Is it possible to live without banks?

[XZERO1]

As someone already mentioned it will be possible to live without any banks involved if you receive your salary in cryptocurrencies, otherwise you still will need a bank account, but assuming your income also will be in crypto then that's totally possible and there would be no issue for anyone to just use crypto for any kind of transaction, if anything it would be way easier and cheaper to just use crypto with their lower fees and better security and privacy and more importantly that way you are totally independent from government and their centralized banks.

[hunter7519]

Unfortunately, the answer would be NO!

If you have standard life in USA, you must have a bank account to have electric billed, water billed, CREDIT CARDS, to rent a house or Apartment you must have “BANK information” showing credit risks. Cellphone, have to have credit card for account or use a Pre-Paid limited access phone.

If you apply for a job, how will you cash the checks? Most PayCheck cashing places charge a % of check as commission.

So if you live where you can barter, or use cash at ALL TIMES, and only have a check once in a while, sure no bank account.

Live in a city, get a bank account

[South Park]

People are foolish and lazy more than you expect.
As the economy collapses, people will be more afraid and will search for safe places to save their money, so they will head towards gold and buy more gold.
Digital investments have not been able to impose themselves forcefully. citizens have not heard of cryptocurrencies, part of them has not used them, and it is easy to deceive them if they want to use them.

If things get as bad as you claim then it is entirely possible that part of that money is going to reach this market, after all while right now many people do not understand why we need a currency that is independent from government control once we begin to experiment hyperinflation all over the world they will understand it and they will look for anything that can hold the value of their currency and without a doubt in that scenario bitcoin will be a good option even if it is not really known right now.

[mithun303]

I don't think it's possible to survive without bank. But if the government takes Bitcoin as a tax, it would be great if it could be converted into a fiat to fulfill your civic duty to this country. But there are some drawback such as shopping for the necessary things will be a very difficult task because you cannot go out of walmet.

[dentolas]

It is hard to say as there any things depending from banks, not just money keeping... and there are also a lot of people to whom it will be difficult to enter the crypto world for several reasons, mainly age and lack of base infrastruture...
But I think that if an event would terminate all the banks, the world would not go into the dark ages, it would jump ahead to a fully digital economy... at this point we don't really need banks because we have crypto... and after an adjustment phase I bet we would do a lot better managing our own finances and not paying those blood suckers

[kayvie]

I don't think it's possible to survive without bank. But if the government takes Bitcoin as a tax, it would be great if it could be converted into a fiat to fulfill your civic duty to this country. But there are some drawback such as shopping for the necessary things will be a very difficult task because you cannot go out of walmet.

And how is that possible to convert it to fiat if there will be no banks, even if the government will take bitcoin as tax, it is not possible to live without banks. It will take a lot of adjustments or maybe the worst things will happen since banks serve as the third party to make transactions easier for its users.

[mezzaluna]

It WAS possible to live without banks but as life progresses and as long as we have those printing machines that creates money or we have the need to store our valuable items, we have the need to have banks. Banks are still useful since they cannot yet be fully implemented in the Blockchain technology but maybe in the future we can see that it would be possible. As we strive for improvement, anything is possible and we should keep supporting the good things that can happen within available technologies.

[Abiky]

In my opinion, it's unlikely for cryptocurrencies to become the main currencies for countries, at least not the current countries. There will require a change in the governments' structure themselves to be mind-opened to use Bitcoin or cryptocurrencies. The basic idea of cryptocurrencies is decentralized so the governments can't control the currencies flow and cannot charge tax fees on them. This reason is really important and irreplaceable because when you think of cigarette, even though it's harmful to the people, the government cannot fully illegalize it because of the tax it brings back. The same thing happens to currencies.

That's certainly true, mate. Centralization will always exist no matter how hard we may try to avoid it. Banks will still be relevant as governments depend on them for the mainstream economy. Central banks are responsible for controlling the supply of Fiat currencies, so they have nothing to lose. In case crypto and Blockchain tech becomes extremely popular, banks will migrate to a Blockchain of their own in order to avoid getting left behind. As long as Fiat exists, it'll be impossible to live without banks. Many merchants and businesses in the mainstream world accept Fiat over crypto for a very good reason. The fact that Fiat is backed by the government, gives it a greater level of legitimacy than crypto itself.

In the bright side, crypto can be used alongside banks to gain an edge over your financial life. You can exploit the benefits from both, in order to obtain peace of mind. It's recommended to save some portion of your money into crypto, while putting the rest on a bank account. Leveraging both sides, will prevent many undesired losses in the long term. Crypto will never be used on top of banks, because of its limited adoption in the mainstream world. Unless that changes in the future, I don't see it as a replacement of banks but rather an alternative to the current monetary system. Let's focus on what's most important right now which is preserving our capital in these times of need where the economy is falling at an unprecedented rate. Just my thoughts

[Text]

In the current conversation, of course, it is not yet possible to live without the bank. We can't just use fiat without it. As long as the current currency is still in use, it cannot be replaced by cryptocurrency. So for those who say it is possible, no one knows how many decades it will count or what century it will happen. For now, let us not seek after the impossible.

[Abiky]

In the current conversation, of course, it is not yet possible to live without the bank. We can't just use fiat without it. As long as the current currency is still in use, it cannot be replaced by cryptocurrency. So for those who say it is possible, no one knows how many decades it will count or what century it will happen. For now, let us not seek after the impossible.

Living only on crypto instead of banks is more of a dream than anything else. As long as mainstream adoption for crypto is lower than Fiat, people will need to rely on banks one way or another. I've personally given up on this, since it's practically impossible to avoid banks at will. You can live without crypto, but not without a bank. The fact that mainstream jobs are paid in Fiat, while most mainstream businesses and merchants accept Fiat instead of crypto, gives you that sense of dependency on banks. Even with a decaying economy, banks are still powerful entities in the mainstream world.

As long as governments rely on central banks to issue/mint new supply of Fiat, the world's current monetary system won't be going anywhere. Crypto is only an alternative to existing Fiat rather than a replacement. It seems that it'll be this way for many generations. Instead of focusing on replacing Fiat, we should focus on making crypto useful for the mainstream world. With how far crypto has reached since its inception back in 2009, it can become a true safe haven against the traditional monetary system subject to corruption, manipulation, and fraud. In the future, there will be a clash between the decentralized and centralized economy. If you choose both ends (banks and crypto) you'll be able to achieve peace of mind in your financial life. Let's hope that crypto and Blockchain tech becomes more popular in the mainstream world, as banks adopt the technology for their own benefit. Just my thoughts

[BigBos]

In the current conversation, of course, it is not yet possible to live without the bank. We can't just use fiat without it. As long as the current currency is still in use, it cannot be replaced by cryptocurrency. So for those who say it is possible, no one knows how many decades it will count or what century it will happen. For now, let us not seek after the impossible.

I doubt this. however, almost all transaction activities will lead to the bank. even the cash you use comes from the world bank. imagine if you don't have that, and only have crypto for now. At this time, not everyone accepts crypto as a medium of exchange, especially in countries where banned crypto is used as a transaction tool, or in places that do not have an internet connection. not only that, many other bank functions that crypto does not currently have.

[GDragon]

In my opinion, it's unlikely for cryptocurrencies to become the main currencies for countries, at least not the current countries. There will require a change in the governments' structure themselves to be mind-opened to use Bitcoin or cryptocurrencies. The basic idea of cryptocurrencies is decentralized so the governments can't control the currencies flow and cannot charge tax fees on them. This reason is really important and irreplaceable because when you think of cigarette, even though it's harmful to the people, the government cannot fully illegalize it because of the tax it brings back. The same thing happens to currencies.

 You can exploit the benefits from both, in order to obtain peace of mind. It's recommended to save some portion of your money into crypto, while putting the rest on a bank account. Leveraging both sides, will prevent many undesired losses in the long term. Crypto will never be used on top of banks, because of its limited adoption in the mainstream world. Unless that changes in the future, I don't see it as a replacement of banks but rather an alternative to the current monetary system. Let's focus on what's most important right now which is preserving our capital in these times of need where the economy is falling at an unprecedented rate. Just my thoughts

Love this thought, we have to accept that btc may not be the main currency in the future. However, we really can take advantage of both. I think we all know in ourselves that we can't really live without fiat cause we are in a society that is revolving in fiat, controlled by fiat, governments and merchants cannot decide to use btc over fiat just because they want to or some people wanted to, there will be a lot of change, and its impossible for that change to happen as of now. Even though I really want to use btc in any thing that I purchase, I really can't. It will take toll in me. So why not used both.

[iged_war]

In the current conversation, of course, it is not yet possible to live without the bank. We can't just use fiat without it. As long as the current currency is still in use, it cannot be replaced by cryptocurrency. So for those who say it is possible, no one knows how many decades it will count or what century it will happen. For now, let us not seek after the impossible.

I doubt this. however, almost all transaction activities will lead to the bank. even the cash you use comes from the world bank. imagine if you don't have that, and only have crypto for now. At this time, not everyone accepts crypto as a medium of exchange, especially in countries where banned crypto is used as a transaction tool, or in places that do not have an internet connection. not only that, many other bank functions that crypto does not currently have.

in our life and economy activity it build based on bank services, from money that we used in daily transaction till for business activity everything will use bank services. if we didnt need this and use cryptocurrency how do this technology will reach all people, start from rich to poor man which is have no any facility to use this crypto service.

[Mauser]

In the current conversation, of course, it is not yet possible to live without the bank. We can't just use fiat without it. As long as the current currency is still in use, it cannot be replaced by cryptocurrency. So for those who say it is possible, no one knows how many decades it will count or what century it will happen. For now, let us not seek after the impossible.

I doubt this. however, almost all transaction activities will lead to the bank. even the cash you use comes from the world bank. imagine if you don't have that, and only have crypto for now. At this time, not everyone accepts crypto as a medium of exchange, especially in countries where banned crypto is used as a transaction tool, or in places that do not have an internet connection. not only that, many other bank functions that crypto does not currently have.

I think there is a difference between not having banks and not having fiat currency. Even if the hole world would switch to crypto currencies we would still need financial institutions. Being able to borrow and lend money needs some form of managed. Sure on a small scale such things can happen via the internet on forums and such. But for a hole country not to rely on banks anymore.

The people here on the forum are able to work with a computers and have no problem on the internet. But for a lot of people that is not such easy. We should not forgot about the technology barriers for older people. In a few generations that should not be an issue anymore.

[Text]

I doubt this. however, almost all transaction activities will lead to the bank. even the cash you use comes from the world bank. imagine if you don't have that, and only have crypto for now. At this time, not everyone accepts crypto as a medium of exchange, especially in countries where banned crypto is used as a transaction tool, or in places that do not have an internet connection. not only that, many other bank functions that crypto does not currently have.

Is there something wrong? Did you read my post carefully? What I said is that it is not possible to live without the bank. We just want to convey the same.

As far as I know, when you are still covered by the territory of a country that has already its own money, you can not just make your own money. So if you want to make your own money, make your own country first.

@GDragon
You are right there, I also really like the thoughts that @Abiky shares in such matters. It's enticing and you'll just agree. It is really interesting that he knows every word he utters.

[Itsmylife]

Yeah, we should always use both because the crypto market isn't stable Its rise and fall keep happening nobody can say which thanks to going Fiat currency will never run out Banks are going to be needed if Fiat is employed in every country. thanks to the increasing number of scammers within the crypto market the probabilities of being hacked are high But it's very difficult to steal Fiat currency.

Hackers can steal money because they can exploit the victim's security mistake, with FIAT currency is to exploit credit cards, create fake documents to withdraw money in the Bank with the help of bank staff. Nothing is safe if you can not protect your privaty information.

[STT]

I think there is a difference between not having banks and not having fiat currency.

A large part of the FIAT system is the banks allowing fractional reserves, it means there is a large expansionary effect in play the more money is circulating I think.   It explains why they are so desperate now to make sure money does not slow down, how could that possibly occur in a lock down is by gigantic new money production and thats what they've done.     If we say no more banks then what you will find Im fairly certain is that the central bank takes on the actions of those missing parties and starts addressing large parts of the economy directly and again we've seen this recently with the FED breaking its own charter to buy all kinds of debt not normally circulated at the top levels.
  If nobody noticed previously we are living in the dying days of this monetary system most likely, I dont know if that means months, years or maybe it takes another decade or more but our system of central banking FIAT is really not been reliable or the best idea imo.   Alot of whats saved us so far is technology I think, growth attributable to tech advancement is deducted from inflation that would register otherwise but tech represents efficiency and I think its why we didnt fall over all this loose money to date.
  FIAT is the banking system, I wouldn't separate these two in consideration.   Some countries not many but some ban debt or what alot of banks normally do thats familiar to us, the operation of money in those countries is probably relevant to answering this question and maybe what will happen for all of us if it is correct to say systemic failure is going to occur in FIAT.

[Spaffin]

For me, a bank is not only an institution where there is a safe in which I can rent a cell to store my valuables. The fact is that the banking system provides a wide range of services not only for individuals, but also for legal entities. Each person has the full right to contact the bank to receive specific services or completely refuse them. Thus, the provision of banking services will always exist, no matter what currency people use.

[Rana590]

For me, a bank is not only an institution where there is a safe in which I can rent a cell to store my valuables. The fact is that the banking system provides a wide range of services not only for individuals, but also for legal entities. Each person has the full right to contact the bank to receive specific services or completely refuse them. Thus, the provision of banking services will always exist, no matter what currency people use.

Absolutely right you are where it is working for wide range, not only for individuals. Banks are legal and safe but only banks are not institute to store our assets. Day by day alternative is coming.

[karagun125]

People run to banks to keep their assets are those who expense most. I can live without a bank, other also can, like Arab people who are not using bank to refrain from gaining annual interest through their accounts. Simply we can live without banks.