Some people hold their btc, but some others sell them high and buy them back low
There is nothing wrong with that, everyone has their own judgement
Topic: Why do we keep converting bitcoin back to dollars ? - page 11. (Read 4361 times)
A lot of people need to pay bills or purchase things which aren't feasible in Bitcoin yet.
Re: Why do we keep converting bitcoin back to dollars ?
I don't. I keep converting dollars into bitcoins.
You'd have to be pretty dumb to go the other way around.
Why would you want to take a valuable appreciating asset and convert it into worthless depreciating paper?
It's because you can't buy everything with Bitcoin, you need physical money to buy something. Bitcoin is still not known yet in a lot of countries just like in here. If you live in a country like mine, you can't buy basic needs in the store with Bitcoin that's why we convert it.
It's almost like we don't value it for itself, but what it's worth in "real" money.
Maybe some people have their own reason why they converting back to bitcoins. What I think is that they might have in need of dollar as a payment on something which cannot be paid by bitcoins or the requirement of the transaction was not in need for bitcoins. In short when bitcoin is not the required medium for payment we resort to other currency perse.
Well first is fiat and we can't deny that we use bitcoin for filling our financial needs. That is why bitcoins are always turned into fiat. Also, it's still the common way or mode of payment. And i think that some people also do this to avoid spending bitcoins often. Well first is fiat and we can't deny that we use bitcoin for filling our financial needs. That is why bitcoins are always turned till Not unless bitcoin is accepted in more stores, maybe then there will be lesser cases of turning it back to fiat.
People might have different reasons for this conversions, some might sell bitcoin to cashout some fiat and make shopping, others might just want to sell bitcoin on peak price to buy back some cheap bitcoins later on etc.
Converting bitcoin back to dollar doesn't mean we are not giving any true value to bitcoin.
Converting bitcoin back to dollar doesn't mean we are not giving any true value to bitcoin.
That's true, people have their reasons why they are converting bitcoin to fiat it doesn't mean that they don't give value to bitcoins. Maybe their reason are valid enough to convert it just like emergencies or using the money for daily expenses. The obvious reason is they serves bitcoin as their extra source of income and I don't see anything wrong with it.
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.
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.
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.
It is because bitcoin is still not available for purchasing power. We all still need money "paper money" to buy things like foods and other stuffs. But when time comes there will be less "paper money" due to the availability of bitcoin to buy things.
In my country virtually non of the business centres accepts bitcoin as a means of payment of goods and services as a result I just have to convert my bitcoin back to dollars and finally to my local currency at an agreed rate with my exchanger.
I hope to see more businesses accepting bitcoin in a few years to come.
I hope to see more businesses accepting bitcoin in a few years to come.
We actually do that because most of websites where we buy items like " Amazon , Ebay ... " they don't allow us buying with bitcoin methods so we need to convert it back to dollars to finish the process
Actualy i read some topic before here that amazon already accepting bitcoin at mode of payment i dont know it yet but if this true then this will make bitcoin price goes up again like a racket for this reason
Just a way to consider bitcoin as a valuable thing. Dollar is like a measure for the bitcoin price. Doesn't make the value of bitcoin losing.
I don't get too hung up on it, but newbie investors just can't wrap their head around it. They're only investing to get more shitty worthless fiat. Oh well. They'll be pissed when they sell right before we go parabolic. This is only the beginning.
There is a really simple reason, we live in a fiat world. 'bitcoin is great and all" but the entire rest of the world runs off of fiat, and a variety of said fiats. we live in truly global economy; and bitcoin, while able to scale like this; is not thisand never will be. its not the protocol; its the governments that dont want their fiats to devalue against bitcoin. since a fiat represents the financial health of a nation, this is purely defensive, not a persecution of bitcoin.
you have to understand bros, bitcoin wasnt designed to cooperate with govs. this is why we should have stayed in the shadows a bit longer.
We actually do that because most of websites where we buy items like " Amazon , Ebay ... " they don't allow us buying with bitcoin methods so we need to convert it back to dollars to finish the process
I don't get too hung up on it, but newbie investors just can't wrap their head around it. They're only investing to get more shitty worthless fiat. Oh well. They'll be pissed when they sell right before we go parabolic. This is only the beginning.
Remember that almost everything in the world still needs to be paid with physical money. I can't buy a pizza in my country with Bitcoin, for example. Even those merchants that accept Bitcoin will usually sell them for dollars to pay their bills, because they can't do that with Bitcoin yet.
Give it a few years and maybe we will start seeing people living just by exchange Bitcoins for goods and back and forth.
True, people would convert it to cash for some reasobs and I think the number 1 reason is we need cash to pay bills or buy our stuffs like stuffs that we are needing daily. We can't buy it using bitcoin we need to convert it to cash first. Give it a few years and maybe we will start seeing people living just by exchange Bitcoins for goods and back and forth.
It's almost like we don't value it for itself, but what it's worth in "real" money.
Bitcoin don't have a value yet, you still can't use it to buy a soda from a vendo anywhere. Bitcoin's price or any altcoins, is merely a projection on how much it worth but still need to be converted to fiat in order for you to use it. We still need to wait for the coin to reach that moment where we can use it every where.
It's almost like we don't value it for itself, but what it's worth in "real" money.
Its not as if most commodities today can be boight through btc. I mean, why would we convert to dollar if we can purchase directly through bitcoins right? Once more providers accept btc, we won't have to do as much conversions like we're doing today
I would prefer to see bitcoin go forward as a currency that can be used globally but as it stands just now it is mainly traded for profit. As long as there is still fiat it will always get converted back for profit.
Yes and even bitcoins cannot replace fiat as they are centralized currency whereas bitcoins are the decentralized currency and the transactions cant be tracked. Each time any bitcoiner needs money, he sells some amount of his bitcoins. This should be stopped and bitcoin should be made capable to pay for itself instead of exchanging it to fiat. We must be able to use bitcoins as a mode of payment in our each individual country. If so happens than we can call bitcoins as a best global e-currency and it will even be spread more than any such fiat currency. Also converting bitcoins to fiat takes some taxes and the taxes are sometimes high which can mis-balance out profits in bitcoins.
Some people just need to make money and get out they don't believe Bitcoin will be accepted everywhere.
Jump to: