Is it possible to live without banks?

[jademaxxiss012]

Yes living without the bank is possible just like living also without cryptocurrency. One can also live without cellphone, internet connection and the likes. We can just live with a simple life having the basic needs like food, shelter, clothing, and each another to live. People are just making things complicated and live with it. And because we are living in a certain community then adhering the rules and regulations is one of the best thing to do.

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[Ladyvirgo]

      a world without banks would be a world without money as we know it.today the only way to send money to another person electronically is by using a bank.that means a future without banks is a future where we no longer have any use for money and have instead moved on to something better..

[Jojiru10]

yeah.. but living without a bank account or maybe basic bank account can may seem difficult. bank accounts are responsible for storing our money, there's a lot of benefits also when you have a bank account. However, it can be done.

[baundul]

The world's first coins appeared around 650 B.C., jingling around in the pockets of the Lydians, a kingdom tied to ancient Greece and located in modern-day Turkey. wikipedia

The world's oldest bank is either Banca Monte dei Paschi di Siena or Berenberg Bank. Banca Monte dei Paschi di Siena was founded in its present form in 1624, but traces its history to a mount of piety founded in 1472. wikipedia

The bank came about 2200 years after the coin came. Banks have come to our need but its need is decreasing day by day. This is happening for various wallets online. With the advent of online wallets, banks may one day disappear. It can be said loudly that the place of the bank is going to consume bitcoin and very soon.

[CarnagexD]

banks have been there long before even our grandparents existed not only to offer loans, and etc but to also act as a safehaven for users to lock their money in. Some banks like the Swiss Bank offer added protection which induces some people to use it for money laumdering and other illegal activities. Now, after reading all that, one can argue tjat it will take a very long time for banks to stop existing.

[proTECH77]

Many men and women in the world are use to bank system than any other digital currency transaction in the world. It will hard for an investors to live without bank in his investment because many customers prefer to make use of the bank transaction for payment which many buyers are use to, in the country. Not all shops allow to buy and pay with bitcoin because they know it very well,if they allow bitcoin for payment they will still make use of the bank before they can make use of the money to buy other things for shops.
Many investors cannot do without bank system because bank is very important to them, if it come to market mix where there is different supplier with different product and different currencies with different buyers which bank system will make it very easy for them to transact successful in the market.

[FinneysTrueVision]

I have been living without a bank account and it is very difficult. You can pay for most things online with a prepaid debit cards or with gift cards but there are some services that don't accept these payment methods. If the global economy collapsed then maybe they will be forced to accommodate other payment systems but currently it is unrealistic for everybody to live without banks.

[noorman0]

I have been living without a bank account and it is very difficult. You can pay for most things online with a prepaid debit cards or with gift cards but there are some services that don't accept these payment methods. If the global economy collapsed then maybe they will be forced to accommodate other payment systems but currently it is unrealistic for everybody to live without banks.

For a digital generation like us, it is impossible to oppose banks because our business sources are all digital based. But for traditional business people, this is very possible.

Even when all of Earth's inhabitants are digital generation, reliance on banks is inevitable if they don't start adopting something new that is free from control and more privacy.

[Abiky]

As a user of bitcoin and other cryptocurrencies, I have become more aware of the importance of the bank in the midst of unexpected calamities such as strong storms and floods. I see that we need the bank more for such events because you can still use them, unlike crypto which if you lose power for a long time and the towers of service providers are damaged you will lose access. But since you have an ATM from a bank you can still use it as long as you have enough balance. You have hope in a crisis like this.

That's certainly true, mate. You can't avoid banks right now, as they're still important for day-to-day transactions. The fact that most merchants and businesses accept Fiat on top of crypto, tells us that it's impossible to live without a bank. Being unbanked will let you miss out many of the benefits provided by mainstream governments. For instance, some US citizens weren't able to claim the coronavirus stimulus payment because they didn't have a bank account. In this world where banks dominate the economy, it's hard to think crypto will replace them anytime soon. At least, crypto will prove to be an alternative for those looking to secure their funds for a very long time. Decentralization and censorship-resistance is what makes cryptocurrency "sound money" for the world. You're essentially the bank, being able to control your funds without fear of getting them seized or frozen by a third party. By using both crypto and a bank account, you open up a new door of possibilities never before imagined in the course of history.

Nonetheless, crypto needs more time to mature before it can be considered as a serious financial system for the world. The day when crypto becomes stable in price, scalable for the world, and privacy-focused at the same time, will be such when it'll prove to be a real contender to the current monetary system. But that may never happen as crypto's issues are still unsolved. As long as crypto remains decentralized, nothing else matters. Just my opinion

[CoinPeer]

This is the reality as long as we are modern.  Think back to ancient times when people didn't know what money was.  They make transactions through products.  That is, one would replace the other's meat with vegetables.  And that was the process of their transaction.  People have changed over the course of the day.  At one time they used the leaves of the tree as a means of transaction.  Later, gold coins and silver coins were gradually introduced.  And today paper money has been created to make transactions easier.  But even 300 years ago there was no bank, and today we cannot go without a bank.  In the same way, 20 to 30 years from now, maybe the banking system will go up.  Because people don't want anyone else to know their bank account.  And people will choose digital cryptocurrency as an alternative to this bank.  Bitcoin may be his alternative.  Bitcoin is a decentralized process. This means that there is no need for a third party in this process.  There will come a time when people will no longer take the help of banks.  They will manage all the activities of daily life starting from shopping through digital cryptocurrency.  And I think it will be very fast.

[Negotiation]

There is a lot of time to start shopping through digital cryptocurrency Those who have no idea about the technology will not be able to use digital crypto Also, the circulation of banks was not very high before. Then people would save their money without a bank, in which  they would be able to survive without a bank But now with the rise in cryptocurrency prices banks are shifting from to digital.

[Gozie51]

     a world without banks would be a world without money as we know it.today the only way to send money to another person electronically is by using a bank.that means a future without banks is a future where we no longer have any use for money and have instead moved on to something better..

Such a time will be very difficult to see in human life except in generation where another way close to fiat is out. A way that people can get money or exchange it for buying manually without using the internet for it. Fiat is very important to large majority of people and before they all move away from paper money is a long time.

[STT]

If the global economy collapsed then maybe they will be forced to accommodate other payment systems but currently it is unrealistic for everybody to live without banks.

Apparently Russia considers exclusion from the SWIFT banking clearance system used globally as a precursor to war, regardless of the idea of sanctions for actions and deaths they've taken against various NATO members and peaceful countries.    To that extent they dont think its possible to live without banks apparently, Russia is raising their stock of gold and reducing dollar reserves when pressed in any Ruble sell off etc.   No doubt with lower oil prices have resulted in similar departure from the previous dollar centered reserve system and in time we'll see a few countries certainly Russia and China try to establish a more gold or trade based system.     Its possible to move away from the banking system currently so long as you believe you can envisage a greater more sustainable system of exchange, otherwise you are worse off for sure I'd say.

[Abiky]

If the global economy collapsed then maybe they will be forced to accommodate other payment systems but currently it is unrealistic for everybody to live without banks.

Apparently Russia considers exclusion from the SWIFT banking clearance system used globally as a precursor to war, regardless of the idea of sanctions for actions and deaths they've taken against various NATO members and peaceful countries.    To that extent they dont think its possible to live without banks apparently, Russia is raising their stock of gold and reducing dollar reserves when pressed in any Ruble sell off etc.   No doubt with lower oil prices have resulted in similar departure from the previous dollar centered reserve system and in time we'll see a few countries certainly Russia and China try to establish a more gold or trade based system.     Its possible to move away from the banking system currently so long as you believe you can envisage a greater more sustainable system of exchange, otherwise you are worse off for sure I'd say.

Basically, this tell us that it's possible to "exit" from the existing monetary system dominated by mainstream banks. While it's possible to avoid banks altogether, it's certainly not an easy task to do. The lack of merchants and businesses accepting crypto payments, as well as, the limited number of jobs available paying in crypto, greatly reduces one's ability to live entirely out of the mainstream economy backed by Fiat.

As far as sovereign countries are concerned, it's easy enough for them to establish their own monetary system that's independent from mainstream banks. Relying on Gold or even Bitcoin itself will allow foreign countries to circumvent US sanctions, enabling them to achieve true financial sovereignty. I think that's what Venezuela has been doing lately, in order to try to keep their economy afloat (although they've been widely unsuccessful). As long as banks exist, we'll be forced to interact with them one way or another. I doubt they'll be going anywhere even with crypto and Blockchain technology in play. They'll simply adapt themselves to the latest trends in the FinTech space, in order to stay ahead in the game. Just my opinion

[sapnu]

banks have been there long before even our grandparents existed not only to offer loans, and etc but to also act as a safehaven for users to lock their money in. Some banks like the Swiss Bank offer added protection which induces some people to use it for money laumdering and other illegal activities. Now, after reading all that, one can argue tjat it will take a very long time for banks to stop existing.

Banks and Cryptocurrency have both importance of existing. It is true that banks are important until now since it is traditional and it has a lot of benefits to us, especially when securing money, its just that you should choose a bank that has high security because sometimes the system is being hacked. Banks are still useful until now since cryptocurrency is not yet known by all people, What I am saying is that yes a lot of people know what cryptocurrency is, but still there are people and countries that don't know what is the nature and benefits of using it.

[Twinkledoe]

banks have been there long before even our grandparents existed not only to offer loans, and etc but to also act as a safehaven for users to lock their money in. Some banks like the Swiss Bank offer added protection which induces some people to use it for money laumdering and other illegal activities. Now, after reading all that, one can argue tjat it will take a very long time for banks to stop existing.

Banks and Cryptocurrency have both importance of existing. It is true that banks are important until now since it is traditional and it has a lot of benefits to us, especially when securing money, its just that you should choose a bank that has high security because sometimes the system is being hacked. Banks are still useful until now since cryptocurrency is not yet known by all people, What I am saying is that yes a lot of people know what cryptocurrency is, but still there are people and countries that don't know what is the nature and benefits of using it.

In other words, most of us still need banks especially those who have regular jobs. Crypto users are still very small in percentage as compared to global population. But some people are still unbanked up to this day. Those who are living in rural areas mostly. So yes, it is still possible to live without banks.

[TopT3ns]

Such a time will be very difficult to see in human life except in generation where another way close to fiat is out. A way that people can get money or exchange it for buying manually without using the internet for it. Fiat is very important to large majority of people and before they all move away from paper money is a long time.

well, I really agree with what you are saying because until now paper money is still used by many people and digital currency is only used as an alternative payment that can be faster and more efficient because cryptocurrency still cannot be used for transactions in places where there is no internet and electricity .

[lecattrongly1]

In my opinion, we can live without banks. Just like a few decades ago we lived without blockchain or people did not need banks a few thousand years ago. But the real problem is that banks are taking on its essential roles that cryptocurrencies cannot fully replace them. In the meantime we will still use banking.

[coin-investor]

In my opinion, we can live without banks. Just like a few decades ago we lived without blockchain or people did not need banks a few thousand years ago. But the real problem is that banks are taking on its essential roles that cryptocurrencies cannot fully replace them. In the meantime we will still use banking.

So far I have not see at least one country or nation who can function without a bank even North Korea has a bank, I don't think we can live without a bank, it has a function in our modern generation, Cryptocurrency and bank can co exist and compliment each other to serve the humanity to make it a better world to live.

[n0ne]

In my opinion, we can live without banks. Just like a few decades ago we lived without blockchain or people did not need banks a few thousand years ago. But the real problem is that banks are taking on its essential roles that cryptocurrencies cannot fully replace them. In the meantime we will still use banking.

So far I have not see at least one country or nation who can function without a bank even North Korea has a bank, I don't think we can live without a bank, it has a function in our modern generation, Cryptocurrency and bank can co exist and compliment each other to serve the humanity to make it a better world to live.

Agreed on the statement, cryptocurrency and bank can coexist to provide better access to mankind. Every country have atleast one bank that is being backed by the government. Other than this we can see lots and lots of private banks. The transformation has been taking place in a much slower pace with the adoption of blockchain technology on banking services. This slow change will make big change in the market, and by that time there'll be chance of living without banks.