Is it possible to live without banks?

[GloriaG00586]

Simon Dixon summed it up in "A World Without Banks": It (the bank) owns your money, spends your money, and creates your money.

Simon uses very provocative language to summarize the "strongly centralized" financial industry of banks, because he has a strong enthusiasm to promote the financial industry that he believes is facing the future, especially crowdfunding.

[patientforzhou]

Maybe you didn’t expect that there are still 2 billion adults living in a world without a bank account. For them, whether they have a bank or not, it’s just us.

[Spaffin]

Of course, each person has his own relationship with banks and he has his own answer to the question posed. The average person always takes some kind of home appliances in installments, takes a house on a mortgage, receives a salary or pays bills to public and private companies, and all this happens with the help of a bank, and at the same time all these factors connect a person with not one bank, but with many.
Although in order to become independent from the banking system, you first need to gain independence from the state.

[geegaw]

Of course, each person has his own relationship with banks and he has his own answer to the question posed. The average person always takes some kind of home appliances in installments, takes a house on a mortgage, receives a salary or pays bills to public and private companies, and all this happens with the help of a bank, and at the same time all these factors connect a person with not one bank, but with many.
Although in order to become independent from the banking system, you first need to gain independence from the state.

And finally, the answer is still not possible when we are living in a country and relying on that country to live and thrive, living independently with them is just the way that we destroy our career path and the relationships we have, one won't be able to go too far, that's what I often hear. Next, banks are the center of transactions in a country, almost all of our assets need the presence of banks, even when we are in difficult circumstances, they can become resources to help us, if we live without banks, resources to sustain life will not appear

[Bitcoinsummoner]

Maybe you didn’t expect that there are still 2 billion adults living in a world without a bank account. For them, whether they have a bank or not, it’s just us.

You are right there are not available 2 billions adult people who are not using or who are avoiding bank. Almost all the people are using bank directly and indirectly. Even we cant think our normal life without banking system. Even we cant pass a single week without depending on a bank.

[Obito]

Maybe you didn’t expect that there are still 2 billion adults living in a world without a bank account. For them, whether they have a bank or not, it’s just us.

That means that there is a possibility to live without banks since an estimate of 2 billion adults do not have a bank account. I too do not have a bank account but I am planning to have one in the future, it is a good hedge for inflation but not for investment although your money is safe. It is possible to live without banks but if you are earning a lot of money or you have a business, then you bet your ass that you better have a bank account.

[Swopon]

From banks, you will get an utmost security system for your daily life to spend money which is absent in cryptocurrency compared with the cash and cashless society. Bank is known as cash or limited system of cashless system where cryptocurrency is totally created for a cashless society.

In the current world, it is still not established the cashless society properly so we already depends in banking system. Currently, it is not possible to live without banks but in future the system can be changed and high possibility of that change can be happened.

[cyriljundos]

yes it is possible to live without banks but it is hard for us to keep money and probably many criminality will happen if we dont have any banks. as of crypto currency like digital payment we can use it also as alternative to store are money but if i have to decide i think we need to balance the digital currency and physical cash so that it is easy for us buy and much safer.

[josgandosbro]

It not possible. The bank connects them all bank. So it not easy. Coming the future is possible. But all people will know the bitcoin. If reach the bitcoin all people then easy to use and economically country will be growing. So the bank is important for all counties. So it not easy to change anything. coming future it will change slowly.

[baeva]

Maybe you didn’t expect that there are still 2 billion adults living in a world without a bank account. For them, whether they have a bank or not, it’s just us.

You are right there are not available 2 billions adult people who are not using or who are avoiding bank. Almost all the people are using bank directly and indirectly. Even we cant think our normal life without banking system. Even we cant pass a single week without depending on a bank.

We may live for a week, but how long will you receive fiat for your stay? And the main question is where does this come from? In the modern world, almost no one pays acceptable wages in fiat, only transfers to a bank card

[Rehan Zakir]

Banks keep our money safe. Keeping money at home is not a safe way. That why we keep our money in banks.
But due to COVID-19 virus, there are many thing that have been changed. The world economy has been changed. So, keeping money in Bitcoin is more better than in banks.

[DrBeer]

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?

So far, the use of cryptocurrencies as a full-fledged, high-quality alternative to fiat and the banking system looks like a transition to payment with cowrie shells or other monetary surrogates. The reason is trivial - decentralization and some technological problems (for example, erroneous sending of tokens to a non-existent address) do not allow the implementation of a full-fledged, self-sufficient financial system on today's cryptocurrencies

[AndySt]

So far, the use of cryptocurrencies as a full-fledged, high-quality alternative to fiat and the banking system looks like a transition to payment with cowrie shells or other monetary surrogates. The reason is trivial - decentralization and some technological problems (for example, erroneous sending of tokens to a non-existent address) do not allow the implementation of a full-fledged, self-sufficient financial system on today's cryptocurrencies

For any full-fledged independent financial system based on cryptocurrencies, the will and desire of any state is needed in this regard, and there are very big doubts about this, because no statesman in his right mind will create or contribute to the creation of a parallel financial system that would compete with the traditional fiat system.

[hahay]

It not possible. The bank connects them all bank. So it not easy. Coming the future is possible. But all people will know the bitcoin. If reach the bitcoin all people then easy to use and economically country will be growing. So the bank is important for all counties. So it not easy to change anything. coming future it will change slowly.

Anyway, banks will still exist because not everyone uses bitcoin, even though bitcoin continues to be popular but in reality they just think it is a way to get rich, so it is possible that there are still many people who are reluctant to use bitcoin. Living in an era of technology that continues to develop at least requires people to use a bank for several purposes, although its use is not mandatory for some people, but in reality there will be a bill or something else that at least requires them to use a bank.

[DrBeer]

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.

I beg your pardon - what country do you live in? I am honestly surprised to hear about this behavior of the bank. The only assumption is that in your country cryptocurrency is outlawed and under special control, there is probably no other explanation for this behavior. For your refusal to open an account and receive a card, there are only reasons associated with a high risk of violation of the legal framework. In all other cases, banks are interested in expanding their client base and raising funds.

If we return to the question of "life without banks" I will answer this way - yes, you can live without banks. And you can also live without utilities and electricity, without cars and ready-made clothes, without grocery stores and intercity transport. It is possible, but very, very inconvenient ...

[Abiky]

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.

One way or another, we're forced to use banks for day-to-day payments. Salaries are paid in Fiat, while government services only rely on Fiat as payment method. It's quite difficult to live without a bank as nearly everything depends on Fiat. Crypto hasn't grown to a point where it's independent enough from the current monetary system. The wild fluctuations in price, along with limited adoption by merchants and businesses alike, makes living only from crypto a dream.

Nonetheless, we have to accept the fact that banks aren't going anywhere. These financial institutions still dominate the mainstream economy, even with crypto/Blockchain tech in play. With the recent announcement of launching new digital currencies for the public, it seems to me that both crypto and banks will co-exist for a very long time. As long as governments force the use of Fiat for day-to-day transactions, it'll be impossible to live without banks. Just my thoughts

[DrBeer]

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.

One way or another, we're forced to use banks for day-to-day payments. Salaries are paid in Fiat, while government services only rely on Fiat as payment method. It's quite difficult to live without a bank as nearly everything depends on Fiat. Crypto hasn't grown to a point where it's independent enough from the current monetary system. The wild fluctuations in price, along with limited adoption by merchants and businesses alike, makes living only from crypto a dream.

Nonetheless, we have to accept the fact that banks aren't going anywhere. These financial institutions still dominate the mainstream economy, even with crypto/Blockchain tech in play. With the recent announcement of launching new digital currencies for the public, it seems to me that both crypto and banks will co-exist for a very long time. As long as governments force the use of Fiat for day-to-day transactions, it'll be impossible to live without banks. Just my thoughts

Since we are talking about banks in the field of cryptocurrencies, I will assume that in the near future:
- cryptocurrencies will not replace banks
- banks will begin to actively and widely use blockchain technologies, albeit without full decentralization
- blockchain solutions can become a practical replacement for payment mechanisms, and will appear in every mobile phone, or IoT device.
- Classic cryptocurrencies and crypto protocols will continue to evolve, giving rise to solutions that will be partially borrowed by the banking sector.
- The crypto solutions themselves will continue to develop and expand the capabilities of, in a sense, an isolated environment of the crypto world.
- Between the real world + the banking sector, more "bridges" will be built than crypto-exchanges, other schemes of interaction between the two "worlds" will appear

[Bitcoinsummoner]

Maybe you didn’t expect that there are still 2 billion adults living in a world without a bank account. For them, whether they have a bank or not, it’s just us.

And if yet if there is two billion people who doesn't have a bank account of his/her own but most of the people are taking the benefit from a bank either that is directly or not. But it is not impossible to live without a bank as ancient time or before the discover/invent of bank people lived without a bank.

[bvoriue]

In the bank, we have many facilities, we can pay directly by debit card or other.
So now the bank is not talking about saving anymore, but the bank is just a kind of wallet. Simply put, we don't need to carry cash, just bring a card. So that convenience is what we are looking for, I don't need to worry because bring a lot of money.
It seems I can't live without a bank.

[acener]

Well there are so many people who didn't even bother on creating or having a bank account so I don't see a problem with it,
It is up to us if we want to use them or not it isn't mandatory to have one.
For example most of the seller at our wet market doesn't have a bank account but they are living normally so there seems to be no problem at all if you don't want to use banks our want to live without banks.