Is it possible to live without banks?

[farukahmed]

I think living without a bank account. Life without a basic bank account may seem difficult, if not impossible. However, it can be done. From paying direct debits and standing orders or utility bills or receiving a salary to simply identifying you as someone who exists, bank accounts are a huge part of a person's life. The account also provides access to mobile check deposit services, online bill pay and a safe place to store your money.

[1714748791]

1714748791

[1714748791]

1714748791

[1714748791]

1714748791

[1714748791]

1714748791

[BitcoinTurk]

What are your thoughts? 

I do not think that our daily life cannot continue without banks because the banks do not only flow the money, but also perform intermediary duties and similar transactions in international trade. Also, if we look at the types of banking, we will see that banks provide great brokerage services in various and different transactions. For this reason, I think that we are obliged to use banks as a truly successful crypto technology or smart contract systems develop. In addition, banks provide the economic cycle and order, although they are not liked.

[LeGaulois]

...

Wrong

If a government legalizes Bitcoin it doesn't mean every company is forced to accept it. It's at their own discretion and you can't force them.
The only currency they have no choice to accept is your local money (a state currency) So even if you can receive your salary paid in Bitcoin, it doesn't mean you will be able to use it at your supermarket or whatever.

Try it, and let me know what the cashier told you

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,

It took them a long time before catching up with neobanks for example, and instant SEPA is another one. So I wouldn't say the same

[Abiky]

As long as you live in a country you will be taxed. That tax will be charged in fiat. It would be great if you pay it in crypto, and maybe third parties will pop up, but I can't see governments letting that go.

And also in many areas more than 50% of the population is dependent on government money, either public sector jobs or welfare of some sort. That money is always going to be paid out in fiat.

I could easily switch to pure crypto right now. I don't have any loans, overdrafts or direct debits of any note, nor am I paid into a bank account. All I'd need is places accepting it. But I would not leave behind a proper bank account and switch to a crypto debit card for the moments I needed that. None of them are competent or dependable enough.

Exactly. What's "killing" crypto right now, is the lack of adoption in the mainstream world. Fiat is still "King" for mainstream finance, considering how many merchants and businesses accept it worldwide. Maybe it is this way because Fiat is stable in price, whereas Bitcoin and other cryptocurrencies are not? As long as Fiat continues to dominate the world's economy, it'll be quite challenging to live without banks.

Crypto works more as a "complement" to traditional banking than anything else. If you want to live a steady financial life, it's best that you leverage the benefits of both crypto and Fiat. Anyone can live without crypto, but not without a bank. As you said earlier, most jobs are paid directly in Fiat through a bank account. The number of jobs available in crypto land compared to those available in the real world, is very low. Most people want to be paid in a currency that's stable enough for daily payments. 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. Taxation is another "situation" that cannot be avoided since we need to depend on government money to survive one way or another. Crypto may have its benefits, but still has a long way to go before it becomes truly independent (if ever) from the traditional monetary system. Just my thoughts

[Mosolad2006]

To me bank is taking a strong woman in today's today activities, monthly salary in most developing nation using bank for workers allawee and very easy to disburse with the help of money transfer into the various workers.

[Jorge158]

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.

True! It all comes down to the decision regarding cryptocurrency made by the government of that country. Countries that have cryptocurrency legalized can have its cryptocurrency enthusiasts live without Banks if there are mechants and other businesses willing to accept and integrate cryptocurrency int o their payment.

[michellee]

It is possible to live a normal life without a bank, but I wonder how it will look like if we don't use the bank to make a transaction. We need to find an exceptional seller who can help us to withdraw the money from fiat until we can receive that money in our hand without sending to any banks. But I think some people still need banks to help them to make a transaction because they don't feel familiar with the new thing, and they believe that is too complicated to use or to learn it. But to be honest, I still need banks to transact with other people or for paying my expenses daily or monthly.

[Upgrade00]

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.

[shoreno]

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,

its measured in fiats so that causes it to be volatile ?  how come when fiats are stable  .  the value of cryptos could have been stable then  but no it ist  . there are other reasons why cryptos are volatile  . cryptos are already digital or digital cash and they can always be used for transacting online   . also this does not related for them to be used as a bank because i think banks are just different  but to the question of living bankless , hmm if we lived before without a bank then maybe why not we do it again ? 

[princesspoppy]

It is possible but it will be difficult. Banks are authorized by the government and most transactions are done using bank unlike cryptos that may be recognized by some government but are still not legally accepted by many. Also there are still limited company, organizations, or establishments using and accepting cryptos. If cryptos will be used by many all over the world, without any problem to be encountered, then it will be easy to use it without banks.

[coinfinger]

I think it depends on where you're living, if there are places where cryptocurrency is being accepted as payment, then you're good to go. But despite that, there will still come a time you will have to make use of the fiat system and banks at least for next 10 to 25 years. I mean we must give it time for people to adopt other payment systems before we think about living a high level of financial life without traditional banking.

And I don't think you can fully rely on cryptocurrency because you don't know where it's heading to. And stablecoins are not an option since they are pegged with the dollar and are 1:1 with it. The reason you have mentioned it's why you should work on growing your wealth and investing in several assets and stocks, so that your money will keep growing no matter what.

[Findingnemo]

Nowadays most of the transactions are getting into digital form even in your street food shop you can find digital payment accepted and when you are working as salaried person the bank account is a must get your paycheck.So for now living without bank account seems impossible but there are online banks are also starts to get evolve which may take place of banks at any time.

[Sirait]

life without a bank, I am sure it is impossible, the Bank is at the center of the velocity of money, modern humans are now dependent on the bank, the payroll system is currently 85% through the Bank

It has been discussed repeatedly that to apply cryptocurrency as payment is still impossible to be evenly distributed, the spread of the internet network is still not evenly distributed throughout the world

[Vishnu.Reang]

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.

This is too much of an exaggeration. Unless cryptocurrency is accepted everywhere, you can't get rid of the banks. You need the banks for various services, such as credit cards, loans and receiving salaries. I do hope that cryptocurrency will be used in the future for all these purposes, but it is going to take a very long time. To be honest, I am not expecting any major changes for the next 5 to 10 years.

[wowz2010]

life without a bank, I am sure it is impossible, the Bank is at the center of the velocity of money, modern humans are now dependent on the bank, the payroll system is currently 85% through the Bank
It has been discussed repeatedly that to apply cryptocurrency as payment is still impossible to be evenly distributed, the spread of the internet network is still not evenly distributed throughout the world

Totally agree. At this point we do rely on bank system so much that cryptos do have tho only logical way - to build its system upon existing one. And I do believe there is a chance that crypto will become main payment option in next decade, but thats a whole another story

[noorman0]

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?

I think cryptocurrency can represent banking functions even better. So it is very possible to live a normal life without involving the bank at all. Basically, time has taught and forced us to depend on banks which are actually quite the opposite.
After all, people had started businesses before the banking system was invented. If only to manage finances, it is necessary to learn from people in countries that are still living below economic standards. Do not think they also do not have a business even though it is small. And most of their lives will not understand how credit cards work.

[metenjean]

Not yet you can't live without bank, I know many people get benefit from bank to borrow money and build their business, but many people use bank how to sent their payment to the other, without bank in their life look impossible to build business. I know many kind of digital currency payment but bank have support in many countries and region.

[PavelMed]

I think that over time, there will be currencies in the crypto and debit cards, there is only a matter of regulation, since prices, you know how to jump. And maybe this is one of the reasons why the governments of many countries, against the cryptocurrency and even prohibit it.

[iv4n]

Bottom line: Banks are useless!
They can't provide food, water, medical help, or anything else! What they do is actually control of the money! And when you take that "middleman" position, that means that for all our needs we have to go trough them and of course to pay them for their services! The same shit is with politicians!
What we need is a direct link between people who really have something to offer, and people who will pay for that to them directly!
World doesn't have awareness to stand up against banks and politicians, as it can be noticed many people still think that we need them! But actually its other way around, they need us!

[princeyeboah]

It is possible to live without Banks in countries where the governments have accepted cryptocurrency and its operations. In such countries, there are likely to be cryptocurrency merchants who will offer best services more than what the Banks do. In this manner, crypto lovers can forgo the Banks.