I do this only because we need day to day money at some point of time.
Still we cannot use bitcoin to buy every thing we need for a day.
Also the price of bitcoin is never same .
the main reason though still today we use bitcoin mainly as a investment only and we need to cash out our returns at some point of time.
Topic: Why do we keep converting bitcoin back to dollars ? - page 12. (Read 4361 times)
It is axiomatical and obvious. We can't use bitcoin every where, sometimes you like to purchase something but it's impossible to get it with Bitcoin thus you find yourself obliged to convert to FIAT currency to pay your order. Personally I convert to dollar only when I run out of liquidity.
It's almost like we don't value it for itself, but what it's worth in "real" money.
It is maybe because there were big number of new BTC users than those who are really into it since the beginning. Its easier for new users to understand Bitcoin Value once compared to dollar because its universally known by many. Its just like comparing the value of local currency (let say peso) into dollars. I get what you are saying that bitcoin must have its own worth and identity where dollar will no longer be the basis but its value itself. I think we are going there already, its just that we cannot rush people (specially the new user) to think the way we think bitcoin's value.
I dont convert it to USD unless I absolutely have to. I have a bitcoin card, so I have no need to convert it myself since I can use bitcoins to buy whatever I want.
Sounds really interesting. We would like to know more about it. I mean where can you use that bitcoin card and what are its benefits. Also where is it available? Use of any such commodity is a great start for bitcoins to gain more importance in our life. Any such bitcoin card will make the transactions easy and perhaps it will be highly recommended. Bitcoin card is a innovative idea and should be carried in each country to spread more and more knowledge about bitcoins to new users and making them more alert about bitcoins. Bitcoins will then be used in a maximum proportion and also the transactions will increase giving the miners a good profit.
I think it's just easier for people to think of it in terms of dollars at this point. No one forces us to actually withdraw the cryptocurrency and exchange it for physical tender.
Yes, if you want to make sure that the money is not 'lost', you can convert it to dollars. This is safer when you keep bitcoin. That's in my opinion! 
Because still dollar is the legal currency used all over the world.
and also bitcoin is not yet still used widely for transactions and that's why bitcoin needs still to be convert to USD.
Buying goods with bitcoin is still limited tho and everything is bought with paper money.
and also bitcoin is not yet still used widely for transactions and that's why bitcoin needs still to be convert to USD.
Buying goods with bitcoin is still limited tho and everything is bought with paper money.
It's almost like we don't value it for itself, but what it's worth in "real" money.
It is not that we don't value it for itself but because the fact is it doesn't have a value for now.
You can't use the coin for everyday life as of now. You can't buy basic needs from it but you need
to convert it first to a fiat currency in order for you to use it.
Bitcoin is not yet on it's phase where it has a real value it is still dependent on fiat currency.
Businesses accepting the coin are just being established once we are on the phase where
Bitcoin is used to buy anything and more people accepts it for trade then it will be used for
what it is meant to be.
If you mean real conversion (exchanging), currently I don't, but I will probably do it in the future (although not to USD). The reason is simple, there are very few possibilities for buying goods with bitcoin and it is much less convenient that credit cards. A lot of people need money for everyday purposes, so they have to convert. I do the other way around, investing in bitcoin, but only because my salary is more than enough for my everyday needs.
As for converting in the sense of calculating the dollar value of my bitcoins (without real exchange), I do it often because USD is a good point of reference, and bitcoin is too volatile.
As for converting in the sense of calculating the dollar value of my bitcoins (without real exchange), I do it often because USD is a good point of reference, and bitcoin is too volatile.
As i know bitcoin is one of trading tool that we can make some profit when we sell high.
Actually people have different idea why they keep converting their btc to fiat. Frist maybe they want to buy something in offline shop or maybe want to sell high and hope price rebound and buy back in low price.
Actually people have different idea why they keep converting their btc to fiat. Frist maybe they want to buy something in offline shop or maybe want to sell high and hope price rebound and buy back in low price.
Because it is the art of trading, it is the way to earn profits for traders and it creates a trading market in crypto-currencies, if there is no one selling their bitcoin into fiat money, the price of bitcoin will not stand at the values today, heavy trading activity is needed in order for crypto-currencies values to rise.
It's almost like we don't value it for itself, but what it's worth in "real" money.
We exchange bitcoins for fiat like dollars to fullfill our daily financial needs. I personally have my full yime job in bitcoins and to make my life more stable, i keep converting bitcoins to my local fiat in order to utils them. Until now bitcoin is not that famous that many peoples are using them locally. Until now such local uses are not started any we can only use bitcoins for online earning or a e-currency.
But i am sure soon we too will be using bitcoins as a local currency as bitcoins will also get much importance in our physical life and even they will then interfere in our daily needs.
How can we stop it if the value of everything in the world is being see thru money and USD is the most popular of all that is why it is converted there.
Someday it will be thru bitcoin on how we will value things. I will be voting for that to happen and I know it will.
Aint it better? It will be fair for the whole world for no one owns bitcoin technology.
Someday it will be thru bitcoin on how we will value things. I will be voting for that to happen and I know it will.
Aint it better? It will be fair for the whole world for no one owns bitcoin technology.
It's almost like we don't value it for itself, but what it's worth in "real" money.
Because we have everything in the country in paper money, I have never met anywhere else to accept the crypt. And people feel income is so much easier, the wallet heats a lot of cash, and not a cold bank card. This is psychology.
For me I convert it to Dollar because I need to en cash, so i can use it both in online and real transaction. cause most of establishment here in our area not accepting cryptocurrency or bitcoin to be specific
I think its because not all establishment and companies really accepts bitcoin as payment. They are also for online cryptocurrencies but in real or actual they are not accepting it. One way to use bitcoin is to exchange it with your country's currency for it to be acceptable.
probably because the dollar is more stable than bitcoin, there are no such sharply expressed currency jumps as we can see with bitcoin
very simple, in countries that have not legalized bitcoin would be a bit difficult to make payments / other transactions. while using cash / dollar is more acceptable. maybe that's one of the reasons why people convert bitcoins into cash / dollars.
We keep converting digital bitcoin back to actual 'real' currency is simple because of its equivalent value. As i assume that you know that bitcoin is very volatile in currency exchange value and as time past by, its value increases drastically or decreases. Bitcoin is very dependent on whatever manner the market moves and since the market is controlled by real actual money therefore it has to go back to its original form and exchange.
It's almost like we don't value it for itself, but what it's worth in "real" money.
It's probably because bitcoin has not caught on with a large majority of the world. As such, most people do not hold bitcoin to the same value that many crypto-traders do. Bitcoin seems to be viewed more as an asset that has value only because other people, although a small number, also agree that it does. So probably until enough people are using bitcoin, people will always have to convert it back to fiat currency.
Bitcoin needs to be mass adopted before we can decouple it from its fiat value. Same as when fiat appeared, people were used to thinking "1 sword = 1 bag of beans" or something of the sort, and it took them a while to reach the point of thinking "1 sword = 5 silver coins". Tihs process takes a while, but if crypto sticks around it'll happen eventually.
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