Without banking bitcoins will be work

[Cryptmuster]

Where I come from (and in other countries in Latin America) you can buy bitcoin directly by joining a Telegram / Whatsapp channel of people who are looking to either sell or buy.

That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.

Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.

I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.

Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.

This is a normal process when a thinking person understands that banks are not very reliable structures. It is clear that a modern person has to interact with the financial system, but this is not mandatory. For me, bitcoin at this stage is only an investment, I buy it and keep it, because I believe that in the future it will be very expensive and then I will use it, but for now, only hold.

Previously, there was an office in my city where you could buy bitcoin for cash, it was very convenient. Now, unfortunately, it has closed and I don’t know if we still have such exchangers.

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[Pmalek]

You don't need banks to be connected with Bitcoin and they aren't. When people think of Bitcoin and banks they are only talking about finding a way to convert their BTC into fiat and depositing that into their bank account. But that's not the complete picture and you don't have to do that. In the past, people traded sea shells, meat, crops, fur, salt and anything that was in demand and had a market. And the system worked. Bitcoin has reached a stage in which there is demand for it, so you don't need banks. You will be able to find plenty of people to give you cash for it (if that's what you want) face-to-face or via decentralized platforms. 

[Bitstar_coin]

Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.

To be honest, it will be hard, as long as you are selling btc to fiat  bank is required one way or another, even if you go through the p2p (person 2 person meet up) process you will still need bank as the 3rd party, imagine you are to sell $50k worth of btc to fiat and assuming you are from a third world country where the value of the local currency is lower than usd, you will discover the $50k btc will be a lot of cash that can not be handed over from buyer to seller over the counter. in this case, bank is required to complete the transaction.
I don't see how bank will not be involved as long as fiat is involved too, except there is complete adoption of btc for payment worldwide.

[fiulpro]

Hi
Your information is not sufficient to provide a valid response but I do think what you are asking is : if we would be able to use Bitcoins without the banking system. Long story short : YES
You can always use P2P transactions but it would depend upon your community and the people who are willing to engage in them therefore you would have to find people who would like exchanging coins. Some people would defiantly prefer doing it in terms of fiat as well. I do think that we should understand that banking system is a very good match for Bitcoins since they are able to instantly withdraw/deposit/trade/find multinational currencies, for me banking system is defiantly not that personal since all the information is collected and you still have to pay taxes on it but it's definitely very usable.

[fzkto]

There are now exchange offices in almost every country, in every major city, just as there are on-line exchanges. So exchanging bitcoin for cash or buying bitcoin is easy. The only negative thing in such cases is that most exchangers require verification, which for me personally is not very acceptable. Banks apart, bitcoins apart.

[zaesvlas]

It is quite expected that over time the share of this will grow higher and higher. I think everyone understands this very well.

[Jasad]

Trough we are still need cash money I think still need bank and can't working bitcoin depending its self without have bank as third side how to help your deposit and withdrawing to be cash money. I don't see bitcoin as accepted payment on every country and not have reason to reject bank although have option later with bitcoin as legal currency payment transaction. During still need money for transaction this way for getting bank as third part how to convert bitcoin to be cash money or from cash money to buy bitcoin.

[GeorgeJohn]

Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.

This your suggestion prompt me to come in conclusion that bitcoin can't take over or eliminate the uses of fiat currency, banking system does not give any support to cryptocurrency but fiat currency gives support to cryptocurrencies... what we should have known, is that Bank is a domain whereby money or fiat is been regulated or saved, the same thing is applicable to bitcoin, which wallet is the domain where Bitcoin is kept for period of time.. actually what you need to understand is that fiat is used for exchange of cryptocurrency which decentralized with a centralized currency been fiat. Both work with cooperation because they are all called currencies.

[Agbe]

In the future I believe there will be a machine to withdraw bitcoin and at that stage, the fiat currencies will give way to Bitcoin. And also Bitcoin Banks will be found everywhere on the Earth. As it is bitcoin chainblock is looking for a way to use the physical currency of bitcoin. As it is now, bitcoin can not be used without the fiat currencies because you must convert the bitcoin to fiat currency before you can spend it but as for the internet bitcoin is much more used than the local currency. In the Online you can pay and sell goods and services with bitcoin but for the offline, bitcoin is an alternative currency for the exchange of goods and services.  For now, bitcoin can not work without the fiat currency as hardcopy of the currency.

[virasog]

Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.

You need to know that currently, we need banks to change bitcoins to fiat in order for us to use the money as bitcoin is not available everywhere for payments.
However, consider for a moment that the fiat money exists no more and people only deal in bitcoins. In this case, we do not need any banks to change the bitcoins to paper money and vice versa.

[24Kt]

Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.

This your suggestion prompt me to come in conclusion that bitcoin can't take over or eliminate the uses of fiat currency, banking system does not give any support to cryptocurrency but fiat currency gives support to cryptocurrencies... what we should have known, is that Bank is a domain whereby money or fiat is been regulated or saved, the same thing is applicable to bitcoin, which wallet is the domain where Bitcoin is kept for period of time.. actually what you need to understand is that fiat is used for exchange of cryptocurrency which decentralized with a centralized currency been fiat. Both work with cooperation because they are all called currencies.

We will always have the fiat system and I am not seeing this to be eradicated in the next decade or so. The bitcoin or crypto adoption will grow but fiat system will remain. And right now, based on the OP's question, which by the way, he needs to revise his poll question as well as the title thread. The choices should be Yes or No. But anyway, as we are seeing today, we can convert our crypto via p2p without the intervention of banks. But if we aim more adoption, participation of banks in this industry will pave the way for more crypto users.

[kawetsriyanto]

Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin.

If you mean to exchange Bitcoin for another pair, it doesn't need banks. You only need banks if you want to convert your Bitcoin to fiats and withdraw to your bank accounts. It is a usual process of withdrawal on CEX, sure it is connected with banks. But if you exchange or swap your Bitcoin on DEX, there is no need for any bank for sure. Well, if there is no bank, we still can convert our Bitcoin to fiats through P2P, Mbitr has told you the example above. And I think, there will be more ways to convert it to fiats in the future. This industry is always growing and developing fast, so don't be pessimistic about the Bitcoin future.  

[Oceat]

I don't get what do you mean and also about the poll it's kind of mixed up since you don't know what you were talking about. Bitcoin is not connected to banks or anything and I think what you meant is the exchange not the Bitcoin itself. Exchanges can switch Bitcoin to different currency depending on what currency they pair are available. And also Bitcoin is a decentralized currency which means no single entity is controlling it just like how the government control fiat in our country just like what the bank does.

[Darker45]

I don’t think banks will be gone. There might come a time when most banking services are offered by all kinds of crypto platforms like wallets, DeFi apps, and others, but the relevance of a bank won’t simply be erased. It remains.

Safekeeping is not everyone’s business especially when it involves huge amounts of money. Some people will have a better night’s sleep even if they’re not fully in control of their funds for as long they’re in an insured account in a bank.

And, of course, the banking system is dynamic. It could very well adapt to the changes of the times. Its importance is proven by history.

[Marvell1]

Bitcoin can still work without a bank but not having a bank to exchange bitcoin for fiat will cause us some problems. We can use P2P as an alternative to banking but if we are dealing with a large amount P2P will be an obstacle or the area you are in doesn't have many bitcoin investors then using P2P becomes very difficult. But through bank we can make transactions or withdraw money quickly and conveniently.

[adzino]

Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.

You probably don't even know how bitcoin or most of the crypto currencies work. You should start googling and learn about the basics of crypto currencies. I haven't heard that bitcoin is being connected with banking process. Even if it is, you don't have to use the currencies centralized way. If you do use "the centralized way", then yes, you won't have access to your coins the their services is unavailable.
If you decide to use bitcoin and not store your currencies in centralized exchange or institution, then you will always have access to your coins. You can sell them whenever you want through P2P trading.

[witcher_sense]

this is just my thoughts, we understand the value of Bitcoin as long as its compared to something which is fiat.
or how else would we comprehend the value of BTC?

It is because people have become so accustomed to the existence of fiat in general, and to the monetary system in its current form in particular, that it is now almost impossible for them to understand how to measure the value of things such as bitcoin without referring to the existing means of measurement coercively imposed by governments or by influential bankers. The answer, however, is quite simple: if we were suddenly deprived of the ability to transact in fiat, humanity would return back to a barter system, in which one type of good is being measured in terms of all other goods simultaneously and which is, therefore, rather very inefficient. But what is interesting about such a system of economic relationships is that it eventually creates the most saleable good - money. But given that people already know that bitcoin can be, and, in fact, already is money, the return to a barter system is highly unlikely. In that case, bitcoin would, from the beginning, be used as a means of exchange, and all the goods and services in existence would measure only in its terms. So, how would we calculate the value of bitcoin if fiat suddenly disappeared? If you can buy five cars with your bitcoin, then the price of bitcoin is five cars.

[so98nn]

If banks stopped working (which is unreal at the moment), then bitcoin ideally will loose all its value. There wont be any measure of unit to count the bitcoin value. For example, today we say bitcoin is worth 41,000 USD. What would you say after banks collapse?

I assume following case:
1) Bitcoin will still exist anyway
2) We will just pay each other in satoshi's. I mean we may start tagging prices like this: one chocolate bar 1.2 Satoshi's, one gallon diesel for 500 Satoshi's something like that.
3) Government will regularise the bitcoin everywhere since they have to have a National Treasury for smooth running.
4) Gold, Silver, Diamonds would be taken into consideration.

This is all hypothetical, because banks wont stop working. 

[uchegod-21]

If banks stopped working (which is unreal at the moment), then bitcoin ideally will loose all its value. There wont be any measure of unit to count the bitcoin value. For example, today we say bitcoin is worth 41,000 USD. What would you say after banks collapse?

In as much as I do agree with you that the banks are not closing down. But saying that bitcoin will be worthless without banks is not true. Bitcoin did not start existing because fiat and banks exist.
If you think that bitcoin value is tied to fiat, you can be wrong. If the banks and fiat does not exist, bitcoin can pair its value to gold or any other assets. So, fiat is not the lifeline of bitcoin.

So without banks bitcoin will work but it will be difficult to many people and also the rate of crime will increase.

[Little_Sister]

The banking system is impossible to disappear as long as electricity and satellites are around, if you imagine this will happen it means we are living back to the stone age. Then Bitcoin will also disappear, only traditional activities will remain without the help of any sophisticated tools, we have to light a fire with dry stone wood.