7 Ways to Live Without a Bank Account

With a financial depression looming and traditional banks being little more than the financial arm of government more and more people would like to avoid them.

 

But is it really possible to live outside the banking system in 2020?

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Can you survive without using a bank account, an ATM or a credit card?

 

The answer depends on your lifestyle.

 

You’re going to find it quite difficult to check into a hotel or rent a car without a credit card but more solutions are springing up, particularly with crypto currencies.

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Let’s look at a few ways to live without a bank account:

 

1. Cryptocurrencies

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Cryptocurrencies like Bitcoin and Ethereum are alternatives to banks.

 

The advantage is that there is no centralised system.

 

Bitcoin doesn’t have a head office where the government can go to seize your accounts.

 

Bitcoin accounts are numbered and can be passed to somebody else simply by giving them the password.

It’s normally not possible to pay things like rent in bitcoin but you can use services like localbitcoin to exchange your bitcoin for cash which you can then use for expenses.

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2. Gold and Silver

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Gold and Silver are the ultimate assets to stay safely outside the banking system.

 

Gold has been money for 5,000 years and its purchasing power has remained constant.

 

You can easily sell gold or silver for cash when you need it to pay expenses. You’ll need to find a safe hiding place for your gold stash.

 

Governments have a track record of confiscating gold so whatever you do, don’t store it in a bank safe deposit box.

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3. Cash under the Mattress

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Cash in major currencies has long been favoured by those who like to avoid the banking system.

 

Euros and dollars can be stored and transported easily.

 

It’s normally not an issue to pay expenses in cash or you can use it to buy money orders to pay expenses.

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4. Trade Goods for Cash

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Any physical assets that’s easy to trade makes avoiding the banking system easy.

 

If your business is trading in used cars or jewellery you can ask for payments in cash and store the cash or sell it to buy gold, silver or bitcoin.

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5. Live off the land

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You could opt out of the system altogether and grow your own food.

 

Nowadays you can generate your own solar power easily.

 

If you’re in the right position you can have a well for water too.

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6. Use Prepaid Cards

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When you need to buy something online and only a credit card will do you can buy a prepaid card.

 

These are widely available and normally anonymous.

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7. Own a Cash Business

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If you own a business that only accepts cash payments you can easily avoid banks.

 

You can be a market trader, a restaurant or a local bitcoin trader. All your transactions will be in cash and untraceable.

 

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There are some obvious challenges to living outside the system but for those who manage to do it successfully it's nice to know that it's impossible for anybody to snoop on your financial life or seize your hard earned funds.

 

There are multiple ways to live without a bank account. You could choose one or a combination of the above methods to create your personal monetary system.