Topic: Do you worry about not being able to convert BTC to fiat in future (Read 1355 times)
August 12, 2021, 10:09:28 PM
I don’t think that there is any reason why we can worry that we will not be able to sell Bitcoin. If you have such thoughts, maybe you are not completely aware of the current situation. The thing is that there are more and more countries and companies that start using Bitcoin for different purposes. So to my mind, Bitcoin is more likely to replace fiat money than to depreciate.
August 12, 2021, 05:50:17 PM
Different countries of the world are indirectly or directly familiar with Bitcoin.The world's largest businesses have directly involved Bitcoin in their business.So I don't think Fiat Currencies will be needed much in the future. So it is difficult to say whether there will be regrets among people about Fiat in the future.
August 12, 2021, 11:58:15 AM
I am not worry because the exchange of BTC is developing we can't say any thing about future because there were no chance that BTC will a source of payment but tesla company accept BTC as a payment. There are many chances that it will not make us worry we will convert it in any type of payment.
August 12, 2021, 12:27:54 PM
Unpopular opinion - very soon, we won't require to convert our cryptocurrency to fiat. Nowadays, it is relatively easy to purchase gift cards using Bitcoin and other cryptocurrencies. We can use these gift cards for shopping and there's no need to directly convert cryptocurrency to fiat. From my perspective, I would say that nowadays it is possible to use BTC for 90% of the cases. And I am sure, as time passes this proportion will further go up. Acceptance can only increase from now.. it can never go down.
August 12, 2021, 11:48:39 AM
I'm currently receiving some of my income in BTC, and I'm just holding it because I expect it will go up long term and so it is my savings.
But sometimes I'd like to be able to turn it into fiat for daily expenses. I can't yet pay my rent or buy my groceries with BTC (hopefully one day! but not today and not in the near future).
With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?
There are some local exchanges in my country, maybe if close one, the others still open. But what i'm afraid is when government made bitcoin in my county illegal and closed down all of them. Although that thing can really happen in very small chance, a lot of people maybe afraid if suddenly they can't convert bitcoin to fiat anymore because it is value of bitcoin itself. But sometimes I'd like to be able to turn it into fiat for daily expenses. I can't yet pay my rent or buy my groceries with BTC (hopefully one day! but not today and not in the near future).
With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?
August 12, 2021, 10:14:23 AM
I don’t no, at some stage which isn’t too far away, we won’t have to convert from bitcoin to fiat. We will he able to spend bitcoin directly. You could argue that it’s possible to do that now. Many services offer VISA cards where you spend your bitcoin. It converts to fiat automatically when you make a purchase.
August 12, 2021, 05:40:29 AM
I'm not worried about this problem because for the exchange there are still many developing platforms and I don't think Bitcoin will be stopped by the government (there are still many countries that are not friendly with Bitcoin, but until now the popularity of Bitcoin is increasing). What I'm worried about is the scarcity of supply and the decline in buying interest, I think it could be the start of the Crypto extinction.
You shouldn't worry about scarcity and supply. That's the best thing that bitcoin ever has. Even if you're assuming that there's going to be a decline in buying interest. You're underestimating that there are many people that are also waiting for it to drop in price. Because if it does, the buying interest shall increase and it will make bitcoin increase its price again. But talking about that, it's not something that you should worry about because bitcoin's scarcity and having a limited supply, it's one of the reasons why this asset is going to give us the confidence that there's a good future that awaits on its value. 
August 12, 2021, 12:44:26 AM
I'm currently receiving some of my income in BTC, and I'm just holding it because I expect it will go up long term and so it is my savings.
But sometimes I'd like to be able to turn it into fiat for daily expenses. I can't yet pay my rent or buy my groceries with BTC (hopefully one day! but not today and not in the near future).
With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?
|depend in which country mate specially those who has already accepted bitcoin as legal tender so how would they having this same trouble as yours?But sometimes I'd like to be able to turn it into fiat for daily expenses. I can't yet pay my rent or buy my groceries with BTC (hopefully one day! but not today and not in the near future).
With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?
but of course all of us have this same worry because what if one day that all the country near us will totally banned bitcoin and we will have no option to cash out?
this is the nightmare we all don't want to have so lets be sure to have a best decision at any cost.
August 11, 2021, 10:42:27 PM
I'm not worried about this problem because for the exchange there are still many developing platforms and I don't think Bitcoin will be stopped by the government (there are still many countries that are not friendly with Bitcoin, but until now the popularity of Bitcoin is increasing). What I'm worried about is the scarcity of supply and the decline in buying interest, I think it could be the start of the Crypto extinction.
August 11, 2021, 07:02:32 PM
I don't worry about it. Because such thing won't be happening unless fiat money is gone forever. I don't think that all goverments will prevent people from using exchanges to convert coins to fiat. This market has already got past that stage. Bitcoin adoption is going on like always. While the number of people who start using cryptocurrencies increases, governments wouldn't like to hinder them. It wouldn't be a wise choice for them.
August 11, 2021, 06:50:43 PM
Actually it's something that i've been wondering about as well, for those people that had bitcoin considered illegal in their country, yet they still invest or trade in cryptocurrency, how can they convert their bitcoin to fiat? or they just let it be as that way? never converting it before it's considered legal again? I'm still clueless please enlighten me. But recently i found something like crypto converter. So people who don't really understand, or not wanting to directly convert bitcoin to their bank account, they can use the service of these crypto converters, ask them to convert your crypto and you can just wait till the money came to your bank account, safely. There are quite a lot of services like that now, and i think that's quite genius.
I have many friends who come from countries that do not allow Bitcoin to be used, but they can still own Bitcoin and can convert their Bitcoin
into fiat. But indeed the process is not as easy as people who do live in countries where Bitcoin has legalized. Sometimes they use several platforms
that do provide facilities that allow people to convert Bitcoin into fiat. Or they can also ask for help from friends who live in other countries that
have legalized Bitcoin, there are also those people who form their own communities in countries that ban Bitcoin, so they make Bitcoin transactions
with fellow community members.
August 11, 2021, 09:39:21 AM
Actually it's something that i've been wondering about as well, for those people that had bitcoin considered illegal in their country, yet they still invest or trade in cryptocurrency, how can they convert their bitcoin to fiat? or they just let it be as that way? never converting it before it's considered legal again? I'm still clueless please enlighten me. But recently i found something like crypto converter. So people who don't really understand, or not wanting to directly convert bitcoin to their bank account, they can use the service of these crypto converters, ask them to convert your crypto and you can just wait till the money came to your bank account, safely. There are quite a lot of services like that now, and i think that's quite genius.
August 11, 2021, 09:10:29 AM
When I got to know of bitcoin some years ago , converting bitcoin was a big issue and if you did manage conversation rates were too high.
Now that crypto is known almost every where, converting btc to fiat is super easy and in some countries you have the option of using btc cards and the future should see the same innovation to continue.
Now that crypto is known almost every where, converting btc to fiat is super easy and in some countries you have the option of using btc cards and the future should see the same innovation to continue.
Yea, theres no worries we can not swap Bitcoin to fiat in the future, the latest technological developments always support us to do this anywhere to access the market, as long as there is internet, I don't think we need to worry about it. or we can make transactions directly from wallet to wallet to fellow crypto users with an escrow system or direct transfer.
August 11, 2021, 03:05:43 AM
Every bitcoiner knows the price value of Bitcoin is not static and is constantly changing. You can use bitcoin as a store value but you can't complain when prices skyrocket or dump hard. The so called stable coin like usdt, usdc are not reliable in my opinion because they ate backed by the US dollar. I prefer decentralized stable coins
true, bitcoin is indeed unstable, but if you want to make a long-term investment, you can be sure that you will always benefit from the halving process that occurs every 4 years, you just need to be patient, you can be sure it will be profitable and will never lose. indeed the price will go down and up during the period leading to the halving but it will always increase in price from the first time you buy if you are willing to be patient to hold it.USDT is a coin that is indeed used for those who really need stability and will always move relatively small and always the same as the market price of US$, so it can be used for those who don't and are afraid that their investment value will change.
as long as there are still many who need bitcoin then there is no fear for anyone who uses it not to be able to exchange kefiat, it will always be easy because the exchange is always profitable.
I agree with your opinion that if we want to ensure profit from investing in Bitcoin, can try holding Bitcoin for 4 years until the next halving
occurs. Because based on history that has happened, when after the halving occurs Bitcoin always goes up in price. Indeed, there is no 100%
guarantee that this will happen at the next halving, but the chances are high enough to be true. Then don't be afraid that in the future you will
not be able to convert Bitcoin to fiat, because after all, as long as the demand for Bitcoin is very high, there will always be a way to convert Bitcoin
to fiat.
August 11, 2021, 02:41:36 AM
Every bitcoiner knows the price value of Bitcoin is not static and is constantly changing. You can use bitcoin as a store value but you can't complain when prices skyrocket or dump hard. The so called stable coin like usdt, usdc are not reliable in my opinion because they ate backed by the US dollar. I prefer decentralized stable coins
true, bitcoin is indeed unstable, but if you want to make a long-term investment, you can be sure that you will always benefit from the halving process that occurs every 4 years, you just need to be patient, you can be sure it will be profitable and will never lose. indeed the price will go down and up during the period leading to the halving but it will always increase in price from the first time you buy if you are willing to be patient to hold it.USDT is a coin that is indeed used for those who really need stability and will always move relatively small and always the same as the market price of US$, so it can be used for those who don't and are afraid that their investment value will change.
as long as there are still many who need bitcoin then there is no fear for anyone who uses it not to be able to exchange kefiat, it will always be easy because the exchange is always profitable.
August 09, 2021, 05:16:46 AM
Holding Bitcoin is a good idea until the next bull run ends and the present market scenario hints us that it may hit new ATH very soon. So, you are getting payment in Bitcoin and holding it- that's good idea totally. Sometimes, converting Bitcoin into stablecoins is also a good idea but it depends on market situation. Now holding is the better idea. I am also holding small amount of Bitcoin which i am considering the future assets. Once i sold BTC lower than $1000 but then i didn't realize the value of this digital gold.
August 09, 2021, 04:25:27 AM
Now different countries and large companies are slowly completing various transactions through Bitcoin, and the adoption rate of cryptocurrency is getting higher and higher, so in the future, it is possible that most banks will inevitably remove their cryptocurrency restrictions. At that time you don't need to convert it to legal tender at all.
In countries where bitcoin is prohibited, those who cannot convert their bitcoins into legal tender can use P2P to directly sell or buy their bitcoins.
In countries where bitcoin is prohibited, those who cannot convert their bitcoins into legal tender can use P2P to directly sell or buy their bitcoins.
August 09, 2021, 02:29:11 AM
Every bitcoiner knows the price value of Bitcoin is not static and is constantly changing. You can use bitcoin as a store value but you can't complain when prices skyrocket or dump hard. The so called stable coin like usdt, usdc are not reliable in my opinion because they ate backed by the US dollar. I prefer decentralized stable coins
August 08, 2021, 03:47:35 AM
there is a stock that holds the btc for me. so if I need fiat, I just sell the stock on teh stockmarket. its called Cypherpunk (HODL).
August 08, 2021, 03:38:13 AM
Good to know that you received a portion of your income in BTC. I read somewhere that some other companies pay staff in their own company's token rather than in Bitcoin, which I also encourage. An example is TenX, a blockchain technology firm that pays staff their monthly bonus in Pay tokens, the firm's own digital currency.
BTW, I'm curious, do you pay taxes on your Bitcoin?
This is good, here the bonus pay will add up big value to their savings in the long term. TenX is one among the leading blockchain technology development firm, truly their native token value will pump high in the future. Maybe this can be followed by the other development firms. Right now the taxation process isn't that effective, only the self conscious of the people make them pay tax. BTW, I'm curious, do you pay taxes on your Bitcoin?
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