As long as you live in a country you will be taxed. That tax will be charged in fiat. It would be great if you pay it in crypto, and maybe third parties will pop up, but I can't see governments letting that go.
And also in many areas more than 50% of the population is dependent on government money, either public sector jobs or welfare of some sort. That money is always going to be paid out in fiat.
I could easily switch to pure crypto right now. I don't have any loans, overdrafts or direct debits of any note, nor am I paid into a bank account. All I'd need is places accepting it. But I would not leave behind a proper bank account and switch to a crypto debit card for the moments I needed that. None of them are competent or dependable enough.
And also in many areas more than 50% of the population is dependent on government money, either public sector jobs or welfare of some sort. That money is always going to be paid out in fiat.
I could easily switch to pure crypto right now. I don't have any loans, overdrafts or direct debits of any note, nor am I paid into a bank account. All I'd need is places accepting it. But I would not leave behind a proper bank account and switch to a crypto debit card for the moments I needed that. None of them are competent or dependable enough.
Exactly. What's "killing" crypto right now, is the lack of adoption in the mainstream world. Fiat is still "King" for mainstream finance, considering how many merchants and businesses accept it worldwide. Maybe it is this way because Fiat is stable in price, whereas Bitcoin and other cryptocurrencies are not? As long as Fiat continues to dominate the world's economy, it'll be quite challenging to live without banks.
Crypto works more as a "complement" to traditional banking than anything else. If you want to live a steady financial life, it's best that you leverage the benefits of both crypto and Fiat. Anyone can live without crypto, but not without a bank. As you said earlier, most jobs are paid directly in Fiat through a bank account. The number of jobs available in crypto land compared to those available in the real world, is very low. Most people want to be paid in a currency that's stable enough for daily payments. Crypto's volatility in price greatly defeats its purpose as "digital cash". Until this issue is solved, I don't see the possibility of living without a bank. Taxation is another "situation" that cannot be avoided since we need to depend on government money to survive one way or another. Crypto may have its benefits, but still has a long way to go before it becomes truly independent (if ever) from the traditional monetary system. Just my thoughts
