Is it possible to live without banks?

[blue_nexus15]

It is difficult to change daily habits. Banking and digital bank applications on mobile devices are bringing efficiency and very important in contemporary life of all activities related to money.So, It is impossible to live without a bank today. it is part of the economy.

[AndySt]

It is difficult to change daily habits. Banking and digital bank applications on mobile devices are bringing efficiency and very important in contemporary life of all activities related to money.So, It is impossible to live without a bank today. it is part of the economy.

In any case, banks will remain an important part of the state's economic system, allowing for more efficient distribution of financial flows, because it is not necessary to give it completely to the state. Another question is that not all the current functions of banking structures must necessarily remain in their jurisdiction, and many things related to ordinary citizens may well happen without the mediation of banks.

[Bitgavan3]

The significance of the existence of banks is to control the total amount of cash distribution, to finance enterprises, to pay interest on deposits and to make loans.
In the case of incomplete development of the capital market, the existence of banks is very necessary. The expansion of enterprises still requires the bank's own support.
In addition, the implementation of monetary policy also requires the assistance of banks to a certain extent.
Therefore, the existence of banks is very necessary.

[JoKleinTopper]

I believe we can. banks are for deposit and withdraw of money. In crypto circle, miners can do the same with largely transparent information. who needs banks?

[KINVAN SUE]

It's possible. As long as the capital market is fully developed, investors are completely rational, and most people can master certain investment knowledge, then the capital market can completely replace banks. And investment and financing through the capital market will be faster and more diverse.

[Waltmart]

Maybe in the future, this could happen since we are already living with technology and more countries are also open to crypto.
But when the time comes for this, we need to be open eye, because, together with the change of seasons, deceptions also increase.

[Text]

I believe we can. banks are for deposit and withdraw of money. In crypto circle, miners can do the same with largely transparent information. who needs banks?

Yes, we use the bank to transfer our money, send and receive money.  It is also possible for us to live with that crypto if it can completely replace the fiat currency and if the various users of the currency will use and accept the use of crypto such as stores, establishments, institutions, and so on.  But isn't it better for them to just co-exist for the effective use of money, now we are thinking more about the ease and convenience.

[huff87]

If you live in developed country, 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. If you live in a city, you must get a bank account.

[AndySt]

I believe we can. banks are for deposit and withdraw of money. In crypto circle, miners can do the same with largely transparent information. who needs banks?

Yes, we use the bank to transfer our money, send and receive money.  It is also possible for us to live with that crypto if it can completely replace the fiat currency and if the various users of the currency will use and accept the use of crypto such as stores, establishments, institutions, and so on.  But isn't it better for them to just co-exist for the effective use of money, now we are thinking more about the ease and convenience.

I would like to clarify that fiat currencies and banks are slightly different things and are not quite identical, and the same banks, subject to the permission of the financial regulator, could well perform operations with cryptocurrencies. The role of the banking sector is not only limited to serving the average citizen in transactions with cash, but also banks play a crucial role in the accumulation and distribution of cash flows between various enterprises and organizations.

[ene1980]

I would like to clarify that fiat currencies and banks are slightly different things and are not quite identical, and the same banks, subject to the permission of the financial regulator, could well perform operations with cryptocurrencies. 

The reason we are using bitcoin and other cryptocurrencies is to avoid a third party to hold our coins and suppose the financial regulators allow them to transfer cryptocurrencies, what is the purpose when you do not need a third party. You can start a locker system to safe guard your coins in their vault which is much safer if you are holding huge amounts.

[Abiky]

It seems to me that if the state completely abandons banking services, then every person can do without a bank account. But since today a lot in a person's daily life functions with the help of bank accounts, including salaries and utilities, it is impossible to do without a banking system at the moment. In any case, everything will depend in the future on the planned policy of the government itself.

That's certainly true, mate. The odds of the government abandoning banks are very slim. They're too big to fail, even with crypto/Blockchain tech in play. I can't imagine how libertarians will be able to live without Fiat money. Like it or not, everything moves around Fiat instead of crypto. The latter was meant to be an alternative than a replacement of the current monetary system. At least, people can rely on the decentralized economy in times when national currencies (Fiat) are being debased by the government. Crypto is being considered by many as a safe-haven against the traditional monetary system empowered by mainstream banks. While its level of adoption is nowhere near that as Fiat, it still has a respectable number of people supporting it.

Nonetheless, we must admit that living without banks is just a dream. As I've said many times, you can live without crypto but not without banks. It seems to me that crypto and Fiat will co-exist in the mainstream world for many generations. Just my thoughts

[Nunoluck]

I think it still possible but it will need very long time to see that happen. Since many people using bank to make transactions, bank become a very important thing for their life. For example an exporter need bank to help the transactions between exporter and importer which the bank also help them to send the documents that is necessary for their countries regulations. It's also about tax, permission, and government regulations. They can use bitcoin for their transactions and leave bank as long as the government make a regulations about this. I personally don't like bank since it's offer loans with interest, it's not good for economy, also for me countries who print money regardless the amount of gold is a criminal because it make inflation.

[geegaw]

I think it still possible but it will need very long time to see that happen. Since many people using bank to make transactions, bank become a very important thing for their life. For example an exporter need bank to help the transactions between exporter and importer which the bank also help them to send the documents that is necessary for their countries regulations. It's also about tax, permission, and government regulations. They can use bitcoin for their transactions and leave bank as long as the government make a regulations about this. I personally don't like bank since it's offer loans with interest, it's not good for economy, also for me countries who print money regardless the amount of gold is a criminal because it make inflation.

I don't understand why you don't like banks just because they lend with interest, don't forget that this is a service, an organization and a business, they are not a philanthropist, therefore, the interest rate on each loan is essential for them to stay active and thrive, bank staff also need money to live, you can't just think for yourself, it is quite selfish. And now, the services that involve banking are too many, they will evolve over time when more people use more to create convenience in life, we cannot live without them when they are holding our money every month

[Jemzx00]

I think it still possible but it will need very long time to see that happen. Since many people using bank to make transactions, bank become a very important thing for their life. For example an exporter need bank to help the transactions between exporter and importer which the bank also help them to send the documents that is necessary for their countries regulations. It's also about tax, permission, and government regulations. They can use bitcoin for their transactions and leave bank as long as the government make a regulations about this. I personally don't like bank since it's offer loans with interest, it's not good for economy, also for me countries who print money regardless the amount of gold is a criminal because it make inflation.

Banks has many uses on very government not just for transaction such as what you've said regulations and taxation. Every citizen of one's countries needs to pay for their taxes where every governments get their funds to which banks are essential for. For me, the chances that a government will survive without banks is very very low.
Anyway, may I know the reason why loans with interest is not good for the economy? Isn't normal that loans should have interest as those money can be used in various ways instead on loaning to someone without interest.

[kawetsriyanto]

I think it still possible but it will need very long time to see that happen.

How long? Will it really happen after several years in the future?
I personally have no idea about this since I think people will keep the banks as long as the world financial system is still like today. Surely we will have digital money in the future, but it doesn't mean to replace the function of banks. In my opinion, the bank isn't only functioned as an institution to produce fiats, it also has many roles in financial and economic sectors.

[kramchers]

Since 2014 up to the presence, I never use any bank account although, I tried to attempt to apply for an open an account but they declined or rejected me when I told them that my only resources of income was Bitcoin trading and cryptocurrency, but they are noob about it all they wanted is the certificate I worked that who gave me a salary and I said I don't have a boss and I'm not employed. Until I loss my eagerness to apply in the bank. Therefore, up to the present I lived and supported my family without banks.

[AndySt]

I think it still possible but it will need very long time to see that happen.

How long? Will it really happen after several years in the future?
I personally have no idea about this since I think people will keep the banks as long as the world financial system is still like today. Surely we will have digital money in the future, but it doesn't mean to replace the function of banks. In my opinion, the bank isn't only functioned as an institution to produce fiats, it also has many roles in financial and economic sectors.

You can do without many things in life, another question is whether this will make our life more convenient Ordinary citizens may have a lot of complaints about the activities of banks, but as long as there is such a thing as money, there is a need for specialized organizations whose activities are directly related to monetary transactions, and banks are an example of such organizations.

[Rengga Jati]

Honestly, I really really want to avoid living with Bank and really want to avoid everything related to banks.
However, in fact, it is impossible (at least for this era in my country). Bitcoin itself is still not legalized as money for payment, only as a commodity digital asset. And if everything related to the rules and regulations by the government, it must be obligated.
Well, today, banks still become the central if related tot he financial systems and currency. NAd we must follow the law in our country

[kinvan f]

The role of banks is to gather idle funds and then lend to enterprises or make investments.
Banks can aggregate the money that people don’t use temporarily, and attract people to make deposits in the bank by issuing interest.
At the same time, through the business of lending to enterprises, fees and interest are charged to make profits.
In summary, banks are an important intermediary system for capital flows. It is hard to imagine a world without banks.

[Text]

Since 2014 up to the presence, I never use any bank account although, I tried to attempt to apply for an open an account but they declined or rejected me when I told them that my only resources of income was Bitcoin trading and cryptocurrency, but they are noob about it all they wanted is the certificate I worked that who gave me a salary and I said I don't have a boss and I'm not employed. Until I loss my eagerness to apply in the bank. Therefore, up to the present I lived and supported my family without banks.

You grabbed my attention because of the story you shared.  It's just amazing and I don't know how you were able to survive without a bank account even though you are moving and you are still part of the majority system.  I also don't know which country you come from.  So how do you spend your crypto assets especially Bitcoin on daily necessities like food, paying bills, and so on?  Maybe you used an ATM to cash out your money?  And of course, you still need to convert that to fiat so you can benefit.  Maybe you haven't been able to buy food at your local store using crypto, right?  Herewith us, some banks are strict and do not consider crypto as money so I know the situation you have.