Why do we keep converting bitcoin back to dollars ? - page 13.

traderethereum

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Quote from: Hobo66 on October 26, 2017, 02:53:11 PM

It is all in the process of trading heh he, that's what bitcoin is far.

People have needs and wants they cant avoid getting back the dollar to spend.

people wants to increase their wealth so they converting bitcoin back to dollars and they buy back the bitcoin when the price is lower so they can waiting if the price is back to increase. we can see this in many exchanges that many people is willing to buy bitcoin and lower price and some of them still keep their bitcoin and only waiting one target price so they can make big profit. i am doing this too if i still have balance so i can make another profit from bitcoin pair dollars.

DewiKirana

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Because some bitcoin owners like me can not spend the least in all stores, sometimes have to exchange bitcoins with dollars in order to shop at stores that do not accept bitcoin. All that would not happen if all the stores, all the fields that receive bitcoin as payment.

Notcalculator

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Perhaps those people do it for the secutity? BTC is still highly volatile and it does give much confidence. However, in few years time, who knows maybe bitcoin will be more popular than dollars. Another point is thay BTC is not yet widely accepted in the real world. In my country it can only be used to buy things from the internet.

annanava

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Because the dollar is the currency more transacted in the world, so is normal for us to see it as a standard. Also even cryptocurrency is more and more accepted in a lot of countries and stores everyday, the vast majority still prefers dollars.

Hobo66

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It is all in the process of trading heh he, that's what bitcoin is far.

People have needs and wants they cant avoid getting back the dollar to spend.

dzhan

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There is many reasons forcing people to convert their bitcoins to fiat currencies like dollars. Sometimes they need to order some goods or services from a marketplace not supporting BTC as a payment method, and sometimes they just need cash for their offline bills.

Darrylld

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I run a business on bitcoin. While some of my vendors accept bitcoin or some form of CC, most are not there yet. I need it to stay in operation.

Btcguygel

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ppl mostly convert to dollars because most people use dollars as currency.

gilad215

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The main reason is Bitcoin lacks utility. In most of the countries there are hardly any option available to use Bitcoin in real everyday transactions. Bitcoin is basically a high return yielding investment asset right now. Not really useful as currency TBH. Thus, one need to convert it in fiat for acuatl usage of money. This will change in future when adoption will increases.

Cranidos

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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 that we do not value Bitcoin, we value Bitcoin that's why we are striving to accumulate more Bitcoin. Some keeps on converting Bitcoin to fiat because not all merchants are supporting and accepting Bitcoin as payment. So if a person would want to spend his Bitcoin, he has to convert it to fiat first in order to make the purchase. This would stop if and only if Bitcoin goes mainstream and gets a lot of merchants that will accept it as payment.

Gintama214

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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.

We always do convert it with real money because that's are standard currency now, and it is not surprising because we always depend in our real money and check how much does our bitcoin worth. We don't convert it with bitcoin because bitcoin it is still really not stable that it can be worth as our real currency but I do think that in the future bitcoin will much be more than our real money. Bitcoin has been increasingly overtime and it's all over the news the popularity of bitcoin will gain some boosts into the future that's why for now we don't see its value for itself but soon enough we will.

Frank0209

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Everyone has own reason to do this case. For me I convert Bitcoin to cash cause it's really hard to use Bitcoin directly to purchase or buy anything in my country cause it's not legalized, I'll have to wait 2 more years to see Bitcoin legalized in my country then I can use Bitcoin directly to buy anything I need Cheesy

. Beside there are a lot of people making profit from trading so I think they just exchange Bitcoin to cash then they will use cash to buy Bitcoin back when its price dumped lower Cheesy

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killerfrost

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I think Bitcoin is more valuable than dollars so everyone converts it to dollars. And I think it would be better at the present time if we use dollars because Bitcoin is not as well known and easier to use than dollars.

a4techer

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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.

In my opinion it because of the fluctuation of altcoins if they know that bitcoin going down rapidly so they needed to convert bitcoin to dollars so that the value of there bitcoin was not going down also but if there have a chance to convert again from dollar to bitcoin it just because also the continuesly increasing bitcoin. Bitcoin is ok for me earn and earn as you can without worrieng.

_Legendary_

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No, I think this is the wrong thing, if we exchange bitcoin to fiat such as dollar then we will regret because bitcoin price someday the price will be more expensive.

KuromaYoichi

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Because it's impossible to fullfil you daily needs using bitcoin only, you can't buy food, electronics, pay medical bill etc with bitcoin only(or at least in my country) so i have to convert it first into fiat. If somedays it's possible to do all things above using bitcoin, then it's not needed anymore to convert it.

SummonKing2

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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.

This method is called trading. Because when the bitcoins fall we will buy it to earn a higher BTC by raising its price again. And when Bitcoins is up, we can sell it again to make money. And wait again that it has fallen to buy cheap cost. That's how my vision is because I'm doing it.

manirobson

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Well, the simple truth is that until bitcoin gains wider acceptance, you will still need fiat currency to pay for your everyday needs. So people will always have to convert bitcoin to government issued money for this simple reason.

croTek4

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the Cat-a-clysm.

I challenge you to pay your bills and buy food with bitcoins only. Oh, you also have to pay taxes with your bitcoins.
Okay, now that we can all agree that it's purely impossible at the moment, there's your answer ^^

Seriously, though, it all depends why you have Bitcoins, and what you're planning to do with it.
I personally want to hold them until I can, well, pay bills, eat and pay taxes with it. Lots of people are doing the same thing, as far as I know !

Furthermore, if nobody converts Bitcoin back to dollar, no one can convert dollars into bitcoin. Don't forget that, for every trade, there's a buyer and a seller, it's not rocket science Wink

So, yes, not only people are doing it, but we also need people to do it, and it won't change anytime soon

Traslavin

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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.

All of us in here was used bitcoin and everyone of us have a right to make their choices to what or how they used the bitcoin. I think why some people keep converting bitcoin back to dollars(or what we called fiat money) because its easy to withdraw if the bitcoin is exchange into dollars we know that the dollars is the using for the other country for exchanging their moneu country amd because its recognizable unlike the bitcoin who alive only in the internet and not recognizable

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