Topic: Do you worry about not being able to convert BTC to fiat in future - page 8. (Read 1355 times)
June 24, 2021, 07:34:16 AM
I also think that P2P is probably one of the best methods that you can rely on in the future. Especially if your country is not that supportive of Bitcoin, with little to no ATMs, exchanges, etc. 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.
June 24, 2021, 07:13:57 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?
If will only be impractical if banks around the world will not accept btc in the future. But I highly doubt that this will be the case in the next 5 years. Bitcoin is coming off age, and we have seen countries adopting and welcoming it.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 got lucky though that we have a local exchange that convert our btc->local fiat. And even allow us to pay for our monthly dues like electricity, water, internet and phone bills.
June 24, 2021, 06:45:18 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?
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?
Banks will always do what is in their best interest, and we have already seen that some fully support accounts that trade cryptocurrencies, while others are strongly against it and close any account they find to be related to crypto. However, you do not need to rely solely on the support of banks, because as already mentioned, there will always be p2p, crypto ATMs and specialized physical branches that will deal with crypto exchange operations.
In addition, if we believe that more and more businesses will accept Bitcoin as a means of payment in the future, then there may be no need to convert your BTC to fiat, you will simply pay for goods or services with BTC
June 24, 2021, 02:25:56 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?
It is good to hear that you are holding your Bitcoin for the future. That is the right strategy as the USD value of Bitcoin will increase substantially in the coming years.
If in your country Banks are blocking cryptocurrency exchange transaction then you can always use the P2P service as most exchanges do provide this service. For example - In India when the central bank had banned all cryptocurrency transactions, local exchanges initiated the P2P service until the ban was in place. International exchanges like Binance do provide P2P service, you can also check localbitcoin to find out whether their service is available in your country.
June 24, 2021, 02:04:06 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?
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?
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