Is it possible to live without banks?

[chrisculanag]

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.

Yes you are right about that but banks are also important to us , because there are many options can do in bank and i think bank is good partner of cryptocurrencies. I see many banks that accepting crypto in online operations , banks also partners of many online shop that accepting crypto.

[Negotiation]

It is possible to survive without a bank but the bank needs to print its own money After all working in crypto does not require a bank. However, if all the banks in the world start circulating cryptocurrencies transactions will become easier. If the government supports crypto, banks will start using it But from now on the government will have to subsidize a lot in which case most crypto users will not support it.

[Nhor1011]

Bank is a partner of people in terms of savings and credit loans. So,it's possible for people to live without banks. Also cryptocurrency is not yet accepted by the government. There a lot of things to consider before we can say that people can  live without banks.For now it is impossible to happen.

[tech72]

As for now we still dint figure out yet how to live without loan from the bank, and asset management handle by the bank.
Usually with crypto assets, once you die, your assets buried with you. Cannot be past to your family.

[ecnalubma]

We can live without banks however it might be a difficult transition because we used the banking system for centuries. Banks will never be obsolete, they just continue to evolve over time even these days rise of crypto they are blending with the ecosystem.

[carlisle1]

As for now we still dint figure out yet how to live without loan from the bank, and asset management handle by the bank.
Usually with crypto assets, once you die, your assets buried with you. Cannot be past to your family.

My entire life i never experience loaning from banks so how come that there are people that needs a bankloans?in my community there are only few that was asking loan from banks and majority are living with their own income and strategy in life,so meaning we can live without banks the problem is we have no other option to use crypto thats why we need banks to convert our crypto asset to make purchase and pay debts.

We can live without banks however it might be a difficult transition because we used the banking system for centuries. Banks will never be obsolete, they just continue to evolve over time even these days rise of crypto they are blending with the ecosystem.

we can adopt soon,maybe there will be some difficulties and changes but people will surely live with it and that is what we are sure,because of people has no choice then they can easily adopt or do everything .

[btc_love]

It seems to me that at the moment it sounds at least a little utopian. You can’t rebuild the entire economy so drastically. Because it all starts with what is on the mind of every person. Many people do not even understand what is happening now and what is the banking system.

[pragna]

Every thing is possible but question is how widely government exploring the non banking system like cryto or others. I think its a habitual of human that if you carry a men to a system he will automatically make mutation about that. At the eve of civilization there was no banking system but gradually men made it for their necessary. So as now there some problem creates in banking system people now searching alternative of banking  and if it does obviously people make adaption in it.

thanks.

[bearexin]

Lol you shouldn't add physical cash to that list because it's still the same fiat. Anyway, I don't think you can really live without banks, at some point you will be needing it. There are things you will want to do and you will need your bank account to do those things. The best thing you can do is to just invest more money in crypto assets and other assets and stocks.

Instead of saving your money, you should be looking for ways to make more money. When you're making more money you wouldn't really much about things that are going on. So, try to invest your money in so many things as much as possible which will definitely eliminate the need of banks from our life. I mean that we need banking services for our many needs but not for investment related things.

[Vishnu.Reang]

It seems to me that at the moment it sounds at least a little utopian. You can’t rebuild the entire economy so drastically. Because it all starts with what is on the mind of every person. Many people do not even understand what is happening now and what is the banking system.

You are right. Banks have been around for hundreds of years (Banca Monte dei Paschi di Siena of Italy claims that they have been operating since 1472). It is not easy to replace them all of a sudden, and that too with some unregulated asset such as Bitcoin which has limited legal recognition. We are at least a few generations away form a bank-less society.

[Abiky]

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.

Exactly. If crypto was used independently from Fiat, it would've been much easier to avoid Banks altogether. But the fact that people measure the value of crypto in relation to Fiat, greatly defeats its purpose of being an alternative monetary system to the traditional banking system of today. Nowadays, you'd need to use a centralized exchange in order to buy/sell crypto in the mainstream world. This requires some ID verification, and in some cases, a bank account. While it's still possible to buy/sell crypto using decentralized exchanges or OTC platforms, liquidity will never be the same. It's quite challenging to avoid banks altogether since most salaries are paid in Fiat. The world uses Fiat as a unit of account for everything, so living only on crypto seems to be a dream today.

Maybe if people started to use crypto more thoroughly, things could change for the better. For what I know, there are more merchants and businesses accepting Fiat on top of crypto because of its stability in price and ease-of-use. But if crypto solves its issues, it could become a fierce rival against Fiat. As long as you have a job in crypto, and it's possible to pay your bills, groceries, and everything using only crypto, then there's the possibility you might never need a bank. For situations where you'd need to use Fiat, it's best to rely on physical cash instead of credit/debit cards to avoid a bank account. Then, you can combine both the benefits of Fiat and crypto for your own financial benefit. Until the crypto space becomes mature for the mainstream world, we'll be subject to banks for our daily needs. Just my opinion

[bobitza]

We can still live without a bank. But things are very difficult. Especially in money transactions. Sending money, transferring money, paying money are not done, causing us many troubles. Suppose you have a lot of money, no bank where you will store it, if you are not smart, you will be stolen. Or the payment of electricity bills, water bills, housing ... you have to take time to the store waiting. So I think banking is essential in modern life. What do you think?

[Nellayar]

Banks regulated the monetary system. They are also control the flow of currency so that the economy becomes stable. If there is no bank, even there is cryptocurrency I don't think our economy runs. In fact even us as individual, we can't make loans, be paid of our monthly salary and many more. If there is no bank existed, there would be no regulation at all. And to take note, our economy might suffer from it.

[bits4books]

You have not yet realized that you are trapped in the modern economy.
You have zero "sovereignty" over our money because purely from the technical side, they do not belong to you - this is either the equivalent of the cost that the state prints and uses as obligations, or just zeros and units of your Bank.
Yes, the only way is to try to go to provide yourself with precious metals (gold, platinum, palladium) that would be in case of something to be able to somehow operate with measures of value. But if we imagine that everything collapsed in General - it is much more valuable to have an extra gun and an additional pack of bullets, your own house with a plot and a car with biofuel/electricity (that would be fueled by solar panels) than some pieces of iron. If you think that everything can collapse-learn to work with your hands and not think where you invest to save money. such thoughts lead to a bull market which then collapses like a house of cards.

[Fatemablabla]

In my place I can't live without bank because my country doesn't let us to use bitcoin as a legal currency. Also, I have to pay my versity fee in bank, my payment from Upwork comes in a bank. So, I'm a having a tight relationship with bank  . I can't ignore bank if I want. Because I can't use my bitcoins to buy anything here. That's the real fact.

[sayulita]

Bottom line: Banks are useless!
What we need is a direct link between people who really have something to offer

The problem in this type of trade would be the party that first sends will have high chances of getting scammed and this is the reason banks are there in a country so as to save the people from these kinds of problems and so they kinda acts like an escrow in borrowing and lending money and takes their commission in the difference in the interest rates on which they lend money and borrow money from the investor and borrower respectively. I guess banks are the institutions that can't be replaced in an economy and are essential part for the functioning of an economy.

[jjigoku]

In my place I can't live without bank because my country doesn't let us to use bitcoin as a legal currency. Also, I have to pay my versity fee in bank, my payment from Upwork comes in a bank. So, I'm a having a tight relationship with bank  . I can't ignore bank if I want. Because I can't use my bitcoins to buy anything here. That's the real fact.

Yes, bitcoin has everything that needs a great global currency, except ways to use/spend it... and low fees... and speed of transactions
So yeah, bitcoin is kinda like gold in a sense - everyone thinks it has value, but there is really nothing you can do with it.

At the same time alts are not developed enough to provide great quality service to outstand banks/fiat.
We are all tied up with banks, you're right

[Kong Hey Pakboy]

In my place I can't live without bank because my country doesn't let us to use bitcoin as a legal currency. Also, I have to pay my versity fee in bank, my payment from Upwork comes in a bank. So, I'm a having a tight relationship with bank   . I can't ignore bank if I want. Because I can't use my bitcoins to buy anything here. That's the real fact.

Indeed. There are really some countries who don't let us to use bitcoin as a legal currency, that is why we end up storing half of our profit in banks and the other half is in our crypto wallet. We still need banks, even we hate it because we still use fiat in our daily transactions and to provide our necessities.

[chrisculanag]

Like other said bank is important to all , because bank is also a partner of all kind of business and also online business.  But its up to us if we like use it or not.

[Farma]

At present, all transactions will be involved with the bank. even the cash we use is also connected to the bank. if you don't want to use the bank, I think it's very difficult, even when you try to avoid it, you will be hit by the bank system. Well, I've seen some interesting things about people trying to avoid the bank.