Topic: Turning crypto into fiat or is that even nessesary anymore! - page 16. (Read 7221 times)

But how can we have merchant adoption if the people themselves dont want to spend their BTC because it an investment to them like gold, not money or a currency.

If you go to a merchant who accepts BTC and cash, which one would you use? Of course cash because who cares about it. While BTC could go to $100,000 in a few years.

wirex debit card is pretty good just deposit bitcoin convert to your debit card and there you some fiat .There fees due up the ass  .There is TENX   as well but no idea how good they are

The ideal scenario is a world where we deal with bitcoins directly between people and not converting to fiat at all. This is not

currently a good option, because not all countries and merchants within countries accepts Bitcoin as a currency. We currently

move between Fiat and Bitcoin, because we need more merchant adoption. 

Right now converting to fiat is a must requirement, because with bitcoin we haven't got that acceptance in all markets same as that we use traditional currency. So, till such an situation exists we are supposed to convert and use it. Partly the direct acceptance from several companies have been getting increased.

Just like earlier pointed out already, I exchange my bitcoins for fiat currency on localbitcoins.
I usually wish to sell whenever I need some cash to spend in the real world, since Bitcoin is not a accepted as a means of payment in my country.
But at anytime, I make sure that I still have some bitcoins left in my wallet.

1. It cant be avoided. If you have found a way to pay my internet bill with my Football coins I got from a past signature campaign then I would be happy to use that.

2. Exchanges are the most efficient and are the most cost effective way to convert to fiat. If you compute all the fees and the expenses of using them to get fiat into your bank account, it still is cheaper than localbitcoins.com.

It never was necessary, and look at the humongous profit you would
have made had you not converted bitcoin to fiat starting from
bitcoin's inception in 2009.  One would have stood to make millions.
Not only that, but you still would be able to spend it in lieu of fiat.

Theret always a time to sell, though. It would be so nice to have more
reputable exchanges with which to do that.  Coinbase is probably the
best, but they still have a lot of problems.

You can buy in alot of stores so what will be the point in the future i think will be a most have cryptocurrency payment system

Rather than turning crypto into fiat, you could decide to buy something useful with it.  For example, you could buy millions of different items with it, or if you wanted to hedge against volatility you could buy precious metals with it.
If you ever need to buy goods that can only be bought with fiat, you could simply use a Bitcoin debit card.  These convert to fiat at the time of transactions for a fee, and you can do other things which you can do with an ordinary debit card such as making ATM withdrawals.

They rely on centralised services, so it's reasonable to hold most of your coins away from the card, but for everyday purchases it's certainly useful when you prefer to be holding crypto than fiat.

I do not actually think this is true. At least I don't think that anytime soon Bitcoin or any similar crypto-currency will be preferable to have for everyday transactions. Besides the usual obstacle of most places not accepting Bitcoin as a payment method, there is the safety issue (imagine how easy it would be to steal from people's wallets if they do not secure their phone) and the transaction fee issue (low value transactions still have to pay very high relative fees in order to be confirmed in the blockchain). I see the latter more easily solvable by a side-chain or a separate service that does not work on top of the blockchain. Imagine an Apple Pay that allows for transactions in Bitcoin value rather than through credit cards.

It is still necessary. Because right now there is no effective way to buy anything using crypto. Especially if you exclusively earn money using crypto, that would mean you will likely need to convert to fiat to buy your food and all other basic necessities. I think the best way is different from country to country. In mine, I always check the local exchange and localbitcoins. They sometimes have different rates and one is better than the other.

You are very much right. I think everyone will be willing to go for crypto instead of fiat. Crypto currencies and especially Bitcoin is giving a lot of profit to its investors and its market price is increasing with higher rate as well. So everyone will be thinking of getting maximum benefit from it.

For now the most easiest and anonymous way is to use localbitcoins. It depends in what geographical area you located, the bigger city, the biggest amount of potential buyers/sellers. also you need to keep in mind local laws, as police and secret service can use localbitcoins to identify users.
Keep that in mind. Good luck with that

And i dont think all could also be applicable in all countries. Some services are only offered in there own country and some are not convenient when used in other places. In my observations most of the servies are easier in either US or UK. Exchanging crypto to fiat also have there own unique services in each countries so better find a good service for your country for better convenience.

localbitcoin forum is quite useless as majority of them are scammer.its better to use exchange rather any escrowed platform.no matter how many trade you do anonymously or decentralized but if you are a average person then you would have to use banks for day today needs.

It ain't about the centralized vs decentralized but it's about the fact of which one is more convenient, if I get to convert my crypto currencies into fiat directly with a fair fee and done easily I would but what is more convenient for me? the most reliable and simplest method for now is for me to first convert them into Bitcoin and then into local currency not because there are no buyers or service providers accepting them but because the easiest way is to forget about finding the right people to use the coins directly without needing to exchange to fiat at all, fortunately Bitcoin is heading the right direction where we always wanted it, having the ability to only use it as the mainstream currency.

Almost traders have already stored crypto and are still eager to exchange from fiat to crypto because the crypto market is on peak now.
Yes right now,anyone would love to have cryptos in their wallets than to keep fiat as everyone is expecting more profits from crypto.
An efficient way to exchange between fiat and crypto currency i have found so far is localbitcoins.com

I know this subject has been looked at before but with the speed at which the cryptospace changes I felt the subject deserved a fresh look, and why not obtain that fresh look from the experts that are currently at the forefront of using crypto, namely all of you here on Bitcoin Talk forum.

I know there will be a time when it will not be necessary to change from fiat to crypto and vise versa. Hell that time may already be here. If the time has come where that exchanging of one to another is no longer necessary then i definitely need an update because that would save a lot of time and money. So if you would please share your insights and knowledge with the rest of us on what the most efficient way you have found for

  1. avoiding the whole exchanging from crypto to fiat to take care of financial responsibilities out side the Crypto-space

  2. what is the most efficient and cost effective way you have found for the exchanging of crypto to fiat?

Please remember that ideas are awesome and helpful to further a subject so please do share yours, but with that being said please remember that lots of people that read this may be new to crypto so please do include details and specifics such as names of places, cost and special steps that maybe needed to accomplish your way of doing something. I want to thank you all in advance for your participation and for all that you give on a daily basis to help improve and add to the Crypto-space.