Topic: Turning crypto into fiat or is that even nessesary anymore! - page 3. (Read 7215 times)
Most cryptocurrencies do not require such a process because they do not have any practical value! I think only bitcoin needs to be legal, because it can make it develop better!
Me I have exchanges my crypto into fiat for the reason that I need some money for my family's daily need and I will used some of it for buying some altcoins for my trading I'm planning to do trading. I am just fixing my schedules so that if I have my whole time I will used it for the day trading. I'm also finding some exchanges that uses small amount of fee so it will not get big fee because I'm just starting with small amount so that if I lose I will not lose my money and I still have money for my daily needs and for my next trading. I know that it is also risky for the newbies to do the trading. That is why I am not risking all my money that I have I know that I will commit a mistake.
I am in very much favour of holding of the crypto currencies and that I don’t think so that converting your bitcoins into paper money will hardly bring anything good for you. It is better not to convert your bitcoins into paper money until and unless there is some desperate need of paper money and at that time, you need to be sure that the market value of bitcoin is significantly higher.
Turning crypto in fiat is always do when you are about to withdraw or cashout your money from the banks because almost all of them are still not accepting cryptocurrency so that's why you need to use wallets and not directly to banks. It is necessary because we cannot use the crypto in anything that we want to buy it will need a fiat.
Me I have exchanges my crypto into fiat for the reason that I need some money for my family's daily need and I will used some of it for buying some altcoins for my trading I'm planning to do trading. I am just fixing my schedules so that if I have my whole time I will used it for the day trading. I'm also finding some exchanges that uses small amount of fee so it will not get big fee because I'm just starting with small amount so that if I lose I will not lose my money and I still have money for my daily needs and for my next trading. I know that it is also risky for the newbies to do the trading. That is why I am not risking all my money that I have I know that I will commit a mistake.
At some point, there's the need for some stability. And fiat offers that, as opposed to the volatility of cryptos.
You can lock your profits up from time to time, as nothing is certain in this sphere.
You can lock your profits up from time to time, as nothing is certain in this sphere.
Why turn bitcoin into fiat. He was not created for this, to eventually return to the same thing that exists.
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.
Seems like your country dumped their currency to start making use of cryptocurrencies, lol. Dude, this is the dumbest question I’ve ever seen today😒 how can you be asking whether it’s necessary for you to exchange your Bitcoin to fiat, if you don’t change it to fiat tell me how you’re going to make use of Bitcoin in solving some of your daily needs? You can change some of your Bitcoin if you don’t want to change all, and then leave the rest in your wallet for it grow. 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.
I have thought about the same problem, but when I saw some financial products regulated by the state, I think that the cryptocurrency can not be legalized, because the return rate of our investors will become very low, you can observe the stock!
In normal days, when there is no such need of paper money, it is better not to convert your crypto coins into paper money and that you should keep on holding your coins so that you can have more profit. At time when you feel like you need paper money, only then go for selling your coins but you have to be sure that you are only selling at time when the market is high. It is still necessary since we most merchants do not at the moment accept cryptocurrency as a means of payment.That will change in the future anyway.
In the next 10 years I think it is possible that cryptocurrency will completely replace the currency fiat in some developed countries such as Japan, China, Russia ... that are pioneers applying blockchain technology and cryptocurrency in the living. I believe that replacing the currency fiat in the future is predictable.It is still necessary since we most merchants do not at the moment accept cryptocurrency as a means of payment.That will change in the future anyway.
In the next 10 years I think it is possible that cryptocurrency will completely replace the currency fiat in some developed countries such as Japan, China, Russia ... that are pioneers applying blockchain technology and cryptocurrency in the living. I believe that replacing the currency fiat in the future is predictable.People who make use of bitcoin for regular day to day needs used to convert to fiat. No matter with the price variations. Somehow the amount is getting used by an user, whereas some users to spend on unnecessary needs. Those people can think of the growth and keeping as it is will gain a good profit as the price grows with some time interval.
Yes you are right, since crypto or Bitcoin did not yet penetrate some local department store, pharmacies, hospitals and transportation people still.need to exchange crypto into fiat to pah, lets hope someday we don't need to exchange crypto to fiat
It is still necessary since we most merchants do not at the moment accept cryptocurrency as a means of payment.That will change in the future anyway.
In the next 10 years I think it is possible that cryptocurrency will completely replace the currency fiat in some developed countries such as Japan, China, Russia ... that are pioneers applying blockchain technology and cryptocurrency in the living. I believe that replacing the currency fiat in the future is predictable.
It is necessary in order to cashout or withdraw your money from the cryptocurrency you will need to convert it into fiat currency and as of today there are just few stores and people that are accepting bitcoins or any types of cryptocurrency in their stores.
How much I heard that the Master card agrees to the use of their cards in the field of cryptocurrency. I saw the news about this on July 17, 2018. So I think, in a short time with the withdrawal of the amount of cryptocoins to Fiat money, no problems.
Yeah we'll still need to transact back to fiat, that's for sure. Not everything that requires money in life can be paid with bitcoin. Have you tried asking your landlord if he accepts bitcoin? Or your electrical provider?
From what I have seen so far, the cheapest ways are the ones that are closer to regulation (and therefore closer to reporting taxes if that is a problem for you). Bitstamp charges next to nothing for bank transfers within the EU and 0.09% for other transfers. But this transfer would be noticed by your bank, and you'd definitely have to pay taxes on it.
The ones that are more under the table are of course more expensive. There are a few bitcoin branches around that have been charging rates as high as 10%! Localbitcoins can get you closer to 5% on cash transactions, but you have to find a reliable person.
From what I have seen so far, the cheapest ways are the ones that are closer to regulation (and therefore closer to reporting taxes if that is a problem for you). Bitstamp charges next to nothing for bank transfers within the EU and 0.09% for other transfers. But this transfer would be noticed by your bank, and you'd definitely have to pay taxes on it.
The ones that are more under the table are of course more expensive. There are a few bitcoin branches around that have been charging rates as high as 10%! Localbitcoins can get you closer to 5% on cash transactions, but you have to find a reliable person.
I am a supporter of the opinion that Fiat should not disappear (at least the next 20-30 years), we are young to us ,it is easy to adapt, but naked mothers, grandmothers...Imagine your mother comes to the market and she told you 0.01 bitcoin.This is bullshit..
fiat doesn't have disappeared but the crypto can have the possibility to be accepted in all country and works together with fiat so we can have two type currency. besides that, I think for turning crypto into fiat still necessary for us especially if we still use fiat to buy something and we really need to convert our crypto coin into fiat. but if in the future, there is any store that can accept crypto as their payment then maybe we don't have to use fiat.
I am a supporter of the opinion that Fiat should not disappear (at least the next 20-30 years), we are young to us ,it is easy to adapt, but naked mothers, grandmothers...Imagine your mother comes to the market and she told you 0.01 bitcoin.This is bullshit..
For now, it is necessary that turning crypto into fiat or vice versa. Fiat turning into crypto needs for like investing into project development through ICOs while cryptos t7rn8ng into fiat needs for mode of payments in goods and services.
I have thought about the same problem, but when I saw some financial products regulated by the state, I think that the cryptocurrency can not be legalized, because the return rate of our investors will become very low, you can observe the stock!
I think as an user mentioned till date what we have got in terms of payment opportunities with bitcoin is very low. This might increase with time as more marketplace has started accepting bitcoin through intermediary service who get in terms of bitcoin and provide the vendor in terms of fiat.
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