Do you still use Banks ?

[Ojima-ojo]

Over here in Nigeria, crypto credit or debit cards aren't that popular at the moment, Infact, it's just a very few number of persons that are using it, and even at that, they still use their banks.

So, in all honesty, we over here still need and use the bank, because even with p2p trades, we still need to bank to facilitate local transfers from a buyer to a seller, as there is no other means of doing this at the moment.
But then, I am particularly hopeful that as cryptocurrency continues to develop and gain acceptance around the world, we definitely will come to the stage where one will be able to totally carry out transaction without ever getting the banks involved in any way.

[Raflesia]

Do you think banks not working reliable any more ?

I think banks function quite reliable in my country. But there are too many banks here, there are too many options for banks. As far as I know, most people in my country still feel satisfied with bank services. The main problem is still related to bank loan interest, but people sometimes have no other choice.

I think the concept needs to change a little bit because it's not that we are in crypto we should always say banks are a mistake and we shouldn't be there.
Until now, what I feel about the banks that are happening and what I see from some people who are in crypto is that they always feel that being in the bank is a mistake even though if it is examined more closely as long as there are still uses that we can use why not. We cannot close ourselves to one side because we are on the other side and in this concept, in my opinion, it is the same because we also cannot completely close ourselves not to be in the bank only we stand in crypto because as long as both can still be used why not because it is to support life so that we are better.

[macson]

We have cryptocurrency you still use Banks ?
The bank online many times not working slow Also i want to transfer fast to Canada to russia i cant do that or india to USA i cant do that i need instantly.
Also i asked money my bank dont give so If the bank don't help me to get rich then i dont need them.
Do you still use Banks ? Im using only cryptocurrency debit cards and they always work better than bank.
So Im still surprised If anyone still use Banks they are old

Do you use more crypto or banks for your daily or average transactions ?
Do you have had problems with hackers or someone steal money from your cryptocurrency or bank
Do you think banks not working reliable any more ?

I teach all my family to use cryptocurrency becouse i dont trust Banks and i think If you can tell your bank mind your business you are scam i told my bank If you not give me loans or credit i dont need you and i close it

i could say that almost 90% of the transactions i make still rely on banks, that's why i can't leave the bank and switch 100% to cryptocurrencies, another factor that influences me not being able to switch 100% to cryptocurrencies is because i still haven't Many merchants accept payments via cryptocurrency, this is also influenced by regulations regarding cryptocurrency in my country, i once accepted payments via cryptocurrency in my business but the response from customers was very bad, they thought cryptocurrency was a thing which is not normal if used as a means of payment.

[Hispo]

Yes, I still use banks.
Basically, I do it because here in my countries it is pretty much necessary to be able to manage FIAT and centralized assets through centralized services. Though, which it is quite ironic keeping in mind there has been a very bad history here in my country when comes to banks and centralized services.
We have gone through periods of time when people here has nor been able to withdraw all their money because very right restrictions on cash, pretty much nonsense.

Anyways, hopefully in the future there will be less dependence of my people on centralized services and and banks here in Latin America. Fortunately, Bitcoin and other cryptocurrencies are gaining steam each year that passes by.

[johnsaributua]

Yes, banks are older than crypto but it doesn't mean that banks don't update their services and security, they have strong management and development teams that can maintain systems or upgrade services, in terms of customer service and complaints banks give more space even for transaction errors or fraud, right? I mean stolen funds can be found and frozen, with the databases that banks have.

Crypto is decentralized, they are the opposite of countermeasures, I mean you know what's going on and all actions are in your hands, including confidentiality and sent transactions.

The security tips of the two currencies are of course broadly the same, do not click on random links, keep personal data on paper protect your confidentiality.

In terms of value, it is different because crypto is not controlled and supply is mostly limited, and in terms of getting crypto it is easier by hunting bounties (optional).

I use a bank to convert Fiat to Crypto, and vice versa, and keep both finances split 50% sometimes more, to facilitate cross-world transactions.

[AVE5]

As it stance, Bitcoin is an alternative means to make financial transactions but it has more potentials of assets which is basically a P2P  transactions demands so since most Person's still have doubt while some are totally strange and has no interest about Bitcoin, more of financial transactions are made of the fiat banky currencies.
At my end here, appreciable number of conventional traders are yet to be accepting bitcoins payments in their business so basically, in as much it is just few that do accepts Bitcoin for payment, I uses more of the fiat for my payment transaction outside the world of Bitcoin and Crypto currencies in general.

[serjent05]

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That is a good endeavor @OP but the problem is not all merchants accept cryptocurrency.  Like the one online shopping site where most of us in our local use. They do not accept cryptocurrency so how can I transact with them if I don't have a bank account?  Cash in delivery might be an option but how can you pay them if we put our money in cryptocurrency or our source of income is majorly paid in cryptocurrency?  One way or another, we will be forced to use banks for money conversion or transfers.  And I don't find it wrong to use banks for such a purpose.  It is that I don't use bank for savings or keeping my money though.

[Fara Chan]

You raise a fair point that today's banking systems frequently lag behind what customers truly require.  However, I don't quite follow your statement about crypto payments lacking legalization in specific countries.  People globally already utilize cryptocurrency for transactions, even where formal legalization is still pending.  The primary benefit of decentralized digital coins is that no government or bank wields control over them.

Because control over decentralized digital coins is still not held by the government or by banks in most countries in the world, this makes it easier for every bank user to make transactions on whatever exchange they want. So this can also be a special benefit for crypto users at this time because decentralized digital coins are controlled by every government and bank. Of course there will be many regulations that can prevent every bank user and cryptocurrency user from complying with what the government says.

So each user is no longer free to carry out transactions as they wish, so I think it would be better if decentralized digital coins were not controlled by the government or banks so that there is a little freedom for users in terms of transactions and it doesn't make it more difficult for them when making transactions. Moreover, currently there are many regulations that can be changed by the government if they do not benefit the state in the new aspects that are introduced into the economic sector.

[panganib999]

I'm part of the select few (although not really few so to speak) who still has a foot in the banking industry. Most of the money that I have on file is stored and saved in fiat, while the money that I have in bitcoin and crypto, I use for investments and for passive income. The thing is that, hateful and inferior as banks are, they offer something that you can't find in bitcoin, and that is "insurance". You find a bitcoin wallet/platform provider that offers that kind of option for you and I'll immediately switch all of my assets into bitcoin, til then my money stays where it is. And to top it all off, the rest of the planet is still working in dollars, so if you want to live a fulfilled life and enjoy the perks of your income, might as well increase your credit limit by letting the banks trust you as time passes by.

[WillyAp]

I'm part of the select few (although not really few so to speak) who still has a foot in the banking industry. Most of the money that I have on file is stored and saved in fiat, while the money that I have in bitcoin and crypto, I use for investments and for passive income. y.

I think the part of  I use for investments and for passive income what make only a few while still has a foot in the banking industry. are plentyful in the forum. I daresay that very few can go and buy tomatos over a direct wallte to wallet exchange.

What do you invest in mostly? If you don't mindme asking 

[harapan]

Yes, I still use the banks. I still use fiat and as far as you fiat you still use the banks because it's the banks that distribute the fiat you use. How am I going to use only Bitcoin when a lot of people and businesses don't accept btc?
For a person to use only Bitcoin then everybody he deals with is digital and also accepts Bitcoin and currently, it's very difficult to see that. It's easier to use Bitcoin online to fund casino accounts and pay for other services, but offline, very few people accept Bitcoin.
Currently, it takes less time for a fiat transaction to be completed than a Bitcoin transaction except you're ready to pay the network fee.

[wiss19]

I do, and it's not because I like them but it's because I need them. Bitcoin and cryptocurrency transactions are not very common yet. In most parts of the world, you can't make a single purchase using Bitcoin or cryptocurrencies, so I don't see any reason for me or anyone to have no access to cryptocurrency debit cards or shops and stores where those debit cards can be used. Banks, despite all their problems, are still a big part of our financial lives and we can't help but accept it.

Bitcoin and other cryptocurrencies can only be used as an alternative for banks if all the things that are done with cash or cards right now are possible with Bitcoin and cryptocurrencies. I wouldn't bother using a stablecoin for my groceries if they are accepting it but if they don't, I don't have a choice.

[mamesso]

There are many reasons why I still use banks today as a means of saving my money, even though the amount of money I save there is not very large, the presence of money in the bank can make it easier for me to buy daily necessities. Having assets in the form of Cryptocurrency does not mean we cannot use banks or other platforms to store money. There are times when assets in the form of Cryptocurrency should not be disturbed, such as when transaction costs are large or the price is declining.
Around where I live there are no Cryptocurrency debit cards available to make it easier to carry out small transactions, so we always have to hold fiat money to buy things we need.

[sokani]

~

Is there anyone who can live without using fiat? I doubt it because there are things you cannot buy using crypto and there are services you cannot pay for using crypto. For instance, when using a public transport, you cannot pay your transport fare in crypto, you cannot pay artisans like a plumber, barber etc. in crypto. You cannot buy food stuffs in the market in crypto. Perhaps, in developed country but still not 100%. I think the only place you can live completely on crypto is El Salvador. So banks have their challenges but are still important.

[Crypto Library]

We have cryptocurrency you still use Banks ?
<~~~~~~~>

Yes I also consider BTC more transtable than the banking system. However, in the current context, the situation has not reached that stage that we can give up the banking system or use of banks. One of the main reasons is that Cryptocurrency is not legal in all countries of the world, in my own country Cryptocurrency is illegal and the government is already arresting people associated with it. So in those countries, it is impossible to imagine buying anything using cryptocurrency in his daily life.
Moreover, if you notice that the world's big giant e-commerce sites have not yet accepted Cryptocurrency, in this case, when we order various products to fulfill our daily life needs, most of them have to be paid by fiat currency through our bank. Yes I have been a victim of hacking using cryptocurrency and lost quite a bit of money, but I think it was due to my own carelessness here. Because of this, my trust in cryptocurrency has not decreased a bit.

[m2017]

We have cryptocurrency you still use Banks ?
<~~~~~~~>

Yes I also consider BTC more transtable than the banking system. However, in the current context, the situation has not reached that stage that we can give up the banking system or use of banks.

If we even get to that point. Even if there are no banks over time, their place will be taken by the central bank with its CBDC, which people will be forced to use for both everyday purchases and online purchases.

One of the main reasons is that Cryptocurrency is not legal in all countries of the world, in my own country Cryptocurrency is illegal and the government is already arresting people associated with it. So in those countries, it is impossible to imagine buying anything using cryptocurrency in his daily life.

I doubt that Cryptocurrency (bitcoin) will ever (in most countries) be made a legal means of paying for goods and services. CBDC (surrogate cryptocurreny) is being prepared for this role.

Moreover, if you notice that the world's big giant e-commerce sites have not yet accepted Cryptocurrency, in this case, when we order various products to fulfill our daily life needs, most of them have to be paid by fiat currency through our bank.

It would seem an amazing phenomenon. What is the problem for e-businesses to integrate “electronic digital money” (bitcoin) to accept payments? But we still have to use the services of banks or other alternative services (like PayPal). So far, cryptocurrencies don't fulfill their direct function.
 

Yes I have been a victim of hacking using cryptocurrency and lost quite a bit of money, but I think it was due to my own carelessness here. Because of this, my trust in cryptocurrency has not decreased a bit.

Not being able to use a (financial) instrument correctly and for its intended purpose doesn't mean that this instrument is bad.

[inthelongrun]

Yes, I still use banks.
Basically, I do it because here in my countries it is pretty much necessary to be able to manage FIAT and centralized assets through centralized services. Though, which it is quite ironic keeping in mind there has been a very bad history here in my country when comes to banks and centralized services.
We have gone through periods of time when people here has nor been able to withdraw all their money because very right restrictions on cash, pretty much nonsense.

Anyways, hopefully in the future there will be less dependence of my people on centralized services and and banks here in Latin America. Fortunately, Bitcoin and other cryptocurrencies are gaining steam each year that passes by.

Good to hear about an experience from that side of the world. I do not know Latin America's banking system is so strict. The region though is very big, I only expected strict laws in Columbia and Mexico where illegal drugs and underground activities are rampant.

I did hear about a lot of potential in Latin America for crypto. Nicaragua is the first country to legalize bitcoin. There are also rumors that big-time miners are planning to relocate their plants in the region. Also, I heard about some schools in Argentina adopting bitcoin and crypto in their educational curriculum.

Here in Southeast Asia, banks and their other financial subsidiaries are still very important for regular transactions. Crypto is also growing but probably unlike your region except for Singapore.

[Inwestour]

Is there anyone who can live without using fiat? I doubt it because there are things you cannot buy using crypto and there are services you cannot pay for using crypto. For instance, when using a public transport, you cannot pay your transport fare in crypto, you cannot pay artisans like a plumber, barber etc. in crypto. You cannot buy food stuffs in the market in crypto. Perhaps, in developed country but still not 100%. I think the only place you can live completely on crypto is El Salvador. So banks have their challenges but are still important.

In El Salvador, you also won’t be able to pay for everything with cryptocurrency, because not everyone accepts it. Yes, you are right, we will not be able to pay for our daily needs with the help of cryptocurrencies, for most countries at the moment it remains impossible to even pay for some major needs, like refueling a car or something like that. I think that’s why they want to introduce CBDC and show their advantage over Bitcoin.

[terrific]

In El Salvador, you also won’t be able to pay for everything with cryptocurrency, because not everyone accepts it. Yes, you are right, we will not be able to pay for our daily needs with the help of cryptocurrencies, for most countries at the moment it remains impossible to even pay for some major needs, like refueling a car or something like that. I think that’s why they want to introduce CBDC and show their advantage over Bitcoin.

That's why banks are still needed.
We can't remove the fact that even if let's say that there will be 80% of adoption for Bitcoin, there will still be people that prefer to stay with fiat and businesses as well.
You can't everybody with this piece of tech and new money that we're dealing with and spreading the word across the world. That's the reality.

[alankasman]

In my understanding, there is no need to be surprised that as long as crypto payments are not legalized by a country, so long as people still use banks and I am here to this day still using banks.
People are well aware that the bank system is too complicated and often not what we want even though the money stored in the bank is ours.
If I want to make a transaction without using a bank to another country, I can do it using crypto without needing to announce to the relevant parties that I am doing it.

Aside from this, the OP probably didn’t notice that bank is still involved even on crypto debit card that he is using since this payment processor is partnered with bank just to make the crypto debit cards to withdraw crypto to fiat.

Using bank is inevitable because crypto is not a legal tender globally. Maybe we can’t use bank for storing most of our funds because we can’t flush out of the system the use of banking system when fiat is still involves to spend our crypto.

You raise a fair point that today's banking systems frequently lag behind what customers truly require.  However, I don't quite follow your statement about crypto payments lacking legalization in specific countries.  People globally already utilize cryptocurrency for transactions, even where formal legalization is still pending.  The primary benefit of decentralized digital coins is that no government or bank wields control over them.

OP has his own rationale for why people still use banks when we already have cryptocurrency.
In some countries, the use of cryptocurrency and the use of fiat currency can be done simultaneously. Bitcoin ATMs located in a number of countries show that people are free to use both simultaneously with the advantages and disadvantages found.
In some countries, two types of transaction systems cannot be carried out simultaneously because they are regulated by state regulations.

This is not about the system. When it comes to systems, then the banking system is too bad for me to mention. But this is about value.
Money stored in the bank no longer belongs to us but to the bank. Storing money in the bank is also not a good option as a store of value.