Is it possible to live without banks?

[Abiky]

you can still have savings, but store it in your own safe vault. i believe we can still live without banks. if you live a very simple life, which is more rewarding in my opinion, you will have peace and contentment which most of us are lacking nowadays. but if you are working, sometimes it is compulsory because your job usually sends your salary in your bank account. but i know a lot of people who dont own bank account. and guess what? they are more than happy for what they have.

If you're working and getting paid "under the table", it's easy to live without a bank account. But, that's not the case with the average worker since most jobs require direct deposit. Even government stimulus payments cannot be sent to a person, if he/she doesn't have a bank account. Which is why you can't live a normal life in the mainstream world without banks. Crypto is simply an alternative to the existing monetary system than a replacement. The limited number of merchants and businesses accepting crypto as payment, makes the crypto enthusiast's life quite challenging. It's hard to avoid banks altogether, especially when most (if not all) centralized exchanges require a bank account to purchase crypto using Fiat currencies.

One might as well live with both a bank account and a crypto wallet for added convenience. Instead of focusing on replacing banks, we can make crypto a better alternative for people in the mainstream world to enjoy. With a plethora of developers working on various cryptocurrencies day and night, the entire crypto/Blockchain industry will improve in the future. It's expected that more merchants and businesses join the crypto train. But ultimately, Fiat will emerge victorious as governments still dominate the world's economy. Unless that changes in the future, it'll impossible to live without banks. Hence, living only on crypto is only a dream. Just my opinion

[CODE200]

It could be possible to live without banks if you would just keep your money stored in your vault inside your house or office. But if you are a regular employee working on a company or office or any jobs, your employer would surely inquire you to get a bank account for seamless and easy money transfer for your salary. Also, if you are living in a country where crypto usage is not fully adapted, you will in need banks to exchange for your crypto to be able to withdraw your money from crypto or use third party wallet which do still reliant on bank. If you are an average earner, maybe it could be possible to live without banks because most people here in my country do not have bank accounts specially those that belong in the lower classes and as far as I can see they can live even without banks and they just manage how to deal on budgeting and keeping their money safe.

[Dorodha]

I think it is almost impossible to survive without a bank in the world of crypto there is no need for a bank but there is a need for a bank to use Fiat currency. There are many places in the world where they know nothing about crypto in case they save money for their future at the bank. Banks are very helpful in external life and employment because transactions are not possible without banks crypto banks do not require everyone to transact on their own.

[Renampun]

in the future, sure we will no longer depend on the Bank because of DeFi...

yes, I really can do live without banks, but how about family,colleague and friends?
they are dependency with banks, like transfer money for example

for now, it's still impossible to live without a bank because many friends and family still depend on the bank for transfers, savings, and loans.

[Ludmilla_rose1995]

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?

In my country, it is a little difficult. But still alive. What I mean is that cryptocurrency is illegal if it is used to transact in buying and selling. However, it is legal if it is used as a commodity asset (such as precious metals, etc.). So, our government prohibits individuals from using transaction tools other than state money. In borrowing money or saving money, of course, the bank is the only option so as not to break the law.

[finaleshot2016]

in the future, sure we will no longer depend on the Bank because of DeFi...

yes, I really can do live without banks, but how about family,colleague and friends?
they are dependency with banks, like transfer money for example

for now, it's still impossible to live without a bank because many friends and family still depend on the bank for transfers, savings, and loans.

Let's not generalize things because for sure, some people will stilll prefer the traditional way such as banks. Those people who are saving money through banks will still need it. Even there's a lot of technology development and changes in the money world, it will still exist.

If you and your relatives doesn't really care about banks then think those people and establishments that uses banks to serve you.

[STT]

in the future, sure we will no longer depend on the Bank because of DeFi...

yes, I really can do live without banks, but how about family,colleague and friends?

The main problem with tech now is usability, so its not a question is this valid in its basis and even development but can the whole population use this product equally in a fair way and the answer is probably no.   To some extent crypto is still elitist in that it favors a tech savvy population over the more aged previous generations who have not been typing into computers for most of their lives.    You cannot have an economic system with such bias, it has to be equal for all because it must facilitate trade never impede it and we arent there yet unfortunately.
   Its not that it cant be done but I've worked in tech and often attitudes can be poor towards people who just want a product to give them the end result.  The average person doesnt want your complications and clever gadget sophistication just brief interaction and maximum utility.  So its the road the industry will travel because it will be part of success to recognize and achieve this in all layers of finance, workers and end users.

[lienfaye]

Let's not generalize things because for sure, some people will srill prefer the traditional way such as banks. Those people who are saving money through banks will still need it. Even there's a lot of technology development and changes in the money world, it will still exist.

Indeed, bank will exist together with crypto and other new technology aside from it.

People are really smart to discover a new way that can be use for payment to transact online that is hassle free. But we cant assume banks would not be needed anymore due to this, because still it is trusted of people who recognized bank as a reliable way to save money or take to a loan. We can live without banks but it will not die.

[Zemomtum]

Not outrightly without bank as we need to change to fiat in other to buy good and services. But this might change over time if digital assets is adopted globally.

[Abiky]

Indeed, bank will exist together with crypto and other new technology aside from it.

People are really smart to discover a new way that can be use for payment to transact online that is hassle free. But we cant assume banks would not be needed anymore due to this, because still it is trusted of people who recognized bank as a reliable way to save money or take to a loan. We can live without banks but it will not die.

Banks will always exist even with crypto/Blockchain tech's success. That's largely because governments issue their national currencies through central banks. The day when governments start using decentralized cryptocurrencies, will be the day when banks go down the drain. Considering that the world's economic system is too tied to banks, living entirely from crypto is practically impossible. The number of merchants and businesses accepting Fiat will always be greater than those accepting crypto. After all, Fiat is stable and backed by the government. Given the current situation, crypto can only serve as an alternative than a replacement of traditional banks.

With many crypto-to-Fiat gateways available today, it becomes easier for crypto users to interact with Fiat merchants and businesses in the mainstream world. There are now many crypto companies which provide credit cards to the masses. When buying something at a store which only accepts Fiat, your crypto balances are automatically exchanged "on-the-fly" to your national currency of choice. This effectively brings the middleman which was something crypto was meant to avoid. But at least, it's a workaround. For the crypto economy to truly prosper, merchants and businesses need to adopt it directly for mainstream payments. The rate of adoption is slow, but that's expected to change during these times of turmoil. Just my thoughts

[Anyobsss]

in the future, sure we will no longer depend on the Bank because of DeFi...

yes, I really can do live without banks, but how about family,colleague and friends?
they are dependency with banks, like transfer money for example

for now, it's still impossible to live without a bank because many friends and family still depend on the bank for transfers, savings, and loans.

Indeed. The world isn't ready yet to live without banks. Many depend on it because of convenience and security. If you have a billion saving, bank account is a must. Holding it in your storage somewhere in your house will definitely make your life in danger. Also, If ever you are buying house using the money you store in your house, counting the money would be really inconvenient.

I believe that even if Defi have become a trend, many will still use bank because they would feel relieved and secured if its in the bank.

[Ozero]

You can live without going to the bank, and many do it. However, if you look at this issue more broadly, when buying various goods or services for cash, we, in fact, turn to the bank, because we use banknotes issued by the bank.
In the future, banks, stablecoins and cryptocurrencies will all the same be forced to coexist.

[Police Indo]

crypto has basically no value, it can be valuable as many admit it. stability is needed, if there is no regulation and supervision, the value is very volatile. difficult if applied for payments whose value is stable. everything must be up to date regarding crypto prices, and prices also require guidelines for currency / goods that have value

[geyayy]

If crypto currency will be stable, I guess a world without a banking system will be liveable. As for now, its' price being volatile, I wouldn't think to be living in world without banks. There are things that banks can offer in this moment, however let's hope for the future's best.

[Abiky]

You can live without going to the bank, and many do it. However, if you look at this issue more broadly, when buying various goods or services for cash, we, in fact, turn to the bank, because we use banknotes issued by the bank.
In the future, banks, stablecoins and cryptocurrencies will all the same be forced to coexist.

Avoiding banks seem to be impossible since we rely on physical cash (banknotes) to perform daily transactions in our daily lives. After all, national currencies are embraced by every country around the world. You just can't solely rely on crypto for everyday purchases since it's not an independent asset class. Crypto relies on Fiat to succeed in the mainstream world. It's no wonder why the latter is used as a unit of account to measure crypto's prices on the market. Remember, you can live without crypto but not without banks.

For complete peace of mind, you can rely on both crypto and banks. This will allow you to take advantage of each sides' benefits for your own financial gain. In crypto, the risk is higher which translates to higher profits over the long term. In traditional banking, the risk is lower which translates to price stability and reliability of your funds. By combining both a crypto and a bank account, you can take control of your financial life. The way I see it, is that crypto will only become an alternative than a replacement to the existing monetary system powered by banks. Which is why, there's no doubt that crypto will live alongside banks for the foreseeable future. Just my opinion

[JuSayCo]

If people decide to use crypto, precious metals, and physical cash, will it be possible to live a normal life without a bank?

Banks produce physical cash and hence if it's still in use banks would still be relevant, and everyone can't withdraw all the cash they own and keep in their pockets. Cryptocurrencies are not yet mainstream enough to be used as a global currency. Previous metals can be used as assets, but cannot be used for day to day transactions and it would make nations without natural resources heavily dependent on other nations

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.

It's not the most ideal situation, but majority of people do not want to be burdened with the task if being their own bank and being wholly responsible for the funds they own.

Exactly. People will still use banks in many ways possible. We will always turn to it as long as we are using fiat/physical cash or notes that it produced. However, if in the future, the whole world is fully digitalized, and crypto currency will become the mainstream currency and we will/we must do all our transactions digitally, then maybe, we wouldn't need a bank anymore, we can definitely live without it in the future.

[worldofcoins]

You can live without going to the bank, and many do it. However, if you look at this issue more broadly, when buying various goods or services for cash, we, in fact, turn to the bank, because we use banknotes issued by the bank.
In the future, banks, stablecoins and cryptocurrencies will all the same be forced to coexist.

Avoiding banks seem to be impossible since we rely on physical cash (banknotes) to perform daily transactions in our daily lives. After all, national currencies are embraced by every country around the world. You just can't solely rely on crypto for everyday purchases since it's not an independent asset class. Crypto relies on Fiat to succeed in the mainstream world. It's no wonder why the latter is used as a unit of account to measure crypto's prices on the market. Remember, you can live without crypto but not without banks.

For complete peace of mind, you can rely on both crypto and banks. This will allow you to take advantage of each sides' benefits for your own financial gain. In crypto, the risk is higher which translates to higher profits over the long term. In traditional banking, the risk is lower which translates to price stability and reliability of your funds. By combining both a crypto and a bank account, you can take control of your financial life. The way I see it, is that crypto will only become an alternative than a replacement to the existing monetary system powered by banks. Which is why, there's no doubt that crypto will live alongside banks for the foreseeable future. Just my opinion

I don't think we can live without it, since we get our salary and paying bills through banks otherwise there's no way to get money or paying bills.
Its the 21st century and everything become online through your bank just one click and your transaction will be succeeded.
Talk about crypto, well we can't use it on our daily basis.
NO one accepts it as a payment method. There are only a few regions in the world who accept it but it can not be used worldwide.

[Eureka_07]

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I don't think we can live without it, since we get our salary and paying bills through banks otherwise there's no way to get money or paying bills.
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Talk about crypto, well we can't use it on our daily basis.
NO one accepts it as a payment method. There are only a few regions in the world who accept it but it can not be used worldwide.

I think we can live without banks. Why can't we? Humans are very capable on adaptation.
And at first, our ancestors doesn't have any banks on their times, yet they still managed to live.
I don't really get why do some people can't live without banks, can't they manage their own assets/money?

About what you just said regarding crypto, I am accepting payments through cryptocurrencies Bitcoin particularly.
Cannot be used worldwide? Why can I send and received bitcoins from/to other countries though?

[Text]

I think we can live without banks. Why can't we? Humans are very capable on adaptation.
And at first, our ancestors doesn't have any banks on their times, yet they still managed to live.
I don't really get why do some people can't live without banks, can't they manage their own assets/money?

About what you just said regarding crypto, I am accepting payments through cryptocurrencies Bitcoin particularly.
Cannot be used worldwide? Why can I send and received bitcoins from/to other countries though?

So when will we live without the banks?  The time was different than now.  It is difficult to let go of the habit.  Think carefully and compare the life you have now.  Our ancestors lived before without the bank, then now we use it and it is part of our lives.  But if they can live again without the banks?  I think so hard.  Yes, we can easily adapt to new technology but not all.  Not all countries are the same.  Maybe he doesn't do it all because there are also those who are really accepting and there are also those who are not ready yet.  There is a part of a country that is civilized, but the other part of it does not know or does not know much about new innovations because all they know is the money they are currently using from the bank.

[Abiky]

Exactly. People will still use banks in many ways possible. We will always turn to it as long as we are using fiat/physical cash or notes that it produced. However, if in the future, the whole world is fully digitalized, and crypto currency will become the mainstream currency and we will/we must do all our transactions digitally, then maybe, we wouldn't need a bank anymore, we can definitely live without it in the future.

Anything could happen in the future. Banks could either cease to exist or adapt themselves to the latest trends in technology. If they disappear, governments will be the sole custodians of national digital currencies. But I doubt banks will be going anywhere since they're too big to fail. Eventually, they'll adopt Blockchain technology for their own benefit. They'll still earn money out of customer fees from each transaction performed on the government-controlled distributed ledger. The only issue is that they'll be able to gain greater scope of a person's transactional activity which is not possible with physical cash today. This means greater surveillance, and less privacy for the average person.

Nonetheless, it's evident that crypto will never replace banks since it's not an independent unit of account. It relies on Fiat to succeed. For this and many other reasons stated before, it'll be impossible to live without banks. You might as well live from banks or use crypto alongside banks for your own financial benefit. People saying that crypto will replace banks have no idea what they're talking about. It's more of a dream than anything else. As long as most merchants and businesses around the world accept Fiat on top of crypto, you'll be forced to use physical cash or have a bank account to participate in the mainstream economy. Just my thoughts