Is it possible to live without banks?

[FlightyPouch]

Actually it is possible to live without banks. There are many people who are living in remote or rural areas that don't own any bank account. Also, those people that are working in most blue collar jobs, who are paid daily or weekly that don't need bank accounts as they are being paid in cash. A lot of people in third world countries don't own any bank account up until now. So my answer is yes, it is still possible to live without banks.

Of course, many people still do without banks and without their loans. This is especially true for rural residents. People often live there all their lives and never turn to banks for help. However, in recent decades, it has become more convenient to use various bank cards and to unite utilities and other services with their help. Therefore, the role of non-cash payments is growing very rapidly.

I live in a province and I can see a lot of people without bank accounts and still doing well. Most of them told me they doesn't need it but I think in times like these, they needed it, we need banks might not be every day but there are things you need them for. Some of these people's partners claim their financial aids through their ATMs.

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[wheelz1200]

right now if you live in a traditional banking area its still pretty much possible to live without banks.  First off, a lot of employers only offer direct deposit.  Iran i guess you can get burner cards and technically live without a bank but it still has its merits, especially considering not many people can buy a house outright and rely on banks to provide loan services.

[plr]

It's possible if you can find a way not to deal without it, banks are very important, we need this to get a loan to get our salary and to ensure our money but not everyone can live without banks especially companies who rely heavily on bank transactions and so are their employees, the whole society will have to change it's whole structure if they do away with banks.

[worldofcoins]

It's possible if you can find a way not to deal without it, banks are very important, we need this to get a loan to get our salary and to ensure our money but not everyone can live without banks especially companies who rely heavily on bank transactions and so are their employees, the whole society will have to change it's whole structure if they do away with banks.

I don't think we can survive without bitcoin since everything has become digital and come online.
Even we're investing online on a digital currency called bitcoins.
Anyways you can not pay your bills without banks so you should a bank account to make your payment.
The government wants to see where our money goes so they can catch the criminals. Banks are the main important part of our life.

[abhiseshakana]

It's possible if you can find a way not to deal without it, banks are very important, we need this to get a loan to get our salary and to ensure our money but not everyone can live without banks especially companies who rely heavily on bank transactions and so are their employees, the whole society will have to change it's whole structure if they do away with banks.

At the individual level, being free from the bank is very easy, but at the communal, corporate and state levels I think it will be very difficult to escape from the grip of the bank. Starting from the individual to the state level, banks are considered as the veins whose blood (liquidity) must be safeguarded and maintained in order to move the economy.

Debt to banks is considered a positive habit to spur hard work. The most important thing for a bankless life is a change in the bank's perspective so that we have a new understanding that what the bank moves is customer money, not bank money, when the bank carries out mismanagement, the risk of customer money being lost is very large if the government saves with a bailout it uses money people.

Banks are a source of funding that is intended only for the rich who have collateral, for the poor, bank loans are only buying time for an extension of life for a certain period, after which interest appears which actually adds to the burden of life.

So I think that it needs to be developed, banks that are service-oriented, not margin oriented.

[finaleshot2016]

It's possible if you can find a way not to deal without it, banks are very important, we need this to get a loan to get our salary and to ensure our money but not everyone can live without banks especially companies who rely heavily on bank transactions and so are their employees, the whole society will have to change it's whole structure if they do away with banks.

Banks can't be removed if we are speaking generally, it's a great help in the society and most of the funds of huge establishments are stored in there. If you're an employee, most of the salary comes directly to your personal bank account. I have a lot of online wallets and instead of storing it in it, I'm saving it in my personal bank to secure my money. Even many aspects change in our society, we can't easily live without banks because it's already there for centuries and for sure the banking system will still develop and exist for more centuries.

[proTECH77]

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?

No,because banking system is one of the source of the government and also a source to business men or women. I think with time people can do without bank involved in the transaction. But for now many businesses and corporation are involving theie self in banking system to make things easy to their customers

[Abiky]

At the individual level, being free from the bank is very easy, but at the communal, corporate and state levels I think it will be very difficult to escape from the grip of the bank. Starting from the individual to the state level, banks are considered as the veins whose blood (liquidity) must be safeguarded and maintained in order to move the economy.

Debt to banks is considered a positive habit to spur hard work. The most important thing for a bankless life is a change in the bank's perspective so that we have a new understanding that what the bank moves is customer money, not bank money, when the bank carries out mismanagement, the risk of customer money being lost is very large if the government saves with a bailout it uses money people.

Banks are a source of funding that is intended only for the rich who have collateral, for the poor, bank loans are only buying time for an extension of life for a certain period, after which interest appears which actually adds to the burden of life.

So I think that it needs to be developed, banks that are service-oriented, not margin oriented.

As you've said earlier, banks are for the rich. And as long as the rich have a large stake in mainstream banks, the current monetary system won't be going anywhere. What banks will do is adapt to the latest trends in technology. They'll use Blockchain technology in order to launch CBDCs of their own. People will still be tied to banks because they dominate the world's economy. Despite crypto's widespread success, it hasn't been able to stand on its own as an independent form of money from the current banking system. After all, Fiat is used as a unit of account in the crypto market. The volatility and other issues inherent within the crypto/Blockchain space, has prevented many merchants and businesses from adopting it at a large scale. As long as the number of merchants and businesses accepting Fiat are far greater than those accepting crypto, it'll be impossible to live without banks.

Nonetheless, we might as well give up trying to replace banks with crypto. The latter is and will always be an alternative to banks because of the aforementioned reasons. Those who say otherwise are just dreaming. As long as the crypto/Blockchain space remains decentralized, there should be nothing to worry about. Just my opinion

[Dsdaq]

It's not possible to live without a bank, because before you even start trading crypto you need money to invest and this banks give you that windows, for example if you want to buy Bitcoin one have to load his local bank account before he can transfer to buy Bitcoin. So bank will always be there to work side by side with other platform, all that will happen is that they will need some kind of retransfomation or branding.

[claire_lovely]

It is definitely possible to live without banks. There are many already who utilize cash or checks only and buy things in this manner. Living through cryptocurrency is also possible in most areas now, since you can use it to buy off Amazon with https://purse.io/ and obtain many types of services on https://www.bitrefill.com/?hl=en.

There is also OpenBazaar where users can trade eachother directly P2P:
https://openbazaar.org/

At least in the United States, it seems very possible to live without banks, provided that you've set up a system to earn in cash or cryptocurrency, you can always exchange them to get what you need, and I think that it will only continue to become easier.

[manfredmann]

No for now banks are established and they had been already functioning without their service other institutions will be having hard time to make transactions especially online transactions.

However, if we will going to use our common sense living without the banks are possible even before when there are no financial institutions had been working. We are just having the need the service of the banks for comfort and ease of doing business.

Banks service can uplift business by making them as an affiliate that can both parties can be benefited.

[romero121]

Banks help with managing user funds, and with the anywhere accessibility it has been an everyone's basic requirement. In every country the benefits provided by the government were directly send to the users bank account. Living without banks isn't an easy thing, other than few exceptions like USA, Canada, Japan where it has got higher level of acceptance and accessibility.

Maybe with an user's self interest one can make his living only out of bitcoin or anything else without banks. But, here the user can get things or services little delayed and at times he's supposed to search and find it. This scenario will change in the future when more and more countries give legal support to cryptocurrency usage.

[wack slacker]

I think we need banks because it is the legal authority and a bridge between us to fulfill our obligations to the state such as paying taxes, paying bills and using debit card services. debt, ATM card.
We can use bank accounts to make crypto purchases and sales.
We need to accept banks with cryptocurrencies living together, they are only complementary and not completely interchangeable.
The purpose of Bitcoin is to make payments and it is not to replace or destroy banks so it is necessary to accept the objective existence of the bank.

[Xxmodded]

I think we need banks because it is the legal authority and a bridge between us to fulfill our obligations to the state such as paying taxes, paying bills and using debit card services. debt, ATM card.
We can use bank accounts to make crypto purchases and sales.
We need to accept banks with cryptocurrencies living together, they are only complementary and not completely interchangeable.
The purpose of Bitcoin is to make payments and it is not to replace or destroy banks so it is necessary to accept the objective existence of the bank.

Bank working is not for saving only but can give multi function for many people how to borrow their money and keep safety for long term, I think we can't live without bank because almost people use the bank for long term, we can give space and hope at bitcoin or altcoin will exist for long term like bank working, so without bank look impossible we can make transaction and saving money, I know with bitcoin we can make transaction easily and always have feature with lower fee when sending or receiving money without have limited amount, maybe bank only available sending with limited amount but bitcoin and altcoin is not.

[GeorgeJohn]

It's very difficult to live a life without banking system because everything concerning finance have to do with banking operating system, even without bank cryptocurrency transaction will not be interesting, and their will be no  concrete evidence to show as profits gain during Bitcoin transaction.

Living a life without bank is like someone living in a total blindness, because transaction of all cryptocurrencies originated from bank, and without the existence of bank cryptocurrency wouldn't has be initiated to the world. That's my personal suggestion.

[molsewid]

Banks is part of our life. Even bitcoin user needs bank accounts to transfer their money to bitcoin. Banks help a lot of people and businesses when they need financial help. We can't say that we can live without banks because some people and businesses depend on their services and help.

[onecall123]

It's very difficult to live a life without banking system because everything concerning finance have to do with banking operating system, even without bank cryptocurrency transaction will not be interesting, and their will be no  concrete evidence to show as profits gain during Bitcoin transaction.

Living a life without bank is like someone living in a total blindness, because transaction of all cryptocurrencies originated from bank, and without the existence of bank cryptocurrency wouldn't has be initiated to the world. That's my personal suggestion.

There are a lot of posts that cover this, summing the history is baking system must go on. I have feeling we're basically waiting for the incoming collapse of fiat and the old financial system. The bank clearly do not approve blockchain technology at all. But, we have to maintain all the things if we want to take benefit.

[asante.hinode]

Yes, it is possible.  I am actually writing a paper on it. Stay tuned.

[sellingdomain]

I do believe it is possible but the banks mostly secure your property and income which makes life easier but more complicated in some different angles

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[Janation]

Banks is part of our life. Even bitcoin user needs bank accounts to transfer their money to bitcoin. Banks help a lot of people and businesses when they need financial help. We can't say that we can live without banks because some people and businesses depend on their services and help.

I think this depends.

Here in our country, we have this local exchange and we can just send money through a remittance center or a local store to our exchange account and convert that to Bitcoin and other cryptocurrencies. It is possible to live without banks, but that doesn't mean that we will be depending on Bitcoin or other cryptocurrencies. I know a lot of people, well not that rich people, that has no problem living without banks.