For me personally, I've never been too worried about it and I'm very sure that in the future it can still be done, of course we know that from an increasingly popular thing there will be more ways to do many things related to this, such as bitcoin which is currently this looks more and more popular. It also does not rule out the possibility that bitcoin will be adopted better if it continues to have a positive effect on citizens.
Basically in my opinion, the government's assessment of bitcoin is still in the processing of being considered about accept it, can't completely prohibit it, and can't fully accept it yet.
Topic: Do you worry about not being able to convert BTC to fiat in future - page 3. (Read 1355 times)
July 25, 2021, 10:01:33 PM
July 25, 2021, 07:59:16 PM
It only gets better with time. The future is advanced than we imagine (IMO). Bitcoin will still be used by many, except for the fact that after its creation, so many other cryptocurrencies have been created and this has began to push Bitcoin away as an actual means of payment. In fact, the more new cryptocurrencies are created, the more bitcoin is whipped. But crypto will be more adopted in the future. That remains constant.
July 25, 2021, 06:03:42 PM
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even if the scenario will be very severe then P2P exchange abroad will be the best choice...I'm not worried if I can't exchange my BTC to fiat in the future. btw, I plan to make BTC as a long-term investment for my children, anyways I see the Bitcoin trend in the future will definitely be positive. our bank account will definitely not be closed just because we got the money from sell BTC.
July 25, 2021, 01:50:30 PM
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?
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?
In some countries yes, it is may be quite an unpleasant problem to cash out Bitcoin. In some countries there are limitations in amount to cash out. In most cases people hodl or use Bitcoin directly without cashing it out. But as for my country for example there are also no services where I can use BTC. And there are limits in case I would use my bank account. Mostly it is because of taxes. People do not want to pay high taxes or declare their crypto. But people try to find other ways to exchange or cash out crypto, so-called alternatives.
July 25, 2021, 09:29:30 AM
Being a Bitcoiner for almost 10 years, this is one of the aspects that I am quite worried about. But the situation has improved over the years. It is possible to purchase gift cards with BTC, and these gift cards can be used for 90% of the occasions. So in all cases you don't need to convert Bitcoin to fiat cash. 5-6 years ago, it was possible to purchase prepaid debit cards that can be loaded with BTC. But due to the added regulations, doing so has become extremely hard nowadays. Finally I would say that using Bitcoin directly has remained a challenge, because the acceptability hasn't improved much in the last 2-3 years.
July 25, 2021, 09:25:50 AM
Bitcoin already has a large adoption, it has reached such a high level of adoption that banks and governments are accepting that people use bitcon without any problems, I particularly see in my country many people using bitcoin, but I also see difficulties in the employees of banks from my country when it comes to bitcoin they just don't know what bitcoin is and as to do in case of opening an account where the person declares that the source of income is trade or investments in bitcoin
Well we have seen in China that the government is still able to prohibit financial institutions from accepting or facilitating any transactions involving cryptocurrencies. I don't think we'll see a similar behavior by democratic governments as it would be quite unprecedented in recent times if the government fully prohibits the whole banking sector from doing something. Regulation yes, prohibition no.
July 25, 2021, 02:55:51 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?
This is the situation we face right now in my country, Banks have been banned from doing any type of cryptocurrency transactions and everyone have resulted in p2p and this transaction still goes through the banks but just with nothing showing that it is crypto-related, it will just be a cash transaction between you and the other person. There will always be an alternative to crypto trading regardless of the law as long as cryptocurrencies are still been traded. 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?
July 25, 2021, 12:42:33 AM
Even if the government could block every single way in which you could turn your bitcoin into fiat currencies there is still peer to peer trading done face to face, this is impractical for your everyday transaction but it could be done and you could still convert your bitcoin to fiat that way.
I am not really worried about this because slowly but surely people are beginning to accept bitcoin directly and once this is done regularly there is no amount of regulation that will stop it, so if anything at that point we will wonder why convert bitcoin to fiat at all.
I am not really worried about this because slowly but surely people are beginning to accept bitcoin directly and once this is done regularly there is no amount of regulation that will stop it, so if anything at that point we will wonder why convert bitcoin to fiat at all.
I guess this is what blockchains and bridges worked for if in case you can't be able to convert your btc into fiat. There are so many ways to transfer it into any form of cryptocurrency which you can easily convert it into fiat if it is the main concern but you will be subjected to gas fees which is another concern. But overall I am not totally worried about this because I believe that bitcoin will soon be one of the circulating currency around the world and mass adoption will takes place soon.
July 24, 2021, 04:23:35 PM
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?
Even if the government could block every single way in which you could turn your bitcoin into fiat currencies there is still peer to peer trading done face to face, this is impractical for your everyday transaction but it could be done and you could still convert your bitcoin to fiat that way.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?
I am not really worried about this because slowly but surely people are beginning to accept bitcoin directly and once this is done regularly there is no amount of regulation that will stop it, so if anything at that point we will wonder why convert bitcoin to fiat at all.
July 24, 2021, 04:10:29 PM
Bitcoin already has a large adoption, it has reached such a high level of adoption that banks and governments are accepting that people use bitcon without any problems, I particularly see in my country many people using bitcoin, but I also see difficulties in the employees of banks from my country when it comes to bitcoin they just don't know what bitcoin is and as to do in case of opening an account where the person declares that the source of income is trade or investments in bitcoin
July 24, 2021, 02:36:35 PM
I have think about this for too many times and I am still being bothered although not thinking of it too much upon what will literally happen in the future if ever I have already lots of Bitcoin earned today and decided to keep on saving those for the future in the belief that it would grow bigger upon holding it since its nature is its volatility. It have strucked into my mind the worry of "what if I have never get a chance to make an exchange or convert it into usable money (fiat) in the future?" But I have also thought that what the important thing is the current time and I am managing to maximize the usage of my crypto in my portfolio to be able to use them in the current and save up for the future.
July 21, 2021, 03:05:06 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?
This worry of yours too has happened in my country when the Government has prohibited all Banks from dealing in any form of transaction that is cryptocurrency-related but this shouldn't be any worry since the Government did not outrightly ban cryptocurrencies in general in the country, so because of this, cryptocurrency traders are still engaged in P2P trading from just about every exchange and fiat is just been transferred between bank accounts. I believe this is the best alternative as long as you don't have a total Ban in your country and I believe it will be here for as long as cryptos are been traded. 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?
July 21, 2021, 02:31:42 AM
You can easily trade Bitcoin with P2P discounts. Most countries that ban Bitcoin actually only require exchange businesses to do the right thing, and most encrypted media are just low-quality clickbait and deliberate misunderstandings. The bigger concern should be that the price of Bitcoin will fall when you suddenly need a lot of money to buy something. If you have dollar expenditures, please hold a small amount of dollars, not just bitcoins.
July 19, 2021, 11:10:49 PM
Fiat currency is supportable everywhere nothing can be done in external life without fiat there is no guarantee that bitcoin will be converted to fiat in the future bitcoin has not yet been legalized in many countries. But seeing the improvement of bitcoin has made transactions easier to support peer to pear crypto and many countries around the world have legalized it but it will take a long time to convert bitcoin to fiat.
July 19, 2021, 10:44:34 PM
Don’t worry about this, because some countries have set Bitcoin as legal currency. Some countries may prohibit Bitcoin from being able to convert legal currency into Bitcoin, but P2P can be used for transactions, so there is no need to worry that Bitcoin cannot be converted into legal currency in the future.
July 19, 2021, 04:08:21 PM
I don't think something like that will happen, because basically every company wants to be always up to date, as well as banks because basically this will increase their profits, and crypto is a promising one and I'm not sure if banks remove this because p2p, and fiat will always be a unity in bitcoin and this will be very difficult to separate because they are like bound and if we look further, actually fiat and bitcoin are like a symbiosis of mutualism and need each other.
July 19, 2021, 04:00:18 PM
I'm more concerned about not being able to convert my fiat into Bitcoin.
I think it is no much different from Paisleyvn's concern. I think it is about deposit and withdrawal on an exchange. As long as we can deposit Fiats on crypto exchanges, there is no problem converting fiats to Bitcoin. Exchanges are the media to buy Bitcoin, what we need is to have fiats there, so we can buy the Bitcoin. Remember that there are many available fiats on exchanges, so there are many options to deposit fiats on crypto exchanges. July 19, 2021, 12:32:35 PM
Regardless, the price of BTCs will always depend upon the amount of people willing to purchase it at a given price. That is why, I do not see it happening from the near future that BTCs will not be able to be converted to fiat as people would always find ways of purchasing it for investment.
I also think the same thing, for me when BTC is still trusted by many people even though the bank does not legalize the conversion of BTC to fiat, people can still make the transaction. When basic needs such as bread are prohibited by the government from being exchanged for fiat, will people change their basic needs? not. As long as the bread is still liked by some people, even though they will secretly trade on the bread. peer to peer is an alternative for people who still love BTC, only gambling which is clearly illegal can still operate, why can't BTC?
July 19, 2021, 12:00:28 PM
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?
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?
I find it very interesting that you receive your income in the form of BTC. Do you have an independent business or are you working in a company that allows payments for salaries as BTC?
Regardless, the price of BTCs will always depend upon the amount of people willing to purchase it at a given price. That is why, I do not see it happening from the near future that BTCs will not be able to be converted to fiat as people would always find ways of purchasing it for investment.
July 19, 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?
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?
Just like you, I am also worried if my country blocks all crypto transactions, but with P2P on the exchange I am no longer worried, and even more fortunate in our country we have a local exchange that converts btc->fiat in our local area.
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