How does it work?

People are going bankless to gain more control over their finances and have more freedom overall. Decentralized Finance (DeFi) is a multi-billion-dollar movement, undergirded by blockchain that may end up changing the way we bank and could lead to a bankless society. Going bankless has its pros and cons, but some people might want to go bankless for the advantages it offers including:

Bankless banking works by utilizing decentralized technology, like blockchain and smart contracts, to securely store and transfer funds, and execute financial transactions without intermediaries. This can include using decentralized exchanges to trade cryptocurrencies, or using decentralized finance (DeFi) applications to access financial services such as loans, insurance, and investments. Bankless banking also involves the use of digital wallets to store and manage assets, and sometimes biometric identification to secure and authenticate transactions. The key idea behind bankless banking is to create a more open, transparent, and accessible financial system that empowers individuals to have greater control over their own funds and financial lives.

Obviously, going bankless is a personal decition, but there are always some hardships. Going bankless has some disadvantages, including:

It is difficult to determine the exact number of people who are bankless, as this is a relatively new and evolving phenomenon. However, the adoption of decentralized technologies, such as blockchain and digital currencies, has been growing rapidly in recent years, and the trend towards bankless banking is expected to continue. According to some estimates, there are currently tens of millions of people around the world using cryptocurrencies, and the number is growing. Additionally, the increasing popularity of decentralized finance (DeFi) applications suggests that an increasing number of people are exploring bankless banking options.

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