In the Philippines, the government is too busy fighting for the seat of power to worry about this and the other social issues happening right now, it may sound political but that's really the case so in summary, they won't probably think about until the next president is inaugurated.
Do not be too sure about that, the Nigerian government also have similar problems plaguing their nation, such as Insecurity, unemployment and the rest, but yet they still placed similar sanctions on crypto transaction, thus any government can just turn and place one form of sanction/ban or regulations and that's that. Governments rule through control, since Bitcoin is decentralized, their control is only limited to some regulations and Bitcoin users should expect such regulations at any time, notwithstanding the situation of the country of their residence.
Topic: Do you worry about not being able to convert BTC to fiat in future - page 6. (Read 1355 times)
June 25, 2021, 08:48:01 AM
June 25, 2021, 07:51:50 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?
Good of you
One most important thing about this technology is that i don't worried over how any government issues or trying to ban crypto, inasmuch as blockchain is concern there will be always a way to make transaction and convert your cryptocurrencies to your local currencies. E.g, Nigeria ban crypto transaction from sending to their local account and many account was frozen because they made transaction but guess what!
Binance make out a way to trade without them being limited from their government which is fully diluted by P2P trading they warn the buyer not include any Note (paying for btc and the rest) while transferring local funds to seller, this has been working very well. I have a friends over there as who updates me with this methods so it became very more simpler and easier than ever and no complained about it.
So no need to worry about.
June 25, 2021, 07:34:41 AM
I think there is nothing for us to worry about, as long as most people still hold bitcoin, and big companies are still adopting bitcoin, there is no obstacle for us to exchange bitcoins to fiat currency, even though state banks are no longer willing to accept bitcoin to fiat exchanges, because they are still many roads lead to rome, p2p system we can still rely on..
June 25, 2021, 07:04:32 AM
Bitcoin will be always convertible to fiat money.
If it becomes really difficult to buy BTC with fiat money,the Bitcoin price will go back to 1K USD or even $100.
Some banks don't want to work with crypto traders,but you should be fine,if you don't leave any traces,like mentioning that you are trading cryptocurrencies,while talking with bank clerks,or inside your bank transactions.
I haven't got any problems with my bank account,but I might switch to another bank or another payment method,if my current bank decides to take the "anti-Bitcoin" path.
If it becomes really difficult to buy BTC with fiat money,the Bitcoin price will go back to 1K USD or even $100.
Some banks don't want to work with crypto traders,but you should be fine,if you don't leave any traces,like mentioning that you are trading cryptocurrencies,while talking with bank clerks,or inside your bank transactions.
I haven't got any problems with my bank account,but I might switch to another bank or another payment method,if my current bank decides to take the "anti-Bitcoin" path.
June 25, 2021, 06:53:50 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 depends on the country you live in.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 will tell you about Russia, in Moscow and St. Petersburg are the largest shadow markets. You can easily exchange your bitcoins not only for rubles, but also for dollars and euros without verification. The exchange takes place in the offices of shopping centers, the security is maximum.
Look at the reserves.
https://www.bestchange.ru/bitcoin-to-dollar-cash.html
June 25, 2021, 06:27:03 AM
It was one of my concern back when I was a newbie but it doesn't bother me now.
I know that there would always be a way for us to convert it if it isn't through trading site we could always do it P2P.
And before we run out of option on converting our crypto into Fiat then the price would surely be so low.
I know that there would always be a way for us to convert it if it isn't through trading site we could always do it P2P.
And before we run out of option on converting our crypto into Fiat then the price would surely be so low.
June 25, 2021, 05:03:50 AM
~
It will all just turn out to be just all p2p exchange which is not that bad at all in my case, just a bit hassle for me.Right now, I can still occasionally convert a little bit of my BTC to fiat to your mentioned reasons of converting one, but if one day those will be blocked out.
My plan would be to find some people around my area that buys one.
June 24, 2021, 09:43:01 PM
I’m not really bothered about not being able to trade my coins to fiat on centralized platforms. I started exchanging some of my coins in late 2015 using LBC and other local buyers and sellers.
(.....)
There are already lof of methods now to sell your Bitcoin besides Local Bitcoin, in some countries Local Bitcoins is starting to become not popular because of its competitor, and those competitors are now alternative of localbitcoins.(.....)
That's why I am curious why there will be a failure to convert your BITCOIN to FIAT in the future? It will be possible if you are from a country that government is extremely strict with Bitcoin transactions, but then again, there are very lot of ways if you want.
June 24, 2021, 09:36:57 PM
most people here will worry if they can exchange their bitcoin also my self.
same as you i work in crypto i pay my monthly groceries, internet and etc from bounty and airdrop
bitcoin reach 0$ its possible but almost impossible you know what i mean since bitcoin getting bigger and bigger and not all bank hate crypto
and banning bitcoin so gov can make their digital coin is happening right now
same as you i work in crypto i pay my monthly groceries, internet and etc from bounty and airdrop
bitcoin reach 0$ its possible but almost impossible you know what i mean since bitcoin getting bigger and bigger and not all bank hate crypto
and banning bitcoin so gov can make their digital coin is happening right now
June 24, 2021, 07:59:07 PM
You need to first check your country's status if they accept cryptocurrency or not. I don't think that banks act just on their own. The government in most cases are the ones who ban crypto, then the bank implements it. If it is banned in your country, you can use p2p like Nigerians now do. When you trade p2p, the bank does not know what is going on and thinks that it is a regular transaction.
June 24, 2021, 07:40:18 PM
And there will probably always be places on the internet that are based in other countries that allow it.
You would wind up with more limited options and might have to jump though a few more steps but you will always be able to convert it out somehow.
Might take a hit on the rates, but that's about it.
-Dave
If there is a problem, there will definitely be a solution. if what op fears really happens, there will definitely be a project developed specifically to address that, I'm sure, especially as more and more crypto users. it can be a business ground for platform owners who provide services for fiat attraction.You would wind up with more limited options and might have to jump though a few more steps but you will always be able to convert it out somehow.
Might take a hit on the rates, but that's about it.
-Dave
as long as the state legal entity legalizes the existence of local crypto exchanges, there is nothing to worry about I think. although we know that many governments are against cryptocurrencies, but many also legalize it as an investment tool and trading commodity.
June 24, 2021, 06:54:25 PM
I’m not really bothered about not being able to trade my coins to fiat on centralized platforms. I started exchanging some of my coins in late 2015 using LBC and other local buyers and sellers. I could still rely on them if the going gets rough, and trust me, there will always be some people willing to buy and sell their coins even at below or above the market rate. You just have to be diligent about it and be really watchful of the scams.
June 24, 2021, 06:09:22 PM
I am sure that it will depend on each regulation of each country.
If it has been legal, so, this doesn't become a matter anymore and we can cash out our BTC to fiat every time. But of course, just do it through the exchanges that are reputable and have been leag in your country. However, if you are in a country in which the BTC is still not legal, you may use P2P with the trusted platform and or convert it to PayPal. Afaik, you can trade BTC in PayPal and then convert it to fiat through USD. And there are many third parties that accept converting PayPal for money.
If it has been legal, so, this doesn't become a matter anymore and we can cash out our BTC to fiat every time. But of course, just do it through the exchanges that are reputable and have been leag in your country. However, if you are in a country in which the BTC is still not legal, you may use P2P with the trusted platform and or convert it to PayPal. Afaik, you can trade BTC in PayPal and then convert it to fiat through USD. And there are many third parties that accept converting PayPal for money.
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?
Yeah, it may be hard and many countries still also do this same. But, there are always ways to solve this problem. 
June 24, 2021, 04:17:08 PM
I am not worried about this, because even if it does not work out, it will always be possible to exchange bitcoin for another cryptocurrency that will be converted. Or just buy something that can be resold if you need regular money. In general, in my opinion, this is the beginning of a great story, and all these problems are temporary. China has decided to abandon mining - great! Others will gladly take his share of this market.
June 24, 2021, 03:53:54 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?
Honestly yes, what i'm afraid if government made regulation that not allow exchanges can't be opened in my country. About withdraw fiat from exchanges maybe i will sell my fiat crypto balance to there are some people who called exchange partner, so where my money come from i don't need to worry about it because it sent from another people. 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?
June 24, 2021, 02:50:52 PM
why should you worry? what if on the other hand fiat doesn't exist in the future?
will it affect BTC?
BTC is compatible with any currency, I believe in the future BTC will be accepted by all countries, and if there is one country that we cannot convert their BTC to fiat, there are still other alternatives to choose from.
Don't worry the existence of BTC will not be as terrible as you imagine in the future.
will it affect BTC?
BTC is compatible with any currency, I believe in the future BTC will be accepted by all countries, and if there is one country that we cannot convert their BTC to fiat, there are still other alternatives to choose from.
Don't worry the existence of BTC will not be as terrible as you imagine in the future.
June 24, 2021, 02:48:22 PM
I don't have such worries. I'm only hoping BTC will reach $1xx,xxx in the near future so I can enjoy the fruits of my labor. I've never cashed out a satoshi since 2013, but we all have needs so might cash out a small amount sometime in the future.
June 24, 2021, 02:42:46 PM
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? aware?
Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do not think too much about that. You convert fiat to bitcoin or bitcoin to fiat at your will. And soon these banks will start to join the crypto revolution because there's a big revenue that they can take advantage of. I only see them joining us even if they're showing some signs that they're going against it. But time will tell that it's all about the adoption and it's an inevitable action that they'll do too.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 a lot of markets that we can use. You'll always see those that provide liquid and exchange whether it's a dex, cex or P2P trade. There will always be a way.
June 24, 2021, 02:33:34 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?
It is a good thing that you are being strategic with your bitcoin holdings and you are aware that in the future, we will be having bitcoin as a currency. If ever in the future it gets legalized by different governments in the world, there is a high chance that no matter how many bitcoin you hold, you will always be able to convert it into fiat and vice versa. I can't see bitcoin replacing fiats instead, I see it working in the future whilst having both still existing. Also, no matter how hard a certain government try to limit bitcoin or crypto use, people will still find ways.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?
June 24, 2021, 02:29:54 PM
I actually don't worry about it. The reason why is that I think the places where we can pay with Bitcoin will increase at a high rate in the future. We will be able to use Bitcoin directly and won't need to convert it into fiat. And at some point, fiat will be gone and there will be only digital currencies left.
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