Is it possible to live without banks?

[Bezobraznike]

It depends on what you mean by saying "living without banks". It's possible for a single person, but the banking system at whole can't be eliminating.

   Before we could say like that, the banking system at whole can't be eliminated. But in the last 10 years
with introducing crypto-currencies I think we can say that there's a possibility for us to eliminate banks
as whole, we will not need them in the future if all people accept crypto-currencies. We can deal directly
with each others, we will get paid for work directly, there will be no need for third party services like banks
are.

[1714838543]

1714838543

[mirakal]

It depends on what you mean by saying "living without banks". It's possible for a single person, but the banking system at whole can't be eliminating.

It's eliminated. . .

Of course the banking system will remain, it's a big industry and people trust the banking system, so no way they will disappear.
Banking system are making a lot of money in our world, they print money that's different since it's the central bank who does that, but private banks especially the big banks are making big money from extending loans to people and we are talking of billions of money here.

Banks that create fiat have the trust of all people since we are all using fiat, and compared to bitcoin, very few people are using bitcoin compared to the total population of the world, we can read the survey reported in the article below.

https://www.buybitcoinworldwide.com/how-many-bitcoin-users/

[coolcoinz]

The best short answer is that it's possible but not very convenient. We could technically operate without loans, but it would hinder the growth of most businesses.
I don't have a business and as an individual can live outside the system, but I won't deny that being in the system gives you more free time and makes other people do some work for you. Most people will choose the easy way even if it means giving away the control.

[bitbunnny]

It depends on what you mean by saying "living without banks". It's possible for a single person, but the banking system at whole can't be eliminating.

It's eliminated. . .

Of course the banking system will remain, it's a big industry and people trust the banking system, so no way they will disappear.
Banking system are making a lot of money in our world, they print money that's different since it's the central bank who does that, but private banks especially the big banks are making big money from extending loans to people and we are talking of billions of money here.

Banks that create fiat have the trust of all people since we are all using fiat, and compared to bitcoin, very few people are using bitcoin compared to the total population of the world, we can read the survey reported in the article below.

https://www.buybitcoinworldwide.com/how-many-bitcoin-users/

It's not just that people trust bamks but they depend on them. They still need loans, credit cards and other services. Also, the whole traditional economy and financial system depends on banks so It's not so simple and easy just to eliminate them.
Also, let's be honest and admit that very, very small number of people in the world is using cryptocurrencies. With limited quantity, volatility, lack of regulation and unstability you can't ask people to rely only on cryptocurrencies.
We still depend on fiat money and that will not change any time soon, so we also need banks. But that doesn't mean they can't change and improve their business, that is always an option.

[Janation]

It depends on what you mean by saying "living without banks". It's possible for a single person, but the banking system at whole can't be eliminating.

   Before we could say like that, the banking system at whole can't be eliminated. But in the last 10 years
with introducing crypto-currencies I think we can say that there's a possibility for us to eliminate banks
as whole, we will not need them in the future if all people accept crypto-currencies. We can deal directly
with each others, we will get paid for work directly, there will be no need for third party services like banks
are.

Even if people accept cryptocurrency in the future, we will never see a country or the world without banks.

It will keep on going since as people said at the top, we can't live without loans being given by these banks. There might be those people that don't use banks but they are forces to use it since some of the help of the government in the country is being transacted there, here in our country, we have what we call 4Ps. They provide money for poor people and they send it through ATM cards. This is just one of the many examples banks can do and I don't think it will be that easy to eliminate them though as you said, there is a possibility but that possibility is slim.

[Wafilian]

It is not possible to live without a bank. As long as fiat is in circulation, it is not possible to live without a bank. Everyone needs to use an electronic device to use modern currency. It is not possible for uneducated people to use cryptocurrency properly. Moreover, cryptocurrency is always fluctuating so all types of transactions may not be acceptable to everyone. Without conventional currency, the government will not be able to properly carry out its tax adoption and other ancillary functions. And so as long as conventional currency exists, economic activities are not possible without banks.

[Sanugarid]

It depends on what you mean by saying "living without banks". It's possible for a single person, but the banking system at whole can't be eliminating.

It's eliminated. . .

That was a good correction.

Of course the banking system will remain, it's a big industry and people trust the banking system, so no way they will disappear.
Banking system are making a lot of money in our world, they print money that's different since it's the central bank who does that, but private banks especially the big banks are making big money from extending loans to people and we are talking of billions of money here.

The one major thing that banks will not be replaced is that they are with the government, they are made by the government to assess the financial stance of the nation. A bank is not just a place for the money to be stored, these banks are businesses who lend, acquire properties, and some are involve in capital markets. Trying to eliminate banks is like eliminating the government, it's very impossible mate. Besides cryptocurrency was never made to replace it.

[princeyeboah]

It is very possible to live without Banks in countries where cryptocurrency is accepted. In such countries there will be merchants businesses and companies that will offer crypto services just as the Banks do and this will even be fast and reliable. The other way round means difficulty in living without the Banks since the system has been integrated into many platforms.

[Mttewndew]

In any case, I believe that we will not be able to survive with the system that we have now. This is self-destruction when people deceive people. I think in the near future some kind of event will happen, and people will understand that they lived in illusion all this time (as in The Matrix).

[bakasabo]

Everything depends on the country.

For example I can not imagine US without banks and people living without them. So much is connected to persons credit score.
Countries of former Soviet Union can easily live without banks. They didnt have banks for long time, they had an alternative called something like "record book". Also they used to receive cash as a salary.

 "Older generation" on they day when they receive pension, go directly to ATM and withdraw everything. "Younger generation" prefer to use banks for daily expenses, but use cash for big expenses (hoping to pay in cash, so they are ofter free of VAT).

[Ladysmith]

It's definitely possible to live without banks if there were widely accepted, agreed-upon methods of exchanging value.

Decentralized free markets (which does actually exist --->https://www.virieproject.com/) gives anyone from anywhere the ability to exchange anything for any currency.

However, this requires widespread education. Most are living in a state of ignorant bliss and don't actually realize how little freedom they have due to banking institutions.

It's now possible to live without a horse and carriage. Soon it will be possible to live without banks.

[roman100]

Banks were evolved to safeguard one's money from robbers. account without a debit card. Savings accounts are usually associated with an ATM card. However, even if you don't have an ATM card, you can withdraw money from your savings account at your local bank.

[Sanugarid]

Everything depends on the country.

For example I can not imagine US without banks and people living without them. So much is connected to persons credit score.

The number one purpose of a bank is to provide security, that's why you'll see banks almost in every corner of the highways. We'll be having trouble if we try to eliminate banks and keep our money in our house, I bet there would be a lot more of theft and robbery cases if we don't have banks to secure our funds. That's the most prone to happen I guess.

Countries of former Soviet Union can easily live without banks. They didnt have banks for long time, they had an alternative called something like "record book". Also they used to receive cash as a salary.

I don't think so, the reason why they transited into banks is because they are facing difficulty without it so I don't think it will be just an easy peasy for them to go back bank-less. Besides, the complexity of the society might be a problem, most of us has a bank account.

"Older generation" on they day when they receive pension, go directly to ATM and withdraw everything. "Younger generation" prefer to use banks for daily expenses, but use cash for big expenses (hoping to pay in cash, so they are ofter free of VAT).

Your viewpoint is same as mine, but I guess we're just seeing a small fraction of examples that's why we're thinking of this.

[South Park]

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?

If anything this quarantine is creating an even greater reliance on banks as people are making use of online banking instead of cash to make the majority of their purchases, bitcoin seems to be increasing in awareness but it is still used by the majority of those that own it as an investment instead of a currency that you use to buy products and services, it is still too soon to know if this is going to remain this way throughout this crisis but so far I have seen no change in the way people use bitcoin, however if you live in a country that has a decent amount of adoption you could forgo the use of a bank account if you want.

[coinfinger]

It's definitely possible to live without banks if there were widely accepted, agreed-upon methods of exchanging value.

Yes, it is possible to live without banks, but that wouldn't be the case for everybody. It might work for some but wouldn't work for others. It all goes down to what you're into, if you're just someone that's doing a local business that you're running by yourself and you know that people are paying with cash, then you can decide to stay without bank and accept cash and store at home, which might be risky for you because anything happen.

Depending on your business you can decide to be accepting cryptocurrency as payment too, if your customers are willing to pay with it, and you decide what to do with the coins you get. But one thing for sure is that you will run into some difficulties when it comes to selling those coins.

[ghost424]

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?

It is really unfortunate that the world's economy is collapsing however some countries are still not ready to take on another step to revolutionize on how to use money or currencies. We know that some countries are widely using Cryptocurrencies and that is why their countries are able to survive because some communities still looks for ways on how to purchase their daily needs. Living without banks maybe impossible for this countries because they still need their cash circulated to keep their economy alive.

[Abiky]

Not in our generation mate,This is possible and will surely come but not today or not in the next 10 years.

Bitcoin has been here for more than 10 years same as Paypal and other online payment method yet?Banks is still in need.

That's certainly true, mate. I think we're still too early to tell if crypto will become a viable replacement of the traditional monetary system of today. For long, Banks have dominated the world's economy. Something unexpected must happen in order for Banks to "lose their throne". As long as Fiat is massively used by people in the mainstream world, crypto won't stand a chance against it. The fact that most things are paid in Fiat, forces us to have a bank account one way or another. Once crypto's adoption worldwide grows, there could exist a possibility of people living only on crypto without ever touching a bank. For that to happen, most jobs' salaries must be paid in crypto, while merchants and businesses accept it as payment method. Where I live, that's far from becoming a reality since there's isn't a single store accepting crypto payments. If Fiat continues to be the dominant type of currency, crypto will only serve as an alternative instead of a replacement.

Nonetheless, people can live without crypto but not without banks. The centralized economy will still reign supreme as people trust it more than anything else. It's the people who decide which type of currency to use for mainstream transactions. And so far, Fiat has greater adoption than crypto itself. Honestly, it looks like a dream living entirely off crypto these days. The price volatility, lack of regulatory compliance, among other issues, makes crypto somewhat inferior to existing Fiat. It's more suitable as a store of value than digital cash. I'd recommend anyone to have both a bank account and crypto for piece of mind. Just my thoughts

[Nathanz]

I think that if there are no banks in the world, those peoplr lle who are really wealthy will have a huge chunk of money from everyone. There is a chance also that we will gwt back to barter system.

[azmirihaque]

Do you know the present functions of banks? To receive and payment of money is not only the function of Bank. It provides vast of services on behalf of  govt, central bank and customer. It stores precious assets like gold, ornament and other metals of the customers. International business is operated on the base of banks. Without opening LC, export import is nearly impossible. Another important function of bank is lending operation. World business will never be possible without borrowing from banks. So, how do you think without bank? IT IS NOT POSSIBLE.

[Barbut]

Do you know the present functions of banks? To receive and payment of money is not only the function of Bank. It provides vast of services on behalf of  govt, central bank and customer. It stores precious assets like gold, ornament and other metals of the customers. International business is operated on the base of banks. Without opening LC, export import is nearly impossible. Another important function of bank is lending operation. World business will never be possible without borrowing from banks. So, how do you think without bank? IT IS NOT POSSIBLE.

Ethereum can do all that alone, and probably Ethereum will be better in that than all the banks together with their directors. I think banks are not the only one who can borrow money to people who need it, this system works like you said, but maybe we can have a better system with help of cryptocurrencies. Did you think about that?!