Do you worry about not being able to convert BTC to fiat in future - page 5.

boyptc

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Quote from: goldade on June 26, 2021, 02:29:22 PM

It is a great plan to leave some of your savings in btc as an investment for the long term. It shows how prepared you are for the future.
While it is actually possible that the banks would, in the future, ban cryptocurrencies transactions, there's no way the banks can ban P2P transactions.
P2P is what early adopter of bitcoin and other cryptocurrencies use before exchanges that allow direct deposit of fiat currencies come into play. The only disadvantage is that it requires that you find a reliable person to exchange with.

Yes.

There's no way for them to ban P2P transactions unless they ask help from the authorities to track and stop those people who are being involved and pushing P2P transactions.

It's very usual for some business to track their competitors and lose them through asking help from the authorities.

Mahanton

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Quote from: DoublerHunter on June 26, 2021, 03:29:57 PM

Quote from: Alanaz on June 26, 2021, 01:27:17 PM

well p2p is highly recommended here if you remember that the bank or country you live in prohibits this bitcoin activity even though you do have to pay extra for it but this is better than nothing.
but if we talk about the future, of course, no one knows what will happen, maybe it can be like what you are talking about, maybe it can also be the other way around considering that there are so many people who are interested in this coin and it is possible that the government can maximize this so that those who still ban bitcoin can change his stance. hope it can happen

^ Probably it is, but how about the whole world? No, no way, I don't think that too much far. BTC will grow and it will accept in the mainstream as a medium exchange and now we are here, BTC was very well known all over the world, in fact, BTC is now legalized in most countries. So I don't think BTC will go down and reach the point the government will ban cryptocurrency. At this moment, we saw that BTC will have the potential to become an alternative currency and I don't think if is worth it to think negative side towards BTC.

Not all country would really be ending up on the same decision when it comes to their own views towards Bitcoin or crypto as a whole.For sure there would be some opposing and some would tending for it to be adopted and we have seen such circumstances as of this moment where there are countries who do really adopted and welcome its existence and not really seeing it as a threat on where some countries do.

About cashing out then i dont worry that much since the country i do live in is on the bit positive towards crypto which means there are no problems or hiccups when you are tending to make out some cash out or conversion from crypto to fiat.Also if you do have some hard time on cashing out then there are still various ways which you can make use for you to do such transaction.

DoublerHunter

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Quote from: Alanaz on June 26, 2021, 01:27:17 PM

well p2p is highly recommended here if you remember that the bank or country you live in prohibits this bitcoin activity even though you do have to pay extra for it but this is better than nothing.
but if we talk about the future, of course, no one knows what will happen, maybe it can be like what you are talking about, maybe it can also be the other way around considering that there are so many people who are interested in this coin and it is possible that the government can maximize this so that those who still ban bitcoin can change his stance. hope it can happen

^ Probably it is, but how about the whole world? No, no way, I don't think that too much far. BTC will grow and it will accept in the mainstream as a medium exchange and now we are here, BTC was very well known all over the world, in fact, BTC is now legalized in most countries. So I don't think BTC will go down and reach the point the government will ban cryptocurrency. At this moment, we saw that BTC will have the potential to become an alternative currency and I don't think if is worth it to think negative side towards BTC.

ChiBitCTy

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There is certainly some fair worry when it comes to this particular topic. This is one of the big downsides of a government banning bitcoin, not having access to exchanges to be able to easily "cash out" your bitcoin. I do however thin we'll get to the point of where bitcoin is so valuable that even if your government bans bitcoin, you'll still be able to use it for enough stuff that you wont mind not being able to cash it out for fiat. I at least am hopeful for this to come to fruition.

goldade

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Quote from: Paisleyvn on June 24, 2021, 01:04:06 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?

It is a great plan to leave some of your savings in btc as an investment for the long term. It shows how prepared you are for the future.
While it is actually possible that the banks would, in the future, ban cryptocurrencies transactions, there's no way the banks can ban P2P transactions.
P2P is what early adopter of bitcoin and other cryptocurrencies use before exchanges that allow direct deposit of fiat currencies come into play. The only disadvantage is that it requires that you find a reliable person to exchange with.

Alanaz

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well p2p is highly recommended here if you remember that the bank or country you live in prohibits this bitcoin activity even though you do have to pay extra for it but this is better than nothing.
but if we talk about the future, of course, no one knows what will happen, maybe it can be like what you are talking about, maybe it can also be the other way around considering that there are so many people who are interested in this coin and it is possible that the government can maximize this so that those who still ban bitcoin can change his stance. hope it can happen

michellee

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Quote from: CokeCoin on June 26, 2021, 06:48:01 AM

While Bitcoin is mainly a way of investment and accumulation of money, not a way of paying, I don't worry about converting it to fiat, it's just time to hold. In a far future, with widening of btc acceptance in the world when we'll be able to actually buy things and pay with btc, it will also be no use to convert it.

Yes, converting our bitcoin to fiat now is a choice and if we do not need additional money and have money for our daily needs, it is better to hold our bitcoin for some time until it gets legal in our country. Holding will be the best thing that we can do right now and we can buy more bitcoin at the current price. In the future, when bitcoin is accepted globally, we can use bitcoin directly to buy something or even we can convert it into fiat money. So it will better we have more patient to hold for more.

CokeCoin

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While Bitcoin is mainly a way of investment and accumulation of money, not a way of paying, I don't worry about converting it to fiat, it's just time to hold. In a far future, with widening of btc acceptance in the world when we'll be able to actually buy things and pay with btc, it will also be no use to convert it.

imstillthebest

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Quote from: Paisleyvn on June 24, 2021, 01:04:06 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?

you can spend btc directly without having the need converting it into fiat .
you get your income in btc and maybe you missed having a fiat in your hands ? if that is , well you are allowed to convert some of your btc into fiat for spending if you like it better .
some banks now are strict with btc but in the future the restrictions can lessen . theres no need for you to be afraid in the future of btc

Barry Mantle

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I also heard some Chinese bank announced ban the trading currency, but doing so Banks around the world to see still less, even so, we can also trade through the P2P, and now there are some countries are already using COINS, perhaps in the future we don't have to consider change them into yuan can use, I would like to see a situation where I can trade directly with Bitcoin.

Fatunad

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Quote from: adzino on June 25, 2021, 02:16:47 PM

Quote from: Paisleyvn on June 24, 2021, 01:04:06 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?

If using bitcoin in your country isn't illegal, then there shouldn't be any problem when converting your coins to fiat currency as long as you are paying the taxes (if there are any) that incurs during conversion. Your banks shouldn't be freezing your funds if it came from selling crypto currencies. But if it still going to be an issue, do P2P trading. I don't see any other option over here. Or deal with cash money.

So far i dont have any problems when it comes on cashing out my crypto earnings and converting it to fiat since there are lots of gateways which you can really do for you to make out conversions but of course since i do live on a democratic country then it is understandable that would really be having different insights and views towards cryptocurrency because there are institutions which are still on hindrance on accepting crypto or adopting it but there are already some merchants and institutions which are making first new step for such adoption which is really great.

Cryptoshops

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I use to transfer crypto into fiat using Coinbase and then transfer it into paypal. I have had my paypal account for years with no problems, after a few transactions from Coinbase to my paypal account it got restricted. I have tried to get it sorted, and even spoken to them over the phone and they just keep saying its an ID issue I have uploaded all the docs they want and it is still not been sorted out. I have now just given up with them. Dont transfer large amounts of money from Coinbase, Binance ect into paypal the dont seem to like it.. So far I have not had any problems with my bank lol

adzino

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Quote from: Paisleyvn on June 24, 2021, 01:04:06 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?

If using bitcoin in your country isn't illegal, then there shouldn't be any problem when converting your coins to fiat currency as long as you are paying the taxes (if there are any) that incurs during conversion. Your banks shouldn't be freezing your funds if it came from selling crypto currencies. But if it still going to be an issue, do P2P trading. I don't see any other option over here. Or deal with cash money.

Viscore

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Quote from: Dread Pirate Roberts on June 25, 2021, 01:43:19 PM

Quote from: Paisleyvn on June 24, 2021, 01:04:06 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).

Not at all and I don't believe that would happen. there will always be value in bitcoin. and also there is no limit to access the internet. if one of the way to convert it to fiat is closed. like banned crypto in some country people are still using internet.

Bitcoin will not stay forever as an investment alone because the more bigger institutions will come to adopt bitcoin, the higher the chances that bitcoin will be adopted as a currency in the future.

But for newbies who have the biggest fear about not converting btc into fiat, we won't reach this far if bitcoin will not hit its main target in the long run. We're halfway there knowing some of the countries are already adopting bitcoin. Just enjoy what we have at the moment.

Murtaza345

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No never , because I know very well that will not be in future, because bitcoin already created hype in online world. And many more people ,and big companies are thinking to accept payment in bitcoin,and so many new people Also are investing their portfolio in bitcoin.I would say about the bitcoin in future you will see the big value of bitcoin and in future you will convert easy and anywhere your bitcoin into fiat ,so no need to worry about bitcoin at or your fiat in future .

Dread Pirate Roberts

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Quote from: Paisleyvn on June 24, 2021, 01:04:06 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).

Not at all and I don't believe that would happen. there will always be value in bitcoin. and also there is no limit to access the internet. if one of the way to convert it to fiat is closed. like banned crypto in some country people are still using internet.

Ucy

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You could alternatively meet people physically and trade person to person on safe locations. P2p transaction is actually one of the ways to use Bitcoin properly. I believe the creator anticipated this hence designed Bitcoin for decentralized/p2p transactions. Anyone who decides to accept Bitcoin should always anticipate resistance from traditional banks and use it correctly rather than in centralized manner

lixer

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Quote from: Paisleyvn on June 24, 2021, 01:04:06 AM

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 an old story, everyone already knows how to deal with this kind of problem.
Try to be following up with the news, especially about countries where cryptocurrency is banned by the government.

Just like in Nigeria, India, and others where their government is tackling the use of cryptocurrency in one way or the other. This never stopped people from making use of cryptocurrency, rather it even made these countries one of the places that it is being traded the most. That government stops a centralized exchange doesn’t mean it is over in that country, people quickly moves to decentralized ones and continue with their trades.

verita1

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I think that the future of bitcoin in relation to daily transactions is the Lightning Network. Jack Mallers, the developer of the bitcoin wallet for El Salvador, uses the Lightning Network in his apps. He is now developing the Chivo Wallet adapted to the needs of Salvadorans.
If even in your country there are no businesses or people that accept bitcoin, you can make use of what you need for your daily needs and exchange it on the P2P platforms of your choice. I use Binance P2P every time I need Fiat but I exchange BNB because there are no fees.

ShowOff

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I'm not worried about that because my country's government has legalized bitcoin and altcoin as tradable asset and has categorized them as commodity asset. So it is still possible to worry for those who live where bitcoin and altcoin are not accepted and traded. Meanwhile, we cannot use it as a legal tender because it would violate existing regulation. Even if you can no longer convert your asset to fiat, rest assured that there is always a way around this.

Topic: Do you worry about not being able to convert BTC to fiat in future - page 5. (Read 1363 times)