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?
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?
For now, the easiest gateway for us to convert and withdraw is through banks. Money remittances are also another option such as Western Union, Moneygram, etc. Here in the Philippines, we have GCash and Paymaya as other non-bank options for us to withdraw money.
The only disadvantage though is that these mobile apps are having monthly receiving limits. As for the banks, we can put as much money as we want. If we don’t want to get affected by high volatility of Bitcoin, Ethereum and other cryptocurrencies, you can put them in stablecoin wallets such as USDT, USDT-20, USDC, Binance USD, etc. There are also some crypto companies who are offering debit cards for us to store our money and we can withdraw it at any bank ATM.
When we convert them to cash later on without the need of a bank, we can do so in the form of money remittances, e-money, etc., but with certain limitations than the banks.