s stop these hate on banks, I think it’s unnecessary. We should focus more on the growth of Bitcoin and ways we can make things better for cryptocurrency community.

[chaser15]

Interest in crypto has sparked a lot ever since the stock market went on a decline.

Where's the source that interest in crypto sparked a lot now? Bitcoin can't even be used at some places to buy essentials. The online payment system is the one mostly used.

And I will disagree with you about the stock market because didn't you know that most traders tend to buy more stocks during its decline? That's the best opportunity they will have as it might now repeat again. It's the most dip happen in history and there is a 100% chance that those stocks will soon rise as people will now go back into business slowly.

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.

Where we will run to if there's an illegal activity happen on our bitcoin funds? Since bitcoin should work without being centralized, most crypto banks will not be able to cover their loss during bankruptcy as they aren't insured. We have to accept that we can't experience what bitcoin is supposed to be.

Fiat payment are way faster compare to bitcoin. That's how bank today improved their technology.

Banks also provide millions of jobs that I don't think a bitcoin company can do.

We need banks. They are an important asset to the economy. Bitcoin supporter here but that's the reality.

[el kaka22]

I feel like in very very distant future it will be quite possible to do something like that. I don't know how further in the future but it would probably be possible. Think about all the manufacturing and agriculture advances we had in the past 10 years only, let alone in the past 50 years. There is a lot more "robots" that work in all of those, machinery and many other stuff that made it possible. Back in the day when you had a huge farm you had to hire sharecroppers to collect them, today with right machines and so forth you could do it all by yourself without help, or you could get less help if you want it quicker.

So, I think in 50 more years, both agriculture and manufacturing will be done automatically with either very few people or maybe not even any people. Which would result with production being free while people still needing money or at least food to survive so banks or even money may not be needed as much.

[Janation]

It is advisable to always have your savings at your place, not trusting the banks or anyone else. Because in which case, you have the opportunity to lose all your money, and literally stay with nothing. But in what exactly to store, everyone already decides for himself.

You can do that, but it is safe?

Not all of the people think like you since most of them when it comes to money, they overthink. Fiat is not like Bitcoin and your Bitcoin wallet since you can secure that with a lot of ways and people won't know, they won't know that you have a Bitcoin either. But in terms of fiat, it can show either with  your job or your state in life and if you will just save that in your house and not in a bank account, you are risking that to be robbed, while in banks, it is not just sitting there it is also giving you some interest.

[smyslov]

Banks has been in existence for hundred of years as technology is evolving so are these banks, they will fight their way to always become relevant to the lives of their customers, banks and Cryptocurrency can co exist there are some areas that only banks and fiat can serve and there are some areas where Cryptocurency can be in demand.

[MCobian]

For countries that have legalized cryptocurrency, they can live without banks. Because the payment of salaries or buying daily necessities
can with cryptocurrency. But for me the government forbids using crypto as payment, it is impossible to live without a bank for me. Even I
get income from trading and signature campaigns must be converted into fiat first, after that it can be spent buy daily necessities and pay bills.

[carlisle1]

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?

for me i love doing that mate,living bankless and cashless of course?imagine living without the interruption or control of governments in banks for my financial rights?how i hope this is indeed.

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.

you are willing of course but the thing is can you?do you have option to do such?i am sure the answer is no so far right?because unless you are living in countries that supports and adopts crypto in everything then that would be possible.

What are your thoughts?

for being crypto supporters of course all of us wanted this,but the reality is indeed so better wait for the next couple of years if the government and the world will support crypto.