Why do we keep converting bitcoin back to dollars ? - page 10.

bitfornewbs

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

It depends on their aim. If they want to use their btc right away, they have to convert them to usd to cover their expenses. Some wants to convert them just to get the highest possible amount they can get in those weeks and use it right away. We surely value it and thats why we convert it for us to use it because some doesnt accept bitcoin as payments. If you want to earn big, you invest your time into long term investment which is for many, is far too long which is bad for them cuz they cant pay their everyday expenses. e.i electricity bills, waterbills, foods and clothes etc.

szpalata

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Quote from: xanxus.kun on October 29, 2017, 06:36:39 PM

correct me if I'm wrong but i think what they're doing is called scalping, some people wants easy profit and you can't blame them, after all who doesn't want an easy money, this is why they convert Bitcoin to US dollar when it reach its peak amount then Convert it back when the value dumps.

Well i think the Dollar is the most popular fiat and bitcoin being the most popular cryptocurrency and so we should be able to compare them one way or the other. I think the same can be thought of the Euro, Yen and the British pound. They are the most known fiats and they are easily ciompared to bitcoin.

xanxus.kun

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You have to get what you want your own way.

correct me if I'm wrong but i think what they're doing is called scalping, some people wants easy profit and you can't blame them, after all who doesn't want an easy money, this is why they convert Bitcoin to US dollar when it reach its peak amount then Convert it back when the value dumps.

devil jin

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

It's not just that we do not value it based on its original value as a currency. It just so happen that the main reason why people is always converting their digital money into real one is that the presence of real money is still preferable by many people all over the world since not all are still accepting bitcoin as a term of payment for availing products and services offered by them. Do not also forget that the value of bitcoin was still based on the real money which can be converted into different national currencies of different countries including dollars.

xBitHodler

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We have to convert back to USD because not all countries have some sort of services that will accept payments in BTC. Some people are able to pay for their bills and food with Bitcoin. Fortunately, I'm one of them. Thanks to the one company in my country I'm able to order anything what I want from the Internet and pay with bitcoins.

Freegan

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To be honest I do not enjoy doing this exchange either, but since I made the decision to transfer all my economy and personal finances to the bitcoin platform, I still need to cover my expenses through that exchange, since in my country it is still practically impossible make a living through bitcoin without any conversion.

yoseph

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Even crude oil, Gold and other things are shown their value in the United States Dollars because on its own we really can't give a value to it. And the same applies for bitcoins as well, on its own we can't really see its valuability until it's rated against a major currency.

1Referee

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Quote from: streetlight on October 29, 2017, 03:02:34 PM

That's because we still have to live in this financial system that exists today since it revolves around everything we do.

You'll likely always be tied to this system in one way or another, but that doesn't mean that you should convert your Bitcoin holdings to fiat. You can perfectly have your regular fiat income to live off, and have Bitcoin purely aside as alternative currency/asset or whatever you like to name it. I do exactly that. It's quite some time ago where I actually cashed out Bitcoin for fiat, and as we speak, I am not planning to cash out anything anymore in the forthcoming years. My fiat income gets the bills paid, feeds me, allows me to buy things if I need it, and still I have money left that goes straight to my savings account. I chose to seperate fiat from Bitcoin because I am not a fiat centric person, and I believe that eventually Bitcoin will gain even more importance in the financial world. It's an escape from this on debt based system.

megynacuna

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Quote from: Shinza on October 29, 2017, 03:15:11 PM

Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Currently, btc is not available everywhere, and some services do not accept btc payments. Therefore, they need cash to be able to easily carry out transactions and use them everywhere. And that is also a way to keep money away from risk as they fear price will fall. maybe so.

The USD is actually a globally accepted currency for trade and everything and since it has that much recognition and it's understandable by many around the world i think it makes sense to suggest that when bitcoins are quoted in such a currency it could be easily understood by all worldwide. The same goes for the Euro among others.

Shinza

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Currently, btc is not available everywhere, and some services do not accept btc payments. Therefore, they need cash to be able to easily carry out transactions and use them everywhere. And that is also a way to keep money away from risk as they fear price will fall. maybe so.

streetlight

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That's because we still have to live in this financial system that exists today since it revolves around everything we do. Also Bitcoin just isn't at that stage of evolving yet.

cjinny

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Not all transactions can be done by bitcoin, some have to use dollars. That's why some people still often exchange their bitcoins with dollars.

MMA

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Quote from: denny27 on October 28, 2017, 12:56:28 AM

Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Hey friend, that's according to me depending on the situation and the condition of each of the people living in each their country, whether bitcoin is really be legalized or not yet at all in the country. Of course for those who in the country haven't really legalize bitcoin as the currency in their country, it will definetely to selling it first in the regular currency (paper money), but I'm sure most of the people which in their country that bitcoin has been legalized.. surely will not return it to the regular currency (paper money), because of course can be able to use bitcoin directly to buying whatever is desired / needed by him/her.

The country in which you are also depends but I think it varies from person to person as well and as said these are the circumstances that compel one to change bitcoin to dollars or to any other local currency. The feasibility of using bitcoin directly is if greater then people will never convert it but unfortunately bitcoin is not feasible to be used for all the domestic payments. I read somewhere just two days ago in which this point was mentioned that for payment with bitcoin you have to give an extra burden of transaction fee too. So, people convert the bitcoin in the local currency and pay just once the transaction fee while use the same fiat for various payments without any tension of paying extra charges on each payment.

Yarsk

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The question is how many items can be purchase with bitcoin in our locality with bitcoin at this present time, people convert they bitcoin to faint money for different reasons. To some is for treading purposes the sell they bitcoin when the price is high and buy same when there is a fall in price, and also people need to use paper money in they every life like buying of goods from our local market so due to nonacceptance of bitcoin in some locality it best bitcoin be converted to faint in other to be used.

bitcoinmasterlord

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Quote from: Nawaytes on October 28, 2017, 09:11:10 PM

Some products that we need can't be bought with bitcoin, so we have to swap it. Moreover, not all countries accept bitcoin as a means of payment, if we want to buy something then we have to change it into fiat currency.
And for a short-term trader, converting bitcoin into fiat currency is a must, for profit.

To use bitcoins we must convert it into fiat currency, or else we can't use it in the real world. Becasue still, no country can be accepted this as a legal currency except Japan. Some people convert BTC to USD when the price is high, and again they will buy BTC when the price is down. So to do trading also people convert BTC to USD.

Nawaytes

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Some products that we need can't be bought with bitcoin, so we have to swap it. Moreover, not all countries accept bitcoin as a means of payment, if we want to buy something then we have to change it into fiat currency.
And for a short-term trader, converting bitcoin into fiat currency is a must, for profit.

eldrin

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Well, we convert when we need fiat money. Not all the time, bitcoin or any other cryptocurrency is being accepted as payment. So converting it to fiat money is the only way to use it. I also think that people convert bitcoin to fiat when the price is high, then convert that again to bitcoin when price is low, in that way, the value of what they've converted lately will increase.

NightCloudz07

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Quote from: bitfornewbs on October 28, 2017, 12:24:51 AM

In this life, there are a lot of payables that needs dollar and I think sometimes people convert it due to emergencies in their life that needs to pay as dollar. Or maybe used it as for the other business.
But not all bitcoin in their wallet, maybe an small amount only. But now I still do not convert it to dollars because I want to make it grow and invest it to other bitcoin related business. And I know that someday it is the great decision that I ever made.

because dollar is in the higher price so we keep converting it

nightxglow

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For me myself, i need to convert bitcoin to usd if i need money.
Bitcoin is not acceptable yet in my country, there're not any places that accept bitcoin as payment.
But of course i appreciate bitcoin value, so if i don't really need money, i'll keep bitcoin and let the value increase, not converting all of my btc and use them.
So it's just a matter of choice. Maybe if your country accept bitcoin, you don't need to convert it to dollar and can just use it that way.

iamzill

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

from your question I am answering that my country for payment system still uses real currency and dollar as a benchmark of currency value in our country and possibly future bitcoin may be a valid payment instrument in my country

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