Topic: Do you worry about not being able to convert BTC to fiat in future - page 7. (Read 1363 times)
June 24, 2021, 01:19:00 PM
Straight answer NO, I am not worried. Because still now Bitcoin is ban in my country but it has a huge demand lately in peer to peer market. I don't know exactly what they do with Bitcoin but there is huge buyer and demand in my country. Even sometimes offer more than the legal price if you compare it with the USD price. So don't worry, just try to find a strong peer-to-peer channel. I believe every country has such a group that is trading Bitcoin with fiat. Once you are connected mean nothing to worries. It's a positive motive that you are holding Bitcoin. Safe it for your life, not for a lifetime by the way.
June 24, 2021, 01:10:02 PM
There is too much big-player investment in the space for banking bans on crypto to become a universal phenomenon.
June 24, 2021, 12:29:54 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?
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, 11:00:52 AM
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
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
June 24, 2021, 10:55:05 AM
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The other important factor to ponder is the equivalent of the IRS in each one’s country. I mean the bank itself is a potential problem since they may block TXs to/from Exchanges (as you currently can read about here and there), but they also transfer data to the taxation office (so may other types of businesses, and even more so over time as regulation steps-up its deal).Now depending on how the rules and regulations are set out on a given country, the amounts, the timeline, and how well tied-up and traced you’ve made your earnings in BTC, you may eventually face a just as dreary time having to deal with the taxation office.
P2P and ATMs may help, and a future wider extension of direct acceptance to business is a way forward, but quantities matter here, and the plans will likely vary depending on this factor.
June 24, 2021, 10:53:18 AM
Nah, some of us have been around since the day when you could only convert BTC to Fiat, if you traded it person2person and Bitcoin was relatively new back then. Everyone know about Bitcoin now, so it should not be more difficult now to do it again. 
Also, taking a "Bitcoin Holiday" to a destination where Bitcoin is still accepted ...should also not be a problem, if you can find a way to turn it into something that you can bring back in or transfer via the Internet. (Larger amounts makes this a viable option)
Japan and some other countries accept Bitcoin as a Currency, so you can have a great holiday, if you go there and pay with bitcoins for everything. (Your own country will then loose out on the VAT and taxes) 
Also, taking a "Bitcoin Holiday" to a destination where Bitcoin is still accepted ...should also not be a problem, if you can find a way to turn it into something that you can bring back in or transfer via the Internet.
(Larger amounts makes this a viable option) Japan and some other countries accept Bitcoin as a Currency, so you can have a great holiday, if you go there and pay with bitcoins for everything.
(Your own country will then loose out on the VAT and taxes) 
June 24, 2021, 10:46:03 AM
This tends to be the way. China, Iran, and Russia are usually the countries which outright control, and aren't afraid of it to be known that they do this. While, the USA, UK, and much of Europe tend to control its population via restrictions, regulations, while still providing the illusion of freedom.
Maybe this was the case in the past, but look at situation now especially in Canada, UK and some parts of US... there is no more illusion of freedom, with excuse of health, as if they ever cared about people's health and well being.Puppet politicians are blindly following orders from same center and we can see that ALL countries are rushing towards more control and centralization, and Bitcoin is going in totally opposite direction.
I wonder is Bitcon + fake Cyber Attacks are going to be new invisible enemy blamed for everything that is wrong in the world.
June 24, 2021, 10:34:03 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?
I think we don't need to worry about converting BTC to fiat currency in the future. Adoption of bitcoin keep on increasing and I believe time will come in the future that many business establishment will accept bitcoin as payment and banks too. So far, if you are afraid that banks will block your transaction, you can use another way to convert your bitcoin into fiat, don't rely only on banks. You can use p2p, and local exchange. There are always way if we will.
June 24, 2021, 10:29:26 AM
This may sound crazy, but there are forces who are willing to do something like this, and big players who entered in Bitcoin market don't really care about this.
I don't think everything is lost, but we all need to fight hard if we want to keep our freedom and resist this crazy regulations.
I expect that countries like China will outright block the right to use cryptocurrencies, and make it illegal in the long term, while the more western countries will impose strict, almost scandalous regulation on it, so they take the major draws of Bitcoin, and cryptocurrencies, and strangle as much of it out as possible without actually outright restricting it. I don't think everything is lost, but we all need to fight hard if we want to keep our freedom and resist this crazy regulations.
This tends to be the way. China, Iran, and Russia are usually the countries which outright control, and aren't afraid of it to be known that they do this. While, the USA, UK, and much of Europe tend to control its population via restrictions, regulations, while still providing the illusion of freedom.
June 24, 2021, 10:29:09 AM
I live in a country that have the least progressive people in the government position so I have no worries because they will probably have a hard time figuring out what to do with it because their too corrupt to do the right thing so yeah, I don't worry too much.
June 24, 2021, 10:22:17 AM
There is good chance of something like this happening in future if governments implement more draconian measures and restrictions for converting Bitcoin into fiat and this could happen sooner than we think.
I read some document few days ago saying that in next month of July we can expect to see start of global regulation of Bitcoin and crypto that would make much crypto of activity illegal,
it would only be possible to send transaction with some appointed central regulator and we can also expect to see digital currencies that will make trading with bitcoin even harder.
This may sound crazy, but there are forces who are willing to do something like this, and big players who entered in Bitcoin market don't really care about this.
I don't think everything is lost, but we all need to fight hard if we want to keep our freedom and resist this crazy regulations.
Check out conversation about this on Bitcoin reddit page, Governments Planning a Global Coordinated Attack on Bitcoin from Next Month Onwards:
https://www.reddit.com/r/Bitcoin/comments/o5lhmu/governments_planning_a_global_coordinated_attack/
I read some document few days ago saying that in next month of July we can expect to see start of global regulation of Bitcoin and crypto that would make much crypto of activity illegal,
it would only be possible to send transaction with some appointed central regulator and we can also expect to see digital currencies that will make trading with bitcoin even harder.
This may sound crazy, but there are forces who are willing to do something like this, and big players who entered in Bitcoin market don't really care about this.
I don't think everything is lost, but we all need to fight hard if we want to keep our freedom and resist this crazy regulations.
Check out conversation about this on Bitcoin reddit page, Governments Planning a Global Coordinated Attack on Bitcoin from Next Month Onwards:
https://www.reddit.com/r/Bitcoin/comments/o5lhmu/governments_planning_a_global_coordinated_attack/
June 24, 2021, 08:29:48 AM
Saving bitcoin for the future is definitely a great idea and a realistic plan. If you're afraid that in the future if the bank or government bans Bitcoin, how do you convert it into a conventional currency? Then you must consider the present time. At present, governments and banks in most countries have banned and restricted the use of other cryptocurrencies, including Bitcoin. However, the popularity of Bitcoin is growing day by day and people are becoming more and more enthusiastic about using it. You can exchange your stored bitcoin into currency through p2p. Moreover, different countries and large corporations are now slowly deciding to complete various transactions through Bitcoin, so don't worry about it, think about the future and become enthusiastic about saving through Bitcoin.
June 24, 2021, 08:05:09 AM
many countries are against bitcoin and some even want to make bitcoin die, and don't want to accept the exchange of bitcoin into fiat currency, but there are still many countries that secretly collect bitcoin and are still open to accepting bitcoin exchange into fiat currency, but if all countries and state banks no longer accept bitcoin to fiat exchange, I'm sure people are not afraid, because there are still many ways to do the exchange..
June 24, 2021, 08:04:04 AM
I am sure you will have a chance to pay your rent or buy your groceries, but you need to work hard to have or earn more bitcoin. If your banks allow you to convert your bitcoin, you do not have to worry because you can convert it into fiat. But I am sure that people who can not convert their bitcoin to fiat will find a way and use P2P to sell or buy their bitcoin directly.
So far, Binance helps people to convert their bitcoin to fiat and many people already use that service. Besides Binance, you can search for other sources that will help you to convert bitcoin to fiat.
So far, Binance helps people to convert their bitcoin to fiat and many people already use that service. Besides Binance, you can search for other sources that will help you to convert bitcoin to fiat.
June 24, 2021, 07:54:28 AM
we believe that bitcoin will be fine, and the price of bitcoin in the coming year will definitely rise again, if state banks no longer accept bitcoin to fiat exchanges, I think everyone on this forum is not worried, because there are many other ways we can do it, like p2p,, I don't think this will happen, because the influence of bitcoin is very strong..
June 24, 2021, 07:33:00 AM
But to be honest I think rather than becoming hard to spend, it will be easier for Bitcoin to be spent like an ordinary money in the future. I am actually looking forward to the day when goods and services are priced in both Bitcoin and fiat and other cryptocurrencies.
I would agree to some extent. The only issues we face is the stigma involved when accepting Bitcoin. However, companies like Paypal have actually helped towards changing that stigma of Bitcoin or any other cryptocurrency for that matter, being labelled as criminal money or a bubble.I guess this won't be a big problem in the future. My impression is that this stigma has already subsided. Thanks in part to PayPal, but thanks also to the banks, influential personalities, governments, popular companies, huge traditional exchange platforms, and many others that make Bitcoin just another rising fintech product rather than an underground currency.
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So, Bitcoin's biggest obstacle will always be convincing people that its better than the current systems in place, something which I'm not entirely optimistic will be able to do.
This to me is the real problem. On the ground, to my neighbor, for example, it seems there is no reason why he should shift to the use of Bitcoin. Fiat is convenient enough. There seems to be no compelling factor to leave it for something else which appears more confusing than the plain and simple fiat. And who really cares about the current fiat system? Not my neighbor. He doesn't know a thing about it.
June 24, 2021, 07:11:08 AM
But to be honest I think rather than becoming hard to spend, it will be easier for Bitcoin to be spent like an ordinary money in the future. I am actually looking forward to the day when goods and services are priced in both Bitcoin and fiat and other cryptocurrencies.
I would agree to some extent. The only issues we face is the stigma involved when accepting Bitcoin. However, companies like Paypal have actually helped towards changing that stigma of Bitcoin or any other cryptocurrency for that matter, being labelled as criminal money or a bubble. Although, Tesla did definitely hurt the perception that the general public have on cryptocurrencies recently, and now Bitcoin has a stigma that its not environmentally friendly, when several fiat based industries aren't either. Although, it doesn't matter how accurate it is, its what people think that matters. So, Bitcoin's biggest obstacle will always be convincing people that its better than the current systems in place, something which I'm not entirely optimistic will be able to do.
June 24, 2021, 06:50:25 AM
For as long as Bitcoin remains precious in the future, it wouldn't be much of a problem to convert it to fiat. If the future would not be so good to Bitcoin that exchanges are not anymore allowed, I am more than sure P2P transactions would become mainstream, even if underground, as ironic as it may sound. The most important thing is that there is demand.
But to be honest I think rather than becoming hard to spend, it will be easier for Bitcoin to be spent like an ordinary money in the future. I am actually looking forward to the day when goods and services are priced in both Bitcoin and fiat and other cryptocurrencies.
But to be honest I think rather than becoming hard to spend, it will be easier for Bitcoin to be spent like an ordinary money in the future. I am actually looking forward to the day when goods and services are priced in both Bitcoin and fiat and other cryptocurrencies.
June 24, 2021, 06:46:07 AM
The only way this would be possible is if trading in cryptocurrencies was illegal. since Banks, and exchanges might not want to operate in cryptocurrencies to fiat, but peer to peer will always be an option. Then, the banks would have difficulty identifying cryptocurrency transactions, at least with any sort of accuracy so they likely wouldn't put much effort into it at all.
But you might need to pay some premium though, fees and etc. That should be expected. If your fiat is other than USD, EURO, and other major currencies, it might get even harder, but not impossible.
Why do you think it would be harder than other currencies to exchange? I would also think that fees would generally be lower, especially in a market where Bitcoin to fiat is hard to do, since people will want to actually encourage it, rather than encouraging people to leave cryptocurrencies. Plus, when it comes down to P2P you usually see very competitive rates as its people competing rather than large well documented, and registered companies. 
June 24, 2021, 06:37:31 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 have done something very right that what you earn in bitcoin is future saving like investment only. because it is certain that what you earn with bitcoin will continue to increase even though it is currently in a very deep correction.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?
indeed, if there is no one in your area that can make transactions using bitcoin, obviously you have to be wise, then you have to change it to fiat so you can carry out the activities you are looking for. it's not a problem as long as you can manage your use of bitcoin so that it can still be part of an investment and not exchanged for all of fiat.
actually there is nothing to worry about bitcoin, because banks and bitcoin have different systems and there is no attachment between them. bitcoin stands alone as well as banks, and you can exchange bitcoins anytime and anywhere because there are many facilities available to exchange kefiat.
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